On September 1, Dorian reached Category 5 intensity, with maximum sustained winds of 185 mph, and a minimum central pressure of 910 mb while making landfall on Elbow Cay in the Abaco chain of islands. It is the strongest known tropical system to impact the Bahamas and left a path of unprecedented destruction through the Abaco Islands and much of Grand Bahama.
Engel & Völkers advisor Paul Thompson lives on Elbow Cay and he and his wife battened down their home to ride out the storm. A little over six months after the storm, Paul is very optimistic that the island is well on its way to rebuilding and restoring the community bonds that are the heartstrings of the island heritage and culture.
“Debris throughout the Cay is mostly cleared up, 90% of the roads and verges are cleared. The island is green again from the rain which makes it all look much more inviting. I am very positive that things are looking better,” says Paul. He adds, “The overhead electrical lines have been restored and next, they will install transformers then go from home to home connecting to the grid with the hope that full power will be back on in a month or two.”
As far as the island economy goes, the island is being powered by individual stand-by generators with fuel deliveries three times a week from Lighthouse Marina to the Post Office dock. “The noise from the generators is not the nicest but the generator power is a necessity to power tools and gets the water pressure up,” says Paul.
Currently, the Elbow Cay hardware store is open from 8 am-12 pm, six days a week. The Abaco Inn is open, On da Beach is open and Firefly is scheduled to open sometime in March, there are also a handful of small take-outs open. Three grocery stores have reopened as well There is presently about 1/2 of the population on the island and Paul expects many will return once the main power supply is turned on. “Even though the resident population is significantly reduced we have contractors from the Abaco mainland, Nassau and Spanish Wells coming to build so there should be no lack of quality in the rebuild efforts,” says Paul. “We do have visitors on the island staying at Abaco Inn and a handful of small rental cottages. Golf cart companies are open and 1 boat rental company. Most of the folks want to come and help with our rebuilding efforts,” he adds.
Elbow Cay is most widely known for the candy-stripe lighthouse but its most beautiful attraction is the historic Hopetown settlement originally founded in 1785 and comprised of hundred-plus-year-old cottages. Hopetown is also the only foot traffic settlement in The Bahamas. “Many people have been concerned about the restoration of the settlement and the potential loss of the authenticity of the historic town but I am very happy to share that all historic buildings in the settlement will be restored in the original style including the post office building which is 160 years old. Many of the buildings were a bit dilapidated due to their age so they will be newer, stronger and still have a historic style that Hopetown is so famous for.”
Paul feels that now would be a great time to buy as incentives are being introduced by the government on building materials and the appreciation over the next couple of years should be very positive. “Power alone is going to boost the values on the island. The Hopetown Harbour Lodge and Sea Spray Inn, which are two of the landmark properties, were virtually destroyed and both will be rebuilt at a higher standard than they were before. The Harbour Lodge is currently on the market and may be the most well know commercial property on the island, the interest is quite high,” he says.
Paul advises the real estate market lost about 50% of its market value compared to pre-Dorian levels. One of his listings, KJ’s Landing, was originally $850,000 and is now $485,000. According to Paul, “Many people removed their listings temporarily until the island is rebuilt, there are currently 14 homes for sale only on the MLS. Owners are confident that the island will rebound quickly so many have not reduced their prices. There are definitely bargain hunters looking right now for specific deals.” He says there are visitors who want to come now but there just is not the accommodation available at the moment and he anticipates by November 2020 the vacation rental market should start to show a significant rebound.
See all listings in Elbow Cay > Here.
