The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

A real estate executive yesterday said The Bahamas’ high-end market will remain “red hot” for some time as he lists a $39.5m family residence in Old Fort Bay that is generating a “record” amount of interest.

Matt Marco, director of marketing at Bond Bahamas, told Tribune Business the industry is “red hot and will only get better” because it is an attractive alternative to South Florida for half the price.

“We’re still only trading at half of the price of South Florida, so even though a $40m property sounds expensive, you have to put it into perspective of other markets that people are looking at,” he argued. “So you have very ultra high net worth buyers looking at South Florida. If they want to have a massive house on the beach that’s comparable to this one, you’re spending minimum $90m or $100m.”

Mr Marco was referring to a $39.5m home, the Apsara at Old Fort Bay. “It’s been an amazing start and a great welcome to the market,” said Mr Marco. “We’ve been able to build an incredible team in a short period.”

The 14,000-plus square foot oceanfront residence hugs the Atlantic coastline with 150 feet of frontage and has another 150 feet on the canal with full boat dock and lifts.

“Apsara is a rare beauty that is as inviting as it is show worthy,” said Mr Marco. “Every time you walk through you see another detail that you had not noticed before, including the oversized loggias designed for seamless indoor-outdoor living. She truly lives up to her name, which in Indian mythology means ‘angels of dance and song’.”

“The property alone, just under an acre in Old Fort Bay with water on both sides, is like a private oasis. Add a house like this equipping it with the finest of everything, you are shopping it to the top one percent of the world market.

“People used to say the three magic words in real estate are location, location, location. That may have been true a decade ago but today the three magic words are contacts, contacts, contacts. Our properties are here but for the most part our clients are out there,” Mr Marco continued.

“The Bahamas has it all – the warmth, the people, sophisticated communications, banking and asset management capability, tax-friendly environment, a living democracy and the most beautiful waters in the world.”

He continues to work with well-known developer Aristo and its president, Jason Kinsale, on sales of oceanfront condos such as the Aqualina complex that is nearing completion on Cable Beach.