Condo Sales: 5 Approved, 15 Being Screened
[Updated with video] To date 5 persons have been approved by the banks to purchase a Grand Atlantic condo, and 15 additional people are being screened by the Bank of Butterfield for approval, Public Works Minister Michael Weeks said today [May 29].
The Grand Atlantic Development in Warwick 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.
In March 2012, Minister Weeks announced that 100% financing for the units will be offered to qualified first-time home purchasers. With 100% financing, a 25 year mortgage [at 6.5%] for the 2 bedroom is approximately $3,340 per month, while a 25 year mortgage for the 3 bedroom unit is approximately $4,500 per month.
Minister Weeks held a press conference about the WEDCo project earlier today, and after speaking [PDF] on that topic said, “Another project that the OBA and a handful of the community have taken it upon themselves to discredit and attack at every opportunity is the Grand Atlantic project.”
“Those who understand real estate know that you don’t simply buy a residential unit in a day. There are applications, contracts, credit checks, conveyanceing and so on that can take a while to complete,” said Minister Weeks.
Minister Weeks said, “Recently, some environmentalists, who, by the way are not qualified engineers, made all sorts of claims about the cliff face on the property.
Dr David Wingate has warned that the cliffs underneath the condos are eroding at the rate of 1 – 2 metres every decade, and said that in his view one single category 5 hurricane could cause the cliff to erode all the way back as far as the condos.
The photo below, courtesy of Todd Martin, shows the condos from the waterside, click to enlarge:
Minister Weeks said that engineers carried out geotechnical surveys on the site and designed “mitigating structures to ensure the integrity of the cliff face.”
“A wall was built along the base of the cliff and is approximately 485 feet long. The excavation into the bedrock was not less than 4 feet in all locations with the contractor then erecting 10 panels as high as 12 feet in some spots – with concrete poured behind them.”
“The depth in all locations is not less than 3 feet; where cavities were found in the cliff face, depending on the depth of the cavity as much as 8 feet of concrete was poured.”
“We have done everything possible to ensure this development is safe,” said Minister Weeks.
Minister Weeks also said it is “important to note that similar developments have taken place with no issues to date on the South Shore” such as the Tuckers Point Development, Surf Side Hotel, the Reefs Hotel and the Breakers Club, which the Minister said “is right next door and has been there for several years without incident.”
The Minister concluded his press statement today by saying, “Finally let me appeal to the very small groups of people who seem to take great delight in criticizing these developments.
“Stop. For the sake of those who will be living in these homes, and for the sake of the entire island – stop tearing each other down. Instead, let us build one another, together.”
So 5 sold, maybe, and 73 to go.
I hope they like them a real lot, because they will never be able to sell them.
Actually he said 5 are sold, and 15 are in process.
Actually he said 5 approved. They have not agreed to buy yet.
I paid to build them at 4 times the cost, I paid to subsidize the below market selling price, I’m gonna pay when someone defaults on the morgage……..and PLP loose my vote while gaining the lottery winners vote ;-( Lopes is the biggest lottery winner
hmmmmmm and I am supposed to feel comforted by this:
“Stop. For the sake of those who will be living in these homes, and for the sake of the entire island – stop tearing each other down. Instead, let us build one another, together.”
I think not.
I’m gonna print this article out, put it in a safe lock box and pin it to his door when they fall into the water…no real hurricanes for a while huh? Don’t you think its only a matter of time?
If all PLP MP’s buy one unit, then rent it out at an affordable rental, say $1500 per month, they can justifiably say they have personally contributed to providing low cost housing, and also saved the taxpayers from having to step in. A win for everyone.
You really think their money is here. Pleeease. Its strewn all over the States and Carribean.
Great idea. They’re such a ‘great’ and ‘safe’ investment that it could only be a win win! All PLP MPs should buy one and rent it out. Show us what we’re missing!
Nice photos Bernews. Firstly of the “gulag” prison type fence in front of the ground floor units. So you look out at the South Shore through a chain link fence.
Do “click on the photo” as per instructions in the lower photo to see the real horror of the cliff face from the waterside. Not having walked on this beach in years, it is now shocking to see the speed of the erosion in just a decade.
Just how did the concrete retainer wall and the bulldozed driveway get past the Department of Planning?
I think the prices are too high (mortgage payments), they are very nice and in a great location((I am one that cannot afford them and was not approved). If others feel they are suitable for them go for it! I tried!
I agree with renting them from $1000 – $2000 per month is an option.
Next time for me! Still looking!
And he built his foundation on sand.
Matthew 7:24-29
1- The wise man built his house upon the rock (3)
And the rain came tumbling down.
The rain came down and the floods went up (3)
And the house on the rock stood still.
2- The foolish man built his house upon the sand (3)
And the rain came tumbling down.
The rain came down and the floods went up (3)
And the house on the sand fell down.
…when I look at that scene from the water, I think it would make ideal target practice for the British Navy!
Will these owners be able to buy insurance? Or, should I say, will they be able to afford insurance? If not, who is going to foot the bill on this “government low-income housing project” when they do fall into the sea?
We had better hope these get sold. We the tax payer paid for them and still are paying for them! Just a small piece of the debt pie we Bermudians are in for the long run! Taxes will keep going up every year for years to come!
They will all fall into the ocean , just look at the cliff . Come on people , use your common sense.
So much for “no interest being shown in these units” as the OBA spouts daily. Of course in this economic climate it may be difficult to sell all of them in a flash, however there are still people that are interested in purchasing homes and should not have to listen to the Opposition spout their negativity day after day.
Ok first this PLP and Mr Weeks this isnt anything to be proud of no one has brought anything yet, and even for some reason if theses 5 or even lets go way out there the rest of the 15 do buy how many units will be left? For real and they still want to build more lets use some common sense an not build the rest untill you really sell some and more 20. I like others i cant afford these but we will still be paying for these.
so so said.
3300 for a 2 bedroom small condo compare to 2300 for a better size 2 bedroom place come one.
i agreed with many people this is not affordable.
Have a good one all.
At this point who really believes what his government says really?
I don’t believe that there are 5 let alone 15 people who are stupid enough to buy one of these. This is a set up by Government to make it look like a success.
Mind you, there were plenty of people stupid enough to vote PLP the last few elections so what does that tell you?
$3300 for 2 bedroom house!!! $4500 for a 3 bedroom family house…. thats reasonable i mean between the mortgage, belco , groceries, nursery or after school care, basic cable , bus pass, gas for the bike…. I dont mind struggling for the next 25 years just to live month to month!! but WHAT A VIEW!!:)
condo sorry not my own property house.
I may have missed it in the past, but what are the estimated monthly condo maintenance fees? Has anyone considered what the monthly fees would need to be in order to provide general maintenance of the exterior paint, roof, and grounds of a property right on the water? In addition, until the vast majority of units are sold and thus maintenance fees are established/sizable, I would doubt the current owners (government?) will expend any proper money on budgeting for the present or future needs. Hence, you could move in 3 years from now and find that the ‘kitty’ is short by many tens (if not hundreds) of thousands of dollars that the then new owners will need to figure a way to come up with. This is not uncommon and many people who buy condos fail to appreciate that they need to check the financial health of the condo development they are buying. If your development does not have a proper budget, you can be one ‘unexepected’ repair away from significant owner assessments.
Is it just me, or does it look like those condos are hanging precariously over that cliff? All it takes is one very serious hurricane\storm and they will tumble into the ocean…god forbid that should happen, but if it does, who would be held accountable? There will be a lot of finger pointing going on..in any case, let’s just hope that the wall holds up..