  |
|
The Phillips family has been developing real estate in the Bahamas for over 40 years. Roger Phillips, a key member of the development team of the Resort, has developed and built more resort condominiums than any other developer in Abaco, with nearly 200 units successfully completed and sold in Treasure Cay alone. Payment process To Reserve your property now you can reserve a unit with just $15,000 which goes to an Escrow Account until construction is started. Payment Terms 10% at contract 10% when foundations are poured 30% When the Structure is completed 30% when the Roof goes on 10% When the unit is completed 5% When the certificate of occupancy is issued 5% at closing White goods included in the price $6500 Community charges to cover property maintenance,pool and garden landscaping 12.5% legal closing costs to be added to the purchase price Rental Income All units are put into a rental pool the management company fees are 35% for full rental managment including meet and greet and looking after clients during their stay 3 bed units achieve $2000 a week based on 36 weeks rental = $72,000 2 bed units achieve $1600 a week based on 36 weeks rental = $57,600 60% mortgages are possible at 8% interest with a local bank- Mortgages take time to process in the Bahamas so it is necessary to start this procedure directly as contracts are signed in the beginning. ROI is estimated at 10% per annum Docks for boats are available and charged according to the beam width 12ft - $24,000 16ft -$32,000 22ft - $44,000
|
