Palm Cay hopes to tap into British second home demand
Published: Oct 16, 2013
A May, 2013 special report in the Times of London revealed Britons’ voracious appetite for a safe and secure second home abroad - a place of their own to stay when they want to play, a retreat when they want to retire.
The facts – 430,000 Brits own homes abroad and the numbers are climbing – were so stunning that Palm Cay, a local residential and marina development on nearly 70 acres on the southeastern tip of New Providence, pounced on the potential.
“We read, we learned and we jumped to book space for the U.K. Luxury Property Show October 29 to 30,” said Zachary ‘Zack’ Bonczek, Palm Cay sales & marketing director, in a release issued by the company.
“At this point, we believe we will be the only Bahamian real estate development at the London show and we’re very excited about it.”
While many of the show’s participants will be mega-mansions with multimillion-dollar price tags, Bonczek said Palm Cay offers an enticing product with “undeniable and unbeatable value”.
“We may just be the most reasonably priced, practical, great location, real estate offering in the entire show,” he said, pointing first to location.
“The first rule in real estate is still location, location, location and the appeal of being directly on the beach in The Bahamas with year-round warmth, a politically stable 280-year-old democratic form of government and a tax-friendly environment is hard to beat.
“Add to that Palm Cay’s amenities: a 194-slip marina that is closer to Exuma than any other in New Providence, tennis courts, a restaurant coming on stream, 24-hour security, swimming pools and an active calendar of events from Friday happy hours to pilates and yoga on the beach, fishing tournaments and art show benefits. There is always something fun happening at Palm Cay. It’s that sense of community, along with the ocean at our fingertips and the value of our product, that combines to make us stand out whatever the competition for attention.”
Bonczek looks forward to Palm Cay's presence in what show organizers are calling “a showcase of the world’s most stunning luxury properties”.
“We’re not competing with sprawling mansions with 30 bedrooms and 35 bathrooms,” he said. “We’re appealing to today’s buyer who is interested in the experience, the person to whom living well in a secure, hassle-free community is the most important consideration. Starfish Isle is the perfect solution. The two- and three-storey, well-appointed beachfront and beach view townhomes starting at $649,000, including high-end appliances, oversized glass doors and closets and generous balconies, will appeal to buyers who love the water and a casual, secure lifestyle in an active, growing, nautical community.”
Bonczek said the trust factor was also in Palm Cay’s favor.
“We have already invested $30 million in this community,” he said. “All the infrastructure is complete, including miles of roads and all utilities. The marina, complete with fuel facilities, convenience store and harbormaster's office, is operational and busy. We are about to break ground on our newest product, a complex of what will eventually be 50 condos at The Anchorage.” Phase one of The Anchorage was oversubscribed with 15 reservations for 12 units, prompting Palm Cay to consider accelerating the next phase.
“We're not selling a promise,” he said. “We’re delivering on a dream.”
And that, he believes, will resonate with London show-goers. In the Times of London piece, BREA President Franon Wilson was quoted as saying The Bahamas is especially comfortable for those from the U.K. The legal framework, traditions and heritage make it a comfort zone “like home away from home,” he said, with the added touches of glamor and romance, year-round sunshine and little taxation.
While a Palm Cay team will be at the Luxury Property Show at London’s posh Hurlingham Club, another will be preparing to head off to the Ft. Lauderdale Boat Show from October 31-November 4.
With more than 300 planned properties including individual home sites, condos, cottages, an array of townhome offerings, a 194-slip marina, tennis courts, pools and a clubhouse, Palm Cay is one of the solid success stories of what developers see as a recovering real estate market.