The Tribune

An oversubscribed offering resulted in all eight residences in Palm Cay’s second phase Anchorage condominium project being snapped up at the weekend, and created a waiting list for more.

Eleven hopeful buyers had placed reservations for the eight available units, with all learning during a lively reservations call who would be getting in and whose application would roll over into the next phase.

“We got ours,” said an elated Carrol and Linda Sands, shaking hands with Palm Cay’s sales and marketing director, Zack Bonczek, as a red sticker was placed on the unit they selected.

The Sands were among the first to take advantage of this property offering, after Palm Cay announced in March it was taking reservations for the second phase of the five-phase Anchorage condominiums.

“Welcome to the first step in the next phase of your life,” Mr Bonczek told the crowd of hopefuls, who were aware that the offering had been oversubscribed. Many held hands and crossed fingers, hoping their number would be called.

“Clearly, this is a well thought-out product that is meeting a need in the market,” said Mr Bonczek. “It’s the right price, the right size, the right location and the right timing.

“Where else in the Bahamas can you find three-bedroom residences with private terraces, nine-foot ceilings, travertine tile, granite kitchen counters, hurricane-rated doors and windows, and fine finishes throughout inside a secure community with 1,200 feet of beachfront, swimming pools, tennis courtd, marina and restaurant in a pre-construction price range of the mid $300,000s?

“You can’t. It just doesn’t exist anywhere else. The Anchorage is unique and that’s why it is hitting and surpassing its target.”

Plans call for the 50-unit Anchorage condo project to be built in five phases. Buyers from this week’s reservations call have until May 2 to complete their contracts, and construction is scheduled to start by the end of May.

Construction on Phase 1 is slightly ahead of schedule, with those eight units expected to be ready for occupancy in early 2015.