More than 150 condos and townhomes are sitting on the market in Bermuda including dozens of newly-built units in densely populated Warwick.

And in the past three months, the Development Applications Board (DAB) has received dozens more applications to build new condos with still more planned in Warwick.

Coldwell Banker-Bermuda Realty said currently of the 285 properties it has listed, more than half are condos.

And The Royal Gazette counted condos and townhomes listed on realtor websites in at least 15 new developments, ranging in size from three units to more than ten.

Will they all sell? Remarkably, realtors gave a resounding 'yes' although they say prices may have to come down in many cases, and homes will certainly take longer to sell.

Apparently, developers and landowners are looking to capitalise on the growing popularity of condo/townhome living in Bermuda and the huge success of recent upscale developments. For example:

• SAL's Southpro Ltd. has sold all but four homes in its 60-unit Whale Watch development off Dunscombe Road, in Warwick.

l GL Construction's Ten in Hamilton is sold out, and all but four condos in the 53-unit development, Six, on Dundonald Street, Hamilton, have sold.

l Brian Alkon has already sold three of his four, three-bedroom Sandsong Villas off South Shore in Warwick and is now building three more.

l West Point in Shelly Bay with its beach, pool and dock area, has only four remaining, of about 15 units.

The condo/townhomes being built mostly all boast the requisite granite countertops, stainless steel appliances, and ceramic or hardwood floors.

Some like the ten-unit Harbour Vistas are trying to lure buyers with huge basements for offices or media rooms. And in the case of Valley Views in Sandys, there is an attached one-bedroom apartment to rent out for extra income.

The new condo/townhomes range in price from the $500,000 to more than $1.5 million with most being around $1m and up.

There is now new incentive to purchase condos in the low-end price range with the Government's announcement first-time home purchasers will not have to pay stamp duty for houses or condos of $750,000 and below. The Government will also soon announce details about an interest-free loan initiative, also for first-time buyers.

While many new developments are in Warwick, housing has gone up Island-wide on what was once open land. And in just the past few months, numerous applications have been made to build new apartments and condos from scratch or by conversion of existing properties, including:

l Four new units at Seon Drive by developer Ricky Sousa

l Four new units at Idlewood Drive, in Hamilton Parish, by Altimont Roberts

l Three new units at Beulah Lane, Sandys, by Sanz (Kitty Pearman)

l Four new units at Bellevue Drive/Lane, in Warwick, by developers Highland Trust

l Seven new units at Scenic Heights Pass, in Southampton, by Florence Darrell

l Four new units at Riviera Road, in Southampton, by Barclay Simmons

l Eight new units at Riddells Bay, in Warwick, by Sykes Development

l Four new units at Bridge View Lane, Sandys, by West Bank Ltd.

l Five new units at the Ettrick Property, Middle Road, Warwick, by Andrew Madeiros.

The pace of development has surprised some local realtors.

Kathryn Madeiros, the exclusive agent for GL Construction, says developers may be forced to lower their prices and be more negotiable in the coming months if they want to sell their units in a reasonable period of time.

Indeed, Prosperity Heights, a new nine-unit/two-bedroom/one bath condo development in North Hamilton, has reduced its asking prices from the upper $600,000s to $500,000s. And many listings now state "negotiable" or "nearest offer".

"Right now there is glut everywhere, in the condo market and in high-end rentals, which are down 30 to 35 percent, with the exception of the City of Hamilton, where they seem to be holding," Mrs. Madeiros said.

"But outside of town there is a lot of negotiating going on. Investors who bought condos are just not getting the rental amounts they would like."

But she and other agents say condo/townhomes built in good locations, and at the right price, are still selling well, with many Bermudians embracing more affordable, and maintenance-free condo living. Investors are also still buying as well, in the right locations.

Johnette McNeil, of WJ Seymour Realty, said she is seeing a lot of demand for three bedroom condo/townhomes, as opposed to two-bedroom units, and developments selling in the affordable $700,000 to $800,000 range are getting a lot of interest, regardless of location.

For example, she said a new three-unit/three-bedroom/two-and-a half bath development in Friswell's Hill, Pembroke has attracted a number of potential buyers because of its upscale interiors and asking price of $750,000 a unit.

But Mrs. McNeil added: "There are so many condo-style units on the market right now. I don't understand why developers keep building more."

Despite the number of condos on the market, Coldwell Banker-Bermuda Realty manager Susan Thompson notes: "Over the past four years we have been running between 50 to 60 percent inventories (listings) in condos, therefore, our current 60 percent is within the norm for the recent years."

She added that the number of condo units that sold Island-wide year over year is nearly identical from 2005 to 2008: 216, 219, 213, and 218 last year.

Buddy Rego of Rego Realtors said the number of condo/townhomes on the market was due in large part to buyers shopping around more, and taking longer to decide on a property.

"It is a softer market, an increase in inventory certainly," Mr. Rego said.

"But the heavier inventory is not a huge surprise right now in light of the world's economic situation. People are taking longer to compare units, prices and basically shopping smarter and examining where the best value for their price point and lifestyle needs can be found."

But as developer and former hotelier Brian Alkon points out: "In Bermuda we have always been very fortunate to always be in a sellers market. And condos and townhomes are a new fact of life in Bermuda."