The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A prominent Bahamian realtor says sales activity in Freeport has increased by 25 percent over the past year as its economic revival ramps up, adding that the city’s “time has come”.

John Christie, HG Christie’s president and managing broker, told Tribune Business that the company has “always believed in Grand Bahama and Freeport, and will continue to do so” as the firm combined the official opening of its Port Lucaya Marketplace office with 100th anniversary celebrations.

Asserting that Freeport’s US proximity, abundance of land and canal front property, and relatively economical prices were starting to establish it as a real estate destination, he added that high costs and limited availability in Florida, New Providence and elsewhere in the Caribbean would further enhance the city’s attractiveness for potential purchasers.

“The real estate market in Grand Bahama and Freeport has picked up significantly in the past year or so,” Mr Christie told this newspaper. “It’s been hit hard and suddenly over the years by various things, but Freeport’s time has come especially with the hotel being sold and the Carnival cruise port being finalised.

“The time has come, and we’re positioning ourselves right there. There’s been quite a significant increase in sales activity, probably at least 25 percent and maybe even 50 percent. Case in point, I had some buyers come in who thought they would buy in Nassau. I showed them round there, then said I had an office in Freeport, so they decided to look there. They fell in love and bought a beautiful home there.

“There’s so much canal property and Nassau has very little. You can get a nice canal-front home in a good area for $800,000-$900,000. These deals are getting picked up fast because there’s an abundance of property.” Mr Christie added that, in high-end New Providence communities such as Lyford Cay and Old Fort Bay, “canal front property does not exist for the most part” apart from a few high-priced homes being constructed.

He described Freeport and wider Grand Bahama as “a great place for boating people wanting to get a piece of the island” given its proximity to Florida and the availability of land and the necessary infrastructure, given that The Bahamas’ second city was designed to accommodate more than 250,000 persons.

Mr Christie conceded that it was vital that the Grand Lucayan’s $100m sale to Electra America Hospitality Group be completed. HG Christie’s office has two entrances, one of which opens to the hotel and the other to Port Lucaya Marketplace. However, the buyer has yet to conclude the Heads of Agreement and sales agreement with the Government, and only a Memorandum of Understanding (MoU) is presently in place.

Describing the Grand Lucayan sale as “a catalyst to push us on”, he added: “I can see continued growth going on. There’s nothing to stop it. We’ve always believed in Freeport and Grand Bahama, and will continue to do so.”

Speaking to the official opening of HG Christie’s new Grand Bahama office, Mr Christie said: “This is a true milestone for us. It’s a monumental achievement for the company, which is a family business. I’m now the third generation to help run this business and I’m very proud of that accomplishment.

“The Bahamas has always been a playground for the rich and famous, and though Grand Bahama has had its ups and downs we’re seeing a real upswing. We’re actually running out of inventory in New Providence so it’s a great time for real estate in the nation’s second city.

“We’ve had about three different locations here on Grand Bahama, but the move to the Port Lucaya Marketplace puts us in the centre of the island’s major tourist hub. This is a great place for us to be in terms of attracting new clients.”