The Tribune

Bahamian realtors yesterday said they were targeting “$40-odd million” in total sales as they bid to awaken the ‘sleeping giant’ that is the Lyford Hills project, which is being developed by ex-Cabinet minister Tennyson Wells.

Ryan Knowles, a realtor with HG Christie Ltd, told Tribune Business that he hoped to be “very close” to selling the development’s remaining 35 phase one lots by year-end 2016.

Speaking after HG Christie was appointed as the exclusive sales and marketing agent for Lyford Hills, Mr Knowles said a phase one sell-out would trigger infrastructure completion for phases two and three.

This, in turn will free more than 100 lots for sale, with Mr Knowles and fellow realtor, Shamon Campbell, estimating that Lyford Hills’ total construction worth will be “four to five times’” sales value once all homeowners have constructed their properties

Mr Knowles said that while Lyford Hills had been in development for several years, sales had “stagnated” prior to HG Christie’s appointment, and the firm was now moving to revive buyer demand.

“It’s been on the market for a few years,” he told Tribune Business of the community, which is located just east of Lyford Cay itself. “But the last couple of years it has stagnated, probably due to the slow economy, but we also feel there was a lack of identity and market push.”

Mr Knowles said they had managed to sell two lots in the two weeks since formally relaunching Lyford Hills on to the market following HG Christie’s appointment.

“The developers are developers. They haven’t really been marketing it that much,” he reiterated. “Based on the reaction so far, we think it’s going to be very successful.

“The market is still somewhat challenges based on what’s happening out there, but we’ve sold two lots in two weeks. We think that by the end of the year, we will be very close to selling those 35 first phase lots.”

That will immediately lead to the 100-plus lots in phases two and three becoming available, triggering the extension and completion of existing road and utilities infrastructure.

“All the infrastructure is in place for phase one,” confirmed Mr Knowles. “Once we sell the bulk of the 35 lots we have now for the phase one development, we will get going on phase two, just carrying the roads and electricity through. It’s much easier than starting from scratch.”

Mr Knowles estimated Lyford Hills’ total sales value at “$40-odd million”, with “build-out value four to five times’ that.

He said Lyford Hills’ main attraction was its lot price points combined with amenities, plus its location in western New Providence, where it is in close proximity to affluent areas such as Lyford Cay, Old Fort Bay and Albany.

Five town homes, valued at between $450,000-$550,000, are also being made available for sale by the HG Christie team on Lyford Hills’ behalf.

“It’s a very attractive community,” Mr Knowles added, “especially for the price points it’s selling at. Lots start at $140,000, and while they can go up to over $200,000, they average between $140,000 and $180,000.

“We will also be partnering with a very prominent local developer to build spec homes in the community. They will be building custom homes starting at $350,000.”

Mr Knowles said he was unable to identify the developer, as their agreement had not been finalised, but added that Lyford Hills was attracting interest from outside the Bahamas following its relaunch, including real estate brokers in New York.

“We just feel that in five-10 years, in that area [of western New Providence], it is going to be difficult to find opportunities like Lyford Hills,”he told Tribune Business.

“A big part of what we have to do is re-educate people as to what Lyford Hills is. Not a lot of people have been out here and seen the community first hand.

“It’s not Serenity, it’s not Jacaranda. Personally, I think it has the ability to be a step above Charlotteville, given what’s planned. Once people realise that it’s an amazing opportunity, in five years it will be all bought up. You can have the same quality of life that you get in Lyford Cay and Old Fort Bay for a fraction of the price. To me, it’s a no brainer.”

Mr Knowles said Lyford Hills’ clubhouse, tennis courts and swimming pool were all currently under construction. Other amenities include security, a bistro, fitness centre, gym and golf putting greens.

Pointing to the walking trails, he added: “You really feel like you’ve left Nassau, and you’re in a really peaceful, tranquil environment. That’s something not seen anywhere else.”