A sudden increase in high-end property sales has given the Palm Cay development renewed optimism that an economic recovery driven by growing consumer confidence is starting to gain momentum.
Zack Bonczek, Palm Cay’s sales and marketing director, said: “Housing is the leading indicator of economic health. And that health is clearly improving if sales in higher end properties are any indication.”
While activity has been strong for garden townhomes and single family lots, and the first two phases of Palm Cay’s condominium offering have been oversubscribed pre-construction, a recent jump in beachfront townhomes priced in the $649,000 to $779,000 range is being seen as the reflection of increased consumer confidence.
“It has been nothing short of a rush,” Mr Bonczek said. “We have received contracts on more high-end properties in Starfish Isle in the last month than any month in the history of the community.
“It’s as if prospective buyers discovered that the 2,000 square foot, three-bedroom, 3.5-bath townhomes in Starfish Isle were the best deal on the island, which I actually believe they are.”
In addition to general economic optimism, Mr Bonczek attributes the recent ‘rush’ of activity to the community’s amenities – its wide expanse of beachfront, full-service, 194-slip marina, 24-hour security, swimming pools, tennis courts and the opening of the Billfish Grill restaurant.
“Those features add to the appeal, but without faith in the future of the economy, I don’t think we would have enjoyed the sudden burst of activity as we have,” said Mr Bonczek.
“In the heyday before the bubble burst, housing sales were through the roof and housing led the economy. When lending dried up, housing sales fell, unemployment increased, consumer confidence was shaky and everything spiralled from there.”
“There is also growing respect for the product,” MrBonczek added. “We have kept every promise we made. Our infrastructure is in place. We promised a marina and delivered it – state of the art with 194 slips and full service facilities.
“We promised a beautiful beachfront and spent more than $1.5 million restoring the beach and installing the five groynes that will safeguard it against erosion and storms.
“We promised we would deliver the first phase of The Anchorage at a given time and we are already ahead of schedule.
“We promised to convert the clubhouse into a restaurant, and we had a grand opening this week.
“An improving economy, better lending facilities and a development that delivers on its promises with a product that comes in at well under $1 million right on the beach – it’s a winning combination and the market is responding.”