The Scarcity Of Vacant Land In The Bahamas Is Driving Up Values

August 19, 2007—Nassau, Bahamas— The value of undeveloped real estate in The Bahamas has increased more in one year than it has in the past 10 years, according to one prominent Nassau broker and agent.

Because of that, people who own http://www.islandlivingrealestate.com, Nassau East, Seabreeze and Sans Souci and haven’t had their property appraised in a while should consider doing so, said Rachel Pinder, a BREA-licensed broker/appraiser who is the principle broker for Island Living Real Estate.

“If you own a lot, particularly in these areas, you might be in for a pleasant surprise when you have it appraised,” Pinder said. “Land is so scarce in the east that values are increasing because there just is not much left.”

A lot in Seabreeze that was valued at $75,000 to $80,000 a year ago is commanding $95,000 to $100,000 now, said Pinder, a Realtor who also is a sales and leasing broker.

Appraisals are helpful for a couple of reasons, she said. It is good to know the value of property for insurance purposes. Typically, having an appraisal done at least every five years ensures that property owners carry an appropriate level of insurance, based on whether the property appreciates or depreciates.

However, with so many people wanting to build rather than buy their first home, the value of vacant lots in areas where land is scarce have increased at a faster rate in the past year, Pinder said. In those areas, property owners might consider having an appraisal done every one to two years.

Appraisals also are necessary for people looking to sell or lease out their property, Pinder said.

Property owners seeking appraisal services should look for a qualified, certified BREA appraiser, she said.

If you would like more information on having your home or undeveloped property appraised by a certified real estate appraiser, please call Island Living Real Estate today:
1-242-322-7979/7980.

About Island Living Real Estate
Rachel Pinder is the principle broker for http://www.islandlivingrealestate.com. The company has more than 25 years of experience in real estate sales and development throughout the Bahamas. Island Living has Realtors available to assist buyers in locating properties throughout the Bahamas, as they specialize in residential/commercial sales and rentals, property management and Real Estate appraisals.

Island Living’s main office is located in one of Nassau’s oldest historic buildings on Bay Street, named “Red Roofs.” Red Roofs was built in 1896 and has been home to various families, a Gourmet Deli and now Island Living.

For additional information, please visit Island Living’s Web site: www.islandlivingrealestate.com.

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© 2007 Sinai Marketing and Island Living Real Estate. Authorization to post is granted, with the stipulation that Sinai Marketing is credited as sole source. Linking to other sites from this press release is strictly prohibited, with the exception of herein imbedded links.