The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A MAJOR eastern New Providence development has witnessed a “dramatic turnaround” in terms of marketplace perception, a senior executive telling Tribune Business the project was moving ahead in “leaps and bounds”.

Zachary Bonczek, director of sales and marketing at the $200 million Palm Cay project, said the development was seeing the results of having re-positioned itself in the marketplace.

“Our job is to really make the local real estate community understand what we are doing and believe in what we are doing,” he told Tribune Business.

“As we continue to move forward, we continue to reach out to them. I have had leading brokers come to me and say things have turned around dramatically in terms of the perception of what Palm Cay used to be.

“We are seeing the results from it. Momentum is unreal from the local real estate community, and public sentiment is increasing day by day. We have made several sales this year. The frequency of sales will continue to rise as we move forward.”

The 350-400 unit project, which sits on 69-acres of oceanfront property sandwiched between Port New Providence and Treasure Cove, is being designed as a family community. The development also includes a 194-slip marina, with condominiums and marina residences included in the project.

“We’re just moving in leaps and bounds,” said Mr Bonczek.” We just have a lot of construction work going on as it relates to the clubhouse, the construction of our harbour master’s office has begun and we should have that really complete in two months’ time.

“We are getting ready to launch a product, and it will be sort of a reservation process in terms of how we sell them. There’s a second product which we are in the process of doing a master plan for, a cottage style product, and we have the third review of the master plan.

“Once we agree to the master plan, then we will go to development of the model homes and we will go to market on those.”

Palm Cay has extended its sales hours, and is now available for open house six days a week and by appointment on Sundays.

“I spent years in real estate before taking on this position, so I know what it is like to have an interested client but you have to call, make an appointment to show a property, wait around, and hope that the client is still interested,” said Mr Bonczek.

“Sometimes you have to wait a day or two before an agent can get in to see a certain property. In this day and age, when we are accustomed to everything on an instantaneous basis, waiting does not work.”

Bahama Islands Realty agent, Marilyn Ayearst, said Palm Cay’s policy has made a huge difference.

“The convenience of showing the Palm Cay community any time of the week, and sometimes on short notice, makes for a happy agent and potential buyer,” said Ms Ayearst, who was the leading agent in the growing firm in 2011.

“It’s all about timing. The easier the access to show properties can make a difference in a real estate agent’s busy schedule. Palm Cay ‘s door is always open.”

Bahamas Real Estate Association vice-president and Colonial Realty agent, Gino Maycock, agreed.

“Palm Cay’s agent friendly policy was recently proven and applauded when a BREA Certified broker received a call from Mr Bonczek stating that they are soon to receive a commission on a second purchase from the sale of a client they introduced to Palm Cay more than a year ago, and they had no knowledge of the second purchase. While it’s not unique, it is a rare practice by developers, and this simply proves that Palm Cay stands by what they say,” Mr Maycock said.

“I like to think that what we are doing is to the real estate industry what the Walk-In Clinic is for medicine,” said Mr Bonczek. “We’re here and our doors are open.”