Categorized | Business, National News

Palm Cay Set to Release Phase 3 of Condo Project

Single storey units proving instant success story of marina living community, new phase to offer single and 2-storey options

Palm Cay announced today it will open reservations slightly ahead of schedule for the third phase of its luxury condominium complex, The Anchorage, following demand that outpaced supply for the first two phases.
Developers of the bustling marina community on New Providence’s southeastern coast said the success of the condos and the response to the reservations-system offerings has surprised even them.
“What we have found was instant demand that was higher than we anticipated for single storey living,” said Palm Cay Director of Sales & Marketing Zack Bonczek. “The combination of affordably priced spacious 3-bedroom units with very reasonable homeowner fees located in an active waterfront community with clubhouse, restaurant, pools, tennis courts, 24-hour security and a marina with all the facilities has proven to be the sleeping giant of the residential offerings.”

And despite the demand for single storey living, there is continued interest in the two-storey models, said Bonczek. “So the next phase will differ from the first two in that there will be three different floor plans, single and two-storey and both with two and three bedroom options.”

The condos are the latest of the residential options at the development which is slated to have approximately 350 residences by the time of its scheduled build-out in 2017. Nearly 80 percent of the single family lots have been sold. Sales on both garden and oceanfront townhomes have picked up dramatically in recent months with both being more than half sold-out. But nothing has compared to the instant success of the single level condos.

“We started with townhomes and single family lots, planning to add other residential options later,” said Bonczek. “But we had so many requests for single storey condominiums with an open floor plan and affordable price tag that we advanced the plans and launched Phase 1 of The Anchorage ahead of schedule. It was oversubscribed almost immediately and we found the same positive response with Phase II so we are ready to release Phase III.” The first two phases made up 20 of the 50 units.
Pre-construction pricing will be announced within days. Phase II’s 3-bedroom units, nearly 1,500 square foot units that sold for $375,000 have already appreciated with a few offers for re-sales for those who want to buy in the new building reflecting pressure for the few available units. Along with being located near the 194-slip marina, residences feature granite countertops, 9-foot ceilings, hurricane-rated doors and windows and finely detailed finishes.

“I don’t think there is anything that can compare to it in New Providence,” said Bonczek. “Palm Cay Marina is the closest to Exuma and with 194 slips, is the largest in New Providence in terms of capacity. The clubhouse with its restaurant is a real magnet and just the whole sense of community makes Palm Cay special and attractive.” Phase III is being sold on a reservations basis with a reservation call event after the publication of the offer. Reservations accompanied by a fully refundable $5,000 deposit are processed on a first-come, first-served system.

Written by Jones Bahamas

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