The Tribune

Biminite Sheldon Pitt says Bahamians should look seriously at the island chain made famous by Hemingway that is growing at ‘warp speed’

Just 50 miles off Florida’s coast, Bimini, known for its great fishing and sense of adventure made popular by larger than life characters like Ernest Hemingway, is the closest Bahamian island to the United States.

In the 1920s, Van Campen Heilner, the wealthy son of an American coal tycoon, made his home in Bimini and pioneered the sport of bonefishing. In the years following, Bimini, consisting of a chain of islands and cays of which North Bimini and South Bimini are the main two, became a sought-after getaway for international celebrities.

Hemingway referred to the island in the northern Bahamas as his summer home and wrote “Islands in the Stream” while relaxing in the breeze. American civil rights activist Martin Luther King Jr worked on his acceptance speech for the 1964 Nobel Peace Prize while sailing through the islands. Even movie stars like Sammy Davis Jr, Lucille Ball and Judy Garland were lured by Bimini’s tranquil charm.

That was the Bimini of yesteryear, a sleepy fishing village with Biminites who loved their land and touted by artists, authors, adventurers and devoted boaters from south Florida for whom the island was just a hop, skip and boat ride away.

But that Bimini began to change towards the close of the last century with the construction of Bimini Bay, a development that was the genesis of the island’s transition from sun-kissed slumbering village to sophisticated island resort town.

It was not a steady climb. Like other places, Bimini was not immune to global economic challenges and, in 2013, after a financial hiccup that slowed its growth, Bimini again began to change when the Malaysian-based company Genting took over the development, Resorts World Bimini, opening the casino and delivering passengers from Miami aboard the SuperFast Ferry with a maximum capacity of just under 1,600.

That change catapulted Bimini into what I call “the smallest, largest growth island in The Bahamas.” One day it’s a quiet town and the next it’s bumper-to-bumper golf cart traffic. But it’s those two extremes that make Bimini more alluring. Plans for further expansion foreshadow a bright future. Development has made its economy ripe and now is the time for Bahamians to pluck the fruit.

As a native Biminite, I witnessed the changes first-hand and what I have seen has moved me to urge Bahamians to take advantage of the benefit of investing in this island while it is still affordable. Prices are already starting to climb. Over the past year alone, interest has spiked.

Where I would get one or two calls a month about Bimini, I am now receiving emails and phone calls on a regular basis from as far away as California and Washington, DC - all from persons seriously enquiring about purchasing land in Bimini.

In fact, the Bimini market is bustling with so much activity that our firm plans to cement its presence in the chain by opening an office to satisfy the high demand.

Although North Bimini currently has very little available property, there are still many great deals on the island of South Bimini, where the airport expansion is likely to drive even more traffic.

At this time, Bimini remains a good buy with an ocean view lot at 100ft x 125ft starting at approximately $80,000: in Nassau, anything with an ocean view is likely to start at well over $300,000.

As South Bimini continues to develop, property prices can be expected to continue to climb and could reach a point where they will be difficult for the working Bahamian to purchase. Prime vacant land is limited on the three-mile long island of South Bimini.

Purchasing at today’s prices also provides options - for building now, holding for retirement or for future investment. Land in Bimini can also be the legacy you leave for your children. The island is growing at warp speed. International buyers have recognised the value of ownership and are already buying in.

Bahamians are urged not to miss out on this opportunity while the time and the price are right. This is one opportunity where you want to be on the inside looking out.

Sheldon Pitt is a Sales Agent with Mario Carey Realty specialising in advising clients on market trends in Nassau, Bimini and other Family Islands.

NEXT WEEK: Raymond Antonio on the essentials for first-time buyers