Rumours that realtors are circling in attempts to purchase the market-price homes at Southside to sell them for a profit are untrue - for now.

If the homes do not sell fast enough, however, the doors may be opened allowing anyone interested - other realtors included - to purchase the market-price homes built by Bermuda Homes for People.

Of the 196 homes to be built at Habourside Village in St. David's, 98 are to be sold at close to market-price (around $600,000) while 98 are set to be sold as affordable homes (around $200,000).

Bermuda Homes for People (BHP) is based on a model used in Nantucket whereby the profit made from selling market-price homes is used to fund affordable homes to be sold at well below market-price. Criteria governing who is eligible to purchase the affordable homes is well-documented in Bermuda, and the sales are to be handled through a lottery governed by the Bermuda Housing Corporation.

Realtors The Property Group, Ltd. are the agents handling the sales of the market-price homes, however. “We know there are people interested in purchasing as an investment,” director Cris Valdes-Dapena told The Royal Gazette last week.

However, she said: “Right now, we are focusing on first-time home buyers.”

As for other realtors attempting to snatch a piece of the pie: “We haven't had a single other realtor asking,” Ms Valdes-Dapena said.

That is not to say that it could not happen in the future.

“At the end of the day, we are selling these homes to finance the rest of the project,” Ms Valdes-Dapena explained. “If we don't manage to sell them in short order, we will open the doors.

“The object is to build the affordable homes.”

The Property Group is pleased with the rate the market-price homes are selling at so far, she said. “We have deposits on 24 or 25 units.”

Premier Alex Scott did meet with the principals of the project and they agreed on how the project would move forward, a Government spokeswoman said last week.

The Premier has not met with any individual realtors interested in purchasing the homes, she added.

More than 300 people have applied for a chance to enter the lottery for the affordable homes.