Recession Trumped! Charlotteville & Turnberry Neighbourhoods All But Sold AND Leased Out
assau, Bahamas – The Town Homes at Turnberry in the gated community of Charlotteville in the West are all but sold or leased, with just 7 Townhomes available. All 257 Lots have now been sold and 70 of the 80 Townhomes are now occupied.
Following a successful fast-paced sales uptake in the first phase of Charlotteville which he began in 2004, developer Dale Bronstein partnered with long time friend Dana Wells and the Fidelity Group, and in 2006 broke ground on the final phase – the Townhomes at Turnberry. Sensing a shift in the economy, Mr. Bronstein felt it important to build out the entire project with or without sales, and taking on partners enabled the project to proceed. The partners supported the build-out through very tough times through to completion and ultimate success.
“I think we are one of the few developments started within the past five years that has come to a successful completion. 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,” says Bronstein. “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.”
“A superb location,” states Carmen Massoni BREA agent and owner of Bahama Islands Realty. “And five years later, it’s even better. The closeness to Old Fort Bay, the shopping and entertainment of Cable Beach and the airport nearby were always attractive, and that’s now amplified by the addition of new highways that link to the airport road, and the new Solomon’s Fresh Market and shopping centre just opposite the Charlotteville / Turnberry entry GateHouse.”
Massoni explained that price point and value-for-money were then and still are now, crucial points in an uncertain economy and the developer delivered both. “By building spacious, energy efficient hurricane-strong homes at a market-savvy price we were able to convert the predominantly middle-to-upper-income Bahamians and residents from possible buyers, into Turnberry homeowners.”
The use of modern construction methods and technology lowered utility, home and general property maintenance bills, a huge selling point at any time but even more so in a recession, explained Massoni. “The monthly home owners maintenance fee is just $135 a month for all Lot owners in Charlottevile and Turnberry (257 Lots), and $450 for the Townhomes; and that covers the running and upkeep of the Home Owners Association and all amenities, including the Club House, tennis and volleyball courts, swimming pools, kids playgrounds and common areas. The Townhome fee also covers their landscaping and garbage collection.”
The expert realtor says creative marketing, and the developer’s willingness to offer good buyer incentives, went a long way in ‘sealing the deal’ in a tight economy. “The Marketing incentives included the offer to, ‘trade-in your existing Lot’ for one at Turnberry,’ frequent day and evening Open House occasions, and a two-day, high-profile, interactive ‘Street of Wonders’ sales event that benefitted a number of local charities. “We know this business very well and recognised the value of the Turnberry package. Our marketing message was consistent : the convenience of a West location; lifestyle amenities of the Town Homes at Turnberry within Charlotteville; the solid, well-constructed, low maintenance homes; a built-in community and family lifestyle that would appreciate in value in the short and long-term.”
“Over the five–year period investors and investor groups looking for a return and a safe place for their money also bought the Townhomes,” added the Bronstein. “All are rented for the long term to primarily, corporate Bahamas. We’re pleased with the outcome; it’s a sweet deal for everyone.”