|Strong sales for $34 million real estate development|
Guardian Business Reporter
Published: Jun 14, 2012
Nearly all of the available properties of the $34 million Turnberry Townhomes development have been sold, despite the challenges faced by the economy during the project’s developmental stages.
All 257 lots have been purchased and 70 of the 80 townhomes are now occupied, with a steady sales increase over time, even during the recessionary period, making the real estate investment a success. Principal behind the project David Bronstein said the decision to follow through with or without a guarantee of sales is now paying off.
“I think we are one of the few developments started within the past five years that has come to a successful completion,” Bronstein said. “For us to succeed as we have in this economy proves to me that a market always exists for a quality product, if you work smart and deliver creative marketing within the confines of the current conditions.”
The Turnberry community, combined with Charlotteville, total 257 lots and 80 townhomes and feature a number of amenities in the gated complex. The ground was broken on the development in 2006 and construction commenced the following year. It took 42 weeks to build 40 structures. Bronstein mentioned that a partnership formed with longtime friend Dana Wells and the Fidelity Group was key in bringing the project to life and enabled it to stay on track.
“Over the five–year period investors and investor groups looking for a return and a safe place for their money also bought the townhomes,” he said.
“The partnership enabled us to control costs and find economies of scale by building all 80 units at one time. Then we handed the marketing over to an expert.”
Owner of Bahama Islands Realty Carmen Massoni utilized a sales pitch that focused on the cost and energy efficiency of the units.
“We know this business very well and recognized the value of the Turnberry package,” Massoni said. “Our marketing message was consistent: The convenience of a western location; the lifestyle amenities of the townhomes at Turnberry within Charlotteville; the solid, well-constructed, low maintenance homes, and a built-in community and family lifestyle that would appreciate in value in the short and long-term.”
Massoni added that middle-to-upper income Bahamians showed interest in the properties. Bronstein added that all parties involved with Turnberry are winners.
“All are rented for the long term to primarily corporate Bahamas,” he said. We’re pleased with the outcome; it’s a sweet deal for everyone.”