“Super buyer’s market right now” for GB real estate
NASSSAU, BAHAMAS – There is a ‘huge demand’ for rental properties on Grand Bahama in the aftermath of Hurricane Dorian, a well-known realtor on the island has stated.
James Sarles, principal at Coldwell Banker James Sarles Realty, noted thousands have been displaced by the deadly Category 5 storm.
“Even if persons want to come back now they have to take the sheet rock down and deal with mould remediation which is very important,” Sarles said.
“Persons like that need rental properties and people have to figure out whether the properties they do have can be rented out.”
He continued: “There are a lot of NGOs here and they need places to stay. All of the insurance adjusters need places to stay as well as the people displaced. It’s really a lack of supply right now. There is huge demand for rentals and so anyone who has any property at all needs to contact the local realtors.
“People are coming to the realtors trying to match them up because they don’t know where to turn,” he said.
Sarles said despite Hurricane Dorian’s impact on Grand Bahama there remains ‘opportunity’ in the island’s real estate segment.
“Pre-Dorian there was the potential in light of the Royal Caribbean and Carnival announcements,” he said.
“There was a bit of optimism. People were starting to invest in property and then Dorian came. Right now people are a shell- shocked, it’s a post-traumatic stress situation. Royal Caribbean is moving forward from what we understand which would be a great thing and Carnival is going forward as well.
Sarles continued: “Those are going to bring a lot of construction jobs. There is opportunity here. Everyone is just getting organized.
“For real estate the only deals being had right now are hurricane deals. There a lot of people fed up, had their homes on the market and they just want to sell. It’s certainly a good time buy. Believe it or not there are a lot of people coming and seeing the opportunity.”
Sarles said: “This is like the lowest point Freeport has ever been but there is potential. Right now, prices are low. If it was a buyer’s market before the storm it’s a super buyer’s market right now.”