Bahamas Real Estate Facts

Eleuthera - The Royal Connection

THE DISCOVERY of Eleuthera by the British Royals many years ago set the stage for the development of high end real estate on that exquisite island of rolling country, and pink and white beaches. Lured by the beauty of crystal clear sea and the warm climate, the Royals were captivated by Eleuthera, which means ‘freedom’ in Greek, and the hospitality of its people. And they were free because, until a sneak attack by Fleet Street, they were able to move about quietly without the paparazzi underfoot at every twist and turn. Lord Trefgarne of Cleddau was attracted to Windermere in the south of Eleuthera. He built the first bridge spanning the sea in the Bahamas as a token of gratitude to the people of Eleuthera. The bridge opened in 1960.

Prince Charles, Princess Di and the Duchess of Kent loved visiting Windermere, Eleuthera. The Duchess of Kent, after one of her trips, described Eleuthera and its people as ‘magic.’ Princess Di loved the fresh baked bread and wonderful, Eleuthera tomatoes sold by their favourite baker. Charles and Di honeymooned in Eleuthera and returned when Di was pregnant. However, photographers from The Star and The Sun followed Princess Diana and Charles to Eleuthera and took pictures of pregnant Diana in a bikini. The Queen called the action "The blackest day in the history of British journalism.”

Prince Charles’ goddaughter, India Hicks, also was captivated by Eleuthera. Eyeing the Eleuthera real estate market, she particularly liked Harbour Island, a tiny island across the harbour from the mainland of North Eleuthera. She bought a minority stake in the historic 10-bedroom Landing hotel and restaurant – a traditional Colonial-style hotel built as a home in 1800. Harbour Island is a postcard pretty down of Colonial cottages, fun restaurants and pubs, a three mile pink sand beach and some substantial real estate investments. The real estate market in Harbour Island is thriving.

Second home owners there include Wayne Hizuenga, Ron Pearlman, Elle McPherson and Daryll Hall.
Hicks, model for Ralph Lauren’s Safari perfume and grand daughter of Lord Mountbatten, teamed up with a prominent Bahamas family, including Brenda Barry, a former Ms. Bahamas, in The Landing venture.

The Duke and Duchess of York are among the list of celebrities who’ve stopped in to enjoy The Landing’s gourmet meals and sample their fine wines and cigars. Prince Pavalos and Princess Marie Chantal of Greece, Mick Jaggar, Richard Gere, Elle McPherson, Diane Von Furstenberg, Barry Diller, Christianne Amannpour (CNN), Ed Bradley (60 minutes), Bette Midler, Collin Farrell, George Hamilton, Daryll Hall (Hall & Oates), Jack Nicholson, lines of super models and many more have enjoyed the ambiance of The Landing. Located off the mainland of Eleuthera, Harbour Island has been ranked ‘Best Island in the Bahamas, Caribbean and Bermuda’ by Travel and Leisure Magazine.

Count Alfred de Monigny, who in 1943 was charged with murdering his father-in-law, gold tycoon Sir Harry Oakes, built a home at the site of what was to later become 'The French Leave in Eleuthera. Club Med later built on the site.

Oakes, who later turned his hand at real estate development in the Bahamas, discovered what was billed as the largest gold mine ever found in the Americas with the exception of the Homestake Mine. Alfred de Monigny was acquitted of murdering his father-in-law, but was deported from the Bahamas.

Eleuthera real estate has acted as a magnate to other notables. Arthur Vining Davis started the Rock Sound Club in the south of Eleuthera. He also owned a farm in the area. Princess Margaret lunched at the Rock Sound Club in 1955. Davis sold his interests to Juan Trippe, the U.S. airline entrepreneur and pioneer, and founder of Pan Am. Trippe turned the club into the exclusive "Cotton Bay Club."

Although not of Royal blood, the late Austin Levy had a huge impact on the island of Eleuthera. The American arrived in 1927 and formed Hatchet Bay Plantation on the lush, rolling real estate he purchased in Alice Town. The dairy and poultry farm supplied the Bahamian market and provided vast employment opportunities for the people of Eleuthera. Levy built tourist cottages and stores. Sadly, the farm collapsed many years later as a result of ineptitude under the new ownership of the former PLP government.

And last, but by no means least, the first premier of the Bahamas, Sir Roland Symonette, was born in Eleuthera. Affectionately referred to by the people as ‘Pop,’ he became one of the wealthiest men of his era. He was a school teacher early in his career, but later built a fortune and invested in real estate and a shipyard.
With 52 years as a Member of Parliament, Symonette holds the longest record of service in the House of Assembly in the Bahamas. He helped many Bahamians in need. Perhaps not Royal, but certainly Noble, according to those who knew him.

© Athena Damianos

Find Bahamas real estate in Eleuthera today!

Exuma

EXUMA real estate remained one of the Bahamas’ best-kept secrets until the 2000s.

Before this, a handful of wealthy Americans enjoyed the incredible beauty of Exuma and its satellite islands, building second homes on the unspoiled island paradise.

Actually, Exuma comprises many islands, famous for the varying shades of turquoise found in the crystal shallows to the cobalt blue waters of the Exuma Sound.

Most of the homes and real estate development in Exuma were concentrated on Great Exuma, where the main township, George Town, is located. However, some second home owners were lured to the small Exuma cays, drawn by the privacy and remote nature of the tiny islands.

Florida railroad magnate Henry Flagler invested in real estate on Stocking Island, a gem of an island that lies across Elizabeth Harbour opposite George Town. In 1958, Flagler’s grand nephew, Lawrence Lewis, opened Peace ‘n Plenty as a private club in George Town. Drawn by the excellent bone fishing grounds, his friends stayed at the club to take part in the sport. Peace ‘n Plenty eventually opened to the public as a hotel. The quaint, unique hotel has been designated a historical site. The bar, adorned with names on planks from shipwrecked boats, is a favourite gathering spot for locals and visitors.

In the ‘Upper Cays’ – those cays nearest to Nassau - the Highbourne Cay marina was for decades a favourite retreat for Bahamian pleasure boaters. However, with the opening of Marina Village at the Atlantis resort on Paradise Island, wealthy visiting yacht owners have discovered Exuma and a handful of investors, recognizing the potential of Exuma real estate, plan to develop the island of Highbourne Cay into a high end haven.

There are a smattering of second homes throughout the Exuma Cays, and two club/marinas on Sampson Cay and Staniel Cay.

The villages, known as settlements, are few and far between. The Tropic of Cancer passes through George Town on Great Exuma.

It’s believed that the name ‘Exuma’ springs from the pre-Columbian era and that Exuma was inhabited by peaceful Lucayan Indians. But little is known about that period.

From Columbus’ discovery of the New World on San Salvador, the Bahamas, to the arrivals of the Spaniards, Exuma remained a remote territory. Then, around 1648, a band of Englishmen - calling themselves the Eleutheran Adventurers - settled on the island of Eleuthera, in order to escape religious persecution. Later, after the American Revolution, British loyalists – people loyal to the Crown – left America to settle in the Bahamas.

Some came to Exuma and used the real estate of Great Exuma to grow cotton. Cotton was a big commodity in those days. For the first 15 years or so, Exuma did well. The Loyalists got land grants and the property was used to grow cotton. Homes were built and a road was built. There was boat traffic.

George Town was established in 1793, and the real estate market was officially born in Exuma with lots offered for sale in the 1790s. But at the start of the 19th Century, the cotton crops failed. The thin layer of top soil had worn out. The property was abandoned and the plantations fell into ruin. For those who remained, life in Exuma was a daily struggle.

After World War 11, tourists from the United States and Europe, and winter residents visited Exuma, giving a much needed boost to the economy. But real estate in the Bahamas went into a slump in the 1980s as a result of an unpopular property law, which was later repealed.
It was around this period that some property in Exuma fell into the hands of drug barons. However, thanks to a joint interdiction effort between the U.S. and Bahamas governments, the drug lords were either arrested or fled the Bahamas as a result of a major crackdown.

The Exuma islands returned to their peaceful existence, enjoyed by a small number of wealthy, second home owners and sail boat people – “yachties” – until the 2000s.

Exuma became known as a great place to visit and own a second home on. The secret was out.

Property values started to soar with the opening of a Four Seasons hotel on Great Exuma and real estate developers started pitching proposals for condos.

© Athena Damianos