Total Bahamas MLS listings active right now: 2,145
Total Listings Sold On the Bahamas MLS in the past 6 months: 86
However, it is worth noting that I personally have been involved in 3 transactions in the last 6 months, that are not being recorded on the MLS for various reasons, either it was a ‘pocket listing’ or just recently expired etc. If one assumes that one quarter of the licensed agents in the Bahamas have been involved in one transaction that was not recorded on the MLS it bumps up the number of sales transactions up to 221. This sales volume figure is modest but indicates strong gains over the previous year. In the past month, every active broker or agent I’ve spoken to has seen a marked increase in inquiries, visits, showings and offers. This is all leading to a significantly improved real estate market for the year of 2015.
The long wait since 2007 is definitely officially over in my opinion.
Above: Beautiful Luxury Estate on Man O War Cay. Multiple dwellings, 3 beaches, large private marina. More information here:
Every company in the Bahamas is seeing major improvement across the board. In the local Bahamian real estate market, it seems the commercial banks are starting to make loans a bit easier to reach although the lending standards are still quite high. Typically Scotiabank is looking for the borrower to have 30% equity, however they are currently offering extremely low interest rates. RBC has in my opinion been the easiest bank to work with in terms of securing a mortgage with 10% deposit/equity and they will allow the borrower to finance closing costs which is a major help to a first time real estate buyer looking to start out. The government stamp tax of 10% (usually split between buyer and seller) is still a major financial hurdle for most buyers of real estate in the country, so being able to get financial assistance with that is a blessing. CIBC Fist Caribbean is offering 15% equity/deposit with interest rates on par with the other institutions.
In the non-resident or second home owner market there has been a large increase in interest from potential buyers and the sales activity is indicating a strong improvement. The problem I am seeing now though is that sellers who had been on the side lines waiting for the past couple of years have now seen the market improvement and chosen to put their property on the market. This has had the effect of increasing the inventory of available properties on the market which causes the market to skew in favour of the buyers. That said, I believe we are out of the woods and it is still a great time to buy.
When you have multiple people looking at making offers on one piece of real estate that definitely shows a vastly improved market for the past years. I have seen multiple offers at the same time on 5 different occasions in the past 6 months.
Happening right now a reality TV show called ‘Below Decks’ filming in Abaco right now. It is a Bravo network show similar to Big Brother set on a luxury yacht. The film crew is based out of Abaco Beach Resort and has been using the beautiful scenes of Abaco as the backdrop. Good exposure for the island, however I think it only appeals to the teenage audience so economic spill over is likely to be very limited.
I have heard mention of the possibility of the Marsh Harbour airport runway being extended so we might finally see direct flights from New York and Atlanta. Something that will make getting to the Abacos from Europe and the Northeast US much, much easier.
The Friends of the Environment Annual Reef Ball was recently held at the Abaco Inn with great success, and the Marsh Harbour edition is coming up in about a week. Great Cause, Great Food and Great Fun to be had at the Marsh Harbour Marina.
Upcoming events in Abaco – Great Abaco Family Fitness Weekend (Triathlon), Fishing Tournament season, Hope Town Music/Songwriters Festival (Happening Now).
Get out of the snow and come down for a visit.