Real Estate Rebounds?

Good news for the Bahamas real estate industry!
Leading Nassau law firms have recorded an increase of up to 10 percent in real estate conveyances and other commercial transaction-related work in the last few months.
John Delaney, the managing partner in the law firm Higgs & Johnson, said business year to date is down over 2008, but then the latter was a very strong year and it's a big comparison to make.
The first quarter of 2009 saw a significant drop in real estate and commercial-related work, but things have markedly “trended up” during the second quarter, he added.
Delaney blamed the big fall-off in business on the September, 2008 market meltdown. The collapse of Lehman Brothers, which also had a major investment stake in a Bahamas real estate development, and other international lending institutions made the matter worse.
Investors and wealthy second home owners – pillars of the Bahamas economy – went “into shock.” This translated into a substantial fall-off in business for the leading local law firms.
Delaney said real estate fell off “big time' in the Bahamas, but was pleased to report there are now signs of life.
Indications from the U.S. are that a “tentative, tepid” recovery may have started, although consumer and business confidence remains relatively low and investors are cautious about taking on new projects. Source – Tribune Business
Here at Coldwell Banker Lightbourn Realty, we've also seen encouraging signs.
While sales fell off dramatically in the first quarter of 2009, the second quarter has seen some good solid sales.
Our experience is that if the property is priced correctly, it will sell.
As with Delaney's experience, year to date we're still down overall compared to 2008, but business increased significantly during the second quarter and inquiries are on the increase. We are cautiously optimistic about the third quarter.