City living is calling out for more residents
Records held by Coldwell Banker Bermuda Realty show that 20 condos have sold island-wide so far in 2021 with approximately 50 per cent of these sales in city or fringe city developments, clearly illustrating that the market has a strong appetite for city living.
Purpose-built residential developments within the City of Hamilton, or fringe city areas, make up approximately 150 residences in total.
Bermuda Realty Agency manager Susan Thompson said that one development which real estate agents have been actively showing is Rosemont City Place.
Of the 13 residences within this development, five of these homes are now spoken for, with the most recent sale in June. Another is currently under contract.
The remaining two-bedroom and three-bedroom residences within this fringe-city development have list prices starting at $985,000 and all benefit from between 1,440 square feet to 2,080 square feet of internal living space.
Most of the residences have sitting tenants hence are providing owners with very robust income streams.
Ms Thompson said: “Our rental team has observed that three-bedroom rentals $5,000-$8,000 are in high demand.
“We recently listed a property for $7,000 and had multiple offers at, and over, the asking price within days of the listing. This is the price bracket where we absolutely need more inventory.”
Top sales and rental agent Adam Birch said: “As an agent, my rental inventory tends to fluctuate around 15 listings at any given time, sometimes spiking to 20 and rarely, if ever, below 10.
“At this moment I have about five rental listings. New listings are being rented fairly quickly across the board and I need new inventory to satisfy the current demand from qualified tenants.”