$18 Million Oceanfront Condominium Community Set to Break Ground Near BahaMar (Mario Carey Realty)

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"The Timing Is Right!" - Mario Carey Realty

Ground is set to be broken on an $18 million, three-story oceanfront condominium community on West Bay Street, according to an appointed real estate agent who called the development "one of the most exciting to be announced in recent years because of its extraordinary location."

Ryan Knowles, a top-selling agent with Mario Carey Realty, said Ocean Cliff Villas will include 24 two-bedroom, 2.5-bath residences with pre-construction prices from $599,000-$799,000.

"What makes Ocean Cliff Villas such an exciting development is that it is right on the ocean in New Providence with an elevation that is some 30 feet above sea level providing extraordinary views," said Knowles, who in 2010 at 22 became the youngest realtor in The Bahamas to sit and pass the CRS (Certified Residential Specialist) Certification.

"There is very little prime oceanfront property left in Nassau, and almost none with this kind of elevation. It is also quite close to the $2.6 billion BahaMar project so in addition to its phenomenal views, its proximity to the new resorts will enable Ocean Cliff Villas residents to enjoy all the amenities -- dining, entertainment, spas, sports and shopping."

The community is being developed by Seaside Development Properties Limited which recently completed the larger Columbus Cove high-rise residential area on Love Beach. In its newest project, developers' plans call for three buildings, the eastern and westernmost with six units each and a central building with 12 units, with each of the three divided between single- storey residences and two-storey townhomes. Features include 9' to 10' foot ceilings and doors, engineered wood floors, high speed communications connections, central air conditioning, 10" crown moldings, stainless steel appliances and granite counters. Phase I, the buildings with six residences each, will break ground first with an anticipated construction completion date of late summer 2012. Work has begun on the infrastructure, seawall and walls.

"Commencement of work on Ocean Cliff Villas affirms a belief in the strength of the Bahamian real estate market and the growing interest in Cable Beach, not only as a destination for a resort, but as an increasingly desirable residential location," said Knowles, citing other western area condominium developments that have either sold out or are selling well. "Vizcaya is completely sold out. Hampton Ridge is almost sold out. Despite the continuing economic challenges, real estate in The Bahamas is a matter of supply and demand. The demand is great and the supply is limited. Combine that with the environment of a buyer's market and there's little surprise that people recognize a good deal and seize opportunities."

Mario Carey Realty, launched in June 2008, following Carey's successful career as a director in another prominent firm, recently re-located to larger quarters on East Bay Street near Victoria Avenue in Nassau.

Twitter: @MCR_Bahamas

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Dwayne Tucker
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