Happy 2015 from Team HG Christie!
A New Year is noted as a time of reevaluation, examination and preparation to which few are immune; the Bahamas Real Estate Market is no exception.
First, a look at notable changes: the island of New Providence, home to the well know capital city of Nassau, has seen a number of changes over the past few years. One of the largest adjustments is the new 3.8 billion dollar, yes billion with a ‘B’, resort Baha Mar that is re-sculpting the island’s skyline. With Baha Mar came an entire new road system that has literally transformed the flow of traffic on New Providence.
While the interim process was very trying, and a bit scary (causing many to question: “Will it ever be right again?”), the positive impact is notable!
Permit me a personal moment to ponder my gratitude for this welcomed change: as it is now possible for me to make the drive from our Old Fort Bay office, located on the Western end of the island, all the way to the Eastern tip of the island to Port New Providence in 30 to 35 minutes, even in Rush Hour!
For those who might not be aware of the traffic issues the island had acquired, ponder a thriving expanding metropolis filled with world class amenities and progressive first world activity condensed onto an 21×7 mile island with roadway infrastructure that was decades old. Under those conditions, it was easy for the commute I am sharing with you to take 2 to 3 times as long. While I stealthily used the extended time in my car to solidify my relationship with Siri for optimal productivity, there is no denying that more time out of the car is now time better spent. Ahhh…
Most notable though is that I am not the only one for who this change in traffic flow is yielding a positive impact! Our Bahamas Real Estate market is experiencing notable adjustments as well!
For years there was a mantra of “too much traffic” that was chanted whenever you discussed getting ‘into town’ from one of the coveted Eastern Road homes or from one of the great gated communities located in the eastern part of the island. Never mind that to “go out west” was considered akin to visiting a foreign land requiring thoughtful planning. Today however, this is no longer the case. In fact, the traffic flow along the Eastern Road is at a level that it was over 20 years ago.
What does this do the Bahamas Real Estate Market on the Eastern end of New Providence island? It will undoubtedly create a resurgence of interest. There are classic luxury homes on the Eastern Road, and highly desirable gated waterfront communities like ‘Port New Providence’, that are priced very well but which have suffered from the stigma of the previous traffic situation.
So now, what will happen “when the penny drops” that these homes are as easy to get to and from as any location on New Providence, they offer proximity to great schools, such as St. Andrews International School, and in many cases offer larger parcels of land than newer developments – they will sell! Subsequently, Bahamas Real Estate values in the eastern end of New Providence will begin to rise again and keep pace with the values that we are seeing in developing and desirable western communities such as Sandyport, Old Fort Bay, and Lyford Cay.
Therefore, it stands to reason that if you are in the market for a home in The Bahamas, you simply must see the fine homes in great communities located “out east” on New Providence island.
Have a look at just a few of the listings available in the returning Eastern market…
Written by John Christie.