The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

REAL estate activity on Grand Bahama remains flat, a leading realtor telling Tribune Business that there is little demand for a tremendous amount of inventory.

James Sarles, president of Coldwell Banker James Sarles Realty, said it was critical that a number of multi-million dollar investment projects slated for the island get off the ground and stimulate economic activity.

“The market is flat, although there is interest in Freeport. There is more Internet activity, but based on our economy in Freeport they are still looking for deals here,” Mr Sarles said.

“There is a tremendous amount of inventory here, in terms of homes, raw land and power of sale foreclosures from the banks. There is a tremendous amount of inventory here, and not much demand. We’re still way behind Abaco and Nassau in terms of business.

“All of these major projects are being crammed into Nassau, and we have the land here. It’s a great time to buy here if you believe the market is going to pick up again. We’ve always sort of been the bridesmaid and not the bride. We’re really the diamond in the rough,” said Mr Sarles.

He added that it was critical for major investment projects targeted at Grand Bahama to get off the ground. “The announcement with Sunwing and Blue Diamond is very good for the marketplace because they are booking flights already. They’re going to fill up 500 rooms on a weekly basis,” Mr Sarles said.

“This Blue Diamond resort is supposed to create a significant amount of jobs, and that is going to generate some real estate business on a local level. I have had some inquiries from transplanted Grand Bahamians who had to go to Nassau for work, and because of the quality of life they want to move back.”