Alex Jupp specializes in high-end investment real estate with income potential. He is a dedicated professional who offers efficiency, and innovative ideas to market properties. For the last three years, Alex has been an award winner and has helped numerous sellers and buyers to achieve their real estate goals.
What is the particular property you are presenting today?
Cool Cloud House in Governor’s Harbor, Eleuthera, offered at $850,000 USD.
What is unique about Cool Cloud House?
The home is beachfront, minutes away from Governor’s Harbor Airport, and the settlement of Governor’s Habor, which is considered the primary commercial and administrative location on the Island. Here you will find restaurants, shops, banks, government offices, the dock that shipments come to, etc. It is a 20-minute flight from Nassau and has international flights from Charlotte, Atlanta, Orlando, Ft. Lauderdale, and Miami. On this beach, there are only a couple of homes, so it has that element of privacy and seclusion but still close to modern conveniences, making it not only a prime residential location but an attractive vacation rental as well. Multiple short term rentals are ranging from around $250 to over $1K nightly depending on the number of bedrooms and proximity to the beach. This home is middle of the pack asking a little over $600 monthly and can scale up much higher in the high season. The market is very active!
How is the specific property affected now due to circumstances? What is positive about it?
The house was offered for vacation rental, and of course, with flights being canceled, there are no guests at the moment. The rental home was very successful and will have no problem getting back to form when we can operate “normally” again.
Why do you still recommend this subject property despite circumstances?
Eleuthera, in general, is a very popular investment destination, whether commercial or residential. There are multiple settlements throughout that all have their thriving business environment, which makes it a dynamic market. Governor’s Harbor, in particular, is more central, which makes it the popular option on the Island. You cannot find many homes under $1M on the beach. Beach homes are scarce, and when there are options, the price tag is high. Also, to find a home in this price range would be something that requires work or is outdated. This home was built in 2014, and the construction is unique compared to other homes. It is also tastefully furnished. Rounding it off with a profitable vacation rental history, and you have a complete package. Travel will resume, and this is the type of location that people will look for. Any Purchaser would be looking for something modern or close to it, easy to access by plane trip, conveniently located to necessary amenities, on the beach, and attractively priced. Beachfront homes on Eleuthera have sold anywhere between a little over $500 to over $1K per square foot. The Owner is motivated to sell and asking $340 per square foot. The average price per square foot for available options is $437.99, and this is for a proper beachfront.
What is the future of this area later in the year/next year?
With Abaco and Grand Bahama still in rebuild mode, everyone will be looking to Islands such as Eleuthera due to ease of travel, convenience, historically active and successful market along with the unspoiled natural beauty from its rolling hills to its pink sand beaches. There will also be an increase in demand from individuals that live in cities around the World and want a vacation retreat or an escape from the stress and inconvenience of living in a densely populated area. It is expected that pandemics such as this one will happen again, and when it does, I am sure that many would love to be on an island surrounded by nature with access to the beach and a growing community.
What is your specific market insight based on your specialty knowledge for this property as far as moving forward and the vision you see for maximum potential?
Based on the present situation, it is widely expected that most buyers will look to more remote and private second home locations that are easy to travel to. There have been no cases of the coronavirus on Eleuthera as of the 12th of May, 2020, and it is almost certain that a population of a little over 11K people is a factor. On an Island where the mass movement of people is not community custom, anyone will see that this is a haven for any future threats.
What should people look for to make a very informed decision that suits their best interests?
Related to the coronavirus and for buyers, it’s important to note that demand determines the price. There will be a window for interesting deals and probably not many, but as activity happens, this will change the seller’s expectations. Some residents may want to sell for cash in hand; therefore, one should pay attention to this, as well as active sellers reducing prices and showing motivation. For sellers, pay attention to buyer communication and market activity. If other active seller’s pricing starts to fall, then you would have to decide on withdrawing or positioning yourself based on market trend.
In the current situation, how can you show it or promote it to clients?
I currently have interested buyers, and they were able to view it by way of video footage. I have been very active on social media platforms before the pandemic, posting regular information on listings, and also doing targeted ads, which has helped the exposure and generated leads.
Any communication from the Owner that you can share either by direct quote or first-hand experience?
The Owner decided to sell before the pandemic. She visited The Bahamas as a child and begged her parents to purchase here. They did not, and she vowed that she would someday, so she did.
