Real Estate Scavengers Swarm To The Bahamas Looking For Deals From Traumatized Hurricane Dorian Victims
Colin Lightbourn, Manager of Engel & Volkers’ Bahamas office in Nassau told the Sun-Sentinel:
We’ve surprisingly had several calls. People are asking if there is anybody selling properties in any of those cays and to keep them on our list. They say, ‘I don’t want to sound heartless, but if any properties come up, I’m a buyer.’
Real Estate Scavengers Swarming The Caribbean Isn’t New
Real estate scavengers also swarmed the Caribbean for bargains after Hurricane Maria pounded the region in 2017.
As a result, there were plenty of discounts to be had on distressed properties. A five-bedroom home with an ocean view in Dutch Saint Maarten was on the market for $3.5 million before the storm. The price plummetted to about $1.9 million after the storm ravaged the island.
Real estate scavengers include investors in search of profits and foreign nationals seeking vacation homes.
However, timing is still critical. Investors must have knowledge of insurance, construction, regulations and local contacts if they want to see a long term profit.
Profits Could Be Elusive For Real Estate Scavengers Investing In Grand Bahama and Abacos
Real estate scavengers with an eye for affected Bahamian properties could be in for a long wait for profits due to the damage.
The pace of any property turnover is likely to hinge on how quickly homes and business can be repaired or rebuilt. Profits also hinge on who wants to stay and who has insurance and who doesn’t.
Grand Bahama Coldwell Banker Broker James Sarles told the Sun-Sentinel: