Condo specialists looking to capitalize on niche market

Condo specialists looking to capitalize on niche market

NASSAU, BAHAMAS – With growing interest and activity in local condominium sales and rentals, a team of real estate and marketing professionals dubbed the ‘Condo Vikings’ are tapping into the niche segment.

Gustaf Hernqvist, CEO and founder of Condo Vikings told Eyewitness News Online that the group which focuses on the high-end condominium market recently closed on a $4.5 million sale at the GoldWynn Cable Beach development, the biggest sale at the development to-date.

“This is something that has been on my mind for a long time,” said Hernqvist, the former sales and marketing executive for Caves Heights Condominiums. “When I saw the Caves Heights sale cycle coming to an end, naturally it became the time to start my own thing,” said Hernqvist.

Condo Vikings, was founded a year ago, with Hernqvist acknowledging the Viking name as a reference to his Sweedish heritage.

“It is a niche concept so to speak and it’s been very well received . I’m glad to have the network that I have. I would say it has gone really well,” Hernqvist said.

The Condo Vikings currently has a nine member team. “It is a mix of apprentices and veteran real estate agents. We have built a really great team. I think our marketing has been very efficient,” said Hernqvist.

He noted that there has been a significant increase in activity in the condominium market.

“There really is not a lot of land to develop in New Providence any more especially beachfront. That really opens up the condo market.For a lot of the foreign buyers that come here it’s easy to buy a condo as opposed to a house.” said Hernqvist. He continued, “Typically we are finding that we are selling condos in the range 7$50,000 and 800,000 to $2-$3 million. That’s the typical price range we are seeing.”

He added, “I feel very optimistic about what is to come. The Bahamas has improved a lot over the last five years. When you look at the eh western area of New Providence there are some amazing developments, hotels, casinos and restaurants.”