A real estate agent has launched a new property division dedicated specifically to the Hamilton condominium market.

Coldwell Banker Bermuda Realty is either responding to the market or forecasting it, but either way, the inventory of city condos is set to skyrocket.

By the end of the year Hamilton will have added 130 units of new residential condominium space in a three year stretch. In 2004 $8.3 million in Hamilton condos were sold. In 2005 the number jumped to $22.5 million.

It’s that kind of upward trend that motivated Bermuda Realty to create City Living — a team of agents specifically trained on Hamilton habitation.

The agency’s spokesperson Kendra Mello said: “City living is one of the areas we’ve seen gradually increasing over the last few years. And as is our practise we try to ensure our agent base is supplied with the knowledge and substance behind what they’re saying to feel confident in selling the product.”

The agents go through four weeks of training — poring over statistics, learning the ins and outs of Hamilton and getting evaluated by corporate executives. Half the agents at Bermuda Realty are already enrolled in the new instruction.

When they’re done with the instruction there should be a lot of work waiting for them. There is a slew of condo construction underway or awaiting Planning approval. And the interest is coming from everywhere: seniors looking to downsize, parents looking to assist their young adult children and people seeking a local real estate investment.

The urban investment seeker is perhaps the most remarkable of the bunch because the shrewdest investor is figuring out a way to buy the property, rent it and have the cost of rent cover most, if not all, of the mortgage.

Ms Mello said: “People are saying, ‘Wait a minute I can make an investment here in Bermuda, in real estate, it is worry-free, it is furnished, and it comes with a tenant and it takes care of itself from a mortgage point of view’.”

At the Atlantis Building on Parliament Street, for example, the demand is so high there’s a renters’ waiting list — and all potential tenants have agreed to sign a two-year lease if they move in. This option is particularly attractive to furniture-less expatriates who have a fixed term on their work permit and want to be close to their Hamilton offices.

Twenty-five percent of the Hamilton home rental market is made up of rents between $5,000 and $9,000.

“We did have a lot of interest in this building from an investment perspective and I think we’ll see the same in a lot of Hamilton properties,” Ms Mello said.

Simon Hodgson, 42, moved into 10 Dundonald Street in June 2005. He wasn’t motivated by money, but did give the decision a green sensibility.

He said: “Urban living appeals to me but more important it is about sustainable living choices. Bermuda is rated in the top ten of urbanised and densely populated countries in the world but fewer than 1,000 people live in Hamilton - the only proper urban environment in Bermuda.”

Mr. Hodgson is up to speed on these matters because he’s an architect. He has a professional awareness of Hamilton’s potential as a hub of living space. For example he was instrumental in securing Planning approval for the new eight-storey Athletic Club building on Wesley Street, featuring a multi-level wellness centre. He told Government Planners in his application that a state of the art fitness and spa facility would enhance the city’s attractiveness for future residents. And his professional opinion is not far from his personal views when it comes to downtown amenities.

“I think more cultural amenities would be good - an important dimension often overlooked. However, undoubtedly the most important thing missing is the conversion of Pembroke Dump into a public park - the green lung to sustain further development of Hamilton - particularly the residential component.”

The amount of Hamilton condo space is expected to soar.

Park Place overlooking Victoria Park is almost finished and new community buildings are on the way for Court Street. Construction on Prosperity Heights at the junction of Ewing Street is already underway, plus plans have been submitted for another complex one block away. Those projects offer another 25 units between them.

Typically Hamilton mid-rise residences have less space than traditional Bermuda homes, and in some cases, less than condominiums in other parishes.

At Atlantis, a furnished two-bed two-bath condominium at 900 square feet is priced at $850,000 — that’s almost $1,000 per square foot. There is also a $500 condo maintenance fee to pay for a long list of amenities including a pool, a fitness centre and security.

The high-end units at Atlantis, on the eight floor, go as high as $950,000.

At Prosperity Heights a pre-clad five-storey construction model helped bring the cost down to $600,000 for 810 square feet. All of these properties are featured online because Bermuda Realty’s City Living launch included a website. Presently the information is pretty sparse, but the site provides a venue for new information on the city condo market as it grows.

The website address is: cityliving.bm.