The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A prominent Bahamian realtor yesterday said his firm plans to be “very instrumental” in Eleuthera’s growth with its newly-unveiled Governor’s Harbour office set to be followed soon by a Harbour Island premises.

Mario Carey, principal of MCR Better Homes and Gardens Real Estate Bahamas, told Tribune Business the company has made “a substantial investment” in establishing a physical presence in central Eleuthera and forecast that business volumes “will fast track in a good way” despite the island’s ongoing electricity and water woes.

Describing Eleuthera’s real estate market as “brisk”, he confirmed that the MCR Better Homes and Gardens sales team on the island includes two prominent Bahamas resort executives who have made the career switch from tourism to property.

They are Carlton Russell, the former Atlantis senior executive fresh from a stint as The Cove Eleuthera’s managing director, where he oversaw the property’s $64m redevelopment during the latest state in a 30-year hotel career, as well as Dean Spychalla.

His career includes working at Resorts International’s Paradise Island Resort & Casino; Grand Isle Resort & Residences in Exuma; and Valentines Resort & Marina on Harbour Island. He has also won The Bahamas hotelier of the year award.

“It’s a very good team, they bring a lot to the table, and we got off to a very good start,” Mr Carey said of the Governor’s Harbour office’s official opening last Saturday. “Everything about that has been spot on. We see the Eleuthera real estate market as brisk. 

“I think Eleuthera has a couple of things going for it. Even though the infrastructure is not there, and the Government is not doing as much as it could, I still think it’s affordable, I think it’s still accessible with a lot of accommodation points.

“I think there’s a lot of money about to flow to Eleuthera. You cannot find decent resort opportunities in New Providence any more. The business model there [Eleuthera] is very high-end, boutique like the Four Seasons model, plus you have the Potlatch Club and The Cove,” the MCR Better Homes and Gardens chief added.

“There are a lot of entry-type resorts in Eleuthera. I would rate things very highly, and rate them very highly, for a lot of different properties. There are entry level lots for $50,000, cottages where the demand is still high. There’s enough for the ultra wealthy, and there’s no plans for high rises.”

Mr Carey said Eleuthera offers something distinct and differentiated from New Providence’s real estate market. “Nassau has taken on the identity of a city,” he explained. “It’s an island with a city, but Eleuthera is going to protect itself from that. The highest you will get there is maybe two storeys.

“There’s just enough for people to do. Enough nature, enough roads, enough for people to keep busy if they want to keep busy and, if they don’t want to be busy, exclusivity and privacy. There’s enough for everybody. There’s a lot of airlift, a lot of freight.”

Recalling Saturday’s opening, Mr Carey said he met “with a lot of influencers on Eleuthera” who seemed keen to meet the company and its principals. He added that the entire MCR Better Homes and Gardens team was present at the opening given that the firm has multiple links to Eleuthera.

“We’ve had walk-ins since we’ve been open from Saturday,” Mr Carey said. “I think things will fast track in a good way. I think we’re going to be very instrumental in that market. Our formula is that we’re doing sales but we’re also very community minded. We’ve taken on three community initiatives that are getting some traction.

“We know real estate, and can move in all sectors of the market. It’s a huge investment and commitment, but my team believes in the vision. We see the benefits. We have a very small operation in Harbour Island that is home based. We’re getting ready to to go land-based. We’re trying to serve Governor’s Harbour and Central Eleuthera. It’s a substantial investment and commitment of our team.”