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OPEN HOUSE ON SEPTEMBER 28, 2013 FROM 11-4
WELCOME TO THE BALMORAL NEWSLETTER
Our newest concept is our “EURO” DESIGN, featuring open concept main floor plan, pickled flooring, huge centre island, all built-in appliances and state-of-the-art bathrooms.
Also, the hot new colour for Fall is 50 Shades of Green, and The Balmoral is situated on 43 acres of lush greenery, with single family lots available for those who like to “build their own dream”.
We have also just introduced our new bungalow concept, which is ideal for more mature people who don’t want a lot of stairs, or perhaps for blended families who might like a greater degree of privacy. Prices starting from $439,000.
Our new rooftop design with views of the ocean, BahaMar and Atlantis, providing “al fresco” dining for outdoor enthusiasts is proving to be a real “show stopper”, with some people purchasing one to live in and a second unit as an investment. Our Rooftop pricing starts from $579,000
And last, but by no means least, our latest project, the commercial units starting at $299,000. These units are unique in that you can purchase all 3 floors and then “live where you work” with complete separation between home and office, but eliminate the commute, or alternatively purchase a smaller unit and use it for your office.
OUR IN-HOUSE FINANCING IS STILL IN PLACE – 10% DOWN PAYMENT, NO NEED TO QUALIFY.
Live The Way You've Always Wanted....
Join us for our Open House or Sign up below for more info.
THE Balmoral’s principal said yesterday that he expected to break ground on a eight unit commercial office space development in four weeks, telling Tribune Business that to-date five of the units had been sold.
Jason Kinsale, principal of the Sanford Drive-based project, told Tribune Business: “We are moving ahead. We intend to break ground on those in about in about four weeks. Out of the initial six units, five are taken, with one remaining. There are eight units in total. We have sold five of them so we are going to get those going.”
The Balmoral is offering two products, four 1,455 square foot, second and third floor, units priced at $439,000, and the same number of 873 square foot, ground floor properties pegged at $299,000. These price points represent 44.8 per cent and 62.4 per cent reductions, respectively, over The Balmoral’s initial price points for units in the $3 million development.
Mr Kinsale said that he was still awaiting clarification on the post-Budget Stamp Act amendments before he determines whether to proceed with a $4 million-plus upscale 16-unit condo project on West Ridge, just south of Super Value.
“I’m still awaiting clarification on the Act. I have been told that it is being modified but until I see that in writing I can’t go forward with the project,” said Mr Kinsale.
Speaking on the Balmoral’s open house which was held this past weekend Mr Kinsale said: “This is a much slower time with everyone travelling but it was still worthwhile. It’s a numbers game. If you get 20 or 30 people then it’s a successful day. There were some people I believe will hopefully buy over the next month or so.”
By NATARIO McKENZIE
#Tribune Business Reporter
INTEREST in the Bahamas’ second home market has improved according to the principal of a Florida-based real estate consultancy firm, describing this destination as “an easy sell”.
Myles Newell, principal of Waypoint Real Estate Consulting which specialises in the second home market for developer sales, told Tribune Business: “I think that from the overall market standpoint there has definitely been an improvement in the Bahamian market that is reflective of the improvement you have seen in the US/South Florida market. There is definitely a market for second homes. There are a lot of people who have had the ability to purchase even through the economic downturn but were scared to make a buying decision because they were fearful of loosing money and really no one could feel comfortable of what the true value of something was because the values were shifting so quickly,” said Mr Newell in an interview with Tribune Business.
Waypoint Real Estate Consulting has been sought out by developer Shaner Bahamas to lead its US based marketing and sales of the French Leave Harbour Village and Marina.
The firm has sold more than $4 billion in resort real estate in the past decade for brands including The Ritz-Carlton, Waldorf Astoria, Raffles, and Fairmont.
“I feel confident in the market for French Leave. Most of the people we deal with in the projects throughout the Caribbean and in the United States are actually much more of a buyer than an investor. They are people who want to buy a piece of property, their intention is to use it and they may rent it out when they are not there,” said Mr Newell.
Mr Newell added: “The majority of the people we deal with are looking for a place to bring a family over. They want to have a place in the Bahamas, rent it out when they are not there but they are not buying to try and make money off the rental it’s more to just offset costs. That’s kind of the buyer mentality now. The investor buyer in the past looked at real estate as an investment vehicle but now people are looking at it where they are not overly concerned about making money but they don’t want to loose money. They don’t want to buy something where the value is going down. The market is definitely there, there is definitely a depth to it. Bahamas a great place for people to have a second home especially in the United States. It’s a very exotic but safe and comfortable environment. You have the experience of being in a great tropical idyllic location but you fell very safe and comfortable. The people are welcoming. It’s one of the easiest destinations to sell from that standpoint.”
By NATARIO McKENZIE
Tribune Business Reporter
For those of you who have either purchased a single family lot, or who might be considering doing so, you may be interested in hearing that this segment of our development is progressing very well, with five homes either completely finished or well under way, and several other lot owners working
on finalizing their plans with their architect. The Balmoral will offer both design and construction assistance, if needed.
We have also just cleared the land for six new bungalow style homes on the first cul-de-sac , and anticipate starting construction within the next 30 days.
Our in-house financing program has proven to be very successful, with nine of the last twelve transactions utilizing our funding.
Several members of the public have expressed interest in the commercial development that we had proposed a couple of years ago, and have indicated that there is very limited space in the west end of the Island that is economically viable. Based on this input, we have decided to go ahead with our commercial units, and are offering a smaller main floor unit at $299,000, with two larger upper floor units available as well.
Our new rooftop concept is proving to be very successful, with an 1800 sq. ft. interior, plus an 800 sq. ft. rooftop terrace, with provision for an outdoor kitchen, watering facility for plants, partial hardscape roof for constant shade, as well as a generous back yard.
We have also introduced our new “european” model, which is a streamlined modern open floor plan 3-bedroom – and the response has been very positive.
A senior Baha Mar executive said he was confident the necessary extra airlift will be in place by 2014 to accommodate the mega resort as well as other Bahamian hotels.
“The plans have been working well. We have partnered with our industry colleagues, the Ministry of Tourism, the Airport Authority, NAD and, in fact, a number of our executives and a number of the industry executives are going to the Routes Conference, where we will continue to promote the Bahamas as a viable destination for incremental airlift,” said Robert Sands, Baha Mar’s senior vice-president of external and governmental affairs.
“We are working very aggressively in terms of getting increased connectivity, additional flights, developing new markets, and that is going very well. We have a fairly detailed plan in place, and we are in the process of executing it.
“We are 18 months away. We’re working very hard and aggressively to ensure that we have in place the necessary airlift, and we are very satisfied that we will be in a position to deliver that particular aspect.”
Tourism and hotel industry stakeholders have estimated that a 400,000 seat increase in airlift capacity into the Bahamas will be needed for Baha Mar’s opening.
As part of this, Baha Mar has launched an information centre in the international arrivals section of the Lynden Pindling International Airport (LPIA).
“This location represents an information centre for Baha Mar as we begin to create some excitement for the opening in December 2014. In addition, it gives persons a foretaste of what’s to come,” said Mr Sands.
“Come December 2014 we will convert it into a welcome centre where we will welcome our guests, VIP guests, casino guests and regular guests to the Baha Mar resort. Right now we don’t have the element of being able to put in reservations and so forth. We will have the ability to pull up individual reservations, greet guests, take them to their limousine, bus or taxi.”
Introducing our newest concept: Commercial Office Space.
Enjoy The luxury of working with no commute. Our office spaces offer luxury living! Starting from $299,000 in-house financing available with 10% down. Monthly payments as low as $2421.
The Bahamas, a chain of more than 700 islands and 2,000 cays (small islands), stretches for 60 miles in the Atlantic waters southeast of Florida. New Providence Island and its capital city of Nassau, Paradise Island, and Grand Bahama receive the most visitors.
Families looking for laid-back vacations geared to scuba or snorkeling should also consider such out-islands as Exuma and Andros. Outdoor Aquarium at the Atlantis Resort (Paradise Island) Along with waterslides and beaches, the Atlantis Resort features a 34-acre marine habitat whose 11 exhibit lagoons and pools are home to 200 species. Sharks glide above as you walk through an acrylic tunnel that penetrates their watery habitat. Exhibits showcase giant grouper, scores of piranha, scuttling lobsters, balloon-like jellyfish, regal lionfish, and green eels. At touch tanks, kids can handle starfish, conch, and sea urchins.
Two great beaches on Paradise Island are Cabbage Beach and Paradise Beach. Cabbage Beach, dotted with coconut palms, sea grape, and casuarina trees, stretches for two miles. Anchored by Atlantis Resort, Paradise Beach is another good strip, but it's often hard for non-hotel guests to access. Grand Bahama Island is blessed with beautiful sands, including Xanadu Beach and Lucaya Beach, both lined with resorts, as well as the more pristine Gold Rock Beach in Lucayan National Park.
Lucayan National Park Kayak and Cave Tour (Grand Bahama Island) This natural tour combines triple treats: kayaking, caving, and swimming on one of the island's most beautiful beaches. Paddle down a creek crowned by a canopy of mangrove trees, then picnic at Gold Beach, a wide stretch of dune-bordered coral sands. You'll have time for picnicking and swimming before walking a nature trail and checking out the caves' for stalactites and stalagmites. Grand Bahama Nature Tours: 866.440.4542, www.grandbahamanaturetours.com
By NATARIO McKENZIE
Tribune Business Reporter
ATLANTIS is aiming to expand and upgrade at least three of its existing eateries, and potentially introduce a new restaurant concept, within the next 12-18 months.
George Markantonis, Brookfield Hospitality’s president and managing director, told Tribune Business the potential upgrades were being assessed as the Paradise Island resort plans to invest $48 million in capital projects this year.
In an interview with Tribune Business inside the recently-opened Todd English’s Olives restaurant, Mr Markantonis confirmed that among the resort’s capital projects were new restaurants and upgrades to some of its 21 existing dining establishments.
“We have numerous capital projects we are looking at, including more new restaurants and some upgrades to our existing restaurants in the the next 18 months,” said Mr Markantonis.
“We want to upgrade at least three of our existing facilities - expand and upgrade them - and we have one completely new concept that we are presently evaluating that we are very excited about.”
Mr Markantonis said the Olives restaurant, replacing the Atlas Grill & Bar would employ 180 persons.
“The new construction in the casino combined is going to be just under $20 million in capital expenditures,” he told Tribune Business. “That includes Olives, The Moon Club and some of the infrastructure we had to build.
“We opened the Moon Club a week ago. Olives is employing 180 people, the Moon Club is employing 12 - that’s an increase of about 55 individuals from what it used to be in these two areas.
“A lot of that has to do with the extended hours of these new facilities, because Olives will run for breakfast, lunch and dinner, and will also go until about 3am. The Moon Club will operate from 5pm to 3am,” Mr Markantonis said.
‘We are presently working on the Cantor racing and sports books, which will be the new facility to open on September 1, that’s the next step. This year we’re going to spend about $48 million in capital across this property, average for what we would normally do, because we are always keeping the property fresh, trying to develop new items, and that’s such a great benefit not only for our repeat guests but also for our local community.”
Bahamas, an archipelago with views that can make you fascinated with its beauty. Many wonderful tourist attractions in Bahamas. Thousands of tourists attracted to the Bahamas because of the stunning views beaches, clear blue sea that stretches in front of him, and exotic tropical climate. The air is always warm temperatures throughout the year, making you feel at home for a long time playing on the beach. Of the total 700 islands in the Bahamas, only 40 are occupied by humans. One of the largest uninhabited island is Andros Island. Meanwhile, the center of industrial activity is concentrated in the Bahamas Grand Bahama Island.
Here are top tourist attractions in Bahamas:
1. Cabbage beach
Cabbage Beach is one of the best Bahamas beaches. Broad beaches, stretching along 2 miles, make this beach an ideal destination for sunbathers and sand-castle builders. The clear, calm waters are excellent for swimming and snorkeling. Casinos, restaurants and hotels line the beach. Cabbage beach is filled with tropical trees such as coconut, casuarinas and sea grape. Other popular beaches in Bahamas are the Gold Rock Beach, Xanadu Beach and Lucaya Beach
2. Andros Island
As the largest island in Bahamas. Andros Island is the Bahamas’ natural wonder. It’s a great place for a wedding or honeymoon, but for eco travelers, kayakers, bird watchers, hikers, snorkelers, divers and fishermen the big island of The Bahamas is the ideal vacation destination. In fact, the island boasts of one of the largest barrier reefs in the world. In this reef, you will see elkhorn corals and other coral formations stretching out more than 100 miles.
3. Blue Lagoon Island
Blue Lagoon Island is a private island situated 5 km (three miles) from Nassau, Bahamas and serves as a local tourist attraction. In here you can Swim in the calm lagoon, relax on the beach, enjoy water sports, feast on a grilled lunch, sip refreshing tropical drinks, or just do nothing but watch the coconut palms sway as you lounge in a hammock.
4. Lucayan National Park
This park takes its name from the "Lucayans," original inhabitants of The Bahamas. It has one of the longest charted underwater cave systems in the world, more than six miles. The park filled with mangrove, palm and pine trees, Freeport's Lucayan National Park also contains beautiful white sand beaches, the impressive Gold Rock Creek and one of the longest underwater limestone caves in the world. You can do cave exploration where you will see the interesting rock formations in the caves and kayaking down a mangrove lined creek.
5. Paradise island Outdoor Aquarium
Paradise Island Outdoor Aquarium is the Atlantis resort in Paradise Island is home to 200 marine species like sharks, jelly fishes, green eels, and lobsters to name a few. This popular tourist attractions has 11 exhibit lagoons where tourists can see 200 species of different marine animals. The Acrylic tunnels that undermine the sea creatures' habitat enable tourists to see piranhas, lobsters, jellyfish, green eels, sharks, giant groupers. You can see many other creatures as well in their natural habitats.
The Balmoral’s principal said yesterday he will “know in the next month or so” whether its planned $2.5-$3 million investment in commercial office space has hit the correct price point.
Jason Kinsale said the Sanford Drive-based property was effectively “relaunching” its eight-unit commercial office product, its initial $795,000 sales price having proven too rich for a struggling market.
The Balmoral is offering two products, four 1,455 square foot, second and third floor, units priced at $439,000, and the same number of 873 square foot, ground floor properties pegged at $299,000, as it seeks to undercut rival western New Providence commercial real estate projects.
These price points represent 44.8 per cent and 62.4 per cent reductions, respectively, over The Balmoral’s initial price points.
Telling Tribune Business that three of the eight units had already been sold, Mr Kinsale said companies seeking a western New Providence base had little alternative to Old Fort Bay Town Centre, Sandyport and Caves Village.
“After that there’s not much else,” he said. “There’s a lot of people trying to buy their own office space, they’re tired of renting, and with the in-house financing we have I believe it will be a good opportunity for them without having to go through the bank.
“I don’t want to miss again. The market is definitely there, and with eight units I’m not too worried. We should know within the next month or so whether I’m right or wrong.
“We had actually launched office space before, but the units then were too large and the price was $795,000, and it was a depressed market.”
Mr Kinsale said Balmoral would break ground on its eight commercial units once 50 per cent were pre-sold, meaning it needs to fund just one more buyer.
He added that he hoped to break ground within the next 45-60 days, and possibly as early as 30 days, with the four buildings fully constructed in nine-12 months.
Emphasising the security provided by The Balmoral’s status as a gated community, Mr Kinsale said he was targeting professional services firms, such as engineers, architects and interior designers.