Sotheby’s Makes New York Times
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.