That’s why a leading mortgage broker is calling on the country’s eight main lenders to increase the mortgage approval timeframe from six to 12 months.
Joey Sheahan of MyMortgages.ie says swathes of borrowers are getting two or three mortgage approvals from lenders because of the time lag between their initial approval and finding a property.
“The most recent BPFI statistics showed that there were 5,355 approvals in May 2022 alone – 2,640 of which were for first-time buyers,” he said.
“From what we’re seeing on the ground, there’s a probability that up to 40% of these applicants were also approved for a mortgage in the last 12-24 months, but have not been able to find a suitable property in the intervening period. The volume of these reapplications could be reduced and could significantly lessen the workload of both borrowers and lenders alike, and could, in many cases, result in quicker turnaround times for mortgage approval in the market overall.”
Sheahan says that only around two-thirds of the €1.45bn approved in May is likely to be drawn down, based on the current approval process and lack of housing supply.
Some estate agents ‘won’t allow borrowers to view properties’ without mortgage approval
“The dearth of supply of housing in this country is likely to be with us for many years to come, unfortunately,” he added.
“In the meantime, we have to look at other ways of alleviating the stresses of potential purchasers, and expediting the process, where possible, for those who are fortunate enough to be in a position to buy.
“If banks were to introduce a 12-month approval as standard, which some banks previously offered, it would have a significant impact on the marketplace. Some estate agents won’t allow borrowers to even view properties if they do not have a current approval, meaning that borrowers are forced to keep renewing their approval.”
Sheahan believes there’s no impediment to banks offering a 12-month approval:
“There would be no risk to lenders because prior to issuing a loan offer, which is the formal contract between the lender and the borrower, the bank can always request an update from borrowers on any change of employment or other circumstances in the interim that would have a negative implication on their financial status. Mortgage approval is always subject to change prior to draw down”.
This is the highest level on record in Zoopla’s dataset, which goes back to 1959, if you exclude flash points during the 2020 housing market shut down and between 2008 and 2013, just after the banking system’s near collapse.
The figures emphasise the strain fast-growing house prices has put on ordinary households. Rising values have made it both harder to be a first-time buyer and harder for existing homeowners to upgrade. The gap between the average first-time and second-step home has gotten significantly wider.
Moving costs have also increased as properties were pushed into higher stamp duty bands. In the year to April, there was a 47pc increase in stamp duty bills, an extra £1,587 per home mover, entirely down to inflated house prices.
Lower-income buyers are already struggling. The last time the gap between first and second homes was so great was during another period of economic stress, following 2008. Although this time, the British economy is not grappling with a global financial crisis – that is likely still to come. CEBR has forecast the UK will enter a recession this year.
This will bring more risks for the housing market, which has been underpinned by extremely high levels of employment.
And then there’s the cost of living crisis
It is the lower end of the market that is driving the decline of the market. Average priced and cheaper properties have seen the biggest drops in competition as the cost of living crisis erodes people’s buying power.
The largest slowdown has come in properties worth between £250,000 and £500,000. The share of properties that attracted three or more offers fell to 36pc last month, down from 41pc in May 2021. For properties worth less than £250,000, the share fell from 40pc to 36pc.
A “National Conveyancing Week” would aim to educate the property industry and wider general public about the role of conveyancers in the home moving transaction and serve to restore some pride in a profession constantly battered by bad press and increasing scrutiny.
At his Bold Legal Conference in London Rob Hailstone, who founded the conveyancing membership body Bold Legal Group, said he intended to launch the week in Spring 2023.
Taking to the stage at the end of the day Hailstone said that conveyancing was “undervalued, under appreciated and mis-understood” by estate agents and consumers, suggesting that despite attempts to foster greater collaboration and understanding, and introduce more technology, things are getting worse rather than better for conveyancers.
Today’s Conveyancer has pledged its support to the initiative with Managing Director David Opie saying
“The negative view of the conveyancing profession is perpetuated by the mud-slinging we see in our national press. There is little to no understanding of the role of conveyancers and the pressures they are under as the hub of the transaction, and raising the profile of the incredible work down up and down the country is something we very much applaud and support.”
If you are interested in being involved in a “National Conveyancing Week” you can contact Rob on [email protected].
The conference itself had touched on issues that affect the property market in 2022, with a keynote from Head of the National Trading Standards Estate and Letting Agency Team James Munro on the work being done by estate agents to improve the quality of information available to home movers up front.
Deputy Chief Executive and Deputy Chief Land Registrar of HM Land Registry Mike Harlow outlined the progress being made on the digitisation of land and property data held by Land Registry, reminding delegates of the upcoming deadline for the submission of scanned or PDF copies of AP1s which will no longer be accepted by November 2022 – marking the first time in history that the agency has made a digital channel mandatory.
And in the final panel of the day, in a forerunner to the announcement, Hailstone was joined on stage by Iain McKenzie, CEO at The Guild of Property Professionals and Paul Offley Estate Agent Compliance Specialist alongside James Munro to discuss the challenge of greater collaboration and understanding.
Speaking exclusively to Today’s Conveyancer Rob Hailstone said
“The purpose of the National Conveyancing Week would be to inform and educate the property industry about the role of the conveyancer in the transaction; with responsibilities which have increased hugely in responsibility in the last 10 years.”
“We have people leaving the profession hand over fist, with too few joining. We have to make this a far more inviting profession for graduates and support efforts to recruit new people”
“In the last 10 years we have seen the number of firms undertaking conveyancing fall from 7500 to below 4000 and while PII has played its part, the only way we can arrest this slide is by ensuring conveyancers are properly remunerated for their efforts… we MUST set fees at a more acceptable level to ensure the longevity of our profession in the future.”
In a podcast with Today’s Conveyancer Hailstone talked about his own experiences as a conveyancer in Devon, a job which he reflected he largely enjoyed at the time.
“We helped people move into their dream home. We were genuinely appreciated for what we did. I lost count of the number of letters and cards of appreciation I received from home movers and estate agents throughout my time. Sadly, I’m not sure that happens as often now.”
“Back then I would say we had 7-10 big plates to keep spinning at one time. Nowadays conveyancers have 15-20 (or even more) smaller plates to keep spinning which is a much harder task.”
Listen in to Rob’s thoughts at www.todaysconveyancer.co.uk or download the Today’s Conveyancer podcast from your preferred podcast provider.
The biggest brands in the Cambodian market are gathering for the premier property show of the year: The Real Estate EXPO 2022. Organized by Realestate.com.kh, the expo brings the country’s most well-known developers, agencies, banks, insurance providers, telecom companies, and many other services all in one place – this coming July 2 to 3 at the Premier Centre Sen Sok at 9:00AM – 6:00PM..
Leading Properties, Best Deals, Biggest Discounts, Top Banks
Of course! The biggest names in property are all onboard including Prince Real Estate Group, Overseas Cambodian Investment Corporation (OCIC), Chip Mong Land, Morgan Group, Orkide Development, Golden Cambodia Century (GCC), Borey Bosba, Coastal City, Creed Cambodia, The Flora, KH Land, Borey Kasen Phnom Penh, Oasis Harmony, Golf Harmony, Borey Sovannaphumi, Borey HM Lucky Home, Borey Williams and over 60 more projects will be on display.
The leading real estate agencies will also be there to discuss your property needs including project specialists Fazwaz Cambodia, Century 21 Cambodia, CBRE Cambodia, GC Realty and more.
Buyers will also be able to consult with the top banks and finance related companies in the country on the day to help them secure their dream home including The Credit Bureau of Cambodia, Canadia Bank, Chip Mong Bank, Prince Bank, Sathapana Bank, Bank of China (Hong Kong) Limited Phnom Penh Branch, KB Daehan Specialized Bank Plc. and more.
Big Sponsors, Huge Prizes Valued at Over $50,000
Not only will property seekers be able to secure some of the best deals in property for the whole year, attendees will also be able to visit exhibits from the leading corporate and lifestyle brands in the country.
Cambodia’s Premium Internet provider, Ezecom will be powering the event with free wifi, Nham24 are on deck to providing the food throughout the two days, Provida Spring Water will keep you hydrated and LM Car will make sure you can get to and from the event with 50% off on rides.
There are over 200 chances to win big during the expo. With Legend Cinema providing three lucky winners – Diamond Hall vouchers, Princess Alanka – jewelry, Mitsubishi Heavy Industries – air conditioners, Fotile – water purifier and many more..
Industry Insights Through Seminars From Experts
Get the best advice of industry experts through EXPO 2022’s exclusive seminars! The most trusted and well-known names in the industry are giving FREE seminars on a wide range of topics, from buying homes, spotting opportunities, as well as an expert outlook on the Cambodian economy.
Day 1 EXPO 2022 Speakers
10:00 – 10:25 Mr. Ith Hero, Director of Statistics, National Bank of Cambodia
10:25 – 10:50 Mr. Oeur Sothearoath, Chief Executive Officer, Credit Bureau Cambodia (CBC)
10:50 – 11:15 Mr. Lawrence Lennon, Managing Director, CBRE Cambodia
11:15 – 11:40 Mr. Tim Vanny, Chief Executive Officer, BOSBA Property Co., LTD
1:15-1:45 Mr Chrek Soknim, President of the Cambodia Valuers And Estate Agents Association (CVEA)
2:00 – 2:30 Ms Mom Sothavatey, Country Manager, Fazwaz Cambodia
2:30 – 3:00 Mr Sreraj Sutton, COO & Director, Century 21 Cambodia
3:00 – 3:30 Mr Kang Nin, Director and Partner, Golden Cambodia Realty
3:30 – 4:00 Mr Chu Zexu 褚泽旭, General Manager, Morgan Group
4:00-4:30 Ms. Ry Navy, OCIC
4:30 – 5:00 Mr. Ngoey Thy, Assistant to CEO, KH Land
Day 2 EXPO 2022 Speakers
10:00 – 10:30 Mr. Anthony Galliano, Chief Executive Officer, Cambodian Investment Management & President of the American Chamber of Commerce
10:30 – 11:00 Mr Edward Lee, Chief Executive Officer, Prince Real Estate
11:00 – 11:20 Mr. Chu Zexu 褚泽旭, General Manager, Morgan Group
11:20 – 11:50 Zeus Lam & Sharen Liew, CM2H Project Director & CM2H District Director
1:30 – 2:00 Ms. Hazel Zhao, Deputy CEO, Forte Insurance
2:00 – 2:30 Hon. Meng Heang, Property Manager, C-Herald Cambodia
2:30 – 3:00 Ms. Smallove Teoh, Chief Marketing Officer,Titan Stone Group
3:00 – 3:30 Mr. Eddy Wang, Deputy General Manager, Coastal City
Seminars are free to attend for all registered attendees of the EXPO 2022!
The office marks the brokerage’s 40th global franchise to date and its seventh office location in Mexico.
In a shifting real estate market, the guidance and expertise that Inman imparts are never more valuable. Whether at our events, or with our daily news coverage and how-to journalism, we’re here to help you build your business, adopt the right tools — and make money. Join us in person in Las Vegas at Connect, and utilize your Select subscription for all the information you need to make the right decisions. When the waters get choppy, trust Inman to help you navigate.
Luxury brokerage The Agency announced a new franchise location on Tuesday, in San Miguel de Allende, Mexico, to be led by managing partners Juan Diaz Rivera and Bernardo Mucino Koenig.
Mauricio Umansky
The office marks the brokerage’s 40th global franchise to date and its seventh office location in Mexico, following locations in Los Cabos, Puerto Vallarta, Punta de Mita, Riviera Maya, Todos Santos and La Paz.
“I am delighted to continue expanding The Agency’s presence throughout Mexico with the launch of our new office in one of the country’s leading markets and sought-after destinations,” Mauricio Umansky, CEO and founder of The Agency, said in a statement. “Bernardo Mucino Koenig and Juan Diaz Rivera have been exceptional ambassadors for our brand for years now, and I am confident that their team will usher in a new era of luxury real estate in San Miguel de Allende.”
The Agency has been on a tear in the last few years, not to mention in 2022 alone, adding several new franchise locations globally throughout Canada, Europe, the U.S., Mexico and the Caribbean. According to the brokerage, all of its global partners benefit from the same access to the company’s leadership, marketing, public relations, tools and technology.
Jim Ramsay
“The picturesque city of San Miguel de Allende, renowned for old world charm and first world amenities, was a clear next milestone for The Agency as we further grow throughout the region,” Executive Vice President of Franchise Sales Jim Ramsay said in a statement. “Bernardo and Juan are true authorities in Mexico and we could not be more excited for another successful launch in this beautiful metropolis.”
Rivera has a track record of leadership in sales and marketing, having served as director of sales and marketing, as well as a partner, at Capella Pedregal, a reputable luxury retreat in Mexico, now known as The Waldorf Cabo San Lucas. He also served as COO for Grupo Riveras at Coldwell Banker in Mexico for nearly two decades. More recently, he’s served as comanaging partner for The Agency Los Cabos, where he’s led business development, as well as larger commercial transactions and the curating of new development sales teams.
Juan Diaz Rivera
“Bernardo and I look forward to continuing to service buyers and sellers in another top Mexican market while harnessing the exceptional offerings of The Agency’s global network,” Rivera said in a statement. “No other brokerage provides the unparalleled marketing, tools, and technology that The Agency brings to each market. The Agency is making its mark across prominent destinations in Mexico, and its latest franchise office in San Miguel de Allende will further differentiate the brand from other brokerages in Mexico.”
Koenig grew up in both Mexico City and Beverly Hills, ultimately studying at the London School of Economics and writing a master’s dissertation on Cabo’s booming real estate market. He later moved to Cabo and in the last decade has built a strong network within Mexico’s luxury real estate market.
Koenig joined The Agency in 2014 as sales director of Hacienda Beach Club, and following his success in this role, went on to help launch The Agency Los Cabos and serve as the location’s managing director and broker.
Bernardo Mucino Koenig
“The Agency is more than a brokerage, more than a brand. It’s about reconceiving the way luxury real estate is sold in an ever-evolving market to better serve our clients,” Koenig said in a statement. “The Agency’s global network and cutting-edge solutions will bring never-before-seen success to the breathtaking market within San Miguel de Allende and I am honored to be at the forefront.”
The brokerage’s San Miguel de Allende office will be located at 31 Aldama Street, a historic street that was voted one of the 46 most beautiful streets in the world by Architectural Digest in 2021.
An impressive waterfront house on a 3-acre estate is listed for sale in the Village of Mill Neck.
The property includes 3.01 acres of well-manicured grassland with many plantings and gardens throughout. The house and its grounds are elevated, offering stunning panoramic views of neighboring towns and the Long Island Sound.
The custom home was built in 2014 and pays great attention to some of the finer details, including its exterior stonework, patio, and balconies, terracotta roof tiles, Brazilian cherrywood, and custom lighting fixtures.
Some of the home’s most exceptional features are its smart house controls, custom wine cellar, fireplaces, wet bar, and water views. The house has four bedrooms, four full bathrooms, and two half bathrooms.
The first floor hosts the open eat-in kitchen with a large center island and pantry, plus the luxurious primary suite with a master bedroom and bathroom. There is also a formal dining room and French doors leading to the wrap-around balcony.
The second floor also has balconies and a large landing. Plus, there are walk-in closets and ensuite bathrooms. The entertainment area is in the basement, as well as storage. The home also has three garage spaces.
The house is located in the Oyster Bay School District.
The asking price is $6,950,000, not including the annual property tax of $54,873.
The real estate agents listed for the property are Ronald Lanzillotta and Michael Pesce, of Berkshire Hathaway, who can be reached at 516-224-4600.
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Call it the mid-May housing market meltdown.
For Pamela Grunstein, a real estate agent in Westchester County, New York, it felt like the housing market went from hot to cold in the span of only a week. The phone, which often had been ringing off the hook, she says, began to ring just a few times a day. Open houses had been attracting dozens of prospective buyers, and suddenly, some had zero traffic.
It’s no coincidence that in mid-May, when Grunstein noticed the housing market was shifting, mortgage rates also spiked to the highest level since 2009. Increased rates coupled with record-high home prices helped push the average mortgage payment up more than $500 per month, a 37% jump since the start of the year.
Like Grunstein, many real estate agents across the country say they have seen housing market activity suddenly come to a halt. So, what happens next?
Housing Market is Facing a ‘Rebalancing’
The last time the housing market contracted in 2007 to 2008, it was dramatic and severe. Millions of Americans saw their homes plunge in value or lost their home to foreclosure. The 2008 financial crisis affected the housing and mortgage market for years afterward. And while home prices and sales have certainly gone up in recent years, new home building activity never recovered to the highs seen pre-2008—meaning the housing supply is extremely limited right now.
In 2005, new residential home starts reached a high of more than 2 million units compared to 1.6 million units in 2021, according to the U.S. Census Bureau.
But the current slowdown is nothing like the last one, experts say. Right now, we’re experiencing a “rebalancing,” says Len Kiefer, deputy chief economist at Freddie Mac.
Demand has been so strong and supply so lean that the market has been tilted decisively in favor of sellers, Kiefer says.
That supply-demand imbalance helped push the national median home price to more than $400,000 in May—the highest on record, according to the National Association of Realtors (NAR). There were only 1.1 million homes for sale at the end of May, which would represent a 2.6-month supply at the current pace of sales. Before the pandemic, a six-month supply of homes for sale was considered a sign of a healthy, balanced housing market.
But such overheated conditions can’t continue forever, and NAR’s report confirms that. Sales fell for the fourth straight month in May and were down 8.6% from a year ago.
“We’re at a pivotal moment for the housing market,” Kiefer says.
One important point: After the 2008 subprime crisis, builders constructed so few new homes for so many years that a 2020 Freddie Mac analysis found the U.S. was short nearly 4 million homes.
“We are undersupplied dramatically” to this day, Kiefer says, and that should keep housing market activity humming, even if it’s at a less-frantic pace compared to the last few years.
The Housing Market is Cooling—What That Means for Homebuyers
Of course, while it’s helpful to have economic context for the current market, individual decisions about buying and selling happen now—not in the long run. With that in mind, here are four tips on how to strategize for the shifting housing market:
1. Be Patient
Most housing experts say buyers should take their time rather than feel pressured to rush into a deal. Albeit, this can be tricky when the housing market could be inundated with bidding wars over limited supply.
Drew Coleman, owner of Opt Real Estate in Portland, Oregon, says the current slowdown follows “a market that’s been so overheated, it’s [like] taking a white-hot flame down to a red-hot one.” In the metro Portland area, there’s still a limited supply of homes to buy, Coleman says. But with slightly fewer buyers on the prowl, the market has opportunities for those who stick with it.
“Over the past few years, people would buy a home with a rate they liked but a price they did not,” Coleman says. “Now prices may be a bit more palatable, and rates are not forever. If you can afford the payment today and possibly get a lower payment later, that’s a good place to be in.”
2. Be Creative
While some markets are seeing a sudden housing market slowdown, other areas are not. Such is the case in Charlotte, North Carolina.
The supply of homes for sale in the city was down roughly 25% in May compared to a year ago, pushing the median price up more than 20% in the same time period, says Peter Hitchens of Hitchens Appraisal Group, who’s been appraising houses in Charlotte for 40 years. That means buyers have to be “unorthodox,” he says.
Try to find “houses that have good bones that need maybe a facelift, and see if you can get a good price on it,” Hitchens advises. Another strategy he gave is to “drop a note in the mailbox” of a house that looks distressed, offering to buy it.
3. Work with Experienced Professionals
Teaming up with a good real estate agent is almost always smarter than going it alone, particularly when the market is tricky. Realtors are familiar with local properties and neighborhoods, and they often know the agent on the other side of the table, which can be invaluable.
See: How To Find A Real Estate Agent
Also, make sure you’re working with a lender or mortgage broker who you’re comfortable with, and be in frequent contact with that person. Prices and rates are changing constantly, which means what you can afford is likely also changing.
A good mortgage professional can help you consider financing options or programs you may not be aware of. And don’t forget to consult more than one.
Related: Best Mortgage Lenders
4. Trust Your Gut
The advice and guidance you can get from housing professionals is invaluable, but it’s also your finances, family and home that are on the line. So make sure you’re very comfortable with your final decision on buying a house.
For example, if you buy a home while prices are high, make sure you want to live there for a while in case prices flatline or fall in the coming months or years. Conversely, it’s important to periodically analyze your housing costs, meaning whether you’re better off paying elevated rental rates or buying a home in a high-cost housing market. If you’re currently a homeowner and decide to sell now while the market is cooling—even if temporarily— it’s important to weigh whether the timing is financially right.
Local housing professionals can help walk you through costs and options.
“This is a time of nervousness,” says Coleman. “Twists and turns are confusing.”
Faster, easier mortgage lending
Check your rates today with Better Mortgage.
Beautifully presented and generously sized, the four-bedroom, detached property can be found on Langwith Drive in the sought-after village.
And after checking through our photo gallery, you may well think that the asking price of £330,000-plus by Mansfield estate agents Burchell Edwards represents a bargain.
The home is done to a high specification throughout, particularly on the ground floor, which comprises an entrance hallway, lounge, open-plan kitchen/diner with internal access to the garage, utility room and downstairs toilet.
To the first floor are four good-sized bedrooms, including one with en suite facilities, and a spacious family bathroom.
Outside, you will find a paved driveway leading to the garage, both offering off-street parking space, plus an attractive and enclosed, low-maintenance back garden, which features a large lawn and paved seating area.
Langwith Drive is close to popular schools, local amenities, bus routes and road links, not to mention open countryside.
Once you’ve had a look at our photos, feel free to visit the Zoopla website here for more information.
One of the most striking rooms on the ground floor is this modern, open-plan kitchen/diner. Integrated appliances include an electric oven, gas hob, fridge freezer, dishwasher and microwave. There are matching wall and base units, down spotlights, an island incorporating a sink, and also room or a dinner table. Double-glazed bi-fold doors lead to the garden.
Photo: Zoopla
Just off the kitchen/diner is this utility room, which has plumbing for a washing machine and dryer. The room is fitted with wall and base units, plus work surfaces incorporating a stainless steel sink and drainer with mixer tap.
Photo: Zoopla
It wouldn’t be difficult to enjoy a relaxing evening in this comfortable lounge, which overlooks the front of the Langwith property. As in the kitchen/diner and downstairs toilet, the floor is made up of luxury vinyl tiles in oak effect.
Photo: Zoopla
Before we move upstairs, let’s have a quick one in the ground-floor toilet, which is fitted with a WC, wash hand basin with vanity unit and mixer tap, and a towel radiator.
Photo: Zoopla
The world of real estate investment trusts (Reits) can sometimes appear complex, but it is far from it. The fact is, if you have ever bought a home, or rented one, you have already seen how many Reits operate. This makes real estate unlike almost any other sector in business. Few of us will have ever run a mining, fashion or airline company, but plenty of us have bought real estate – or at least attempted to. While the amount of money involved in buying a flat in Digbeth pales in comparison to the amount of money involved in buying an office building in the City of London, the basics of the transaction are exactly the same. The only difference is the scale and the corresponding level of risk and reward.
Say you want to buy a place in a part of the country in which you already live. An estate agent will be able to show you properties and give you some price valuations, but you know more about that local area than any estate agent will ever be able to tell you. You know what the people are like, where the best places to eat are, what there is to do and how easy it is to drive, walk or use public transport in that area. All of these are things knowledge estate agents often pretend to know, but which you will know for certain because of your experience living there.
The same principles apply to the world of commercial real estate. Reits do not know everything there is to know about the entire property sector. They only know their market – whether that’s a particular asset class, geography, lease length or type of tenant. Like you, they use agencies to show them buildings, not to tell them what their market is like. Putting down an offer on a home might feel different from what happens at a Reit, but the process is the same. You put in an offer, sometimes you’re given a counter offer, sometimes you counter the counter and sometimes you are outbid. If your bid is chosen, the home goes under offer, but sometimes the deal can fall through and it’s back on the market again. If not, the deal goes to legal proceedings until, finally, the deal completes and you’re handed the keys.
Some idiosyncrasies seem like they are unique to the housing market. My wife and I recently saw a seller drop the asking price on a home by £20,000. We immediately booked a viewing and put in an offer at the new asking price only for the seller to counter by asking for the old asking price. The deal went nowhere and the flat is now back on the market at an asking price somewhere in the middle.
Surely, you might think to yourself, the world of commercial real estate is less messy than this? It isn’t. A warehouse developer recently told me that bids for a hot industrial site in the South East went all the way up to £63mn, only for the buyer to try shaving £1mn off their offer at the 11th hour. That deal fell through with the site eventually going to a different buyer for £53mn.
The lesson is, even in commercial property, never assume that Reit managers simply know best. The commercial property sector is filled with many wise people, but it is also filled with many not so wise people who are as likely to make bad choices as anyone else. It is worth being mindful of that when assessing which Reits are worthy of your investment.
St. Andrew’s, Little Ragged Island, Bahamas
Stunning private island in southern Bahamas
One of the largest private islands in the Bahamas at 730ac
Development opportunity of a lifetime
Miles of pristine sandy beaches and warm, quiet waters
When you have a once-in-a-lifetime opportunity such as St. Andrew’s, it deserves the global exposure and world-class marketing efforts that Sotheby’s Concierge Auctions provides.”
— Stuart Halbert
NEW YORK, NEW YORK, USA, June 28, 2022 /EINPresswire.com/ — Measuring 712± acres, St. Andrew’s, also known as Little Ragged Island, is both the southernmost and the largest private island in the Bahamas currently on market. This stunning mass of land, featuring miles of pristine sandy beaches and warm, quiet waters, will auction online next month via Sotheby’s Concierge Auctions in cooperation with Stuart Halbert of Bahamas Realty. Currently listed for $14.5 million, the property will sell No Reserve to the highest bidder regardless of price. Bidding will be held July 25–29th via the firm’s digital marketplace, casothebys.com, allowing buyers to bid remotely from anywhere in the world.
“We’re excited to be partnering again with top agent Stuart Halbert to auction this immaculate 712-acre island,” stated Danny Prell, Vice President of Business Development. “After selling Little Ragged Island via auction last year, we’re once again presenting this private paradise to our global database of HNW buyers, ultimately allowing bidders to name their own price. It’s a truly unmatched opportunity, prime for development.”
St. Andrew’s offers a blank canvas of rolling hills and calm warm waters awaiting boundless opportunities for development. Be it a picturesque residential settlement, an expansive tropical estate with miles of private beaches to wander, or a boutique resort with more than enough acreage left to add an entire 18-hole golf course. Surrounded by azure ocean waters and fringed with pristine white sand beaches, elevations vary from sea level to a hilly 40 feet. The eastern side of the island features deep water access, perfect for large ships to pull up, which creates a prime construction opportunity.
Additional features include miles of pristine white sand beaches; crystal waters for first-class sailing, snorkeling, and other water activities; world-class bone-fishing; a plethora of grouper, snapper, barracuda, tuna, and kingfish in the waters surrounding the island; and lignum vitae trees and fresh spring drinking water on the island—all just a ten-minute boat ride from Duncan Town, a small settlement with a robust solar farm and airport, and easily accessible by plane from Nassau, Cuba, and Miami or by private jet.
“Partnering with Sotheby’s Concierge Auctions seems like an obvious choice given the nature of this property” -stated Halbert. “When you have a once-in-a-lifetime opportunity such as St. Andrew’s, it deserves the global exposure and world-class marketing efforts the firm excels at producing. The auction process also affords our client an efficient sale that happens on their terms and on their time—from determining the date of sale, to ultimately closing within 60 days. We’re looking forward to an exciting auction and a successful sale.”
Little Ragged Island accurately represents nature at its most undisturbed. It sits at the southernmost end of the Ragged Island chain, a 100-mile string of islets that beg to be explored. Quiet and serene, Little Ragged Island presents a haven for avid fishermen with unparalleled flats. Vivid reefs and warm waters dot the island’s sandy beachfront. Sailing and snorkeling are favored local activities, or watch for wild pink flamingos in the shallow water off the beaches along the chain. Access from Long Island in the Bahamas is quick and easy via boat ride or charter flight to Duncan Town Airport.
Little Ragged Island is available for showings by appointment and for private virtual showings.
As part of Sotheby’s Concierge Auctions’ Key for Key® giving program in partnership with Giveback Homes, the closing will result in a new home built for a family in need.
Sotheby’s Concierge Auctions offers a commission to the buyers’ representing real estate agents. See Auction Terms and Conditions for full details. For more information, including property details, exclusive virtual tour, diligence documents, and more, visit casothebys.com or call +1.212.202.2940.
About Sotheby’s Concierge Auctions
Sotheby’s Concierge Auctions is the world’s largest luxury real estate auction marketplace, with a state-of-the-art digital marketing, property preview, and bidding platform. The firm matches sellers of one-of-a-kind homes with some of the most capable property connoisseurs on the planet. Sellers gain unmatched reach, speed, and certainty. Buyers receive curated opportunities. Agents earn their commission in 30 days. In November 2021, the firm was acquired by Sotheby’s, the world’s premier destination for fine art and luxury goods, and Anywhere Real Estate INC (NYSE: HOUS), the largest full-service residential real estate services company in the United States, holding a joint 80 percent ownership stake. Sotheby’s Concierge Auctions continues to operate independently, partnering with real estate agents affiliated with many of the industry’s leading brokerages to host luxury auctions for clients. Since Sotheby’s Concierge Auctions’ inception in 2008, it has generated billions of dollars in sales, broken world records for the highest-priced homes ever sold at auction and conducted auctions in 46 U.S. states and 32 countries. The firm owns one of the most comprehensive and intelligent databases of high-net-worth real estate buyers and sellers in the industry, and it has committed to build more than 300 homes through its Key For Key® giving program in partnership with Giveback Homes™, which guarantees that for every property the company sells, a new home is funded for a family in need. For more information, visit casothebys.com.
Emily Roberts
Sotheby’s Concierge Auctions
+1 212-202-2940
email us here
