If you are looking for a sign that the economy is looking up, you only have to look as far as the Reef on Paradise Island.
The high-end, 22 storey, 497 room condo hotel is enjoying the most activity since the economic freefall of 2008 with a record-setting more than $20 million in sales in the last six months — with $10 million all by one local real estate agent, Dana Pinder of Mario Carey Realty.
With luxuriously appointed one-bedroom, studio and penthouse units ranging from $695,000 to over $8 million, the property that has attracted such activity is what veteran sales agent Pinder calls “the passive income-earning vacation home.”
“The condo hotel provides good inventory for the destination, offering visitors accommodations that feel more like a home than a hotel room,” says Pinder. “But it’s equally attractive for the buyer who can use his or her residence for up to 90 days a year. The rest of the time place they can place in the professionally managed hotel program with shared revenue between the owner and the management company, in this case, Kerzner.”
Reef Director of Sales Eric Mann and sales agent Pinder agree that the concept of a condo hotel has great appeal. Adding the Kerzner label and Paradise Island location make it even more attractive, contributing to why despite economic challenges more than 80% of the 497 units are sold, says Mann, 35 of those in the last six months, including 20 handled by Mario Carey Realty, with 15 of those by Pinder.
“People are seeing the value of owning at the Reef,” he noted. “It’s a phenomenal property with the amenities of Atlantis, the known quality of the Kerzner brand and the proximity to the major markets of the US and Canada. In two and a half or three hours people can go from 20 below to 75 degrees and sun.”
Mann also sees the Reef’s success as a sign of economic recovery.
“The past couple of months have been very active,” he said. “We felt the downturn like everyone else, but we recovered quickly because the concept of a condo hotel in this environment is so attractive. The real estate market is definitely coming back.”
Most buyers, he said, are coming from South Florida, the New York area and Canada.
For Mario Carey, who has long been a leading Broker for Paradise Island properties, the Reef is part of a larger story of success.
“It’s all about lifestyle,” says the founder of MCR who opened his doors as the economy was about to crash five years ago, but has managed to grow from an initial staff of three to more than a dozen and several specialized departments, including relocation experts, appraisers and short-term vacation or business rental and property management. “Where else can you find this fabulous climate, a championship golf course, 140-acre water park, casino, shopping, spas, restaurants, night life or quiet beaches — and all on the waterfront. I am not surprised that the Reef and other Paradise Island properties are so successful. I am just very proud that one of our agents, Dana Pinder, has been instrumental in sharing the world of wonders that is Paradise Island.”
Mario Carey Realty