Front Elevation: The Bahamas
Easy access and a multitude of choices keep property strong.
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When it comes to the Bahamas, "location, location, location" applies to the entire island chain. Its popularity as a second home destination is due in great part to "our proximity to the United States," says George Damianos, president of Damianos Sotheby’s International Realty. "We’re so close to South Florida."The Bahamas begin 50 miles from Miami, which actually puts them in the Atlantic rather than the Caribbean. The two main islands—New Providence (popularly known as Nassau, after the capital city) and Grand Bahama—are complemented by a stretched-out archipelago of some 700 Out Islands. "There’s a lot of diversity," says the Bahamian-born Damianos, who has been selling real estate in the area for 35 years. "If you’re keen on nightlife and gambling, you’ll have it. Nassau is a fast-paced city; then you also have the islands, which are quiet and laid-back." And pretty much everywhere are pink or white beaches and sparkling waters."
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When completed, Royal Island will host a five-star
resort, 118 residences, a Jack Nicklaus golf course and a 200-slip marina
. (Click image to enlarge)One of the oldest and most established developments on Nassau is the gated community of Lyford Cay, which has about 470 residences on 1,000 acres and includes an 18-hole golf course and its own marina. "We’re not making promises," Damianos says about Lyford Cay. "We’ve done it." The starting price for a three- to four-bedroom home is about $1.5 million, he adds, though there are also spectacular beachfront properties in the $16 million range.
Soon to break ground on 565 acres west of Nassau’s airport is Albany Golf & Beach Club, a partnership among Tiger Woods, Ernie Els and the Tavistock Group. The master plan shows 300 residences, from cottages to custom homes, and three- to seven-bedroom apartments situated around a marina. Not surprisingly, the club will also include an Ernie Els–designed golf course.
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Outdoor sports are par for the course at the
Ritz-Carlton’s
Abaco Club. (Click image to enlarge)Paradise Island, connected to Nassau by bridge, is a destination unto itself, highlighted by the Atlantis megaresort and casino. "Properties there," Damianos says, like the condos and lots of other high-end resorts, "have had great appreciation."
North of Nassau, the Abaco islands have long been considered a boater’s getaway and a favorite of returning vacationers. At the entrance of Hope Town Harbour on Elbow Cay, the two-bedroom Gazebo Villas are priced at $795,000. The Abaco Club on Winding Bay––which was created by Peter de Savary in 2005 and is now managed by Ritz-Carlton––has the only tropical links-style golf course in the Caribbean.
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Just off Great Abaco, on Great Guana Cay, the Discovery Land Company is in the process of building Baker’s Bay Golf & Ocean Club, which will include a marina with facilities for 250-foot megayachts.
"These seven miles of pristine beaches feel exotic and remote, but they are close enough that you can come for a weekend," says Baker’s Bay CEO Mike Meldman. "The Bahamas are beautiful, with great weather and outdoor amenities, but more important are the people and the culture, which are so strong."
East of Nassau, string bean–shaped Eleuthera has kept a low
profile, until now. Cypress Equities, a division of the Staubach Company, has
initiated Royal Island, which will feature a Montage resort, the world’s first
Jack Nicklaus Golf Club and a namesake Signature golf course, says Guy
Famiglietti, Staubach’s director of sales and marketing.
