A ‘grand’ mess to fix
January 15, 2013
May I respond to ‘Grand Atlantic condo prices to be cut’ story (
The Royal Gazette, January 15.).
The Grand Atlantic development is a testament to the incompetent previous government.
Many suggested that the development should not have been built. An oversupply of condo units, along with the negative impact on the environment, told many of us the development was not necessary. The government however thought otherwise. They went ahead and flooded an already drowning market with more units. Now we are seeing the negative result, cut price condos. This unfortunate circumstance will further depreciate the values of existing units. Many of us are experiencing watered down mortgages as a result (a watered down mortgage is one where the mortgage is valued at more than the value of the real estate). Many Bermudians have been caught in this "sub-prime crisis" and are struggling to find a way out. The PLP have contributed to this directly through their ill thought-out housing/immigration policies. Now the OBA is tasked with finding a solution to this mess. It will not be easy but the following could help.
Offer the units for sale or rent to the residents in Dockyard. A plan to build more units in Dockyard could have a negative effect on the existing units at Boaz Island, causing many of them to experience a "sub-prime crisis". Demolish the terraces houses that the Dockyard residents would have vacated and make the area into a park for all of the west end residents to enjoy.
This will save the taxpayers from spending money not presently available and also protect the residents in Boaz Island from witnessing further devaluation on their units. Cruise ship passengers will have a good first impression as they view the park on their way to Horseshoe Bay.
The current Dockyard residents must be in agreement as they are the most affected.
Thank you Mr acting Editor for letting me offer my suggestions. They may not be warranted or feasible at this time, but I felt I must comment.
To the OBA, Good luck. Your task is a difficult one, all the best.