BIMINI – The National Association of Realtors reported in April 2008 that “12 percent of all existing home sales in 2007 were not primary residences; they were instead vacation homes.” Due to rising condominium and loan fees, this market condition has proven that optional rental program vacation home investments are more desirable and allows projects like Bimini Bay Resort and Marina to continue enjoying growth in a market that is otherwise experiencing a large downturn.
As the first quarter of 2008 nears an end, Bimini Bay has a number of closings on homes, condominiums and slips in the new Mega Yacht Marina. The resort community is also moving forward with an additional section of condominiums as overseas real estate continues to position itself as a wise investment for long term profit and enjoyment.
“We are working with a niche market where our clients are comfortable purchasing more than one home and continue to see appreciation in vacation destinations such as the Bahamas,” stated Jonathan Spektor, director of sales and marketing for Bimini Bay Resort and Marina real estate. This type of clientele will contribute to economic growth and drive a rise in second home purchases.”
According to the 2007 Investment and Vacation Home Buyers Survey, In terms of location, “last year nearly 20 percent of vacation homes were purchased at resorts; if this trend holds up, it will also mean that about 600,000 second homes will be sold this year.”
“These types of results are positive indicators for developers like Bimini Bay Resort,” continued Spektor. “Along with residents from the Northeast, many people from Europe and Canada are also finding that now is the time to invest in real estate as the vacation home market forecasts a promising future.”
Bimini Bay Resort currently offers a variety of second home options: Condominiums begin at $300,000 while oceanfront estate lots are available from $1,200,000. Bimini Bay also offers investment opportunities on its private island with lot sizes ranging from approximately 9,483 sq. ft. to 16,244 sq. ft. and prices beginning at $770,000. Marina slips are also available for sale ranging from 40 ft. – 200 ft. in length. For more information, please visit www.biminibayresort.com or call 305-513-0506