Bahamian House To Buy In New Providence - Bahamas

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House/Villa Description

Caribbean Beach Front Apartments

Grand Penthouse in Bahamas

Situated on the north coast of Nassau, this executive development fronts onto a lovely beach and offers an infinity pool, spa, fitness centre, tennis court, sun & BBQ lounge, a concierge service and lavish tropical and water gardens.

Apartments are pre-wired for high speed internet & cable TV; the development also includes private garage & 24 hour security.

This project consists of luxury 1 to 3 bedroom apartments, which are ideal for the local rental market, with executives from the banking and insurance industries seeking 12 to 24 month rental agreements. Prices are approximately 15% below prices for comparable new build developments in this part of Nassau.

Phase 1 completion is scheduled for September 2008; phase 2 is due to break ground in July 2008 for Autumn 2009 completion, the larger phase 3 is to follow.

Local mortgages are available for up to 80% of purchase price, possibly 85%, at interest rates of between 5.25% and 6.5%, dependent on loan to value % and term of loan. Certain mortgage products will provide residency and make income potentially non taxable. Closing costs for purchase will be approx. 1% of purchase price.

Expected rental income will range from $5,000 USD per month for 1 bedroom with den, up to $9,500 USD per month for a penthouse, providing a gross rental yield of between 8% and 11.4%.

The monthly management costs will include buildings insurance costs, and will be charged at $530 USD for a 1 bedroom, $665 USD for a 2 bedroom and $875 USD for a penthouse. Rental management costs for local a letting company is estimated to be about 2% of the annual rent, dependent on duration of the tenancy agreement. Full luxury furniture packs can be arranged if required.