With the America’s Cup on the way - Is now a good time to list your luxury home?
This year’s 50th Anniversary of the Newport Bermuda Race, has drawn a record number of over 200 boats and over 2000 competitors. This is one of Bermuda’s chances to showcase to the yachting public, how special we are and why we are a coveted destination in the sailing world.
Since the advent of the America’s Cup coming to Bermuda’s shores and the Grande Finale in June 2017, Bermuda has become sought after in the sailing world in terms of wanting to hold and host regattas here. We have already seen, the international moth regattas (who have booked again for 2018), several M 32’ races, IOD’s, Argo Gold Cup to name but a few, and it is possible that the Viper North American Championships will be held here. Many other classes of boats have put Bermuda on their Radar as a potential sail boat venue.
Opportunities are expanding in the real estate market, in that potential offshore buyers are showing an interest in Bermuda as we grow this incredible sailing product. This is undoubtedly one of the best places in the world to race sail boats. We are becoming accepted as ‘the place to go’ for sail boat racing.
This is starting to bring people to our island, who may be interested in purchasing luxury property here. The Marina at Caroline Bay located at Morgans Point, is now in development and is due to complete the marina phase by early 2017. It will have the ability to accommodate 21 mega yachts (up to 300’) and 77 boats/yachts (30’ to 50’). As the Superyacht world grows (and it is undoubtedly growing) Bermuda has untapped potential to create a permanent mid Atlantic station for the mega rich, thus providing an injection of money into our economy.
With just under a year to go until the Americas Cup, there will be many new visitors coming to the island. The October 2015 World Series event injected $8-$12 million into the economy and the World Championship Event next year is expected to top that. Hotels, rentals and vacation rentals are all filling up quickly with bookings, which is a positive sign that Bermuda will prosper from this event. People hoping to arrange accommodation for the Americas Cup Main Event should already be booking.
This marks the unprecedented arrival of potential real estate and business investors to Bermuda and a wonderful chance to network. Sailing is coming to the forefront as a TV friendly spectator sport, which is providing a wonderful promotion for Bermuda. There will be many new events and unbelievable media exposure to our turquoise and pink jewel of the ocean.
My advice to anyone with a luxury property thinking of putting it on the market, would be that now would represent sound financial timing, as the next 12 months may be bringing a window of opportunity unlike anything we have seen before.
Heather Chilvers is amongst Coldwell Banker Bermuda Realty’s Leading Sales Representatives. She has been working in Real Estate for 27 years. If you have a question for Heather, please contact her at firstname.lastname@example.org or 332 1793. All questions will be treated confidentially.
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