Island Living – ‘A Realtor’s Perspective’ with Nick Damianos

ISLAND LIVING

‘A Realtor’s Perspective’ with Nick Damianos

Interviewed By L. Roscoe Dames II and Keesha Claudia Bethell Photographs courtesy of Damianos Sotheby’s International Realty

Spread across 700 islands and 2,400 cays in waters so supernaturally crystal blue that you’ll feel surrounded by an infinity pool oasis, The Bahamas is one of the sweetest pieces of paradise in the world. Combine the country’s natural beauty with its idyllic year-round warm climate and you’ll get the most exquisite island living experience. But what if you choose to make your experience into a permanent stay by becoming a second homeowner and what do you need to know before making your final decision? For Bahamians exploring the real estate market, what should you consider and what are the current trends? Up and Away magazine sat down with Nick Damianos - a Bahamian realtor, whose extensive portfolio made him the perfect person from which to get the scoop.

What’s a major benefit of island living in The Bahamas?

The beauty of “island living” is that each island has a distinct personality—and The Bahamas has so many to choose from. Even though the Bahamian archipelago is one country, each inhabited island has a unique spirit. However, the common thread is a sense of community and togetherness that can only come from living on an island.

From a realtor’s perspective, how is island living perceived compared to how it actually is?

I think island living is perceived as a perpetual vacation, whereas, in reality, it entails some of the same mundane elements of city life—working, running errands, etc. The difference is, on an island, you can always escape to the beach.

What is it like to live on a Family Island?

The family islands are the islands outside the island of New Providence. They offer an idyllic, relaxed lifestyle. One can leave the doors unlocked, and children can ride their bikes safely in the streets. The family islands allow for more quality family time.

For those seeking the ‘get back to basics’ lifestyle find that the laid-back vibe more than makes up for it! 3 Harbour Mews

need. The upside is you get to create your own paradise made to your personal preferences. You become Master of your own World!

What are the current trends for local homeowners?

With the advent of Airbnb, it opened up the market to more Nassauvians, so having the ability to rent that property out makes it a lot more attractive because Bahamians don’t all have property in the Family Islands.

What are current challenges for local homeowners?

The biggest challenge of being such an attractive destination for foreigners is it drives up the cost of homes everywhere. There is a high demand for properties, generally. There are high costs to building, based on customs and import duties. For college graduates, it can be quite expensive to purchase coming out of college and moving back home. As a result, a number of Bahamian college graduates choose to stay overseas where the options are more diverse and, in most cases, more affordable.

What is it like living on a private island?

Living on a private island offers the ultimate level of seclusion and privacy. However, it requires more forethought and planning to ensure you have all you

What are the current trends for second homeowners?

The current buyers are buying for the lifestyle and not so much the tax benefits. The Bahamas has excellent weather year-round making it an attractive location.

What are the current challenges for second homeowners?

The number one challenge is the limited inventory of properties and a high demand coming from all over the world. For those who already own property, their challenges are the same all over the world in the maintenance and upkeep of the property. If they have a good property, generally, there is nothing to complain about.

What are your thoughts on planned communities?

Master planned communities are becoming the preferred lifestyle choice across all price points. Planned communities have long been popular in the luxury market, but there is now a demand in all market segments. Homebuyers seem willing to trade a little bit of space for the comradery and built-in amenities of community living.

How has the introduction of Airbnb affected the market?

Airbnb and other short-term rental platforms have opened up the market for vacation home ownership to people who may not have otherwise been able to afford it. These platforms allow homeowners to earn significant revenue from their home when they are not using it. In most cases, short-term rentals go a long way to defraying the annual cost of homeownership and, in some instances, provide an attractive, positive return on investment. This has encouraged many Bahamians to invest in property in the Family Islands.

How has the COVID-19 pandemic affected real estate?

Since the onset of the pandemic, we have seen an explosion in demand for properties in The Bahamas. The new work-from-home phenomenon means that people are no longer tethered to major cities and can reside anywhere. With our great climate, easy lifestyle and favourable tax environment, The Bahamas is the perfect place for people to move to.

Caves Heights

What are some of the lessons learned for homebuyers?

A lot of people have learned this one lesson—if you like a property, act quickly.

What are some of the things that people forget to consider before purchasing a property?

The number one thing people forget to consider is maintenance. It takes effort and money to keep a property in great condition, and the most efficient way to do that is with preventative maintenance rather than remedial maintenance.

What advice would you give to locals purchasing property/homes?

When considering purchasing a home, decide on the neighbourhood first and then look for a property you would like to have in your price point.

What advice would you give to second homeowners purchasing property/homes?

Decide on the island you like first (homes can be changed, furniture can be changed, paint colour can be changed, etc.)—but location cannot. Once you have selected your desired location, go into the selection process of your property at your price point.

NICK DAMIANOS’ BIO

Nick Damianos is a savvy and energetic real estate professional who specializes in working with international buyers. Nick’s intimate knowledge of the Bahama Islands and extensive contacts throughout the business community enable him to provide a smooth transition to foreign purchasers who have never owned a home in The Bahamas. Whether the purchaser is looking for a vacation home, investment property or wishes to relocate to The Bahamas permanently, Nick is an expert on guiding his clients through every step of the process. From choosing the right area, schools, lawyers, bankers, insurance companies and maintenance providers, to helping clients through immigration and residency matters and joining country clubs, Nick is a full-service provider. UA

Real Estate Professional Damianos Sotheby’s International Realty nick.damianos@sirbahamas.com www.sirbahamas.com

Private Island