The property market has not changed since my last report. There is still a lot of inventory out there and I haven't seen any evidence yet of confidence returning to prospective buyers. Property is cheap at present but buyers do not feel that values will increase and the mortgage market is still recovering from the sub prime mess which has meant that the lenders have tightened up on their lending criteria. Bigger deposits are generally required and there is a lot more paperwork.

At Bahama Bay Resort there are forty apartments for sale and all types are available. Some are foreclosure properties. However a good thing is that the very cheap apartments have been cleared out and now the cheapest is a San Salvador listed at $136000.

San Salvador apartments are from $136000 to $215000, Andros apartments $139000 to $215000, Abacos apartments $149,900 to $250000 and Gran Bahama apartments $179,900 to $239000. The highest price apartments have been for sale for some time and the prices being asked represent those from many months ago.

In January an Abacos sold for $145000 having been listed at $148000 and a Gran Bahama for $245000 having been listed at $249000.

There are three recent pending sales where closing is due shortly. These are the lesser priced apartments that I mentioned above. I will report on these in more detail next month when closing should have occurred and I have more detail.

If you feel I can be of help for advice or sale or purchase of a property please do not hesitate to contact me.

Phil Salmon ACIB.

Realtor,

Pegasus Group International, Inc,

P.O.Box 78941,

Orlando, Florida, 32878-1941.

Tel : 1 407 931 3441.

Email: ps@1pra.com.

Practical, Reliable Advice