October 2001 Table of Contents

Bahamians, it seems are getting more and more savvy about investing in their own country. Real estate investment opportunities in The Family Islands, say estate agents and developers, are no longer considered attractive just to foreigners but increasingly also to Bahamians. Abaco is a case in point.

As it continues to rebuild its community following the devastation of Hurricane Floyd two years ago, Bahamians are snapping up business and real estate investments, developed to help resuscitate the island's economy. One of them is Regattas of Abaco, a newly-completed condominium complex built on the site of the former time share development Abaco Towns By The Sea, a Floyd casualty.

These new luxury villa condos may be purchased as permanent or holiday homes or as income-producing rental units. Well priced at $174,900, it is for the most part Bahamians snapping up the gated community, waterfront homesites. Leslie Pinder, manager of Damianos Realty, exclusive agents in Abaco, says that Bahamians are seeing the potential and are quickly getting aboard the rental property ownership bandwagon.

Bahamians are realising the many investment opportunities of ownership in a development such as Regattas of Abaco and are buying. "They like the idea of the on-site rental and management company that offers a turn-key service. It arranges the weekly and monthly rentals of the units and a full accounting to the owner," notes Mr Pinder.

Owners have the choice of renewing their rental contracts with the management company at the end of each rental period. Currently, a high 70% of the condos are available for rent and this is expected to rise.

"Short term rentals at Regattas of Abaco are always in demand because of the lack of hotel rooms in the area and because of the increase in popularity of staying somewhere that provides all the comforts of home," explained Mr George Damianos, part owner of Damianos Realty Company. He added that the development will help grow the economy in Abaco.

"The availability of our luxury rental units will help increase tourism in Abaco and generally boost the island's economy. Families can now come down and spend a week in Marsh Harbour and have all the comforts of home for a reasonable price. Projects similar to Regattas of Abaco have been successful in other parts of Abaco, including Hope Town and Green Turtle Cay, proving that the market for short term rental units is viable."

Bill Johnson, one of the owners of Regattas of Abaco, attributes the speedy and prolific sales to the dynamic sales and marketing techniques of Damianos Realty. "The whole team at Damianos just did an amazing job. We are more than pleased at this point." Damianos started the marketing campaign in early January and sold out six months later and now has a waiting list of potential buyers. Traditionally, Family Island properties such as this have an absorption rate of roughly a year before all units are sold. "The Damianos marketing team have halved that," said the developer. "Our third phase is scheduled to start in the fall and we are looking forward to a second season of fantastic sales."

George Damianos said they already have a waiting list of buyers for the third phase. "We have developed a waiting list of potential buyers who will be offered first preference for Regattas of Abaco's third phase units before we bring them to the open market."

Ideally located in Marsh Harbour, Regattas of Abaco is just minutes away from the airport and a host of fine restaurants. With a low crime and traffic rate, residents enjoy beautiful beaches, scenic drives around the island and peaceful sailing or fishing trips to the various cays. The complex itself offers vivid views of the aquamarine waters of Marsh Harbour and the turquoise Abaco sea.

It was Floyd's demolition of Abaco Towns By The Sea that provided the perfect on-site opportunity to build Regattas of Abaco. The concept had been developed in 1997 but it took Floyd's fury to move it to fruition. Bill Johnson and his partner Robert Thompson have ensured that the new structures are virtually hurricane proof. "We not only took the opportunity to switch from a time share resort to a whole ownership resort but also to incorporate hurricane- resistant features and building materials," explained Bill Johnson.

During the restoration, the villa-condos were completely stripped and made ready for the various stages of infrastructural development such as new wiring, central air and plumbing fixtures. They feature custom-made maple cabinets lined with Malamine (a modern moisture resistance material), granite counter tops in both the kitchen and bathrooms, stylish plumbing and light fixtures and porcelain tile throughout. The condominiums are available in either two bedroom, two bathroom, or three bedroom, three bathroom. Set on 10 acres of tropical landscape, the property provides each home owner with up to 2,370 square feet of space. Each of 32 units has a covered balcony and central air conditioning. "All the units are beautifully made," explained Leslie Pinder, the Abaco-based sales representative for Damianos Realty Company.

The modern interior of Regattas of Abaco is complemented by an array of essential appliances. Incorporating counter top stoves, built-in ovens, microwaves, dishwashers, refrigerator/freezers with water/ice dispensers and full-sized washers and driers. These condos have all of the comforts and amenities of a modern home. Buyers have the option of purchasing condos furnished or unfurnished.

The villas are set amidst tropical gardens with a fresh-water swimming pool, whirlpool, deck, fitness centre, waterfall, lighted garden walkways and a clubhouse. The sandy beach, bathing decks and ocean view make the package hard to beat. The gated community also provides a mini business centre with conference room, internet-ready computers, fax and copy machines. Additionally, tenants will be able to enjoy the benefits of personal storage rooms and parking space

This handsome, modern development has given Marsh Harbour a fresh new look and an ever-broadening opportunity for Bahamian investors to reap the rewards of their homeland.

October 2001 Table of Contents