Blog :: 2020

The Most In-Demand Luxury for Affluent Homebuyers: Personal Wellness

Luxury Portfolio International's recently released report The Great Wellness Surge: Bringing the Best Life Home takes an in-depth look at how personal wellness has become the newest and most prioritized luxury from the perspective of those with homes worth $1 million USD or more.

Loving the luxury spa-like bath featured on the cover of the report? We are too! This luxurious bathroom is in the master suite of one of our listings! Check it out here and take a virtual tour around this serene oceanfront oasis built with wellness in mind. La Cieba is a luxury estate on Paradise Island, listed with Bahamas Realty broker Andrea Brownrigg.

According to their findings, there has never been a larger market of potential luxury homebuyers, with personal wealth at a record high globally; however, the luxury market is not immune to challenges, "Buyers face the possibility of economic or political instability, evolving tax structures and climate-related purchase considerations. Beyond these evergreen challenges, novel issues like the Coronavirus (COVID-19) have impacted market activity."

What is the response to these uncertainties? A focus on wellness to tune out the noise of the world.

The report breaks down five key wellness-oriented trends that are predicted to impact the purchasing decisions of homebuyers in the time ahead, including the rising demand for residential wellness amenities, the pursuit of wellness through international travel, and stress management.

A change in work styles, from in-office to remote, has prompted an increased need for self-care at home. Consumers are focused on residential offerings that help them unwind and disconnect, such as spa-like baths and amenity-rich indoor-outdoor living areas.

How these factors influence affluent consumers will be pivotal in their home-buying decisions. 

Some of the key takeaways:

1. Wellness is central to a life well-lived: More than 90 percent of luxury homeowners say their overall personal wellness is of utmost importance and are therefore committing free time to wellness activities, transformational experiences, social bonding, and leisurely travel. This is particularly true with the rapidly growing number of millennial luxury homeowners. 

2. Home wellness is in growing demand: Wellness at home can be found, for example, with specific kitchen elements* for the management
of dietary preferences (e.g., temperature and humidity-controlled cabinets, cellar-like storage for root vegetables, apples and other fall harvest produce), meditation spaces, exercise rooms, home spas or saunas, special lighting features for sleep hygiene, air and water filtration and more.

Download the complete report: The Great Wellness Surge: Bringing the Best Life Home
 

Bahamas Realty Sees Major Boost In Website Traffic, Predicting Market Bounce-back

Bahamas Realty, a full service Bahamian real estate firm specializing in residential and commercial property across The Bahamas, is seeing a major increase in website traffic and inquiries, a change which the company predicts is an indication that interest in Bahamian property is rebounding after the initial industry slowdown seen during the Covid19 pandemic.

The pandemic has brought with it unprecedented disruption, impacting economies and industries globally, of which Real Estate is no exception. According to economists from The Leading Real Estate Companies of the World®, an invite-only organization encompassing some of the world’s top real estate firms, of which Bahamas Realty is a member, the silver lining is the prediction of a firm recovery of the industry. In a recently released Global Market Update, the organization stated that while the contraction has been sharp, “the recovery is expected to be sharp as well … this outlook is due to the cause of recession, which is not fundamental or economic, but rather public health. In short, the demand for products and services is just stalled”.

Disruption to the Bahamian market is consistent with global trends; however, Bahamas Realty’s website data shows a major uptick in users visiting the website since June 1, with visitors to the site increasing by more than 60% over the prior six weeks, and 130% over the same period in 2019.

The increase in web traffic has also been accompanied by a steady increase in property inquiries, according to Bahamas Realty’s CRM (Client Relationship Manager) software. New inquiries through the website were up 125% in the recent period, and nearly 50% year over year.

“This data is incredibly positive for our business,” said Donald Martinborough, CEO of Bahamas Realty. “We see it as an encouraging sign for the Bahamian real estate industry as a whole”, adding that the rebound in property inquiries may well lead to a market recovery at levels “better even than pre-pandemic levels” over the next couple of years.

 “We’re seeing major increases in web traffic, particularly from the United States,” said Iona Henderson, Marketing Coordinator at Bahamas Realty. “The U.S. is typically our largest audience demographic, with visitors originating in The Bahamas coming in second, but we have seen U.S. visits increase by more than 250% in the last six weeks, accounting for 70% of our traffic.”

Ms. Henderson believes there are several factors driving this change, most notably The Bahamas’ swift action during the early stages of the pandemic. “There seems to be a link between The Bahamas’ response and interest in property from offshore buyers, particularly from the U.S. where they have, sadly, seen cases steadily increase.”

“The Bahamas has always been a draw for the American buyer because of our close proximity to the U.S., and the relative ease of doing business,” said Mr. Martinborough. “However, this pandemic has highlighted one of our other major appeals: the safety, privacy, and seclusion that many properties on our beautiful islands offer.”

 

Bahamas Realty Represents Home Featured in HGTV's Ultimate House Hunt

HGTV’s 9th annual Ultimate House Hunt contest, featuring listings exclusively from Leading Real Estate Companies of the World® and Luxury Portfolio International® members, is officially underway! The annual contest curates the world’s most stunning real estate listings. The 2020 HGTV Ultimate House runs from June 30 through August 4th. During the contest period, consumers are invited to vote for their favorite homes in the US in eight different categories and tour featured Global Homes from 13 alluring locations around the world.

This year, we’re honored to announce that a property listed with Bahamas Realty has been selected for Global Feature by editors of HGTV.com based on its extraordinary features and inspired design, captured by striking photography. The sprawling estate, named La Cieba, is located in the exclusive beachfront and golf community of Ocean Club Estates on Paradise Island.

“We are delighted that this estate has been included in the HGTV Ultimate House Hunt,” said Bahamas Realty CEO, Donald Martinborough. “It’s an extraordinary home that represents the best of Bahamas living. It’s like a secluded private island retreat with access to world class amenities.”

Listed with company director and estate agent, Andrea Brownrigg, La Cieba is currently the most expensive property on the Bahamas MLS at $39.5M. The ultra-exclusive property is a serene oasis obscured from view on all sides and has water features, waterfalls, ponds, two swimming pools and 300’ of spectacular beachfront.

“La Cieba is the epitome of luxury island living,” said Brownrigg. “Between the spectacular beachfront main residence and exquisite stone walled guest cottages nestled amidst lush tropical landscaping, it’s the ultimate retreat for family to come together to create cherished memories.”

Ocean Club Estates homeowners benefit from the added privilege of a private Beach and Tennis Club, optional golf membership, access to the wide array of recreation venues at Atlantis and exclusive membership in the Four Seasons Ocean Club to enjoy the pools, spa, gym, tennis courts, beach and restaurants.

Click here to view the listing and take the 3D virtual tour!

 

COVID-19 (Coronavirus) Update March 20, 2020

COVID-19 (Coronavirus) Update March 20, 2020

As the threat of Coronavirus is felt globally, The Bahamas is joining other nations worldwide in attempting to limit the spread through enacting preventative measures throughout the island archipelago, including a temporary 11-day closure for all non-essential businesses and public gatherings.

Bahamas Realty has, since the company’s inception, been people-focused. Our foremost concern is the personal health and safety of our families, clients, and employees. We are also focused on keeping your real estate transaction moving forward.

These are extraordinary times and we are taking extraordinary measures to complete your real estate transaction in a safe and secure manner, including:

  • Using video conferencing platforms and other digital tools. Bahamas Realty’s agents will offer clients the option to conduct business digitally, no matter where they are at in the process.

  • Our administrative, marketing and support staff will continue to be on hand, working remotely to assist our agents with transactions, inquiries and marketing your properties to the world.

  • Our property management division is hard at work to keep our buildings safe and secure

  • The appraisal department continues to operate remotely

We are all feeling this disruption to our daily lives, and we encourage you to take advantage of this time with your families and to look for the silver linings.

We will continue to update you as the situation unfolds in The Bahamas and as it relates to any economic impacts, and we will continue to be your best resource for all of your real estate needs. We wish you and your family health and safety. We will weather this storm together. Donald Martinborough CEO, Broker Bahamas Realty Ltd.

Link: http://https://www.theguardian.com/lifeandstyle/2020/mar/17/silver-linings-how-to-stay-positive-during-the-coronavirus-crisis

 

Realtor Hails End To Sector's 'Private Club-Like Atmosphere'

Stuart Halbert black and white headshot

A ten-time Bahamas Realty top performer has praised the firm's former chairman for driving a solution that broke up "the private club-like atmosphere" in the industry to the benefit of all.

Stuart Halbert, who has attained that honour ten times in the last 18 years, said Larry Roberts' consistent advocacy for the Multiple Listing Service (MLS) has helped transform the real estate sector and create the platform for himself and other agents/brokers to thrive.

"It is an honour to be named number one in a dynamic company like Bahamas Realty for the 10th time in 20 years, but the real honours in real estate should go to Larry Roberts (now retired) who fought for so many years to introduce the MLS (Multiple Listing Service) that revolutionised the industry as a whole," Mr Halbert said.

"Before MLS, associates and brokers would battle for exclusives, keeping information about a listing from being publicly viewed easily... It was Roberts who, in effect, knew that the future of real estate in this country would be better served by breaking up the private club-like atmosphere of a few firms. He had to battle tooth and nail with some, but today no one would turn back the clock.

"So when I receive an award, I always think it is he who helped to make the current real estate environment in The Bahamas what it is, and who helped make Bahamas Realty one of the anchors of that environment."

The term "exclusive" in today's real estate language refers to the right to market, stage and host events, but does not limit who can receive information. The MLS allows all licensed realtors and firms to post residential or commercial inventory listings as quickly as they come in to one agent or broker, enabling the industry to share information and better match buyers and sellers.

Donnie Martinborough, Bahamas Realty's chief executive, echoed Mr Halbert's sentiments about the importance of a co-operative industry where co-broking - rather than hoarding - a listing is the accepted way of doing business.

"It is just like Stuart to turn the attention on someone else," he added. "We are all so proud of his accomplishments. Part of the secret of his success is hard work, but a large part is his humility. He probably did not mention that about 70 percent of all his transactions are clients he has worked with before who have come to trust him and won't look anywhere else."

Mr Halbert, also named top exclusive listing agent in 2019, said several factors are contributing to a buoyant Bahamian real estate market.

"We are experiencing an upswing in the world's largest economy, which sits 50 miles off the shore of The Bahamas," he explained. "Locally we are enjoying competitive bank rates with more liquidity in the market.

"Against that positive backdrop, the ability to market properties effectively with drone footage and Matterport tours is the best it has ever been. Despite the effects of Hurricane Dorian that devastated two islands severely, The Bahamas remains one of the most highly desirable places to live, work and play in the world."

Mr Halbert also credited Baha Mar and The Pointe developments for revitalising high-end residential leases and sales. He added that if there is any real estate segment needing further development it is commercial, and every level - from warehousing to Class A office space.

Link: http://www.tribune242.com/news/2020/feb/26/realtor-hails-end-to-sectors-private-club-like/