Sotheby’s Makes New York Times

The Star (St. Lucia) - - LOCAL -

The lo­cal real es­tate com­pany, St. Lu­cia Sotheby’s In­ter­na­tional Re­alty, has been fea­tured in the pres­ti­gious New York Times Pub­li­ca­tion. The com­pany, which be­came a full ser­vice real es­tate agency in 2007, is a fran­chise of the real es­tate branch of the well known, re­spected and iconic Sotheby’s In­ter­na­tional brand. The com­pany spe­cial­izes in sell­ing high end prop­er­ties.

CEO, Chris­tos Par­avos, used the medium to give an over­view of the real es­tate mar­ket on the is­land, ex­plain­ing the con­nec­tion be­tween tourist ar­rivals and prop­erty sales. He ex­plained that the global re­ces­sion which re­sulted in de­creased tourist ar­rivals caused a marked re­duc­tion in the de­mand for high end prop­er­ties.

Ac­cord­ing to Par­avos, “The re­cov­ery has been slow. Prices had dropped 20 per­cent to 30 per­cent from 2009 lev­els, but have started to pick up over the last year. Peo­ple have rec­og­nized that we have hit the bot­tom, and there has not been a bet­ter time to buy prop­erty in Saint Lu­cia than right now.”

With 40 to 50 luxury list­ings, in­ven­tory is high. Pavaros ex­plained that though it is cer­tainly a buyer’s mar­ket, re­cently a few sell­ers raised their ask­ing price by 25 per­cent as the mar­ket seems to be pick­ing up. Prices range from $700,000 to $15 mil­lion, with most luxury homes in the $2 mil­lion range. When com­pared to other is­lands, Bar­ba­dos in par­tic­u­lar, the qual­ity for price avail­able in Saint Lu­cia is ex­tremely at­trac­tive for in­vest­ment.

Direc­tor An­thony Bowen says it is en­cour­ag­ing to see the mar­ket im­prov­ing as, be­fore the fi­nan­cial crash, Forbes mag­a­zine de­clared the is­land to be one of the top places for real es­tate in­vest­ment. “This ar­ti­cle in such a pres­ti­gious pub­li­ca­tion is a true in­di­ca­tion that St. Lu­cia is gain­ing the at­ten­tion it de­serves once again and will go a long way in en­cour­ag­ing in­vest­ment back in St. Lu­cia.”

Saint Lu­cia Sotheby’s Re­alty is based in Rod­ney Bay at Sotheby’s House next to the Bank of Saint Lu­cia.

Newspapers in English

Newspapers from Saint Lucia

© PressReader. All rights reserved.