Preparing for Luxury Upturn

Tuesday March 26th, 2013

NASSAU, BAHAMAS-- As a member of one of the world’s most powerful real estate networks, Bahamas Realty Ltd., is perfectly positioned to assist its clients in buying, selling or renting during the predicted boom in real estate, especially luxury properties, according to Executive Vice President of Luxury Portfolio International Stephanie Pfeffer. Enthralling her high net worth audience at a reception held at a residence in Ocean Club Estates, Paradise Island, she pointed out that through Bahamas Realty’s affiliation with Leading Real Estate Companies of the World (LeadingRe) and Luxury Portfolio International, Bahamas Realty has unequalled global reach. She explained that LeadingRe links more than 500 top independently owned real estate firms, with nearly 140,000 associates in more than 30 countries. Only 200 members of this select group of 500 companies are members of the luxury marketing brand, Luxury Portfolio International, of which Bahamas Realty is a member. “Together we sell more real estate than any franchise. We are Number One with $235 BILLION in annual home sales in the US alone,” Mrs. Pfeffer said, referring to figures provided by an independent research study published by American Express Publishing and Harrison Group. Bahamas Realty President Robin Brownrigg, fresh from the Leading Real Estate Companies of the World Convention in Las Vegas, reported, “The U.S. is expecting a boom by the end of the year. In the Bahamas, we usually follow the US market -- up or down -- by about 6 to 12 months.” Mrs. Pfeffer agreed, adding “There is a pent up demand for luxury real estate, particularly second homes. In the Caribbean area you have real opportunities coming up.” She urged investors to get ready for the coming boom, noting “We have a huge inventory problem in the United States at the moment...for instance San Francisco has only 12 days of inventory.” To qualify for the Luxury Portfolio marketing program, a property must be valued at or about $1 million or more and meet other exacting requirements. According to Mrs. Pfeffer, Luxury Portfolio has more listings over $1-million than any other affiliation with 83% of its listings offered at over $1-million while franchises, such as Coldwell Banker, have only 54 per cent at over $1-million and Sotheby’s International has only 43 per cent of its listings over $1-Million. Leading Real Estate Companies of the World and Luxury Portfolio offer their members the tools necessary to reach and inform their customers in today’s global market, she said, such as: Luxury Portfolio International’s, “LuxeAnalytics program provides reporting of exactly where the interest originates for each property featured on its website, translated into 9 languages and 7 currencies, available to property owners through member agents. Properties featured in leading print media such as “The Wall Street Journal,” “Black Card,” “Unique Homes”, “DuPont Registry,” “Architectural Digest,” “Veranda” & “Velocity.” Top Google search results A dedicated luxury real estate magazine, “Luxury Portfolio International,” highlighting luxury lifestyles and properties along with Luxuryportfolio.com And extraordinary support in education, elegant graphics and advertising. Andrea Brownrigg, a director of Bahamas Realty and listing agent for the amazing multi-million dollar Ocean Club Estates home at which the Luxury Reception took place, added, “The affluent, more than ever demand craftsmanship and high quality in the homes they buy and are more resourceful than ever in finding it, on and off the internet. Agents who represent such properties have to become true authorities on the luxury real estate marketplace, addressing the distinctions which speak to this increasingly sophisticated buyer’s passions.” Bahamas Realty CEO Larry Roberts sums it all up saying “The luxury consumer demands, first and foremost, that his or her agent be reputable among his peers and in his community; knowledgeable about their market, with a track record for selling million dollar homes; supported by an agency with global reach and websites as elegant as the properties represented. With the strength of LeadingRe and Luxury Portfolio supporting us, Bahamas Realty is moving to the leading edge of luxury real estate. ” Events by Alexandra catered the event with fine French champagne and wines provided by Liquid Courage. Bahamas Music Conservatory entertained guests from the wrap-around, poolside balcony. By P.S. News Features