Some Great News for The Bahamas Economy

Despite the ongoing pessimism regarding the global economic outlook, The Bahamas continues to get great news with the announcement of some very positive events!

Firstly, the Minister of Tourism, Mr. Vincent Vanderpool-Wallace was quoted recently in The Nassau Guardian newspaper as saying, "In the middle of a recession, 2010 will see an increase of over 400,000 new air-seats bringing a potential visitor spend of an additional $400 million compared to 2009," during a debate on the government's mid-year budget in the Senate. "These new seats include non-stops to Exuma, to Abaco and to Eleuthera from the United States and Canada that have either never been seen before or haven't been seen in decades."

This potential injection of revenue into the local economy will surely have a profound effect on the economy of our country! Mr. Vanderpool-Wallace went on further to say, "We are restoring the proximity advantage of The Bahamas by having that proximity reflected in the cost of travel to The Bahamas. That, as I mentioned earlier, is the first of six strategies that we outlined for tourism over a year ago. There is very strong research to show that for flights under three hours in length, the customer would rather spend their hard earned money enjoying themselves at the destination instead of consuming their funds in airfare cost in traveling to the destination. We are obliging them." The remarkable part to this statement is that proximity not only the tourist visitor but the second home owner as well!

Another very encouraging bit of news is that the new Baha Mar Resort in Cable Beach seems to finally be moving forward with the release of the news that there will be an estimated $7 Billion (with a B) in wages injected into the Bahamian economy in the next 2 decades. A report by the Oxford Economic Company, seen by Guardian Business, set out some of the key economic benefits which could create a "transformative economic event for The Bahamas in terms of tourism, economic multiplier effect, infrastructure and social change".

Yesterday Hu Dingxian, Ambassador to The Bahamas for the People's Republic of China, re-asserted his country's commitment to the project saying: "Baha Mar is an important project for the long-term benefit of The Bahamas. It is exciting that two Chinese companies, China's Exim Bank and China State Construction, are participating with Baha Mar to bring this project to fruition."

The benefits outlined in the report include:

• 6,500 Bahamians directly employed by Baha Mar by 2014
• A further 2,000 jobs indirectly created by the project, totaling 8,500
• $5.5 billion in direct wages going straight into the pockets of Bahamian families
• A further $1.5 billion in salaries for those indirectly employed
• A $14.8 billion contribution to The Bahamas gross domestic product GDP - a massive boost to the national economy.
• $24.5 billion extra in visitor spending over a 20 year period, though spending and direct taxes, taking the total contribution for the resort to $33.6 billion over the next two decades
• An extra $6.2 billion in government revenues over a 25-year horizon.
• Visits to the property jumping from 250,000 this year to 644,000 by 2016, generating a predicted 2.3 million visitor nights. Figures have also predicted that the development will inject $880 million into The Bahamas in its first year of operation through direct taxes and spending.

It is clear to see that the future of the Bahamas economy and, as a result, the Bahamas real estate market will be enormously effected over the next several years! There is no better time than now to get into the Bahamas real estate market!

$100 million development takes next step forward

Developers of the $100 million Balmoral community are gearing up to launch its $15 million phase two component, with 100 percent of units already sold in the first stage.

The project is now ready to welcome the first residents into their homes, following the almost two year construction period that employed around 150 workers daily.

"We're moving full steam ahead [and] right now we're just getting ready to close on the first phase of the townhomes and condominiums," said Jason Kinsale, one of the primary developers. "We're now getting ready to start our second phase in about 45 to 60 days."

"The club will be opening in the June time frame officially...tennis courts are complete and we're just getting ready to do landscape etcetera within the next month."

The project's success in getting units sold has everything to do with a present need for home ownership in The Bahamas, Jason said, with about 50 percent of the buyers for the completed phase falling into the first-time-owner category.

"One thing that's really happening is people can see it nearing its completion and we're moving away from relying on drawings of the site to the more tangible," Kinsale added. "A lot of people still need somewhere to live and the market that we're targeting - the young professionals [who are] 30 to 40 for the most part.

"These people are still in the position where they can make payments, so why not make mortgage payments rather than renting out every month?"

Kinsale is particularly pleased with the effect that the recession has had on construction costs; savings make the project a lot more attractive to the buyer.

RE/MAX International Announces Success & Innovations

RE/MAX Meets the Demands of 2010 Market with Unique Educational Platform

Orlando, FL - March 2, 2010 - Speaking before an enthusiastic gathering of three thousand RE/MAX Affiliates from 43 countries around the world, Dave Liniger, Chairman and Co-Founder, encouraged the audience to be prepared for another challenging year in 2010. His recommendation to real estate professionals is to pursue educational opportunities and be specifically trained to help families who are facing difficult economic situations.

“It looks like we’re through the worst of this downturn, and 2010 should produce better results than 2009,” said Liniger. “But it’s not over yet, so real estate professionals need to keep doing what they’ve been doing; seek out the best education, use up-to-date technology and don’t forget good old-fashioned customer service.”

Linger stated that 2010 will likely see continued high numbers of distressed properties and to respond to the need for professional training, he announced a striking new initiative. RE/MAX University will become a broadcast quality streaming network with HD capabilities, available around the world both on the Internet, individual TV sets, and mobile devices.

“This educational advancement will revolutionize the way organizations train their employees,” said Liniger. “It’s a one-of-a-kind technology that provides a cost effective, high quality medium that facilitates ‘live’ interactive broadcasts and on-demand training to participants anywhere in the world.”

RE/MAX revolutionized training in the real estate industry 15 years ago with the launch of the RE/MAX Satellite Network. Now, it’s leading the way again with an innovative online media platform, designed by Mediafly and utilizing the broadband television delivery of a Roku digital video player.

The newly designed RE/MAX University provides the capability to create customized channels for different regions and offices, while providing easy on-demand access to the more than 1,200 educational titles in the RE/MAX University library.

RE/MAX University delivers programming for professional designations, certifications and other relevant education. It has won over 150 international film, video and training awards and in 2009 achieved the impressive milestone of registering 10,000 agents for a variety of courses.

Liniger was also pleased to remind the RE/MAX audience of the company’s many successes in 2009. * The highest number of transaction sides of any real estate organization * Agent productivity twice that of agents at other national franchises * RE/MAX was named the top real estate franchise in “The 2009 Franchise Times Top 200” * RE/MAX was also named a Top 10 Military Spouse Friendly Employer, a Top 50 Military Friendly Employer and Military Friendly Franchise * Worldwide sales of new franchises topped 630 * The addition of 7 countries, continuing an international presence greater than any competitor

Other significant announcements at the 2010 RE/MAX International Convention included the launch of a RE/MAX Brand Channel on YouTube, featuring a geo-targeting “Smart Map,” and the achievement of $100 million in donations to the Children’s Miracle Network.

“We have enjoyed an association with Children’s Miracle Network for over 15 years and we are thrilled to see the lives that this great organization has impacted,” said Vinnie Tracey, President of RE/MAX International. “We’re especially proud to see Garrett Terracciano, a Miracle Child from a RE/MAX family who is now studying to be a pediatric cardiologist.””

The RE/MAX audience was entertained with a humorous dialogue presented by political odd-couple James Carville and Mary Matalin, who provided their unique observations on contemporary politics and their secrets for a bi-partisan marriage.

Through the use of social media, tens of thousands of international “virtual attendees” participated in the convention, which included live video feeds from Argentina, Austria, Germany and Italy.

Buying your piece of Paradise Bahamas

There are 700 islands and cays (pronounced keys) making up The Bahamas creating a vast selection to choose from when it comes to buying your own piece of paradise in The Bahamas.

From remote out island homes or beachfront properties where you can listen to the sound of the waves and just relax, to the city life of Nassau where just about everything is at your fingertips, The Bahamas has something to offer every potential purchaser.

With so many choices available, speaking with a qualified real estate agent can help in locating a property that meets your personal investment objectives. Some people that have visited The Bahamas before may know exactly what they are looking for, and for others the decision may not be so clear. As a real estate agent, our goal is to uncover what type of property will meet your specific needs and assist you in buying that little spot to call paradise.

The first thing a potential purchaser should do after selecting the right agent will be to discuss what you are looking for regarding your potential purchase. By asking you questions and listening to what your specific needs are, getting to know you and your lifestyle, dreams and goals, along with gathering other important information, your real estate agent will then be able to guide you to properties that meet many or all of your criteria making the process much easier and therefore giving you the right options to choose from.

If you are looking to purchase your idyllic spot in The Bahamas, let a qualified RE/MAX real estate agent assist you in making the right decision to achieve your real estate goals.

RE/MAX University Exceeds 10,000 Registrants in 2009

Denver, CO - February 22, 2010 - With RE/MAX International, Inc. leading the industry in professional designations, it is no surprise that RE/MAX University surpassed 10,000 registrants for its award-winning training and educational courses in 2009. No other real estate franchise compares to the wide scope of designations and certification programs that RE/MAX offers to its membership.

“This major milestone for RE/MAX University is not only a reflection of the great training we offer, but it’s a sign that RE/MAX agents know how to adapt to changing markets,” said Tom Kramig, Vice President of Multi-Media and Education. “They are earning certifications and designations in everything from Short Sales and foreclosures to green issues and best practices.”

RE/MAX University distributes award winning educational video programming to its Associates through classroom training, online streaming video, download documents and via RE/MAX Satellite Network (RSN), the company’s proprietary satellite TV network.

Thanks to the recent partnerships with the Five Star Institute, Buffini & Company, Distressed Property Institute, the CE Shop, and REALTOR(r) University, the number of annual registrants topped 10,000 for the first time ever, up 40% from 2008.

With the dramatic increase in foreclosures and Short Sales, RE/MAX Associates have accepted the challenge of adapting to the current market and established a benchmark in helping buyers and sellers navigate the issues surrounding distressed properties. As a result, RE/MAX Associates, through the offerings of RE/MAX University, have earned more professional designations than agents from any other national real estate network, including more than 58% of all Certified Distressed Property Experts (CDPE) in the United States.

RE/MAX University and the Five Star Institute will be joining together for a full day of distressed property education in a special “REO/Short Sale Summit” the day before the 2010 RE/MAX International Convention, Sunday, Feb. 28 in Orlando, FL. By attending, real estate agents will be able to earn two of the five credits required for the Five Star Professional (FSP) designation. The remaining FSP courses are being offered through RE/MAX University.

RE/MAX University remains committed to adding new courses to its education platforms in order to keep RE/MAX Associates among the best-informed in the real estate industry.

Priced to Sell; Choosing the right Bahamas Real Estate Agent for You

You have been thinking and rethinking whether you should put your house on the market and you have now decided that it is the right time for you to sell your Bahamas real estate.

The first thing you should do is contact a local real estate agent to assist you. “Who do I call?” you may ask. Well you need to find an estate agent that you will get along with. Pick an agent that is going to look out for your best interests and not just an agent who wants another listing under their belt.

Opening the telephone directory and randomly choosing a real estate agent is literally the ‘blind’ approach. You need to select an estate agent that will gel with you, an agent that you feel comfortable with and one that you can trust.

The first place you should look for a real estate agent is in your group of contacts; your family, your friends, your business partners, your co-workers, your friends friends etc. If you do not know an estate agent personally, ask your group of contacts; they probably have had dealings with an agent and can point you in the right direction whilst also informing you of agents or company’s not to have any dealings with.

After you have done some research on the agents and their respective companies, and narrowed the list down to about three or four agents, it is time to interview them. Arrange interviews with each agent so that you can find out who the best agent and company is to potentially market your property. As the agents are asking you questions on your home you can ask them questions on their experience, their respective real estate company, and what homes are selling for in your neighbourhood. If the agent is prepared they will be able to give you some information on themselves and their realty company. After each of the agents have left your property you will have a better feel on who they are and who they represent.

The estate agents at RE/MAX Paradise Realty are fully trained and prepared to list your home for sale. We offer information and statistics to help you in choosing us to represent you and your property, but we are not interested in getting a listing just to have it in our database. We are dedicated on listing your home at the right market price.

Listing your home with the right market price will benefit you. Rather than listing your home at an inflated rate and having it sit on the market for months or even years, reduce your asking price to the right market level. This will ensure your home is in front of more eyes which in turn will result in a quicker and more successful transaction.

The Bahamas Real Estate Market: Why we have survived!

I am often approached by buyers, foreign and local alike, asking if the real estate market has suffered like that of our neighbours to the north. The answer is a resounding "Not even close!" Typically there is an uncomfortable silence on the other end of the line and then I begin to explain.

The Bahamas real estate market is a very unique creature indeed! We are geographically close to the US and our government and currency are stable. We enjoy a year around climate that is sunny and warm and our islands and our people are equally as beautiful. Our banking industry has very prudent lending practices which enables them to minimize their risks while maximizing their returns. We did not experience a "credit crisis". Another interesting contrast with the US real estate market is that we do not have an over abundance of inventory. We do not have neighbourhoods that are 50% or more in foreclosure. We have not seen a huge sell off of foreign or locally owned properties. We have enjoyed a relatively balanced supply and demand situation.

While I would be remiss in not mentioning a correction in pricing, all markets across the globe will, from time to time, experience some correction. This is healthy for the market and healthy for the economy as it allows the more prudent investors the opportunity to enjoy the benefits of home ownership in a slower market.

If you are interested in learning more about our market and it's dynamics I would be happy to discuss it with you. There is much to learn but one thing is for sure: There is no better time to get into the Bahamas real estate market!