Nassau, Bahamas, February 13, 2017 – High net worth individuals searching for homes in The Bahamas are no longer just looking for the grandest great room, poshest entry and largest property – they are seeking a ‘place to play’, says Monica Knowles. As Bahamas Realty’s top producer for 2016, Knowles knows the luxury market.
Among the successes that earned her the top achiever award was the sale of a $7.5 million home in Ocean Club Estates. That listing and others in the seven-figure range reaffirmed Knowles’ appreciation of the subtle changes in what the well-to-do want when it comes to a home in the sun.
“There was a popular book called ‘The Rich are Different.’ I would say what the rich want is different. More importantly, it is different today from what it was only a decade ago,” said the 34-year-old pro who has tracked the changes in her nearly 10-year career.
“A decade ago, high net worth clients would ask about security and who their neighbours were, hoping they would have distance between them. They wanted to know how many bedrooms and baths in the house. They would ask about a great room, the height of ceilings, how many people the formal dining room could seat. It was about size and show,” said Knowles.
That same buyer today is more likely to want to know about amenities and activities – boating, golf, tennis, fitness centre, spa, jogging trails, cycling, how easy it is to get to places, to charter a boat or where to keep a yacht they own.
“The high net worth client today wants an all-around package,” said Knowles. “They want a sense of privacy but they also want a place to play. It is almost an upscale playground mentality for the discerning. They truly appreciate the beauty of the islands and they are interested in what activities they can enjoy immediately.”
The immediate use of amenities is one of the reasons Ocean Club Estates has remained so desirable, said Knowles. “Unlike some communities where you have to apply for club membership, Ocean Club Estates buyers are instantly and automatically entitled to enjoy the amenities of the club and of Atlantis so they have lots of dining options, all the sports and water sports, casino, spa, luxury shopping,” she noted. “They are part of a community that is built on the principle that you can be safe and have an awful lot of fun, living the dream.”
While Knowles analyzes what today’s clients want, her clients speak highly of her. “Monica’s knowledge about real estate is multi-faceted and she is most certainly able to do more than the average agent,” said Harry Crosby, an American who recently purchased on Paradise Island and was so pleased with her handling of his transaction that he posted a letter singing her praise.
Knowles, whose father is of Long Island heritage and mom from South America, said understanding different cultures was critical, but all buyers share key requirements. “People want to know that their assets are safe,” she said. “They want personal and property security. That is first for every buyer. Because of our location and our stable government, we will continue to attract people as a safe haven.”
If what people are shopping for has changed, so has the way they search. “When I first started in this business, I wanted to reach people online so I created my own personal website,” said Knowles. “That was novel and innovative back then. It is a bit more common today but it worked because I was able to connect personally with people all over the world. Now that we are beginning to see a rebound from the recession of 2008 and 2009, and given the fact that The Bahamas continues to tick all the boxes of what the luxury market seeks, we have every reason to believe that the future holds great promise.”
