Kings Wharf real estate - the exotic place to buy
Keeping up with the Joneses has gotten a lot harder — especially if your fondest dream is to own a slice of island paradise. Bermuda property has become so valuable that buyers have to keep up with the likes of movie stars Catherine Zeta-Jones and Michael Douglas. "If you can afford to buy a house in Bermuda today, you're a member of an exclusive club indeed," says Buddy Rego, president of Rego Sotheby's International Realty. "Our biggest concern right now is the significant shortage of inventory in the market." That's because Bermuda now permits foreigners to purchase island properties only from other non-Bermudians. "The regulation was enacted in 2005," Rego says, "because the government was concerned that an increasing amount of Bermudian real estate was turning over in the hands of non-Bermudians." Now, Rego and other real estate analysts say, the supply of homes available to foreigners is rapidly dwindling. In January only about 13 Bermuda houses — average price $4.7 million — met criteria for sale to foreigners. On the condominium market, outside buyers had a few more choices, but not many — only 16 eligible units starting at $1.3 million. Real estate prohibitions affect locals as well. Bermudians who can't sell their high-priced homes to other Bermudians, for example, must take their homes off the market or come up with alternatives. "Some owners are renting their homes out to visitors," says Kendra Mello, manager of corporate services at Coldwell Banker Bermuda Realty. An alternative for foreigners who want to live in Bermuda — at least part of the time — is through fractional ownership. That plan permits a group of investors to purchase a property and share it at intervals. "If a tourist wants a vacation home to use no more than three or four weeks a year in Bermuda, fractional ownership makes imminent sense," says Rego. Given current market conditions, most Bermudian property owners aren't complaining. Buyers who invested early on — locals and foreigners alike — are reaping huge financial gains. But, Rego says, "Even Bermudians are finding it difficult to buy," as prices push through the roof. Recent months have offered some indications that hope is on the horizon, Rego says. "We've seen some stabilisation in prices. They're starting to level off." And nothing, it seems, can make Bermuda real estate any less desirable, especially in Tucker's Town, Fairylands, Harbour Road and other residential hotspots. As Rego says, "People are always going to want to live in a place like Bermuda." Dreaming of your own island hideaway? You can have it — if you join the club. The cost of membership may be steep, but as most Bermuda homeowners will tell you, staking out even a tiny piece of paradise is well worth the price.
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