When should I sell water-view home?
I have a luxury home with water access and water views that I am thinking of putting onto the sales market. Do you think now is a good time?
This year’s 50th anniversary of the Newport Bermuda Race has drawn record numbers of more than 200 boats and 2,000 competitors. This is one of Bermuda’s chances to showcase to the yachting public, how special we are and why we are a coveted destination in the sailing world.
Since the America’s Cup came to Bermuda’s shores, the island has become sought after in the sailing world, in terms of wanting to hold and host regattas here. We have already seen the international moth regattas, several M32 races, IODs and the Argo Gold Cup to name but a few. It is also possible that the Viper North American Championships will be held here, and many other classes of boats have put Bermuda on their radar as a potential venue.
Opportunities are expanding in the real estate market, in that potential offshore buyers are showing an interest in Bermuda as we grow this incredible sailing product.
This is undoubtedly one of the best places in the world to race sailboats. We are becoming accepted as “the place to go” for sailboat racing.
This is starting to bring people to our island who may be interested in purchasing luxury property here. The marina at Caroline Bay, located at Morgan’s Point, is now in development and is due to be completed early next year. It will have the ability to accommodate 21 mega-yachts measuring up to 300’ and 77 boats/yachts measuring between 30’ and 50’.
As the superyacht world grows (and it is undoubtedly growing) Bermuda has untapped potential to create a permanent mid-Atlantic station for the mega rich, thus providing an injection of money into our economy. With just under a year to go until the America’s Cup, there will be many new visitors to the island. The October 2015 World Series event injected $8-$12 million into the economy and the World Championship event next year is expected to top that.
This marks the unprecedented arrival of potential real estate and business investors to Bermuda and a wonderful chance to network.
Sailing is coming to the forefront as a TV-friendly spectator sport, which is providing a wonderful promotion for Bermuda.
There will be many new events and unbelievable media exposure to our turquoise and pink jewel of the ocean.
My advice to anyone with a luxury property thinking of putting it on the market, would be that now would represent sound financial timing, as the next 12 months may bring a window of opportunity unlike anything we have seen before.
Heather Chilvers is among Coldwell Banker Bermuda Realty’s leading sales representatives. She has been working in real estate for 25 years. If you have a question for Heather, please contact her at firstname.lastname@example.org or 332-1793. All questions will be treated in confidence. Read this article on Facebook: Ask Heather Real Estate
• This story has been updated to reflect inaccuracies. It initially stated that the marina at Caroline Bay would be completed in 2018. It will be completed early next year.