100% Financing For Warwick Condos

March 12, 2012

[Updated] 100% financing will be offered to qualified first-time home purchasers of units at the Grand Atlantic Development in Warwick, said Minister of Public Works Michael Weeks this afternoon [Mar.12].

“While others in the community have been busy crying disaster, doom and gloom, the Government of Bermuda is hard at work coming up with creative solutions for the Housing market,” said Minister Weeks at a press conference this afternoon.

“The Government is very pleased today to announce that in partnership with Butterfield Bank, 100% financing will be offered to qualified first-time home purchasers of units at the Grand Atlantic development.”

“While the Government has appreciated the challenges in the mortgage market, we realize there is still need for innovative and flexible ways for those desirous of owning their own home to successfully achieve that dream.”

Minister Weeks continued on to say, “With this magnificent Grand Atlantic project, the Government has made another significant impact on easing the Housing issues facing residents in the Island of Bermuda.”

The Grand Atlantic Development will comprise of 60 two bedroom/one bathroom homes and 18 three bedroom/two bathroom homes. Prices range from $495,000 for a 2 bedroom home up to $665,000 for an ocean view 3 bedroom unit. Earlier this month, it was reported that none of the units have sold.

The Minister’s full statement follows below:

While others in the community have been busy crying disaster, doom and gloom, the Government of Bermuda is hard at work coming up with creative solutions for the Housing market.

The Government is very pleased today to announce that in partnership with Butterfield Bank, 100% financing will be offered to qualified first-time home purchasers of units at the Grand Atlantic development.

While the Government has appreciated the challenges in the mortgage market, we realize there is still need for innovative and flexible ways for those desirous of owning their own home to successfully achieve that dream.

The Grand Atlantic housing development situated in pristine surroundings of the South Shore in Warwick will be delivered in three phases and will comprise 60 (sixty) two bedroom / one bathroom homes and 18 three bedroom / two bathroom homes.

We are happy to announce that Bermuda’s traditional building methods have been utilized for the construction of the Condominiums.

New Residents of the Grand Atlantic Development will have full access to the beautiful South Shore Beach front that is behind us.

In addition, once the Southlands Park negotiations have been finalized, residents will also have the amenities of a National Park within easy walking distance.

The residences at Grand Atlantic will be available for sale in three phases; the first phase has recently been completed and occupancy certificates have recently been obtained for the initial 24 units.

The second consisting of 27 units is on schedule for delivery in the summer of 2012 and third phases consisting of 27 units, is on schedule for delivery in 2013.

Grand Atlantic unit prices start at four hundred and ninety-five thousand dollars [$495,000] for a 2 (two) bedroom home with a Garden View and five hundred and eighty-five thousand dollars [$585,000] for a three bedroom, two bathroom Garden View unit.

The Luxurious Ocean View two bedroom/one bath units start at five hundred and sixty thousand dollars [$560,000].

The three bed-room, two bath units with the Ocean View range from six hundred and forty-five thousand dollars [$645,000] to six hundred and sixty-five thousand dollars [$665,000]; the difference in price is dependent on installation of an alternative energy component to the unit which will reduce Bermuda’s reliance on fossil fuels.

The Government is extremely pleased to have partnered with Mr. Gilbert Lopes of Atlantic Development to bring this project to fruition and to assist Bermudians who are keen to purchase their own home or those wishing to downsize from their present accommodation to a spectacular beach view unit.

The Grand Atlantic project follows the successful initiatives of the Loughlands Development in Paget built for middle income earners and the Harbour View Development built specifically for Lottery winners in Southside, St. David’s that targeted average to lower income Bermudians.

With this magnificent Grand Atlantic project, the Government has made another significant impact on easing the Housing issues facing residents in the Island of Bermuda.

Interested purchasers are invited to contact the Bermuda Housing Corporation for further details or to stop by at the Grand Atlantic Site in Warwick where a show unit will soon be available for daily viewing.

Thank You.

-

Update 4.14pm, Photos from today’s viewing added, click to enlarge:

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  1. Meh says:

    This will end well. Why not offer 100% financing, plus 5% cash back? They we can PAY people to buy property. No worries. Real estate always goes up, right? Right?

    • Have a Cold One says:

      Exactly what I was thinking!? I don’t mean to sound negative as I understand what the government (in theory) is trying to do but isnt this the same type of practice that is partially responsible for the current housing crisis in the USA? High payments are often do-able when everything is going great but because it often prevents people from saving for a rainy day the unfortunate side affect too often means one small hiccup (sickness, trauma, loss of job)and the owner quickly falls behind in payments and does not have the means to catch up. Two hiccups and the bank comes a knocking. I give them an A+ for effort on this one, but I would have to warn anyone against 100% financing for anything…even a car.

      • all clogged up says:

        This isn’t public housing, its high end welfare. This project was unecessary. I’m not really surprised that Weeks has finally got sucked into the political vortex. Along with free bus rides, free childcare, senior landtax exemptions and car license, just another Compton California style welfare ploy ……as if Bermudians need this handout at the expense of the tax payer …… man I’m so frustrated.

  2. Family Man says:

    100% financing to low income first-time home buyers in order to purchase over-priced condo’s on an unstable cliff face. Brilliant. What could possibly go wrong?

    I wonder if anyone else has ever done 100% financing to low income home buyers before? How did that work out?

  3. 20 yr mortgage says:

    100% financing does not provide guarantees against coastal erosion.

    We have to deceive you, we’re broke!

  4. Paul says:

    100% financing? Cool. What could possibly go wrong?

  5. Rummy says:

    Garbage.
    Bernews has my other comment but one has to access the site 5 times.
    Empty Government houses.
    No money down.
    They want money…Cash. from lenders.

    Good buy Bermuda.

  6. tricks are for kids says:

    Remember…If it looks to good to be true…..9 times out of 10 it is…….100% financing?????? interest alone is going to burn you………Don’t rush out to do this people…..think long and hard…………

  7. smith says:

    sooooo….they will pay approx 5k per month? Rather steep..well, as steep as that front cliff is anyway.

  8. Truth says:

    Tune in next month when all of the units are still empty: 100% financing, 5% cash back, fully furnished and a Jeep Patriot in the driveway.

    How about we include a few personal floatation devices for when they slide into the sea….

    Unbelievable solution! Is this just an early April Fool’s joke? Seriously?

  9. Um Um Like says:

    …”the Government of Bermuda is hard at work coming up with creative solutions for the Housing market.”

    WOW! Imagine if the government WASN’T hard at work! It’s the effort that counts, isn’t it Weeks?!

    It’s only a matter of ‘Weeks’ until these condos collapse into the ocean, then they’ll truely be ocean-front!

    • Hmmmm says:

      Yep creative solutions… Build houses, nobody wants, ….. Read that again….nobody wants. Then spin it with 100 percent financing. Answer me this, as the value of the property falls, so the purcasher is in a negative equity position and decides to default or if the purchaser loses their job or can’t meet the payment and defaults, WHO will be carrrying the burden? It will be the voting public paying for yet another PLP disaster. Ps Where is the hotel?

  10. mixed up says:

    100 Percent financing? Considering the interest rates, won’t that make affordable housing unaffordable?

  11. Real Talk(original) says:

    Guess nobody’s been paying attention to the global financial crisis huh? Meh? Guess not…

    How about making the ‘affordable housing’ true affordable housing.

  12. Happnin Boy says:

    True “qualified first-time home purchasers” would not need 100% financing.

  13. omar little says:

    in other words…we should not have built them no one wants them so we will give them away….

  14. Voice of Reason says:

    I wonder how many of the above posters are aware that not a dime of the government’s money was spent on this project???

    That much being said, it is my hope they sell.

    • Um Um Like says:

      It was however the government that approved the construction of these units in spite of Dr. Wingate’s recommendation. I should also add that this development was approved when the housing market was already flooded with plenty of other “affordable” options.

      Instead of trying to sell these to locals, how about we rent them out to tourists (not time-share or partial ownership, but on a daily/weekly basis)? Do we even have enough tourists to occupy them?

    • Family Man says:

      Really? Who do you think owns them? Santa Claus?

      The Government, as per the terms of the contract, BOUGHT the units from the developer as soon as they were complete. Now the government is stuck with them and can’t sell them after spending millions of dimes.

      • verbal kint says:

        And they have given the go-ahead for two more phases of construction.

    • Dave West says:

      Voice of Insanity??? This housing development was paid for by the Bermudian Government the minute the cheque to Gilbert Lopes cleared.

    • Mad Dawg says:

      Not sure whether you’re deliberately “misleading” people or just clueless. It’s pathetic really.

    • Have a Cold One says:

      That is because there isnt any left.

    • yup says:

      @voice of reason: I agree with you to an extent. They probably didn’t spend a dime…yet. More than likely our lenders spent the money and we will be paying them back in addition to the increased debt service fees and interest. So you may be right the lenders spent their money on this and the Bermuda Government spent money on debt, brilliant concept (sarcasm).

  15. out of patience says:

    They’re simply setting themselves up for a sub-prime crisis. BTW – $500K – $600K is NOT affordable housing. Wake up people.

  16. Kim Smith says:

    What a good way to garner votes for the upcoming election… brilliant, in fact.

  17. out of patience says:

    A good way to garner votes ? Really ?? Maybe votes for the OBA.

  18. Bermy's Finest says:

    100% is the worst thing Butterfield can offer people in a down economy! Thanks “Bermuda’s own Bank!!!”

    • Dave West says:

      Bermuda’s own bank?????? Try again!!!! The CIBC owns a huge chunk of Butterfield. And CIBC is the Canadian Imperial Bank of Commerce…..ehhh!

  19. karen dill says:

    hopefully those bugy expats won’t be trying to marry bermudians in order to purchase these

  20. fedupwithbda says:

    the island is sinking. just ask belco how many deposit refunds they have had to refund in the last 6 months. the lack of jobs = lack of expats = a rude awaking to landlords

  21. star man says:

    They’ll end up renting them out.

    How many yards of concrete did they spray on the cliff face? I haven’t seen it, but I’ll bet it looks Gorgeous!

  22. Mountbatten says:

    Whatever you do , please don’t rush for the top floor , as there is a detachable roof above your head . 100% mortgage is equivalent to playing Russian roulette with a loaded gun . Ya can’t win …

  23. Hey Bye says:

    This is a move to just get bodies into the buildings so when the election comes around Government can say they are occupied and their decision to build these concrete barracks on a beautiful stretch of South Shore was a successful move on their part.
    In reality, this whole thing is no good for anyone or Bermuda.
    Occupants build zero equity,Government is on the hook for any defaults and for ongoing external maintenance.The buildings will take a beating from the southerly winds and they are just a plain concrete eye sore.

    • Rummy says:

      Hey Bye…
      Spot on which I have been saying.

      Try paying a $3-4 thousand a month mortgage.

      Hell, I am so underwater I need extra tanks but goverment is so full of hot air…

      Where are the bosses that made this come to fruition (buildings).

      Caymen, Costa Rica with the rest of the drug dealers that have left et al.

      • Hmmmm says:

        Is that based on a fixed rate throughout the term of the mortgage? Usually the fix is a three year then it reverts to variable rate. Rates only have one way to go at the moment and that is up, meaning the monthly mortage payments will increase.

        • yup says:

          That’s the other thing. The cheapest one I saw when reading the article was $495,000 (not affordable as it). Take a 30 year mortgage at the current rate of 6.75% and it’s still $3,210.56 per month plus administration fee. If interest rates rise, even to just 8% it jumps to $3,632.13 per month. An extra $400 once the economy improves. How is $3.2k per month “affordable”?

  24. Chart says:

    “While others in the community have been busy crying disaster, doom and gloom, the Government of Bermuda is hard at work coming up with creative solutions for the Housing market,” said Minister Weeks

    This is a very political intro for what is supposed to be a Government announcement.

    • Rummy says:

      If the chartdon’t fit……….you must aqureef…..

  25. yeesh says:

    What a scam!!!No one in their right minds would do 100 % financing. And you can get a stand alone for nearly the same price and better condos for less.

  26. Hmmmm says:

    After the lessons with the housing market crash, have govt learned nothing!

  27. Jus' Askin' says:

    Why not offer a “Rent to Buy” scheme?

    Move people in, let them pay rent, which can be considered as equity or an extended period of down payment, if they so choose to buy the home. If not it will just be considered as rent and the property generates money.

    Just sell them at cost. The push for 100% financing comes across as a profit making venture.True affordable housing should not be about turning a profit.

    100% financing by Butterfield Bank, this seems odd to me. Why would they, after being in trouble not too long ago, want to get into this venture. These sorts of Bank/Government arrangements worry me.

    Did anyone really think this project through?

    • star man says:

      Does Ewart’s PLP/BIU Government EVER think things through?? No, they don’t, because they don’t have a clue! Not a single clue!!

      The PLP trying to make a profit on “affordable housing” is unconscionable. But SOOOOO typical. Ignorant jokers.

  28. Cancer says:

    This is the ugliest construction site ever. Those big ugly grey buildings next to the roadside are a disgrace. A beautiful piece of natural beauty ruined. If only this flipPLoP party knew what they were doing this island would ne such a better place. Yet another failure by this government. They need to be voted out!!

    • Bermuda Male says:

      When you say flipPlop the only flippers are the UBP that change their name to OBA in 48 hours just to win the black votes. Now that’s some BS that will not work!

      • Hmmmm says:

        Hey Bermuda male, so you agree with Future Care cutting off pensioners access to medicine, building properties that noone wanted to buy, failure to perform with PATI when the public ask questions. The sellin of our and our childrens souls by borrowing that, which we cannot afford to repay. The UBPare still the UBP. The OBA are completely different. Go find out more about them, and you’ll realise that the PLP propaganda machine is very wrong.

    • Have a Cold One says:

      Give them time…Im sure they will look good once the landscaping and painting is one. The same was said aboutthe condos at the bottom of Cataract Hill. They look okay now.

  29. Triangle Drifter says:

    The PLP never met a bad idea that they did not like.

    The developer got paid. One shrewed businessman dealing with a bunch who can barely operate a koolaid stand.

    • observer says:

      Gilbert is smiling all the way to the bank. As he told me two months ago, once every phase is complete, he gets paid. He also said the fools still haven’t sold one. He even said just three weeks ago, that a real Estate Agency hadn’t been assigned to the project. Sad bunch of people running our country, and the blind followers continue to support incompetence due to race. I will never vote PLP again!!

  30. Pastor Syl says:

    Isn’t this what happened in the States? Lending at 100% to people who won’t be able to afford the mortgage? I can’t imagine anyone who could afford these units wanting to buy something so O-GLY (as we used to say), and so unsafe. “Magnificent” my left foot! Some of those bedrooms look very small – a bed and two side tables and there’s the wall!

    And didn’t I read that this ministry wants to build 160 more units along that same stretch?!? Somebody, please tell me I read it wrong. If in fact this IS what Public Works plans, we need to find a way to stop them. Rent prices are dropping like stones, people are being foreclosed on, which means more units on the market – what are these guys thinking????

    Add to that, they are going to place their underutilized buildings on this same overheated market. That other minister has already told us he doesn’t care if the market is already saturated.

    Some ‘by the people, for the people’ Government.

    And for those who are confused – this is not hatred, this is disgust and a fervent desire for something better.

    An Ex-PLP supporter

    • LaVerne Furbert says:

      I xouln’t imagine anyone wanting to rent an apartment from a landlord who has done no upgrades since the apartment was built 60 years ago and who hasn’t painted the roof or the walls since the apartment was built 60 years ago, but the apartments are rented and the landlord(s) make no apology. Desperate times call for desperate actions. If only desperate tenants would speak out.

      Let’s not talk about “O-GLY”.

      • Familiar says:

        If a person or persons are staying in apartments as described by Ms Furbert, I hazard a guess that there is more than one reason that they do so.

        I am not saying that there aren’t many miserable landlords out there, there are, but there is also an abundance of available apartments on the market right now and rents are coming down and properties are being upgraded as landlords realise that if they don’t upgrade and be more realistic in their demands they’re not going to get the tenants needed, in many cases to pay their mortgages.

        • Maddog says:

          I will say it for you LaVerne,tell the pastor go paint he mother roof that is so black you should not even get a bath in the water that comes for that roof.

          • all clogged up says:

            Stuppess Dog! Would you paint a doghouse that you didn’t own?

      • sinking boat says:

        they are speaking out…”when does my flight leave?”
        I do not think there are many landlords that have not felt the pressure of competition present in the rental market in the past several months. with more and more expats (and locals) leaving,there are far more rental units to be had at much better prices, gone are the days when a landlord could rent a broken down 60 year old apartment that use to be a broom closet… if the powers in charge do not quickly put asside childish bickering this island will continue to spiral out of control…

      • Hmmmm says:

        I shouldn’t image anyone would want to listen to someone who stiil hasn’t filed their overdue set of financials or has an outed propaganda merchant as its leader. Clean your own house Furberts, the union workers have been decieved by those who run the house they are in.

      • Pastor Syl says:

        This post just proves that you don’t know where I live, LaVerne! You need to stop, because you are making yourself look bitter, snide and just plain vitriolic.

      • Stuart Hayward says:

        Hey Laverne, just so your audience can judge for themselves how well you do your research and how truthful you are, why don’t you post the number and street address of the apartment(s) you are writing about?

        Surely you wouldn’t be afraid to back up your innuendos with some hard facts, now would you?

        • Pastor Syl says:

          Thank you, Mr. Hayward. I appreciate that you have my back.

          To the rest of the public, I invited LaVerne to verify which apartment(s) she was referring to a couple of years ago when she first floated this nonsense in a Worker’s Voice article in which she was so crass as to use our deceased mother’s “voice” to castigate Mr. Hayward, and by extension, me. She called it satire then. I called it an insult to my mother’s memory. I wonder what she calls this attempt to embarrass me.

          The truth is, she isn’t talking about my place at all, since my roofs get painted every other year, the walls were just done a few months ago and I have spent several tens of thousands on upgrades since I bought the property 12 years ago. I just hope my neighbor doesn’t feel picked on and insulted because, I suspect it is his place she is talking so nastily about.

          LaVerne, either you are deficient as a researcher or you are a deliberate liar. Which?

  31. me says:

    whats the catch….?

  32. New Kid on the block says:

    Every time I do take the opportunity to read comments, it is always those negative individuals that don’t have anything better to do. Why don’t you all try and come up with solutions since you know it all. I want you to know I happen to work in property law, and because someone gets 100% financing it doesn’t mean you are going to pay $3 to $4K like some of you have stated. If you don’t know what you are talking about or are no help to any of the solutions in Bermuda you all need to shut up!!!!

    • Verbal Kint says:

      Here’s a solution. Quit building ugly, environmentally questionable properties designed for people who can no longer afford them. First rule of holes. When you find yourself in one, quit digging.

    • Mad Dawg says:

      New Kid, the minute anyone buys one of these lemons they will be underwater on their mortgage because the values of these properties will do nothing but go down. And then what? Another bailout?
      These places should never have been built. The whole thing was a stupid idea. You want “solutions” ? Here’s one. Vote for a government that doesn’t lurch from one disastrous mistake to the next.

    • CFA says:

      I’m glad you went to law school but obviously you missed the finance classes..

      A $600,000 mortgage (0% down) over 25 years at the prevailing rate of 6.5% will cost the buyer $4,051 per month.

      The bank will extend the mortgage if the debt/service ratio does not exceed 50% generally (and the fixed costs includes the other fixed elements of their monthly budget) which means that the low income households have to be earning $120,000 per year or thereabouts to qualify for the 100% mortgage from Butterfield. I do not think, or rather I know that the people in the BHC rolodex do NOT generally earn $120K per year, or $10,000 per month. Further with loan to value ratios of 100% at the start, and the implications to the bank’s balance sheets and the risk factors now introduced, the banks or more importantly the credit agencies would not look favorably on such an action so this puts a possible downgrade to Butterfield not improbable given the quality of their loan portfolio. A lower credit rating for Butterfield means higher interest cost and a higher investment for government….Is any of this making sense? I have to wonder if the government bothered with this type of analysis…..What is the expected takeup of this sub-prime offer and what is the implication to Butterfield’s balance sheet and credit ratings….

      So 100% mortgages will not resolve the problem of the empty units.

      • Truth (original) says:

        I don’t think that it will get that far. My prediction is that even with 100% financing, none will sell. Banks charge higher interest rates for 100% financing. If the prevailing rate is 6.5%, we should anticipate interest rates between 8.0 to 9.0%. That drives the monthly mortgage up to over 5k a month.

        Low cost housing? I think not.

    • Legal Reasons? says:

      25-year fixed mortgage @ 6.5% interest for a $495,000 100% financed property:

      monthly payment (mortgage only) = $3,342.28

      add taxes, insurance, etc. you approach $4,000 per month. every month for 25 years.

      i admit to not being an expert in real estate financing, but how can you lower the monthly payment?

      • Hmmmm says:

        Don’ forget the fixed to variable change. Bear in mind that rates are at their lowest now. Rates will rise and that 4000 to 5500 a month could increase considerably. If you are genuinely interested as a first time buyer, please make sure you get sound financial advice.

      • Have a Cold One says:

        All this assuming that these individuals will never need to save or borrow for a car, childrens education, insurance etc… AGAIN, POPULAR IDEA FOR MANY IN THEORY, but too many dangerous long term probable conplications. The proudest day (aside from my childs birth) was buying my first home. My worst , was being forced to sell that home (essentially loosing it) because I had borrowed too much and with growing children… it was killing me. I sold, rented a small apartment, saved and saved and purchased a less expensive house (with more land) but this time with a larger deposit the second time. Despite the fact that I have been laid off of work twice in the last twelve years I was able to keep this home and have a life because the smaller payments meant I could save a little for a rainy day.

    • Wintersun says:

      May I suggest BHC price these units much lower than quoted, as follows:

      [$495,000] $225,000 2 bedroom 1 bath Garden View
      [$585,000] $350,000 3 bedroom 2 bath Garden View

      [$560,000] $275,000 2 bedroom 1 bath Luxurious Ocean View
      [$645,000] $400,000 3 bedroom 2 bath Luxurious Ocean View
      [$665,000] $425,000 3 bedroom 2 bath Luxurious Ocean View (alternate energy component)

      The balance can then be written off as “unanticipated consequences”.

    • The nitty gritty says:

      Your comment is moot New Kid.
      Even a schoolkid would point out these units were not needed in the first place.
      Look who initiated them? Ring any bells?
      The 100% financing era has proven to be the downfall of of both borrowers and lenders.
      The very fact they sit empty with another phase still going ahead and NO HOTEL should be proof enough.
      Labour governments have never cared about the land, in any country.
      Nor do they seem to care about the people here. Care to remind us of the days when the ship sailed on an even keel, more jobs than we had people? Rents were strong, homes increasing in value, an expectation that reward came from hard work etc.
      There has been a disaster ongoing that will take away HOPE for the next two generation, these commentators all see it PROGRESSIVELY and LABORIOUSLY getting worse. So maybe if you are not running in the next election to halt the madness, it is you who should take your insignificant contribution to the Warwick cliffside.

    • Pastor Syl says:

      @ New Kid on the Block: It’s not the 100% financing that will cost them $3 – $4K per month, it is the 6.75% on $500K which they will be borrowing (and that’s for the smaller apartments). If you work out the figures, that is what you come up with. There are programs on line that will give you the same information. If they go to the bank, they will find out the same thing. Perhaps you need to do some research first before telling others to “shut up”

  33. CFA says:

    Here it is…

    100% mortgages to people who can’t really afford them ie. a recreation of the circumstances that caused the greatest housing crisis of ALL time. Very Very bad idea and has the potential to push Bermuda into a double dip recession when so many other economies are starting to recover.

    Butterfield Bank undoubtedly is offering these 100% mortgages with a government guarantee. They would never offer 100% mortgages considering the position they and their parent companies are in. I would bet this year’s bonus that the govertment support / guarantee is at least to the extent of the 20/30% down payments banks are now requiring ie a second mortgage of sorts. So the govt has effectively created another debt position by securing these loans for its supporters…bad idea…and frankly the extension of the guarantee is another cost ultimately to the taxpaying public of Bermuda. Weeks is an Accountant and must know the difference.

    The hotel idea has floated away…people who have money do NOT want to live or vacation next to people who don’t. You don’t have to be a socioeconomic wizard to know this…which is why when these guys floated the idea of the Grandatlantic development almost 10 years ago, both banks at that time said NO. So they took the idea to government which again improperly supported such a deal without considering the implications…or even understanding….

    Last point and the most important. The real estate market has NOT stopped falling. We have not reached the bottom. So those buying these units will have equity stripped from day 1. And if any buyer loses a job, or is not able to support the debt and has to sell…will sell at a price lower than his or her mortgage obligation to the bank…so he/she will owe 50K, 100K for a property they no longer own…try that as an introduction to owning Bermuda real estate.

    While I appreciate they want to have some return on the investment – the return to the taxpayer on this deal begins with a negative sign.

    • Wee Pow says:

      Regarding your comment, the market has not bottomed out I agree with you. However, since these units are below market price, do you think that it is a decent investment? Or do you think the market will decrease much further?

      • CFA says:

        These properties are NOT below market price. If they were, they would have sold. The market price is the price that the market is prepared to pay for it. And the market has not paid a dime for any of them. So the prices of these do need to come down further – without having seen nothing but pictures – I’d hazard a guess that the right price is around $395K per unit and it is criminal that we have property on prime south shore real estate selling at that price….

        In short, these properties are not investment material….Investment suggests that one day you will be able to buy your unit for more than you paid for it….but these are intended to provide a roof for people….and in this type of circumstances…you wouldn’t consider it an investment as you be intending to one day sell it to reap a reward which for the most part is not the intention here. With prices at this price point, we are introducing a community, next to which no hotel developer would ever want to be close to.

        • Wee Pow says:

          You are corect in your definition of market price, however, the reason why they have not been sold could be linked to the deposits the bank require. i.e I can see a property I am willing to buy, I can afford the mortgage payments, but due to the banks increasing the down payment it is an issue. If these units do not sell with this new incentive, then I would say the market is not prepared to pay for them.

          80% of properties in Bermuda are not listed at a market price… Majority of homes I see listed on realtor sites have been there for 1 yr+.

          Please explain your comment “With prices at this price point, we are introducing a community next to which no hotel developer would ever want to be close to.”

          • CFA says:

            Take a drive through Boaz Island Village, Cedar Park, even Perimeter Lane and tell me if you would want to build a luxury 5 star hotel right next to these developments….

            • Wee Pow says:

              You are comapring apples to oranges… Those developments are for low-income persons/families.

              These are affordable units. The comparison you should use is the community at Loughlands. How many people do you know live at Loughlands? I know a few, all are white collar professionals making 80k+. Which I find sad, because even with good jobs they still could not afford property in the market.

              Probably what I liked most about Loughlands is how diverse the community is.

              So CFA… tell me how many people you know live at Loughlands? better yet, what type of community lives at Loughlands?

      • The nitty gritty says:

        Just look at the bar graph of yearly national debt, flip it right to left and you will have the likely trend of rents and home values …for the next 20 years.

  34. Cancer says:

    @New Kid on the block. No were not going to shut up cuz those buildings are a disgrace. Why do you think they can’t sell. If your a lawyer you sound like an idiot or a PLP blind loyalist! Which one???

    • New Kid on the block says:

      Cancer this decease of Cancer as you call yourself must be really eating you up!!! In my comment I didn’t call any of you any names, which I think is inmature on your part. I never said I was a lawyer or a supporter of the PLP, whatever I am isn’t any of you and any of your other angry supporters business. It is a personal choice who ever wants to purchase one of the Grand Atlantic condos. As I said before why don’t you and your supports come up with solutions which you feel would suit the Bermudians better instead of complaining about every positive thing that is taking place. Come on you misable folks start building some projects you think is suitable. They sure are a lot better then those that your government builded up Prospect, Barracks Hill Cedar Park. What is your solution where to build? Probably will be in some crowded density location. Definintely not in the area where you all live, choice property areas. As I said before get a life. New Kid on the block isn’t going to hold any puches back with you misarable people.

      • Verbal Kint says:

        I’m not hating and I’m not calling names, but don’t you think part of the solution is to cease the construction of the rest of these things until a more suitable time or a more suitable plan is in place? Offering a solution is one thing, but it does no good if government is unwilling to listen to good advice.

        • star man says:

          When has Ewart’s PLP/BIU Government EVER asked for, or taken good professional advice?! I’ll answer my own question: NEVER!!

      • Have a Cold One says:

        I lived in the “Prospect Barracks” for 8 years. I don’t know too many that were not happy there and many ofthe original occupants still live there. I was not a UBP or PLP supporter at the time and the same is true today. Personally I vote for good honest people. If I don’t feel there are any in my constituancy …I don’t vote! Simple! Im not going to vote someone in simply bcause of party affiliation? Think about it…how stupid have we become. Many of us are so brainwashed that we would rather vote in a idiot or an criminal, rather than vote for an honest person with good intentions and ideas, just because of our Party Affiliation. Put your blinders on Bermuda and forget about party politics. Ask the candidate that comes to your door, what do you believe in? What do you intend on doing for Bermuda to get us back on top? What have you done for this community?

  35. Verbal Kint says:

    Here’s a question for all of you, and I don’t expect a reply. If you were Gilbert Lopes, would you be civically responsible enough to advise government not to build any more of these until a beter time? I would like to think that I would.

    • Have a Cold One says:

      They are the governement!!!??? The LEADERS OF THIS COUNTRY aren’t they? Why should he? The only benefit to him continuing is keeping people employed. It is up the governement to push the pause button on a project? They have done it before. Lopes Construction do good work and NOT overbudget. They should try building the PIER. Hopefully they can build a causeway bridge.

    • Union Member says:

      NO Handicap Assessibility
      NO Water Saving Appliances or Grey Water Systems etc
      NO Energy Star Appliances, Solar Hot Water, Energy Insulation etc
      NO Effort to incoporate traditional Bermudian architechture etc

      These things would be needed for a development to be considered socially responsible. Mr Lopez and Politicians dropped the ball on this one….Can an emergency stretcher even make a radius turn coming down those narrow steps. Just because our legislation isn’t up to par doesn’t mean that a developer shouldn’t include certain things in the design.

  36. LaVerne Furbert says:

    Personally, I cannot see the contractor, Gilbert Lopes, being anything but concerned about housing Bermudians who otherwise would not be housed had it not been for his largesse. You Bermudians are so ungrateful!

    • CFA says:

      Get real Laverne. He is a DEVELOPER. It is not his concern, problem or interest as to whether they will sell. He gets paid regardless. I do not fault him but his motivation is driven by his capitalistic intention, not any social responsibility to Bermuda. Don’t get it twisted. He can and I am sure has take the profits made on this deal and that of Loughlands and bought a wonderful retirement home in another jurisdiction….

    • Dave West says:

      Gilbert Lopes is in business for one reason…..and it ain’t cause he’s worried about housing Bermudians. And besides, he’s been paid in full by the Government.

    • next? says:

      I can see Mr Lopes being very relieved that this development wasn’t his risk. He’ll be very glad to take take payment on multi- million dollar contracts that are guaranteed to pay out, especially in this depressed economy!

      On another note- having visited that stretch of beach fairly regularly in the last few years I’ve personally seen massive new erosion here. The photos Bernews have put up show how alarmingly close the properties are to the current edge.

      A big Hurricane could take out a substantial portion of the land between these condos and the edge. From what I gather there is little that Civil Engineers can do to protect such cliffs against powerful storm swells. Look at what happened to South Road in Smiths after Fabian.

      • pepper says:

        Whats up with Lopes ,Correia and Desilva ? does money mean more to them than integrity ? I think the Portugese community are fed up with these scoundrels.

        • CFA says:

          Why are they scoundrels? Because they took risks, developed businesses, employed people, including Bermudians? Provided a product or service that was demanded, did a fair job at it and along the way earned some money for their effort?

        • Have a Cold One says:

          I doubt that Correia and DeSilva could even utter a word of Portuguese? Mr Lopes is a different story, and proud (and aware) of his heritage. Why would the Portuguese Community be fed up with them? All construction projects are subject to approval or denial by the Planning Department. You know the guys and girls that look over drawings in such detail that it takes up to a year to get plans passed. If there is anything wrong with these homes, it is on OUR GOVERNMENT. We have our own Engineers, Planning People, Consulatants and Lawyers. If they let him build, they must either trust that the land is safe…or are willing to look the other way. Nothing that any of them have done would be reason for the Portuguese Community to dismiss them?

    • Face the Nation says:

      UMmmm Lavern , did ya ever notice the flag Lopes flies wherever he’s building . At a quick glance it looks unmistakably like a Pirate emblem . Those of us who know better recognise it as the Oakland Raider flag . Anyway you look at it Lopes is into the Bounty Hunting Business . I digress , any progress on that BIU Construction Fund Account ?

    • Hmmmm says:

      Oh Laverne, he would do it for free if that was the case. Whilst the construction industry flounders, Mr Lopes has had guaranteed money from this project. I bet he is cjomping at the bit to get the next phases going.

    • pepper says:

      Lavern,you are so stupid….. Gilbert lopes is all about himself he could give a rats ass about helping Bermudians…Gilbert is all about screwing the present Gov, to make money for himself…. I think Gilbert has out smarted the P.L.P.

    • Verbal Kint says:

      If Mr. Lopes is so generous, I’m sure he would gladly return the money he was paid on completion of this project. Besides, no Bermudians have been housed. Hosed, possibly, but not housed.

    • Rick Rock says:

      Next you’ll be telling us Correia built the pier out of the good of his heart.

  37. Specialgirl4You says:

    It is the same old “UBP/OBA Haters”….. Never have nothing positive to say, never present any real solutions…Guess what ? It may surprise them that many of their OBA fans have actually shown interest in purchasing the apartments. In fact even one of their very own candidates, all is not bad. Guess it must just be the “OBA/UBP haters” club that comment daily that have turned persons off from supporting the OBA. It is the same persons that acted like that group of UBP folks did, now they just have a name that reads “OBA/UBP haters”. Nothing new.,…same crap and nonsense every day………………..

    Mr. Dunkley looks like you’re not able to reach out to your folks in regards to this negative dialogue and low level of debate on issues. It surprises me that the OBA condone, and makes allowance for such negative behaviours.

    • Barracuda says:

      you sound more desperate every day.

    • next? says:

      The problem with you is that you’re so caught up in your own hate that you’re blind to anything except fanatical allegiance to your party. I pity you.
      From my point of view I’m firmly of the belief that Politicians are (9 times out 10), self- serving egotists who I wouldn’t trust to look after a goldfish.
      Unless you watch them like hawks they will abuse their position regardless of whether they’re PLP, OBA, Tory, Labour, Democrat or Republican.
      I have no vote here but I can tell you that in the short time I’ve been here I’ve seen Bermuda go from a peaceful prosperous place to a violent, debt ridden disaster.
      Take the rose specs off and grow up.

    • jt says:

      Anything insightful to add on the topic? As usual – no.

    • whatever says:

      Sort of like how SpecialNeedsGirl4You never has anything positive to say, never presents any real solutions, just keeps typing “UPB/OBA haters” like an obsessive compulsive. Nothing new…. same crap and nonsense every day……

    • Hmmmm says:

      So you have inside information on who has applied to purchase one of these units. Well there you go everyone, “she” is part of the problem and from what “she” said, she is probably involved and somewhat responsible for this debacle. Come on don’t hide behind your baby name, declare your true interests and financial interests in this. PATTI.

    • Have a Cold One says:

      Okay “Special Girl” By the way, before I start, I’m not pro OBA or Pro PLP – I vote on the individual. I can’t help but woder, if what you are saying is true name the OBA Candidate? If the announcement was mmade just today how would anyone have time to enquire. Also , did it ever occur to you they might “be showing interest” simply to ask questions to build support for themselves. However, as the great , positive believer in the PLP that you are, my final question is, “How many PLP MPs are lininig up to by one!”

    • Mountbatten says:

      SPG4U , You sure are a Screamer aren’t you ?

    • Michael Dunkley...the milkman says:

      @Specialgirl4You or should it be PLP/UBP4You …you are one to talk about negative dialogue and the low level of debate. The problem you have is truth hurts. I try to lead by example but that does not mean that I will shy away from being critical when it is appropariate…like with this move. This is another desperate political move by the Government and as many of the comments have already noted one of two things will happen…no first time home onwers qualify or want to buy or people do and are unable to pay the very steep monthly payments and down the road the probelsm mount.

      • Specialgirl4You says:

        No… Mr. Dunkely this is not another desperate political move by the Government, but a creative move to come-up with solutions. This is what governments should do, to work on building solutions, key ideas, and providing for their people. Unlike you, you’re best role is to “criticize”, but lack at providing any valuable, innovative solutions. You seem only to enjoy the process of condemning, and disparaging every idea the government comes up with, but yet add no real value to the solution, or giving praise where it is due. So clearly you come across as extremely disingenuous, and I did expect more from you. But guess I did mis-judge what you truly represent. You only focus is winning political votes, at any cause. What is sad is that as a so called Senator and a seasoned politician, I expected a much more from you. I person in your political position, should have responded with a higher level with a high standard of discourse, that rises above the bloggers. Instead, your only objective seems to be pulling the government down, and seeking votes. Also, attempting to decry down my position on the issue, which serves not real purpose? What is even sadder is that you actually condone the negative, pessimistic, disapproving behaviours of your fans and followers, and this does not bode well for a politician. So as you encourage such behaviours one would have to questions why is voting for such a party any different? As you are acting in the same manner as the UBP, no change just “OBA/UBP”. A good leader would instead engage in getting his supporters into higher level of intellectual dialogue to pinpoint the positives as well as built on solutions.

        • Come correct says:

          Um for one he’s not the leader…two he’s in the opposition and its his duty to be critical, otherwise he’d be like a back bencher right? And why the hell would the OBA give any ideas to the plp/black beret cadre? Thirdly, please do everyone a favor and GKY…thanks :)

        • Pastor Syl says:

          @ SG4U: I am now persuaded that you would not recognize “a higher level with a high standard of discourse” if it leaped up and bit you! I keep reading your comments hoping to find something worthwhile, but you too “lack at providing any valuable, innovative solutions.” Instead you repeat the same tired complaints over and over, as if repetition makes them true and valid.

          • Specialgirl4You says:

            “Being critical is easy, and offering criticism seems easier still”. However, anyone that hold the position of Senator, or MP are in a position of leadership, that is a given. Generally, constructive criticism should address an area that needs improving but does not speak to the person’s self. Constructive criticism should be a reasoned, unemotional response in an effort to impact change. The current level of criticism serves no real purpose, except maybe ego building of the OBA/UBP. To be critical for the sake of it, makes no sense, and guess many of you would not be knowledge about that, as you tend to engage daily to promote nothing but “negativity”.

            • LOL (original TM*) says:

              “Generally, constructive criticism should address an area that needs improving but does not speak to the person’s self. Constructive criticism should be a reasoned, unemotional response ”

              LOL you are incapable of the above hence you are just a PR (political robot) and by the way you have not said once what you think the opposition should do to achieve your ideal opposition /a government in waiting. You talk about raising the level of debate a line dirrect from 2007 elections mean while throwing out snipits of racial history that you believe will stagger the level of debate. The PLP MO if you will. How is that constructive? It’s designed to shut down debate and is the intent. Hence PLP bloggers like Madpup, Trident, the real HMMMMMM use to do, LF does all day every day, DB in the house did a trend started by EB and so on, all PLP people. Seems to me their desirre to “stick it to the white man” out ways what they should be worring about…. Bermuda and her people.

              • Specialgirl4You says:

                @LOL you and the OBA/UBP bloggers, just proved my point, have no ability to provide Constructive criticism, very incapable of it. You continue to engage in “Being critical is easy, and offering criticism seems easier still”.

    • The nitty gritty says:

      Special! It is not an issue if these were built by a private contractor with his own funds and then found no market for them.
      It is the people’s (taxpayers) money spent on a project that even Springhill Preschool graduates said was unnecessary, a blight on the landscape and certainly not ‘afffordable’ in the ‘New Bermuda’-’ Platinum Period’ , especially as the cliff was deemed not ‘ SOLID AS THE ROCK’!

  38. Familiar says:

    Setting aside my personal opinion of the look and location of the condos, I really do wish that I could see this as an opportunity for Bermudians to buy a ‘piece of the rock’, but after a few minutes of playing with Butterfield’s mortgage calculator I have to wonder how many people right now would have the $3,000 plus per month (30 year mortgage) to be able to afford these condos.

    I really urge those people considering this opportunity to take a long and hard look at their finances and possible future before taking the leap. We’re already seeing many foreclosures island wide and it would be awful to see more people putting themselves into a bad financial position when they’re only in search of the dream.

    • Wee Pow says:

      Just imagine people who are considering to buy property at the average rates…

      Do you think investing in property right now in bda is a good idea?

      • Pastor Syl says:

        @ Wee Pow: “Do you think investing in property right now in bda is a good idea?
        I would wait a little. Prices are dropping and will probably drop even more. YOu could end up with something quite beautiful at a fraction of the cost – although our prices will (hopefully) never compare to the US. If we can stop the government covering any more land with concrete eyesores, Bermuda will one day again be a jewel of a place to own a piece of.

  39. Cancer says:

    Their still ugly no matter what you say specialgirl!

  40. R you serious!!! says:

    100% financing @ 6.5% don’t help no one but the bank, and the home owner…..If BNTB truly want to help, try offering 100% financing with base plus 1%. The same thing that they offer staff.

    Government should have negotiated that!!!

    Now that’s an idea!!!

    • Educated Fools says:

      Exactly at the end of the day the bank is profiting to the tune of 6.5%! Maybe CFA can share why the interest rate is so high here? Most banks in the US lend at about 4% and Canada around 3.5%; why are Bermuda’s rates so high?

      • The rates here are higher because there is no secondary market for the banks to lay off the risk to. I.e. every loan they make stays on their books for the life of the loan. In the US the banks can issue the loans and then ‘securitise’ them so that private institutions can invest in them. These institutions are prepared to take a lower rate of return because there are so many of them looking to invest. Basically more competition equals lower rates.

        I wish banks here would find some way to lower their rates though. It would make all the difference in the World to us average Bermudians in these hard (and getting harder) times.

        • Educated Fools says:

          Thanks Chris, I appreciate the response.

  41. Falling down says:

    The only way one can make a profit on one of those houses. Is to buy one near the cliff. Take out a hugh life insurance on the person in it and wait for it to fall. Because fall it will. I think I’ll call my ex now.

    • jt says:

      baaahaaaaahhaaaaa!!!!!!!

      • all clogged up says:

        Hey Falling Down…..why don’t I call my Ex as well….it sounds like they would make perfect ‘dog pound’ mates hahahahahaha

        • Come correct says:

          I’ll call my ex too! I’ll even help out with the “erosion” lol

    • Union Member says:

      LOL!!!! Falling down…that was hilarious!

  42. Wee Pow says:

    lolol at people stating how expensive it is with 100% financing…
    Fact of the matter, in a climate in which banks require 15-25% down 100% financing is not bad at all. You have people who have good jobs but have not saved 100-200K as of yet, but still make a good wage to afford a $3-4k per month mortgage.

    Even with the home values going down this is still a good deal.

    Furthermore, these are not low income housing, they are affordable housing… chances are, if someone can afford 3-4k per month for a mortgage, they are not riff-raff.. They are professionals trying to get a piece of the rock.

    FOr people complaining about how the look, tell me of any condo developments that are less than 900k that are pleasing to the eye.

    Unless we live in a different Bermuda, I check the realty sites every single day and it is all garbage if the property is under 1.5 mill. .. but yet people are complaining.

    Actually, IMO out of the whole population, its probably an extremely small minority that is complaining.

    • jt says:

      If you can afford that you should be able to save money for a downpayment. Took me 10 years of VERY modest living (including my rental), two jobs, 1 trip every two years, crappy car, no eating out but was able to save 30% down and bought in height of market. Too many bloody people live beyond their means and then bitch about not making enough to buy a house. Not all – but too many.

      • Wee Pow says:

        That is a blind statement, different people have different situations.. i.e. kids, single with two kids, supporting a sick relative illness etc… thus it is very hard to save over time.

        So while you can say you did it, you dont know the situations others face.

        I agree with you on many people living beyond their means.

        • star man says:

          Ewart’s PLP/BIU Government is living WAY beyond its means!! That’s why we are in trouble.

    • Have a Cold One says:

      Ive madfe a few , less than positive statement about this subject today but I would have to agree with what you are saying. Great views, good price, and I agree with the idea in principle. But I ask myself , would I encourage my daughter and son-in-law to buy and live in one or even rent one ofthe ones close to the cliff face. I don’t know?

      • Hudson says:

        When deciding whether this is a good idea as an investment or not one would have to ask themselves a few questions:

        1) Will the price of the unit appreciate or depreciate over time? Unfortunately, given the housing bubble that exists, the abundance of empty units, the increasing level of unemployment and the worry about insurance given proximity to the cliff, the answer might be that the property value will be stagnant or depreciate over the medium to long term.
        2) Interest rates are at all time lows. Can I afford an extra x amount of dollars if the variable interest rate increases 2,3 or 5% over time? I think that one only has to look to the US housing market that initiated the global financial crises to answer that question. Maybe if you could get the bank of the BHC to guarantee a fixed rate for the entire period of the loan you’d be ok, but you’ll be lucky to see that!
        3) Am I comfortable living in a high density environment, or should spend a little less each month, live in a nicer place, and save the balance for my retirement funds?
        4) If I enter into this mortgage obligation, will i still be able to save 5-10% each month towards my retirement?

        Folks, these are simple questions which indicate why the units aren’t moving. Unfortunately given how much economic, social and political risk exists today these units simply aren’t a good investment at the asking prices. Remember, the value of something is only what the next person is willing to pay. Nothing more, nothing less. Stop worrying about politics and just look at the facts.

        • star man says:

          Which Insurance Co is gonna insure the units close to the cliff?? Anyone?

    • Rick Rock says:

      “Even with the home values going down this is still a good deal”.

      Really. So it’s a “good deal” to have a $650,000 debt owed on a place that is worth – say – $500,000?

      I see.

      You aren’t by any chance the Minister of Finance are you?

      • Wee Pow says:

        So in the private market is it sensible to have a $1,000,000 debt owed on a place that is worth say $400,000?

        • Mad Dawg says:

          No it isn’t. Neither one is sensible. You don;t actually have a point do you.

          • Wee Pow says:

            Real estate in BDA is a losing battle regardless…Possibly lose $150K or $600K. That is my point

  43. Kim Smith says:

    It will be interesting to see how many black Bermudians will blindly believe their black government that this represents an opportunity for them (and not for the government to get them out of a real bind).

    Just look at the state of many African countries where they are terrorised, raped, tortured and killed by their own African leaders. Maybe it’s because they have been so brainwashed that it is the white man they must fear… and not their own! What a great plot their leaders have hatched!

  44. True Dat says:

    3000-4000 dollars a month is not low income mortgage!! i don’t even take home $3000 a month in my paycheck and i work full time in the city of hamilton in an office!! these people are living in la La land!!! ;/

    • Wee Pow says:

      And these prices are below the market!!
      But yet no one complaining about that huh

      • Hmmmm says:

        You buying one wee pow? Put your money where your mouth is.

        • Wee Pow says:

          No, I am not ready to invest in real estate in Bermuda as of yet.

          First of all, prices are too high.

          Secondly job security.. do I believe that Bermuda will sustain this high standard of living for the next 25-30yrs? I dont think so, and that is regardless of the Government in power. Due to globalization and our reliance on international companies, I think the model will change… 25-30 yrs in business terms is a very long time.

          I could be wrong, but that is how I currently feel. perhaps in a few years my mind will change. Again I will reiterate, my feelings/perceptions have nothing to do with Bermuda’s politics.. its based on my observation on global trends/events.

  45. Teed Off says:

    For one thing it gives someone a chance to own a home. Two I don’t think its a bad idea and I am sure the homes are safe I have seen others in Tuckers Town closer , If they was not safe I am sure you could not find insurance. I know of a home in tuckers town that has a problem with that.

    • Have a Cold One says:

      You can get insurance for anything my friend. Earthquake insurance for a house near the San Andreas Fault. Flood insurance below sea level in New Orleans and Hurricane insurance in Bermuda. A person with three DUI convictions in two countries can get car insurance (I know one). You can even get Hole in One Insurance against a monetary prize for a golf tournament if you want. Everything has a price. You just pay more, based on risk…and sometimes on your “ability to pay”. An insraance policy should not be considered a certificate of safety. Im not saying that these places are not safe. I havent seen them. Im just responding to your post – thats all.

      • The nitty gritty says:

        It gives someone a chance to find out that every penny they make will be eaten up by a $4000 a month mortgage at a time when they could lose their job and watch home values drop to below that for which they paid. This has been the most talked about, written about scenario all over the world in the last few years yet here you still think it is some kind of ‘opportunity’???

  46. Pre Madonna says:

    100% financing or not – anyone who buys one of those condos will be doing something very foolish. There are better deals elsewhere in Bermuda because prices have dropped significantly – and you’ll be buying a place that will still be there in 50 years.

    The condos near SS Swizzle are doomed in the long term. They should be rented to tourists so that Bermuda makes some money back before they end up over the cliff.

    Stupid, stupid, stupid Government for doing this. Brainless, completely brainless. This will cost the taxpayer even more than the lottery housing.

    • Wee Pow says:

      LOL have you looked at the realtor sites lately? BS prices have dropped significantly and they are still overpriced. The amount of properties I have seenlisted for more than 1+yr is staggering.

  47. Oyeah says:

    Disgraceful waste of money look like shoeboxes ,cheap fittings plastic toilets seats and nylon shower curtains
    Is this the 70s or what!

    • Wee Pow says:

      I know of quite a few condo developments that look similar and on a realtors site are selling for 915,000 for a 3 bedroom.. $575,00 for a two bedroom. I have been in them and they are identifcal (but not new).

  48. Oyeah says:

    Spend and spin with this too?

  49. Hmmmm says:

    Hey…….what are the condo fees on these condos….nobody has mentioned howmuch folks have to pay for the maintence fees?

  50. The Hell!! says:

    $3-$4000 per month mortgage this government really takes the people of this country for fools. Or their living in la la land. How the hell is that affordable? And affordable to who? John Swans place is not fully occupied. They were going for $600.000+ Wake up folks please!!!

    • Wee Pow says:

      JS’s place was on the market (a few months ago) for 790-890k. Not sure where you are getting the 600k from.

      • Educated Fools says:

        Secondary market…you can’t sell an Atlantis condo right now or most others for that matter.

  51. Truth is killing' me... says:

    There are two types of sandstone in Bermuda. The Walsingham Limestone which is found on the North of the island which is very hard and is good for a foundation for a house to be built on and then there is the soft limestone that is found on the South Shore and near many of the South Shore beaches. These houses were built on the latter. Some houses on South Shore have had to be excavated meters down for a foundation to be laid. I recommend to you that you DO NOT BUY THESE LEMONS! You have been warned. I’m sure Gilbert new this before he built these units.

  52. Kim Smith says:

    OK – I am getting a lot of push back on my earlier comment and I know I got carried away and went out to the extreme on this one. My concern is that loyalty is a tricky thing. We have to keep our heads about us and be willing to look at things objectively and not just with blind loyalty. That’s when we can be manipulated and taken advantage of… and worse.

    • all clogged up says:

      you shouldn’t regret your comments…..sad you’re being attacked by loyalist but it could have been worse if you critisized the old 40…in the old days your morgage would get pulled and you’ll loose your job.

      • The nitty gritty says:

        ALL clogged up- at least you admit it with the name!
        The myth that under the UBP people were losing jobs or mortgages because they ‘spoke’ up
        is nothing more than myth. Give us names and dates of this happening. I can assure you jobs are being lost daily under the present Government and mortgages are being called in just as regularly but I would not stoop so low as to say the PLP have instigated it..caused it yes.
        If you were an adult during the UBP days I guess you would remember there being so many jobs and mortgages available we had to ship in workers and beg people to take advantage of the opportunities to own your own home.

  53. Het Bye says:

    Looks like a few people do not understand that 100% financing is not good for all parties involved.
    To begin with, the occupant of the property is paying off only the interest for many, many years, never attacking the principal. So the new home owner has no hope in hell in building positive equity in the home. They can never turn around and sell it for a profit or even get anything back on what they have paid in.
    They might as well go and rent, it is just the same. In today’s environment, they probably can get more for less, than the mortgage on these places.
    This bad for Government and the tax payer, occupants having no vested interest in the property; there is nothing to stop them from walking away from their obligation and leaving both Government and the tax payer high and dry. The bank will go after the Government as they guaranteed the loans; in turn Government will go after the tax payer to pay for their mistakes.
    Another negative affect of zero deposit, the occupant has no incentive to maintain the property and have pride in ownership. They will use the place and when they can no longer keep up with the payments, just walk away from it, losing nothing.
    Before you know it, those concrete monstrosities on the south shore will become weather beaten, dilapidated and interiors a mess; costing the tax payer more money, to maintain.

  54. Hmmmm says:

    How much is the land tax on one of these Condos ?

    • bermyluv says:

      Maybe the people on the third floor don’t have to pay land tax. :)

    • The nitty gritty says:

      ..or insurance, Belco,Telco,car loan,cellphone, schooling, food, social ins, mandatory pension, payroll, parking tickets, gas, repairs, liquidator,storage locker, trucking….

  55. Hmmmm says:

    How come first time buyers can’t get 100% mortgage on other property purchases. Why does it just have to be these. What if I’m a first time buyer and don’t want one of these, why am I being discriminated against and not getting the same deal?

    • Triangle Drifter says:

      Wait a little while. You will get your chance if you want to be as foolish as any first time buyer who might get involved with these sand castles.

  56. Pre Madonna says:

    @Hmmmmm. Its an election spin and nothing more. PLP BS for the brain dead who may still actually vote for them. Don’t be fooled by these people.

  57. Cancer says:

    Specialgirl once again has proven she’s a blind loyalist in dreamland. Out of all the contributions to this thread she is one of the many few how can’t see these house are not worth the price for the land they sit on. All she can say is that oh the OBA/UPB are at it again. Well specialgirl I wonder if you would purchase one of these places for yourself. Why don’t you put hour money where your mouth is… Or encourage your recently married son or daughter or other family member to purchase one because you think its a good deal. Because these homes are zero down does not help. Who can afford to pay the 3000-4000dlrs a month at this current time? Specialgirl I keep telling you that you are a blind loyalist to the flipPLoP. You need to wake up open your eyes and see the light! Everytime the PLP tries to make themselves look good for the people it’s always a flop. I guess that’s how they get their name flip flip PLP !

    P.S. When there’s a hurricane on the way from the south shore run for your lives and take reffuse somewhere else!

    • Specialgirl4You says:

      It is the same old “UBP/OBA Haters”….. Never have nothing positive to say, never present any real solutions…Guess what ? It may surprise them that many of their OBA fans have actually shown interest in purchasing the apartments. In fact even one of their very own candidates, all is not bad. Guess it must just be the “OBA/UBP haters” club that comment daily that have turned persons off from supporting the OBA. It is the same persons that acted like that group of UBP folks did, now they just have a name that reads “OBA/UBP haters”. Nothing new.,…same crap and nonsense every day………………..

      Mr. Dunkley looks like you’re not able to reach out to your folks in regards to this negative dialogue and low level of debate on issues. It surprises me that the OBA condone, and makes allowance for such negative behaviours.

      Cancer is so nasty and negative, and if he is the leader of the “OBA/UBP haters” club, well you are all doom. This is going to eat him alive. God does not like ugly. He is a deadman walking with nothing but bitterness in his heart. Hopefully the hurricane can blow away all this negative dialogue and help persons to find some love in their hearts instead of this constant negative “OBA/UBP haters club”.

      • Triangle Drifter says:

        Solutions…you want real solutions??? Here is one for that property. How about instead of building unsellable condos the property could have been turned into a park with a nice turnout so that locals & visitors could enjoy the spectacular view?

        The cost would have been peanuts & the result would be something everyone could enjoy, especially those on the hill behind who have lost the views & gained massive ugly.

      • star man says:

        Ho-hum….

      • Familiar says:

        Not for nothing, but a hurricane may well be the end of those condos.

      • My two cents says:

        Oh for heaven’s sake girl! Get a grip!

  58. Fed Up Bermudian says:

    Not defending anything, but this wasn’t intended as ‘low income’ housing. Those properties were available elsewhere. Apart from the alleged engineering issues re: ground conditions- and I have no doubt that they are real- the premise was reasonable. Build reasonably priced houses for people who wanted and could afford slightly more up-scale housing. The sad reality is that few people can afford to buy these days, and the only thing that will change that is an upswing in the economy. So- before the blasting on this site started, with regard to the ‘low income’ angle, please understand that low income was NEVER the target group here. Again, no defence in this- just trying to tell y’all about the facts. Do with it what you will.

  59. Johnny Boy says:

    If it doesent work as low cost housing, turn it into a low cost Tourism destination,

  60. Dee says:

    ‘Hey…….what are the condo fees on these condos….nobody has mentioned how much folks have to pay for the maintence fees?’

    According to the news on ZBM – $450.00 per month. So that coupled with the monthly mortgage on the cheapest units adds up to an outgoing of $4,290.00 per month BEFORE your Belco, Telco, Groceries, Insurance, Car/bike expenses. In addition there’s the Stamp Duty and Conveyancing Fees to take into consideration. Stamp Duty on the cheapest units ($495,000) is $14,350.00 and Conveyancing Costs would be approximately $5,000.00. for a total of $19,350.00. These costs are normally split 50/50 between the purchaser and the vendor for a total of $9,675.00 each.

    • Remember that there was duty relief for first time purchasers if the price is less than $750k.

      I am surprised at the tone of most of these posts. The benefit to any purdhaser is to have a home for themselevs and their families. If the posters do not need the benefit they should at least be positive and supportive of those that do. If I was in the circumstance to purchase one of these units, the majority of these post would be very discouraging to me.

      • star man says:

        Exactly. The message is don’t waste your money.

  61. Cancer says:

    Fed Up Bermudian – the issue is that there is nothing upscale about these condos. One would have thought that if the government was going to destroy an already beautiful piece of property for housing that they would have put attractive looking buildings there with maybe formal looking terraces, different colours with beautiful plantation. Those big grey ugly buildings that is there now is a disgrace for that property that it replaced. ESP the two big Lego blocks next to the road that only overlook the highway. So to suggest these were more upscale homes have certainly now only become a choice for low income people. It appears there still is not a high interest even though 100 percent financing has been offered whi h is probably due to the ugliness of those buildings, no elegant surroundings and dangerous cliffs that this project sits on. Upscale? Don’t think so!

    • Fed Up Bermudian says:

      I said ‘slightly more upscale’ in relation to ‘low-income’ housing. Sheesh. I don’t think they’re high-end by any stretch and never alleged that they were. I was merely stating the intent…and if we’re picking at nits, since when is South Road a highway???

  62. Dollars and Sense says:

    suicide.

    • Curious George says:

      The phrase “suicide, it’s a suicide” was first used by rapper KRS-One on the song “Moshitup” in 1987. It has since entered into hip hop music as a meme, and has been used by artists such as Ice-T, Gravediggaz, Redman, Fabolous, Ras Kass, Jay-Z, Jedi Mind Tricks, Snoop Dogg, Kokayi and Krayzie Bone. It serves as a good example of the intertextual nature of the genre, where quoting older works serves as a form of homage to other artists.

  63. Damage Limitation says:

    I suggest the project be mothballed and the doors bolted, it has already achieved its goal of making housing prices plummet. They do not need to be occupied with the hundreds of vacancies in the private market. I would also strongly suggest that construction of all condominium developments is halted for a few years with no exceptions.

    Alternatively, if we do want to fill them we better get some more guest workers on the island lickety split to fill up all the empty places.

    I feel sorry for the Housing Corporation, the Developer, and Bermuda.
    Is everybody in Government drunk? I thought it was just Public Transit operators.

    • Bewildered says:

      Don’t feel bad for the developer Gilbert Lopes. He’s one sharp guy and I’m sure he’s made his millions from this, and been paid. Far smarter than the BHC or Government people he deals with.

      • Triangle Drifter says:

        Inna! He did not get where he is by being lazy or stupid. It does not take much to outclass the PLP or the BHC which is littered with PLP jobs for the boys.

  64. Mad Dawg says:

    When we name it, it should be called the “Ewart Brown Project”.

  65. Bank Rolled says:

    I just came from the bank and brought one of the Condos!!!….My mortgage is only $1500 per month!!!….Now this is what I call buying Bermuda!!!!

    Oh Geese I just woke up from my dream….darn!

  66. Baffled says:

    It interests me that the comments on here all bash the Government’s decision to build these units, to sell them at unfair prices, and now to finance them completely. I do hope the persons making these comments DID NOT vote our current government in, because if they did, it’s like the pot calling the kettle black.

    This ploy to put bodies in units as a “good look” for the upcoming election is undeniably see through and I hope we as a country do not fall for it.

    I hope that in the upcoming election votes are tallied for the right reasons. Please, let go of your family/political affiliations and vote for a party that has the ability to effectively run a country, despite skin colour or where they grew up.

    As a black woman, I am sometimes guilty of rooting for those that look like me. It’s easier that way, but it is not helpful.

    Government is a business. You must have business minded people to effectiviely run any corporation, and Bermuda’s government is no different.

  67. VOTT!! says:

    This debacle began when the govt sold the Bermudian public on the notion that a hotel would be built as part of the development (fool me once shame on you..fool me twice shame on me)and secondly the day the developer broke ground.

  68. yup says:

    I think I might buy one of these, and buy a good house insurance policy so when they tumble down the cliff I can buy a stand-alone house and put the rest of the claim into savings. Investment opportunity (sarcasm)

  69. Cancer says:

    Probably were lied to again – no hotel going to be built there! Won’t be any more land left anyway. That area is looking too congested. With those ugly grey condos, the big gas station, the homes on the other side of the road, then a proposed hotel if it ever happens will look like a concrete jungle- a beautiful piece of south shore ruined.

  70. not a hater says:

    I’ve never commented here,but am surprised at the amount of “qualified engineers”,cyber-thugs,and sad misguided people writing here! Mr Lopes is not the culprit here by any stretch. Yes he is a capitalist businessman and successful at that but this was Governments blunder not his. For a fact I know Mr. Lopes has done much more to enrich and better our community than I have time to list here. Being a former employee I can say his work force and sub contractors have been majority Bermudian. He has gone above and beyond for his employees for many years. Nor do I have the space to list his many,largely anonymous,acts of philanthropy! So maybe instead of writing here some of you should visit the old “Incubator”, Shelly Hall, and Trewlany and ask the residents their opinion of Mr. Lopes. Then place the blame where it lies…with the Government not Mr. Lopes.

    • Verbal Kint says:

      I don’t know Gilbert Lopes and I don’t really care how good an employer or person he has been. My problem is with the faulty logic going down here. First, you call this a “blunder” not of Mr. Lopes’ making. If he recognizes it as a blunder (as most people are), yet goes ahead with the next two phases, whose interest is he looking out for? Second is something my Dad used to say. I don’t mean to imply anything or to impugn Mr. Lopes, but if a man steals a million dollars and then gives half to charity, is he a philanthropist or a thief?

  71. bermyluv says:

    Since the government of Bermuda is in the business of giving guaranties, I will buy one of these properties if and only if the government guarantees me that when I sell it in 5 years, I will get no less than my purchase price plus fees.

    If they can guarantee a certain value, say 5 to 10 years out, I will gladly purchase one…of course with at least 15% down that is.

  72. So Tired says:

    Unless the mortgages are going to be spread over 1,000 years, the people in mind for these places still won’t be able to afford them! What a waste of prime real estate!!

  73. VJ says:

    I don’t understand why people are so negative or assume because one needs 100% financing they cannot afford these units. The combined income of my household is just over 10k. We are pre-approved for a mortgage but still need to come up with a down-payment (which we have been feverishly saving towards). We were quite excited to hear of this proposal and will be seriously looking into getting one of these units. I resent people assuming that because we’re taking advantage of the 100% financing we’re going to go bust or crash and burn. Our income is sufficient to cover the mortgage and we probably won’t pay much more than the $3000 we’re currently throwing away on rent. Well done PLP and thanks for thinking of people like me that make decent money but just don’t have thousands in cash sitting in the bank!!!