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Ginn sur Mer™ is the largest resort development in all of the 700+ islands in the Bahamas. When completed, the resort will be comparable to Dubai.
Ginn sur Mer™ will feature an impeccably-designed grand palace as the central and defining point of an entire community. Inside its elegant walls adorned with stunning accoutrements will be a variety of eateries, world-class shopping, inviting spas, night clubs, activity centers for the children and a Monte Carlo-inspired casino. In addition to the grand palace to be erected on this property, its 2,000 tropical acres offer white sandy beaches, relaxed elegance, a sport fishing haven and more. Here Ginn® will create a world-class marina and private airport – both with Customs for easy access; an island golf experience that will redefine previous expectations; a Grand Canal that will wind throughout the entire property and a series of gardens, fountains and pools worthy of the Ginn name.
A short video on Ginn sur Mer™ can be viewed below:
http://media.mmgworldwide.com/ginn/videos/ChoosingBahamas.wmv
The company website can be viewed here:
http://www.ginnsurmer.com
Developer Background
The task of realizing the Ginn sur Mer™ vision in The Bahamas lies in the expert hands of the Ginn Resorts team under the direction of Founder Bobby Ginn. With billions in annual sales, and thousands of Owners and Members, the company has earned a reputation as one of North America’s foremost developers and operators of resort destinations that revolve around unparalleled club experiences. Today, Ginn Resorts is ushering in a new era of luxury. One marked not only by highly sought-after amenities and world-class, unpretentious service, but with a variety of opportunities to celebrate precious time reserved exclusively for family and friends.
Ginn Resorts specializes in land acquisition, real estate development and management, architectural design and engineering, resort development and operation and golf course construction and management. The company is one of the largest privately-held real estate development and management firms in the Southeast, with nearly 40,000 acres of land currently under development in Florida, South Carolina, North Carolina, Vermont, Colorado, the Bahamas and St. Thomas (U.S. Virgin Islands).
Ginn Resorts ' explosive growth in recent years has earned President Bobby Ginn recognition as one of the nation's leading developers of high-end golf course communities. A South Carolina native, Ginn has been involved with almost every type of development – residential, hospitality, retail and commercial – for the past 30 years.
Ginn, who began his career in construction working for his father in the ®all town of Hampton, S.C., started modestly, building four or five houses a year. Before long, he was building 700 houses annually. At the same time, he began developing apartment buildings, shopping centers and industrial warehouses.
By 1971, Ginn was involved in his first golf club project, a South Carolina community called Pleasant Point. Later, he spent most of his time in Hilton Head, S.C., developing and operating golf courses and hotels.
Ginn appeared on Florida's real estate scene in the late 1990s, launching the development of Ginn Hammock Beach Resort in Palm Coast. Since incorporating in 1998, Ginn Resorts has developed various upscale golf resort communities, selling thousands of home sites and condominiums and quickly establishing itself as one of the fastest-growing real estate developers in the nation.
Current Ginn Resorts projects include: Belvidere Club & Resort in Mt. Pleasant, S.C., which includes RiverTowne Country Club, Patriots Point Links golf course and Belvidere Cottages; 1,100-acre Ginn Hammock Beach Resort in Palm Coast, Fla.; 565-acre The Conservatory at Hammock Beach; 2,300-acre Ginn Reunion Resort, south of Orlando, Fla., 1,900-acre Bella Collina, north of Orlando, 1,957-acre Ginn sur Mer on Grand Bahama Island and Tesoro® and Tesoro® Preserve in Port St. Lucie on Florida’s Treasure Coast. In addition, the company operates Mahogany Run Golf Course on the island of St. Thomas, U.S. Virgin Islands, Burke Mountain ski resort near Burke, Vt., Quail West® in Naples, Fla. and has plans for an expansive development in Colorado. The company is also developing other projects in Florida and South Carolina, including a 5,000 acre property near Naples, Fla. and two major tracts of land near downtown Charleston, SC.
Sales Comps
The following islands in the Bahamas have been analyzed for this part of the research:
- Paradise Island
- Atlantis
- Ocean Club Estates
- Albany Golf & Beach Club
- Exuma
- Abaco
- Treasure Cay
- The Abaco Club
It is worth noting that while there are some amazing developments currently in the Bahamas, none of these provide for an accurate determination of value within Ginn sur Mer. They just do not compare.
Treasure Cay
You can read more about Treasure Cay and the features of this community below.
http://www.treasurecay.com
Lots 11 and 12 are 1.395M and 1.64M and the lots sizes are around 12,000 sq. ft. (see the attached Survey plan Treasure Cay PDF document). These are gross prices with all closing costs included. Lot 16 just closed at 1M net to owner and is 12,600 sq. ft.
Paradise Island
Ocean Club Estates, next to Atlantis, is one of your best comps. Ocean Club Estates is currently selling golf course lots around the same size as the Ginn Bahamas golf course lots (1/2 acre compared to Ginn’s at 1/3rd of an acre) and they are fairway views with no water behind them. The golf lots are starting at $1.8M while you can still obtain a golf course lot, with an ocean view behind it in Ginn sur Mer , for around $600k - $700k. To see this specific listing go to www.paradisebahamas.com and click on “Search.” Search by listing #4148.
Oceanfront lots in Ocean Club Estates are at $6M+. A few listings can be seen below.
Oceanfront lot
Listing No: JS00016
http://www.hgchristie.com/details.php Id=14458##
Price: $6,900,000
Property Area: 31,121 sq. ft.
Type: Vacant Land
Amenities: Gated Community, Beach/Waterfront, Canal Front
Beautiful beachfront lot within the premiere development of Ocean Club Estates. Plans are being made for a common dock area. Owners will enjoy a Social & Tennis Membership on the Ocean Club Resort includes access to dining, tennis, swimming and spa amenities at Ocean Club Hotel and Spa, and access to facilities at Atlantis Resort. Owners can also secure a Full Family Golf Membership.
Oceanfront home
Listing No: JS00005
http://www.hgchristie.com/details.php Id=14278##
Price: $15,750,000
Beds: 5 Bedrooms
Baths: 5.5
Floor Area: 8,400 sq.ft.
Property Area: 0.66 acre
Type: House
Amenities: Gated Community, Beach/Waterfront, Pool, Parking, Attached Garage (3)
Located in prestigious and renowned Ocean Club Estates on Paradise Island, this five bedroom, five and a half bathroom, custom-built Mediterranean style home offers spectacular panoramic views of the crystal blue Bahamian waters, snow-white beaches, and tropical isles just off the coast of the capital island of New Providence.
Never before offered for sale, the two storey residence features interior architecture such as soaring tray ceilings, columned entryways, custom millwork and ironwork, and more. The professionally-designed interior brings back the elegance of old world craft®anship with its luxurious furnishings, hand-painted tile, rich mahogany-hued woods, arched windows, and wrought iron details.
This singular home showcases a multitude of features including a state-of-the-art gourmet kitchen, spacious family room, home theater, exercise room, spa-style baths and sparkling beachside swimming pool. The generous outdoor spaces are the perfect venue for intimate gatherings or large gala events.
The discerning residents of the Ocean Club Estates enjoy beaches, a world-class Tom Weiskopf golf course, Club House, the future Beach Club with pool and tennis courts on famous Cabbage Beach, the use of the facilities at the One & Only Ocean Club and the Atlantis Resort as well as 24-hour security.
Golf front home
Listing No: NS06099
http://www.hgchristie.com/details.php Id=12850##
Price: $4,750,000
Beds: 4 Bedrooms
Baths: 4.5
Floor Area: 4300 sq.ft.
Property Area: 20,000 sq. ft.
Type: House
Amenities: Furnished, Gated Community, Allow Children, Turn-Key, Golf Course, Pool, Patio, Parking, Attached Garage (3)
Classic Residence within a gated community which provides 24 hour security. Situated on the 2nd hole of the golf course and located conveniently near the clubhouse. The residence is set on tropically landscaped grounds and affords stunning views.
Features include a spacious living room/dining room, impact resistant windows throughout, extensive covered porch overlooking the pool and golf course, exterior bar and pool bath for outdoor entertainment, imported finishes throughout and double car garage with additional guest quarters above. The master bedroom enjoys remote start fireplace and the master bath is finished in stone with whirlpool and deck. The cozy and elegant furniture provides a relaxing atmosphere.
Owners will enjoy a Social & Tennis Membership on the Ocean Club Resort includes access to dining, tennis, swimming and spa amenities at Ocean Club Hotel and Spa and access to facilities at Atlantis Resort. Owners can also secure a Full Family Golf Membership.
Golf front lot with ocean view behind it
Listing No: 4661
http://www.hgchristie.com/details.php Id=4611##
Price: $2,499,000
Beds: n/a
Baths: 0.0
Floor Area: 0 sq.ft.
Property Area: 0.69 acre
Type: Vacant Land
Amenities: Gated Community, Hill Top/View, Golf Course
Elevated lot with panoramic views of the sea, beaches and Nassau's harbor. Ocean Club Estates is a premier development of quiet and secluded home sites nestled on a variety of property types including those that front the golf course, Nassau Harbour and the beaches overlooking the Atlantic Ocean. Plans are being made for a common dock area. Owners will enjoy a social and tennis membership on the Ocean Club Resort which includes access to dining, tennis, swimming, and spa amenities at Ocean Club Hotel & Spa as well as access to facilities at Atlantis Resort. Owners can also secure a full family golf membership. This is one of the last ocean view properties left at Ocean Club Estates.
Atlantis
The Residences at Atlantis are starting at $700,000 for a 519 sq. ft. studio and going up to $3.4M for just 1,718 sq. feet.
Albany Golf & Beach Club
Albany Golf & Beach Club is a new resort underway on Paradise Island by The Tavistock Group. It will feature and Ernie Els signature golf course and prices are starting at $2M.
Abaco
Golf Course Home At The Abaco Club, Winding Bay
Lot 47 Winding Bay, The Abaco Club
The Abaco Club
Winding Bay, South Abaco
Listing No: AS10701
http://www.hgchristie.com/details.php Id=13038##
Price: $4,195,000
Beds: 4 Bedrooms
Baths: 4.5
Floor Area: 4,366 sq.ft.
Property Area: 1.187 acre
Type: House
Amenities: Gated Community, Golf Course, Patio, Dock, Parking, Pool
This stunning home, begun in January 2007 and due to be completed in 2008, is uniquely situated overlooking The Abaco Club golf course and beautiful Winding Bay.
ABOUT THE ABACO CLUB
Renowned luxury. Exemplary service. Incomparable surroundings of ocean, green fairways and natural island beauty. Welcome to The Abaco Club on Winding Bay in the Bahamas. The Ritz Carlton’s newest address for exclusive island living. Located only 170 miles east of Palm Beach, FL, The Abaco Club is a pristine, 534-acre, International Private Members' Golf Club & Sporting Retreat that offers the pleasures of graceful island living to a discerning few.
Envisioned to embrace the hallmarks of Founder & Chairman, Peter de Savary, The Abaco Club offers exceptional service, hospitality and understated elegance, amidst some of the finest settings throughout the world. Now, they invite you to experience the ultimate in relaxation and luxury with elegantly appointed cabanas and cottages available for rent. Reserve your own resort escape today and you will soon discover The Abaco Club is a destination unlike any other.
Few places in the world rival the true beauty, elegance and refined amenities as The Abaco Club, and even fewer are easier to get to. Dramatically perched 65 feet from sea level, The Abaco Club spreads graciously over 534 acres of spectacular peninsula, with over two miles of white sand beaches and natural dunes. Sweeping panoramic views can be enjoyed from The Clubhouse, where a private dining room overlooks the tropical hues of the ocean, 18th green and Winding Bay. Whether enjoying a soothing massage at the exclusive Elemis Spa, or simply relaxing poolside, overlooking the sparkling turquoise waters of Winding Bay, each day invites new ways to experience the luxuries of total escape.
ABOUT ABACO
While the club’s privacy and seclusion will comfort members and guests, the club is as accessible as it is picturesque. Marsh Harbour, just 20 minutes from the club, is the third largest city in the Bahamas and has a year round population of 8,000 residents. Marsh Harbour is a safe, clean and lovely town that features a host of charming shops, delightful restaurants, large modern grocery stores, full service marinas and excellent medical facilities. Abaco is protected by over 90 miles of colorful individual cays and it is known as the fishing and boating capital of the Bahamas.
Exuma
In the Exuma island chain within the Bahamas you will find a 475 acre development called Emerald Bay that the developer has spent about $375M on to date. When completed they will have spent around $1B. Right now you can’t get any type of investment there for under $1.5M and the homes on the premium lots are going for $8M. There is one 2,600 sq. ft. 4 bedroom home still under construction, barely more than a foundation at the time, and the owners just got an offer of $3.525M and turned it down! They said it wasn’t for sale!
Additional Comps
If you wish to delve further into comps see www.hgchristie.com. It is a great resource that you can browse online at your convenience.
News, Articles and Other Important Information
The below articles can all be found in the Bahamas.zip file. You can download this file here:
http://www.floridapropertyseeker.com/bahamas.zip
- GinnPaperBahamianLeader_ful.jpg: Not the best quality scan as we had to split it up but zoom in and you should be able to read fine. They are moving 12,000 – 13,000 cubic yards of dirt a day right now.
- Billion dollar playgrounds: Updated list of resorts being developed in the Bahamas. Baha Mar has not released any real estate as of yet. The Albany Group has and nothing under $2M right now.
- Thumbs Up from S&P…an article about the financial rating of the Bahamas.
- Bahamas Investment article…a recent article about resort communities in the Bahamas.
- Bahamas Real Estate – Tax breaks and investment incentives. Learn more about the wonderful tax breaks and incentives that the Bahamian government grants you.
- Bahamas residency application. It is best you have an attorney assist you with this process.
- Bahamas tax info – scroll 3/4ths of the way down and you’ll see information on obtaining residency.
- Invest Bahamas – another article on Bahamas real estate.
- March 2006 West End Financial Statements - Most recent financials that I have for the Ginn Bahamas development.
- Ginn Historical Performance: Historical appreciation data on other Ginn developments.
- Lubert-Adler: The largest shareholder in The Ginn Development Company is the Lubert-Adler Fund. You can read more about the fund here: http://www.lubertadler.com
Financing
Financing is provided by Ginn Financial Services at 80% of the purchase price. The rate is around prime plus one (prime is currently 8.25%). The contact information for Ginn Financial is below:
www.ginnfinancial.com
888-340-4437
Traditional banks in the Bahamas, and in the United States, also provide financing but at 50% loan-to-purchase. Unfortunately, generally speaking higher loan to value ratios for international real estate investments is not yet readily available.
Structuring the Deal
Asides from purchasing in your own name, you also have the option of setting up a Bahamas corporation called an IBC (International Business Company). Here are the names and #'s of two attorneys’ that were recommended to me.
Erica Paine
Graham Thompson & Co.
Corporate attorney for Old Bahama Bay (a $500M resort recently acquired by Ginn sur Mer that will now become part of sur Mer). Also represents buyers and sellers.
242-351-7474
Member of Parlament
Pleasant Bridgewater
Bridgewater & Co.
242-351-5101
I am told this lady is very well connected with the government. She may be your best bet.
You can also purchase in a U.S. corporate entity / LLC in the Bahamas; it just needs to be registered with the Bahamian government. One of the two attorneys’ above can help you with this process.
The Bahamian Government also grants “speedy” consideration for residency to all foreign investors investing $500,000 or more in real estate in the Bahamas. If residency is obtained, it will allow you to completely eliminate your property tax bill. Bahamian residents do not pay property taxes.
Pricing & Release Info
To date Ginn sur Mer has only had one release. There are several more to come. The initial release was for lots only, oceanfront, canal and golf course frontage. The oceanfront lots have seen the most appreciation and highest demand to date. Prices started at $993,000 on opening day and lots are currently selling for $1.4M - $1.5M less than one year later.
Not a lot of information has been provided on the next Ginn sur Mer release; however, it is expected that either bungalows or house/lot packages will be released in the middle of 2007. The demand will be high.
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