Wednesday, September 23, 2009 — NASSAU, BAHAMAS — The demand for second homes in the Bahamas is great and many developers are answering the call with new communities to meet the needs of potential homebuyers.

The sunny weather, beautiful beaches and close proximity to the United States make the Bahamas an attractive location for those in search of a vacation home paradise, said Bahamas Realtor Rachel Pinder, principal broker of Island Living Real Estate and an expert in Bahamas property.

“The Bahamas continues to experience a great deal of growth,” Pinder said. “People view  second homes here not only as an ideal vacation destination for themselves and their families, but as an incredible investment opportunity and potential income generator.”

Many people who purchase second homes in the Bahamas rent them out when they aren’t using them, she explained.

Some notable developments underway include:

Cotton Bay- Eleuthera, Bahamas
This private community offers home sites starting at $700,000, Pinder said. Amenities include nature trails, striking pink sand beaches, snorkeling and diving opportunities, deep sea fishing and a grand clubhouse.
The community also includes opportunities to purchase villas, which surround the clubhouse.

Ginn sur Mer- Grand Bahama Island
Ginn Resorts of Orlando, Fla. is among the largest privately-held resort companies in the Southeast. The company plans to construct the Ginn sur Mer community on 2,000 acres, according to an article published on streetdirectory.com
This master-planned community will take more than 10 years to complete, the article stated, and will include Arnold Palmer and Jack Nicklaus golf courses that border the ocean, a massive casino, full-service spa, restaurants, stores, a championship tennis facility, water theme parks, 500-slip marina, private airport, equestrian facility, fitness center, and convention space.  Additionally, the development plans include 4,400 condominium hotel suites and 1,400 home sites.

The Reef Atlantis- Paradise Island
The Reef offers second home buyers an opportunity to purchase a condominium on Paradise Island, Pinder said.

She described them as a good investment because owners can use them whenever they want, and also rent them to others when they aren’t in use. Renting out their condos is simple for owners because the rentals and management are handled in-house, meaning  owners don’t have to do anything themselves.

The Reef Atlantis is a 22-story, 495-unit condominium built by Turnberry, a company  known for luxury and quality, The Nassau Realtor, Rachel Pinder, said. Among the amenities are a fitness center, a seaside swimming pool, luxury spa, round-the-clock security, professional staff and access to the many amenities of Atlantis.

Ownership opportunities include fully-furnished studio condominiums and junior suites, to one-bedroom and two-bedroom deluxe oceanfront units.

Benefits of Owning a Second Home
A second home can serve as a personal escape, Pinder said.
“Second homes in the Bahamas provide an ideal vacation spot for families and friends, or for couples to spend some alone time together,” she said. “For those who love the beach and all of the water-related activities that go along with beach life, a Bahamas home can be a great choice.”
Using a second home as an investment can carry a variety of benefits, according to GMAC Mortgage

Like purchasing a first home, second homes can offer tax-deductible interest and the potential for price appreciation.  In many cases, second homes also can be used as a rental income source.  Renting out a vacation home can help offset mortgage and maintenance costs.
“Lots of people from the U.S. look to the Bahamas to purchase retirement or winter homes,” Pinder said. “Even before they reach retirement age, many people buy homes here and rent them out in order to pay off their mortgage prior to retirement.”

Learn More
If you would like to learn more about purchasing a Nassau Bahamas property as a second home, please visit Island Living’s Web site: www.islandlivingrealestate.com, or call them for a consultation: 1-242-322-7979/80.

About Island Living Real Estate
Island Living Real Estate has more than 25 years of experience in Bahamas real estate sales and rentals. Island Living’s main office is located in one of Nassau’s oldest historic buildings on Bay Street, named “Red Roofs.” Red Roofs was built in 1896 and has been home to various families, a Gourmet Deli and now Island Living.

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