The Tribune

A Bahamian real estate broker has released a report on high-end real estate opportunities on New Providence and Paradise Island, rating each for the quality of on-site amenities.

The New Condo & Amenity Report, by Engel & Völkers Bahamas, focuses on seven projects: One Marina at Palm Cay; Albany; Residences at Goldwynn; Hurricane Hole; One Particular Harbour at The Pointe; and Baha Mar Residences with condominiums and villas by Rosewood and SLS Hotels.

It rates Albany as having the best-quality on-site amenities, with Baha Mar’s Rosewood and SLS properties close behind in second and third spot, respectively. The remainder are all on various stages of construction and development, which is reflected in their rankings.

Palm Cay’s One Marina is fourth, followed by GoldWynn in fifth and The Pointe in sixth. Sterling Global Financial’s Hurricane Hole project, which has only just started, not surprisingly ranks bottom at present.

The amenity rating covers 12 criteria, and grades the properties on a scale of zero to three, with three being the best rating. Some of the criteria include: Marinas, restaurants, concierge services, a theatre, beaches and exclusivity.

Colin Lightbourn, Engel & Völkers’ license partner and luxury property specialist, said the report focuses on the new condominium developments that will lead the 2019 real estate market.

“Amenities are the new luxury real estate,” he said. “Developers are now creating spas and restaurants, tennis courts and golf, owner services, rental programmes, and bringing in name brands with their own following.

“So small, luxury hotels - some with residences such as Goldwynn, and obviously Rosewood for example - are adding more guest amenities. It’s really all about amenities, and developers price the amenities into their final products.”

The report was released at the exclusive six-bedroom, 6,400 square feet ocean front Rosewood Beach Villa at Baha Mar. Mr Lightbourn, addressing attendees, said: “There are some amazing developments on the island at the present time and, between them all, there are a lot of options for a buyer.

“We decided to prepare this initial report to bring together the details of each one, and create a criterion by which each one can be evaluated. We chose the Rosewood Beach Villa to release the report; firstly because the Rosewood collection includes some of the most legendary hotels and resorts in the world, which we feel most aligns with the Engel & Völkers brand values. The six-bedroom beach villa, which has rented at up to $18,000 a night, is the premier unit of all the properties in our report.”

Mr Lightbourn added that the ratings do not necessarily mean that any one property is better than another. He said they create an “apples to apples” comparison for properties which are at different price points.

“We could not give something that has not been completed the same value as something that has. We anticipate the new projects to be every bit as luxurious as the developers are marketing them to be once they are completed,” he said.

In addition to the amenity ratings, the report includes average square foot prices and a modified value that factors into the amenity rating. While Albany and Rosewood at Baha Mar top the amenity list, Palm Cay on the eastern end of New Providence came in with the best value in terms of what you pay for the amenities you get.

“Every property is very different at very different price points, with different features and options for prospective owners. Our follow-up report will dive more into these features and the range of ownership opportunities,” Mr Lightbourn said.