Exuma's High End Villas
by Sam Smith, Guardian Staff Reporter
- The Nassau Guardian, November 17, 2006
Exuma's 365 islands and cays, together with
their expanse of shallow turquoise waters, have
long been marketed as the yachting capital of
the world. Travel magazines and international
newspapers pour over the archipelago's pristine
shores in breathy phrases such as "undiscovered
beauty" or "best kept secret."
Where a smattering of unassuming hotels with
folksy names such as The Peace and Plenty and
Chat and Chill once ruled Exuma's tourism landscape,
the recent developments at February Point and
Emerald Bay now offer travelers and second-home
owners a full-service alternative.
Times have changed, and the marketing environment
is rolling with them. The developments' immaculate
pied-a-terres, which are supported by luxury
spas, state-of-the-art gyms, gourmet restaurants
and marinas equipped to accommodate the world's
largest yachts, contrast against the as-yet
undeveloped backdrop of Great Exuma.
One a clear evening, the developments seem
as if they could be seen from space. Developers
certainly go out of their way to be seen from
cyber-space: Virtual tours, photo walkthroughs
and online reservation tools keep vacation shoppers
interested from their cloistered cubicles thousands
of miles away.
A new iteration has occurred in Exuma's rapidly
evolving tourism landscape: high-end private
villas that offer high-net-worth individuals
– a pointed description for people with
more than $1 million in assets – corporate
hobnobs and well-to-do families an opportunity
to experience the serenity of the Family Islands
with Hollywood Hills services.
The plan is simple: Find a private estate on
a beautiful beach, and staff it with polished,
professional individuals who are prepared to
offer anything clients could possibly imagine.
Chefs, butlers, chauffeurs and individual vacation
planners are among the individualized amenities
that can accompany reservations on the private
spaces. "Simply choose the services you
need and the lifestyle you desire," reads
one company's sales pitch.
The Guardian was able to identify four estate-rental
companies that offer concierge services to their
guests, for an estimated 25 such establishments
nationwide. Capricorne Villas, a private investor
enterprise, appears to enjoy the lion's share
of the market on Exuma.
"Exuma is by far the most interesting
island when it comes to investment property
and villa rentals" in The Bahamas, said
Capricorne Villas president, Marcus Haglid.
"Before visiting Exuma, I spent one week
in Eleuthera and one week in Nassau. Compared
to Nassau and Lyford Cay ... Grand Isle Villas
and February Point are much better suited for
luxury villa rentals."
When asked why, the affable Swede explained,
"Exuma is a very exotic place, not too
far from metropolitan areas in the United States,
and it has that turquoise water that ... American
high-net-worth investors are looking for, and
the beaches are pretty calm compared to Eleuthera,
and ... the probability for hurricanes affecting
the island is less big (on Exuma) than it is
on Eleuthera." Currently, Capricorne Villas
owns none of the estates offered under their
branding, choosing instead to operate contractually
with owners of the multi-million-dollar properties.
Haglid and his partners might be putting their
money elsewhere. Capricorne Villas is currently
exploring the possibility of purchasing property
for the first time. "I think in 10 years,
we will see the same development on Exuma as
we do on Cabo San Lucas (Mexico) and other high-end
places around the world where you see a lot
of American investors," Haglid said.
The concept of rental villas is not a new one
in The Bahamas. Paradise Island is replete with
them: Sunrise Beach Villas and Harborside Atlantis
combine to offer 540 villa units.
The Ministry of Tourism does not singularly
track how many villa rental agencies have been
established. In the annals of the MOT's statistical
digests, a five-bedroom villa falls under the
same classification as the Atlantis.
The model of cooperating with owners would
seem to be a forehead-slappingly self-evident
business model in a country where a large percentage
of residential properties are foreign-owned
second homes, but the young and lean company
appears to be among only a handful in The Bahamas
that cater to the penchant of the exceedingly
wealthy for both high luxury and high privacy.
Haglid said Capricorne's "initial plan,
which we are still following, was to start to
cooperate with owners of luxury estate homes,
not only with the purpose of renting their homes,
but also, and more importantly, to learn about
the different markets and to build an infrastructure
of good people."
Haglid said that through sticking to the original
plan and the company's "smart on-line marketing"
Capricorne Villas has managed to turn a profit
within a matter of two years. He declined to
say how profitable or offer evidence of the
claim.
One online community on which Capricorne Villas
has focused is the invitation-only social networking
site, aSmallWorld. Tiger Woods, Naomi Campbell
and Paris Hilton are said to be members of the
website, indicative of Capricorne's target market.
Emblematic of how times are changing on Exuma,
an "unofficial study" conducted by
the Ministry of Tourism in 2005 for potential
investors identified five luxury resorts in
the Exumas, only one of which offers concierge
services.
Sources in the Ministry of Tourism stated that
while property management companies, such as
Capricorne Villas, often slip through the information
gathering cracks, going uncounted and unregulated,
changes are in the works to develop more sophisticated
tracking and cataloging technologies.
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