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Bimini real estate.

Old 01-27-2019, 12:53 PM
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Default Bimini real estate.

Just curious....with all the changes in the Bahamas right now... how does the real estate market look in Bimini or even west end?

Thanks. I know the VAT is a big deal and is there a new tax for owners from other countries?
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Old 01-27-2019, 01:59 PM
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Can’t speak for WE or Bimini but I just came back from Elbow today and it seems like half the island has a for sale sign on it.
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Old 01-29-2019, 09:37 AM
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i'm noticing this as i look around. seems as though everything is for sale
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Old 01-29-2019, 09:42 AM
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for 2018 there is a new yearly stiff tax for non-bahamians. I'll look for the link..
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Old 01-29-2019, 10:20 AM
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I would imagine they are both very slow right now. The US is starting to feel the real estate slow down as well. Someone cut the lights back in September and haven't seen things move since then.
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Old 01-29-2019, 10:38 AM
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My wife has been on me about looking at a place in the sands...
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Old 01-29-2019, 10:50 AM
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i think you guys are crazy to consider buying in the bahamas, what is the upside? i don't see capital appreciation coming into play and after repairs and taxes, HURRICANES minus rental income i bet it's cheaper to rent. and a whole lot less headaches.
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Old 01-29-2019, 11:03 AM
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Originally Posted by pathfinder11 View Post
i think you guys are crazy to consider buying in the bahamas, what is the upside? i don't see capital appreciation coming into play and after repairs and taxes, HURRICANES minus rental income i bet it's cheaper to rent. and a whole lot less headaches.
I think your right it is cheaper to rent !!
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Old 01-29-2019, 05:13 PM
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Picked up a 1500 sq ft unit in B.B. for fraction of what they sold for. Did it for kids as they grow up. Rentals can cover carrying cost of you decide to go that way. Bimini still a great place regardless etc
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Old 01-30-2019, 07:32 AM
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The Bahamas is turning away investors who want to purchase condos or homes due to the increasing taxes and every changing of the guard(PM). The mentality is that those who can afford these luxurious places on our islands can pay the taxes.. What they are not thinking about is that this will have a negative effect in ownership for years to come. Let's face it, most only go for a week, maybe two during when the weather is nice. Some places, such as the Exumas, see very little turnover because it is far enough away to only attract the higher end clientele. West End and Bimini and the Abacos all have more properties for sale this year than ever before. It is getting to be too expensive to own a place where you may or may not go for only a week or two. I know of only 3 people who actually make money on their properties, one in Treasure, one in Staniel and one in Georgetown. They have built up a clientele over 15 years so they make it. There are islands that are keeping the status quo, such as Cat Cay and Bakers Bay and Chub. Money is not object there so another $30K a year is nothing. It's all in perspective. If you have money that you want to gamble with and you can find the right place for you, go for it. If you are thinking of it as an investment, I would say no way. Better to find a place here, like in the Keys or West Coast of Florida where you can use it when you want and rent it out and know it is yours.
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Old 01-30-2019, 07:45 AM
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I'm amazed at how high the asking prices still are for places in Bimini. What's the average discount off these listing prices that these properties actually close at? I'm talking about at RW or the Sands, for instance. Thanks.
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Old 01-30-2019, 10:08 AM
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Originally Posted by jillybird View Post
I'm amazed at how high the asking prices still are for places in Bimini. What's the average discount off these listing prices that these properties actually close at? I'm talking about at RW or the Sands, for instance. Thanks.
here's one on the market for a great price from a member on here,

Bimini sands oceanfront two bed condo for sale
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Old 01-30-2019, 10:47 AM
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Originally Posted by alacrity View Post
here's one on the market for a great price from a member on here,

Bimini sands oceanfront two bed condo for sale
the hoa is what kills this deal IMO
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Old 01-31-2019, 06:01 AM
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Originally Posted by pathfinder11 View Post
i think you guys are crazy to consider buying in the bahamas, what is the upside? i don't see capital appreciation coming into play and after repairs and taxes, HURRICANES minus rental income i bet it's cheaper to rent. and a whole lot less headaches.
^^^^^ This
If these properties were money makers none would be for sale. VAT, property tax, duty, all subject to change plus whatever else they can think up to extract $$ from foreigners.
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Old 01-31-2019, 09:24 AM
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If you rent them , you pretty much break even. Still have a great deal on oceanfront one bed with mini loft, furnished, $160k
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Old 01-31-2019, 10:00 AM
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Originally Posted by biminibrad View Post
If you rent them , you pretty much break even. Still have a great deal on oceanfront one bed with mini loft, furnished, $160k
If you rent them without a mortgage correct?
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Old 01-31-2019, 12:52 PM
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So did the Bahamas actually pass the big tax on foreign owned land holders? Sounds like the next Venezuela in the making
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Old 01-31-2019, 05:08 PM
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U have to buy em cash to break even at best. Some people just line their own stuff and not rent. I think in the 150s if you use it, enjoy it and can afford it then why not. if you can’t carry nut for hoa then rent. I love Bimini sands but for the kids BB just another level.
Units once sold for 500k now 129-150k . Sucks for those in at 500k
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Old 01-31-2019, 05:55 PM
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Originally Posted by wangotango321 View Post
U have to buy em cash to break even at best. Some people just line their own stuff and not rent. I think in the 150s if you use it, enjoy it and can afford it then why not. if you can’t carry nut for hoa then rent. I love Bimini sands but for the kids BB just another level.
Units once sold for 500k now 129-150k . Sucks for those in at 500k
no part of this statement is surprising to me, could see it 100 miles away 10 years ago when they started selling them.
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Old 01-31-2019, 06:32 PM
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The underlying issues currently is “ the home owners” do not control the property. Change, that, everything changes. 99% are cash deals.
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