Nassau, Bahamas – The $3.5 billion dollar Baha Mar project that is infusing Cable Beach with new life and upscale resorts, coupled with an improving economy, are projected to fuel sales at a nearby multi-million townhome development that is ‘right-priced’ for young professionals, according to a local Realtor.
Sheldon Pitt, estate agent at Mario Carey Realty, co-exclusive agents for the $6 million, 20-condominuim complex to be known as The Devonshire off West Bay Street, says he and developers worked together for nearly a year to create plans for residences at a price younger Bahamians could afford.
“We wanted to come up with plans for residences that met the basic A’s — affordable, attractive and financially accessible,” said Pitt. “They had identified the land, so the first part of the criteria was met.” That land is within easy biking or walking distance of the beach and the mega-hotel, tourism, gaming, dining and retail area that will open in late 2014 as the Bahamian Riviera. “It also backs up onto protected reserves so no one will ever be able to build and residents will have the beauty of the Bahamian Riviera to their north and the wetlands right out their back door. It’s really ideal.”
But, says Pitt, finding a formula for the right floor plans given the average New Providence building cost of $200 per square foot for multi-family residences, was the turning point.
“It took a lot of work and planning, figuring and reconfiguring,” said Pitt, “but the developers, Trevor Wright and Leon Blaiweiss, “were determined and I was very pleased that they included Mario Carey Realty every step of the way and I was honoured to be the point person. In the end, all that thought that we put into it was worth it because we were able to create two-bedroom homes complete with 9-foot ceilings, 7-foot doors, impact-resistant windows and doors and granite counters for $239,000 — and in a highly desirable location. There is no other offering like it in Nassau.”
Wright and Blaiweiss, who also built the higher-priced oceanfront complex called Columbus Cove in Love Beach further west in New Providence, expect to break ground within two months with the first units ready for occupancy by the end of 2013. The Devonshire will consist of four buildings –two, 2-storey buildings with four, 2-bedroom units and two, 3-storey buildings with six of the larger 3-bedroom residences. Those residences will start at $279,000 gross and the taller buildings will have a supplies elevator. Common area features include pool, lighting, lush landscaping and two parking spaces per unit.
“We are very pleased to be named co-exclusive agent for The Devonshire,” said Mario Carey, founder of the firm that bears his name. After more than 15 years as the top performing associate and then broker/director of another prominent firm, Carey struck out on his own in 2008 just as the financial markets around the world were on the brink of collapse. In the four years since, he has grown his agency, headquartered on Bay Street, to one of the top five in The Bahamas and expanded to include appraisals and divisions catering to vacation home rentals, the starter market and most recently, property management. Mario Carey Realty also has agents or representatives on several Family Islands.