“Palm Cay offers a rich variety of properties centered around its award-winning marina and amazing beachfront, which draws property buyers, investors, and renters from around the world.” Advisor Alex Jupp
The Palm Cay luxury community, on the southeast coast of New Providence, surrounds the award winning 194-slip marina which is reputed to be one of the best in the Bahamas. The community is a gated 69-acre resort with 1,200 feet of beautiful beach and a wide range of amenities. These include 24-hour security and controlled entry, the 194-slip marina with fuel facilities, a concierge service, fitness centre and spa, a restaurant with Caribbean fusion cuisine, a clubhouse, a pool and pool bar, a dockside café, tennis courts, and playgrounds.
The private beachfront community with extensive amenities appeals to a wide range of both local and international investors. There is a multitude of property types, price ranges, and locations to choose from which is why this community has been so successful
Why is Palm Cay such an attractive destination for Bahamas property investors?
Advisor, Alex Jupp, says “The main reason is that Palm Cay has an amazing variety of real estate and amenities at a price point much lower than other communities with similar amenities.”
The most in-demand property for income investors, based on averages, has 2,239 square feet and three bedrooms.
In total, there are around 350 condos and townhouses and 200 lots in the Palm Cay Community. Homes ranging from 1,200 – 4,075 square feet are currently on the market from $450,000-$1.9million. In the last three years, units from 1,200-2,416 square feet fetched $358,000-$1.25million.
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Here is a more in-depth look at some of the more popular real estate products.
The land that has sold over the last three years averages around $23 per square foot. Alex says, “The residential lots hold significant value just being part of this impressive community and as it continues to develop, there is the only upside.”
Asking prices are around $460,000 for a 1,500 square feet anchorage unit. Units feature Travertine flooring throughout, nine feet high ceilings, a private terrace overlooking a lush garden, a washer/dryer, stainless steel kitchen appliances, granite countertops, and more. Investment buyers can expect a typical monthly rental income of around $3,000. Alex advises, “The Anchorage condo units are unique as they appeal to the local and international buyer when it comes to rental appeal. You also have an option to rent long or short term and it’s hard to find modern condos in a gated beachfront community in this price range.”
The 34 Starfish Isle four-bedroom garden units are spacious and well-equipped and are particularly sought-after by rental property investors. Look out for listing prices of around $750,000 for homes of 2,200 square feet. Alex says, “They have been offered mostly for vacation rental and they have been very successful in doing so. Whether at the garden and steps away from the beach or direct beachfront, they have been the most lucrative investment in the entire community. The buyers are diverse as well, which strengthens the position of Starfish Isle garden units as a preferred real estate product, no matter where the buyer is from.” The units include stainless steel sinks, contemporary style custom kitchen, stone countertops and Travertine tiles in the kitchen. There are designer bath fixtures, walk-in shower and/or bathtub, stone countertops, Kohler toilets, vessel sinks, travertine tiles, and double vanity in the bathroom. In the interior, there are nine-foot ceilings, dual-zone air-conditioning units, walk-in closets. The homes have Travertine tiles throughout the ground floor, engineered wood on the upper floor, crown molding, six-inch baseboards, recessed lighting, and ceiling fans. They are telephone/cable/high-speed internet-ready. Outside you will find spacious balconies, a landscaped garden, ample parking, 24 hours gated and controlled community, Colonial-style windows, and hurricane impact doors and windows.
The exclusive beachfront units feature a similar spec to the garden units but have premium waterfront positions. Luxury four-bed homes currently cost around $1.35million, although the average sale price over the last three years ranges from $1.18million-$1.25million and averages out at around $1.21million.
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Palm Cay’s newest project is situated directly on the marina and has the most modern design and interior finishes. The penthouses have rooftop pools that overlook the entire community and are one of the more unique properties on the island. The first building is moving ahead quickly and Phase II and III sales are underway.
How to Leverage Value In Palm Cay?
According to Advisor Alex Jupp, “The best thing about working with the Palm Cay developers is their willingness to be creative and flexible with how deals are structured. We have created a number of purchasing structures and negotiate hard to bring buyers and sellers together. If its yield on a Starfish unit rental or “time” on a homesite purchase in order to get a home built, value is something we help identify and build into the terms of your deal.”
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To find out more about Palm Cay and its property, see Engel & Völkers Bahamas’ Market Insight for Palm Cay.