The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

Bimini-based realtors yesterday described the island's high-end property market as "red hot" with fresh developments such as the Illa Bimini Resort and Residences emerging to meet ever-growing demand.

Guido Rolle, a realtor with Coldwell Banker Lightbourn Realty, told Tribune Business that Bimini has seen a “substantial increase” in high-end property purchases over the past five years. “Previously, Bimini didn’t have much of a real estate presence," he said.

"It was just known as the big game fishing capital of the world where people would come and enjoy boating, fishing and the beaches and head back. If there was an investment property here or there that presented itself, then people would go after it.

Development of the Bimini Bay Resort, now Resorts World Bimini, helped spark international interest in the island's second home market but there has been a “shift” over the past five years with investors becoming increasingly interested in bay-front concepts and docking at canal front homes. “People just want to break away from the every day hustle and bustle of life,” said Mr Rolle. “The Bimini real estate market is red hot.”

Greg Miller, also with Coldwell Banker Lightbourn Realty, added: “Especially right now, during the summer time, with the summer time being our peak season, over the past two years now we have seen where there isn’t a decrease because usually after summer the market would go dead flat.”

Bimini's real estate market traditionally endured slower sales during the October to February period. “But, over the last two years since I’ve been here, we’ve seen where it slows down but it’s not flat. We’re now getting a lot more business and that’s expected because we have those snowbirds and winter vacationers who come and then stay long-term,” said Mr Miller.

“We’re getting mostly those business owners who are pretty wealthy out of New York, and they’re coming in and they’re prepared to spend $5m if they want to buy a house. I know people who don’t want to go to Nassau any more; there is too much hustle and bustle in Nassau.

“There’s too much traffic and too much going on. But Bimini gives you a balance of both. It’s not like any other Family Island where there are only a few places to go and everything else on the island is practically dead. Bimini is a lot smaller and you can get around relatively easily and pretty quickly," Mr Miller continued.

"There’s not a lot of driving and open green spaces filled with nothing. There’s the casino, then the resort, and then you can come right outside and walk into a restaurant and, then further on, you can walk right on to a beach all within a seven mile radius.”

Mr Rolle added: “We prefer it to be steady over the next five to 10 years with other developments coming on stream like the Illa development in the north of Bimini on Rockwell island that’s going to be overwater bungalows and a boutique style hotel, and another restaurant coming along with a boutique-style golf course and marinas coming on stream. We see Bimini moving ahead in the next few months and years with a sustained economy by God’s grace.”