ONE OCEAN Closes on Two Penthouses, Paradise Island Appeal ‘Greater than Ever’
ONE OCEAN, the luxury high-rise condominium at the eastern end of Paradise Island, announced this week it has completed sales of two of its most expensive units – 10th floor penthouses with massive square footage and 10-foot high glass walls affording sweeping views of islands, harbour and sea.
The closings brought to nearly 70% the amount of prime harbourfront residential real estate inventory gobbled up since Canada-based Replay Destinations Bahamas Limited took over the once-challenged property.
Replay Destinations Bahamas has poured millions into improvements. The company known for its turnaround successes in Hawaii, Antigua, Mexico and Utah residential and resort properties has all but rebuilt the dramatic 10-storey tower. It has invested in infrastructural and cosmetic upgrades, increased amenities, transformed public spaces and residential accommodations and revitalized marketing. Major capital expenditures included new chillers and elevators — all on site now for installation — and a total makeover of the pool deck that looks like it rolled off a magazine cover.
The investment and style have brought new interest, especially from prospective North American buyers, driving up prices and adding measurable value to the property, flipping it from dreaded white elephant in receivership to a hot property in an already bustling Bahamas waterfront market.
According to local real estate broker Tracey Barone, the recent penthouse sales reflected dual desirability.
“The completion of sales of two penthouse units at One Ocean in a relatively short space of time speaks volumes for both the desirability of the offerings and for the continuing appeal of Paradise island,” said Barone. “Paradise Island remains a destination like none other. Buyers enjoy the proximity of an almost fantasy-like existence, year-round warmth, a top-rated golf course at their back door, Nassau harbour at their front and all the attractions, dining, leisure and entertainment experiences of Atlantis and other hotels nearby. Add to that the security of a building like One Ocean with amenities including underground covered parking and 24-hour concierge service and it is easy to see why there is so much interest.”
Replay assumed ownership of 52 unsold, unfinished units of the 10-storey building in 2015. Since then, the company has sold 35 residences, or some 70%, with only 17 units remaining which Replay’s Jeff Barrett says are likely to attract offers soon.
“We are moving as fast as we can without cutting any corners,” said Barrett. “When we decided to take the bold step of lifting off the roof and going upward, extending the height of the top floor to create nine penthouse residences reaching skyward, we knew we had to make it spectacular. It was going to be stunning or it wasn’t going to be. And we did it — sheer walls of glass opening to views of the greens and fairways of the Ocean Club golf course set against the backdrop of blues of the Atlantic on one side and the boats in Nassau harbour on the other.”
What Barrett calls “endless gazing opportunities” was matched by sheer size. The two penthouses that closed recently featured four bedrooms each and averaged over 5,000 square feet, one coming in at 4,690 square feet and the other at 5,820.
“When you take the best lifestyle location, Paradise Island, and you pair it with the ultimate in luxury at a fair price, add in extras like security, 24-hour concierge service, two covered parking spaces per residence, a fitness centre, social calendar and more, you have a winner,” says Barone. “Right now, it’s pretty hard to beat One Ocean and I think it will be for some time to come. I suspect we will sell out before demand runs out.”
There are eleven 2-bedroom residences, one 3-bedroom residence and five 4-bedroom penthouses remaining with completion date by year-end. Units range in price from $995,000 to just under $5 million.