People looking to own a piece of the Rock may have to consider buying a condominium, Bank of Bermuda?s Frederica Forth says.

Ms Forth will be hosting the Bank of Bermuda seminar ?How To Own A Piece Of The Rock? next Tuesday at the Fairmont Hamilton Princess and will provide information for consumers looking to buy.

As Senior Service and Sales Manager for Personal Financial Services at Bank of Bermuda, she sees a lot of hopeful homeowners, but Ms Forth told the key to success in this seller?s market it often thinking outside the box and perseverance.

Ms Forth will be teaming up with representatives from Coldwell Banker Bermuda Realty, Rego Realtors and the Property Group Limited to discuss the benefits of condo living compared to living in a traditional house in Bermuda.

?I am very passionate about educating the community about what is available in the property market and credit facilities open to the community,? Ms Forth said.

?If you really want to own a piece of the rock buying a condo is one step you may have to take. I am trying to change the mindset so they see can this is an alternative to get your foot in the door.

?The value of real estate continues to increase very significantly. If your dream is to have a traditional Bermuda home, buying a condo may have to be considered.?

According to the Coldwell Banker?s July 2005 Sales Market Update for the first half of the year (from January 1 to June 30) there were a total of 171 property transfers with an overall average price of $1,175,000.

The newsletter also states that 68 condos were sold with the average sale price of $790,000. The lowest priced condo recorded was a one bedroom property property in Sandys which sold for $325,000. By contrast the highest priced condo was a unit at The Wharf that sold for $1,950.000.

Coldwell Banker Corporate Services Manager Kendra Mello said the average price of a condo is significantly lower than a traditional Bermuda home, making them an affordable alternative for those just entering the market ? but also worthy of consideration for those considering downsizing their living arrangements.

As such, Tuesday?s seminar is aimed at first time home buyers, couples whose children have flown the nest, retirees, or single people living in large homes.

Ms Forth said condos are easier to maintain and that many people may feel more secure living in them. Condos also make a great investment, she added.

?There are other alternatives (to) owning a traditional Bermuda home,? she said. ?It is a seller?s market so people can sell a condo quite quickly.

?There is a broad range in condo prices depending on what end of the Island you are (looking at). There are condos in the East and the West of the Island that you can get for a very low cost.?

Anyone looking to buy should be realistic about how tough the market is, she stressed.

?It takes commitment, sacrifice, discipline, planning and being patient to own a piece of the Rock and thinking outside the box ? living in St. David?s for example,? she said.

To attend the How To Own A Piece Of The Rock seminar at the Fairmont Hamilton Princess (Gazebo Lounge) on October 11 from 5.30 p.m. to 8 p.m. people can call 299-6624 by Friday October 7 to reserve a space.