Balmoral Development Moves Forward

Wednesday, 03 March 2010 00:00 News Editor

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 — bucking trends currently being registered in the real estate market.

The project is now readying to welcome its first residents into their home, following the near two-year construction period that saw around 150 workers working on site daily.

"We're moving full steam ahead [and] right now we're just getting ready to close on the first phase of the town homes and condominiums," Jason Kinsale, one of the primary developers, told Guardian Business.

"We're now getting ready to start our second phase in about 45- 60 days.

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

It's the kind of movement he is now attributing to high-interest in the project, with the newly completed finish house going a long way in showing potential buys the aftermath of the construction. The project's success in getting units sold has everything to do with a present need for home ownership in The Bahamas, he 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're] 30 and 40 for the most part - and they still have their jobs and they're paying rent or paying mortgage somewhere else.

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

One of the things Kinsale is particularly pleased with is the effect that recession has had on construction costs — savings he argues that makes the project a lot more attractive to the buyer when it's passed down to them.

Source: The Nassau Guardian