Developero Avoid Early ‘Miss’ at Ex-GINN Project on Grand Bahama
Replay Resorts is worried it might not get the next step right at Ginn ser Mer
Palm Coast, FL – March 2, 2012 – Canadian-based developer for the former $4.9 billion Ginn project’s real estate component yesterday said it would suffer "a very severe blow" if it did not get the next phase right, having shifted the development concept away from becoming another Atlantis or Baha Mar.
Bill Green, Replay Resorts’ chief operating officer, told Tribune Business that the company could not afford "to miss" with its initial plans, adding that its thinking was now more to emulate the Family Island-style of living epitomised by communities such as Green Turtle Cay and Hope Town.
Emphasising that Replay Resorts was proceeding cautiously with modifications to the masterplan for the almost-1,500 acres it controls in Grand Bahama’s West End, Mr Green said the developers were receiving ‘mixed signals’ as to what the international real estate market wanted.
He explained that the market had shifted from one that, pre-recession, was dominated by ‘investor buyers’ largely interested in maximising investment value and ‘flipping’ lots for profit, to one where ‘owner occupiers’ were becoming increasingly dominant.
Read More >>>> The Tribune [March 1, 2012]
Toby’s Commentary: It sounds like fluff. I’ve heard from some who have been at the project recently. Replay Resorts and Crave Real Estate have not been visible.
Reading the Market Perfectly
I cannot comment on the actual property and what is going on there…but I can say without a doubt that the new developer is reading the market perfectly….the only legit buyers are users….there are no investors and will not be for years to come….you better find a solid citizen type buyer….be honest, candid and do not attempt to BS them…tell the truth about the deal…there will be no flipping…the best you can tell someone is they ought to get their money back….and sales will only be slow and steady…..it will take just basic hard work from dedicated sales people who believe in the project….no white shoe guys……and it will take a long time…the good ole days are gone forever…..
Reply to Ron
I think the message to the retiring segment is this:
1. Even though prices aren’t expected to rise substantially (don’t buy as an investment), they aren’t going lower.
2. If you are 65 years old, the next two years probably represent 10% of the rest of your life.
3. Those two years are likely your best quality years from a health and overall enjoyment of life standpoint.
4. Don’t waste those two years waiting for a better market or the restart of a stalled project.