Intelligent Real Estate Solutions Appraisal Report€¦ · Intelligent Real Estate Solutions...

Intelligent Real Estate Solutions

Appraisal Report Lot 9, Block 6, Gulfstream, Lyford Cay

Nassau, Bahamas 7 October, 2013

Robin B. Brownrigg, CCRA, CREA, Appraiser

Bahamas Realty Ltd. | East Bay Street | P.O. Box N-1132 | Nassau, Bahamas

Phone: (242) 396 - 0000|Fax: (242) 396 - 0010

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“Driven To Provide The Highest Standard Of Real Estate Services In The Bahamas”

Real Estate Sales | Rentals | Appraisals | Property Management | www.bahamasrealty.bs P. O. Box N-1132 Nassau, Bahamas | Tel: 242.396.0000 | Fax: 242.396.0010 | [email protected]

Intelligent Real Estate Solutions 7 October, 2013

Ms. Jacqueline Ugorji Paralegal to Richard L. Flowers, Jr. Flowers & Frankfort Attorneys At Law 5020 Montrose, Suite 700 Houston, Texas 77006 USA

Dear Ms. Ugorji: Re: Appraisal - Gulfstream, Lyford Cay

In reference to your request for an appraisal of the property located in Lyford Cay, we have conducted the required investigation, gathered the necessary data, and made certain analysis that has enabled us to form an opinion of the market value of the subject property.

Based upon our investigation of the property and analysis undertaken, we are of the opinion that as of 7 October, 2013, the subject property has a market value of:

Four Million (B$4,000,000) Dollars

The narrative appraisal report that follows sets forth the identification of the property, the assumptions and limiting conditions, and the conclusion of value.

Yours sincerely, BAHAMAS REALTY LTD. Robin B. Brownrigg, CCRA, CREA James C. Bernard President/Senior Appraiser Licensed Appraiser/Sales Agent

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Appraiser: Robin B. Brownrigg Page Lot 9, Block 6, Lyford Cay Subdivision Appraisal Report

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TABLE OF CONTENTS

1. PURPOSE OF APPRAISAL: 3 2. DEFINITION OF MARKET VALUE: 3 3. DESCRIPTION OF PROPERTY: 3 4. TYPE OF PROPERTY: 5 5. ZONING: 5 6. HIGHEST AND BEST USE: 5 7. LOCATION: 5 8. SERVICES: 7 9. NEIGHBOURHOOD: 7 10. RESIDENCE: 8 11. BOAT HOUSE: 10 12. SITE IMPROVEMENTS: 11 13. OFF-SITE IMPROVEMENTS: 12 14. METHODS OF VALUATION: 12 15. ESTIMATE OF VALUE BY THE COST APPROACH: 14 16. ESTIMATE OF VALUE BY THE SALES COMPARISON APPROACH: 15 17. RECONCILIATION OF VALUES: 20 18. VALUATION: 20 19. CERTIFICATE OF APPRAISAL: 21 20. ASSUMPTIONS AND LIMITING CONDITIONS: 21 21. QUALIFICATIONS OF APPRAISERS: 23

ADDENDA

Photographs Comparable Sales Map

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SALIENT FACTS:

Property Identification: Lot 9, Block 6, Lyford Cay

Address: Bayswater Lane

Requested By: Flowers & Frankfort Attn: Ms. Jacqueline Ugorji

Type of Property: Single-family residence

Site Area: 0.84 acres

Gross Floor Area: 5,925 sq. ft.

Zoning: Single-family residential

Effective Age of Building: 5 years

Highest and Best Use: Single-family residential development

Date of Property Inspection: 3 October, 2013

Appraisal Value: B$4,000,000

Effective Date of Appraisal: 7 October, 2013

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1. PURPOSE OF APPRAISAL:

On 24 September, 2013, the undersigned were requested to prepare an

appraisal at the instance of Flowers & Frankfort, attn. Ms. Jacqueline Ugorji

for the purpose of estimating the Fair Market Value of the subject property known

as Gulfstream. The property is situated in Lyford Cay, in the Western District of

New Providence, Bahamas, of which Nassau is the capital.

2. DEFINITION OF MARKET VALUE:

"Market Value means the most probable price which a property should bring in a

competitive and open market under all conditions requisite to a fair sale, the buyer

and seller each acting prudently and knowledgeably, and assuming the price is

not affected by undue stimulus. Implicit in this definition is the consummation of a

sale as of a specified date and the passing of title from seller to buyer under

conditions whereby:

1) Buyer and seller are typically motivated;

2) Both parties are well informed or advised, and acting in what they consider

their own best interest;

3) A reasonable time is allowed for exposure in the open market;

4) Payment is made in terms of cash in Bahamian dollars or in terms of

financial arrangements comparable thereto; and

5) The price represents the normal consideration for the property sold

unaffected by special or creative financing or sales concessions granted by

anyone associated with the sale".

3. DESCRIPTION OF PROPERTY:

All that piece, parcel or lot of land being Lot Number 9 in Block 6 of Lyford Cay

Subdivision being bounded on the North by the cul-de-sac Bayswater Lane running

thereon Fifty (50.00) feet, on the East by Lot Number 8 running thereon One

hundred and fifty (150.00) feet, on the South by a canal running thereon One

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hundred and forty-seven and Thirty-eight hundredths (147.38) feet, on the

Southwest by a canal running thereon in an arc Seventy-seven and Ninety-three

hundredths (77.93) feet, on the West by a canal running thereon One hundred

and fifty and Sixty-three hundredths (150.63) feet, on the North by Lot Number 10

running thereon One hundred and forty-nine and Twenty-one hundredths (149.21)

feet and on the East by the cul-de-sac Bayswater Lane running thereon Fifty (50.00)

feet.

The lot is irregular in shape, is on a level grade, contains 0.84 of an acre or

36,590 square feet and has 229 feet of canal frontage. No visible adverse site

conditions were noted. No visible evidence of contamination was found on the

subject lot or neighbouring lots. However, an engineer would be required to

conduct the necessary tests for verification.

Plot Plan

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4. TYPE OF PROPERTY:

Single-family residence.

5. ZONING:

Single-family residential.

6. HIGHEST AND BEST USE:

Single-family residential development is the highest and best use for the land.

7. LOCATION:

On the southwestern end of Bayswater Lane about 800 feet southwest of Clifton

Bay Drive in Lyford Cay.

Location – Lyford Cay

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Location – New Providence

Google Location

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8. SERVICES:

City electricity and telephone lines. Lyford Cay water supply. Drainage by septic

tank. Full service 75KW propane generator with automatic switch. Three rainwater

tanks with a total of approximately 70,000 gallons capacity.

9. NEIGHBOURHOOD:

Lyford Cay is a high income residential community about seventy percent

developed in single-family houses originally developed by the Canadian

Industrialist E. P. Taylor in the 1950’s. This exclusive gated development is

complete with club house, fine dining restaurants, swimming pool/cabanas, 18-

hole world class Wilson designed golf course, tennis courts, canal system with

marina, spa, beauty salon, beautiful beaches and extremely well maintained

common areas. Other amenities include a post office, private school with

international baccalaureate program and 24-hour security service with gate

access. Membership is open to the public through member sponsorship. The

school is also available to the public. Values for developed residential properties

range from $1,000,000 to approximately $30,000,000. The trend is stationary

with the Bahamas currently in an economic recession. Distances to grade school:

Lyford Cay, high school: Lyford Cay, shopping: Lyford Cay and downtown

Nassau: 15 miles.

The area along Western Road just outside Lyford Cay is mainly developed with

commercial Class A office buildings which include Shipston House, Lyford Manor,

Lyford Cay Financial Centre, Templeton Global Advisors, Deltec House and the

Pineapple House and Pineapple Grove office parks. Other significant properties

include the Lyford Cay police station, Lyford Cay Hospital, Lyford Cay Shopping

Centre with the Royal Bank of Canada and the new Town Centre Shopping Centre

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with the Solomon’s Fresh Market. The Lynden Pindling International Airport is

situated about 5 miles to the east along John F. Kennedy Drive.

10. RESIDENCE:

Construction:

A one-and-a-half-storey building about six years old of reinforced eight-inch

concrete block construction on poured concrete foundations on a poured concrete

floor slab and pitch roofed with cedar shake shingles over wood rafters with

copper guttering and downspouts.

The covered balcony has a timbered ceiling supported by wood columns over

Portuguese limestone tiles and bordered with a wood railing with decorative

design.

The porch has a timbered ceiling supported by concrete columns over Portuguese

limestone tiles.

Interior Finishes:

Floors are partly Portuguese limestone tiles, partly Chelsea glazed cement tiles and

partly hardwood. Interior walls are partly concrete blocks and partly sheetrock

with a Venetian rendered finish. Ceilings are partly timbered in No. 1 Fir and

partly sheetrock. Windows are colonial style casement in mahogany frames.

Closet doors are wood louvered. Interior doors are wood paneled. Exterior doors

are French style in mahogany frames. Bathrooms are finished with Portuguese

limestone floor tiles and ceramic wall tiles. Plumbing lines are PVC. Ventilation is

by central airconditioning.

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Special Features:

Colonial architectural design. Cedar shake roof shingles with copper guttering.

Masonry keys and bands at windows and doors. Central airconditioning. Custom

Colonial style casement mahogany windows. Custom French style mahogany

doors. Arched doors and windows at entrance fascias of building. Arched

doorways to living room, kitchen and bedroom. Portuguese limestone floor tiles

throughout most of residence. Pecky cypress hardwood floors at staircase and in

master bedroom. Custom brass railing at oak staircase. Trayed timbered ceilings

in living room, dining room, bar, kitchen, master bedroom and guest bedroom.

Detailed crown mouldings in living room, dining room, bar and two bedrooms.

Trayed ceiling in master bathroom and family room. Fireplaces in family room and

living room with brick inlays. Portuguese limestone mantel at living room fireplace.

Wood paneled interior doors. Stainless steel hardware throughout. Surround

sound stereo system throughout. Track lighting at living room and foyer ceilings.

Custom kitchen with built-in appliances, French style cabinetry, granite countertops,

ceramic tiled splashing, porcelain sinks, commercial six-burner Viking range with

stainless overhead exhaust fan, sub-zero stainless steel refrigerator, sub-zero

stainless steel full-height wine cooler, recessed studio lighting, garbage disposal

system and under counter microwave. Granite counter tops at laundry room and

rear foyer. Waterworks shower heads. Stainless steel fixtures. Porcher and Gerber

toilets. Frameless shower doors. Copper raised basin with standing marble vanity

top in powder room. Separate custom vanities in master bathroom with polished

stone countertops. Freestanding bathtub in master bathroom. Recessed studio

lighting in bathrooms. Bidet in master bathroom. Flat screen television in master

bedroom alcove. Walk-in master bedroom closet with built-in cabinetry, polished

stone counter, track lighting and pull-down attic steps. Insulated ceilings. Hand

rendered Venetian plastered finish to interior and exterior walls. Venetian glass

tiles in guest bathroom. Electric operated folding garage door with French

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windows. Full-service generator. 70,000-gallon rainwater tank system. Swimming

pool. Location on canal with dock and boat hoists.

Accommodation:

Four bedrooms, four and a half bathrooms, living room, dining room, bar, family

room, kitchen with breakfast nook and pantry, laundry, entrance foyer, rear foyer,

two-car garage, covered balcony and porch.

Floor Areas:

Enclosed Section: 5,203

Porch/Covered Balcony: 306

5,509

Condition:

The building appears to be structurally sound and is in excellent condition.

11. BOAT HOUSE:

Construction:

A one-storey building also about six years old of reinforced eight-inch concrete

block construction on poured concrete foundations on a poured concrete floor slab

and pitch roofed with cedar shake shingles over wood rafters with copper

guttering and downspouts.

Interior Finishes:

Floors are poured concrete. Ceilings are partly open beam and timbered.

Windows are partly wood louvered and partly colonial style casement in wood

frames. Partition walls are concrete blocks. The interior door is wood louvered.

Exterior doors are wood paneled. Plumbing lines are PVC. Ventilation is by split-

unit airconditioning.

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Special Features:

Cedar shake shingles with copper guttering. Masonry keys and bands at windows

and doors. Rendered Venetian plaster finish to exterior walls. Colonial style

widows. Timbered ceilings in bedroom and bathroom. Raised porcelain basin with

stainless steel faucet in bathroom. Cathedral ceiling in bedroom. Split-unit

airconditioning. Tract lighting in bedroom. Recessed studio lighting in bathroom.

Rainwater tank.

Accommodation:

Bedroom, bathroom and boat house with water filtration equipment.

Floor Area: Sq. Ft.

Enclosed section: 416

Condition:

The building appears to be structurally sound and is in very good condition.

12. SITE IMPROVEMENTS:

Landscaping includes a grass lawn, tropical shrubs, fruit trees and an assortment

of palm trees. Other improvements consist of the following: Landscape lighting.

Sprinkler system. Pearock driveway. Heated gunite swimming pool with glass

border tiles and concrete coping. Concrete border wall at pool patio. Pool patio of

Portuguese limestone tiles. Rear patio of Portuguese limestone tiles with low

concrete border wall and copper fountain. Wood louvered boathouse shower stall

with rainshower. Wood louvered generator enclosure with poured concrete pad.

Patio of paving stones at boat house. Wood frame dock on greenheart pilings.

Two Hi-Tide boat lifts.

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13. OFF-SITE IMPROVEMENTS:

Bayswater Lane is asphalt paved and has street lights.

14. METHODS OF VALUATION:

In determining the market value of a property the Cost Approach, the Income

Approach and the Sales Comparison Approach are normally used.

Cost Approach:

The Cost Approach gives an analysis showing the fee simple value of the land, the

value of the site improvements and the cost to construct the building at current

building rates. Physical depreciation is then deducted from the construction cost.

Functional obsolescence and economic depreciation are also factored in

depreciation if applicable.

Physical depreciation is measured by the Straight-Line method. This method

assumes a constant decline in the value for the property. The rate of decline is

expressed as a percentage of reproduction cost and is found by dividing the

property's estimated economic life in years into the estimated cumulative

depreciation in percent at the end of its economic life. If the total estimated

cumulative depreciation is estimated at 100 per cent and the economic life is

estimated at fifty years, the rate of depreciation is two percent per annum

(depreciation rate (R) = 100%/50 = 2% per annum). This rate of 2% is then

multiplied by the effective age of the building or how old the building appears to

be according to the standard of maintenance. Due to the standard of

maintenance the effective age of the buildings is five years with the remaining

economic life being forty-five years.

Functional obsolescence is the loss in value arising from decreased utility,

inadequacy, overcapacity or changes in architectural style which are inherent in

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the structure itself. Economic depreciation is a loss in value resulting from

conditions outside of the property which adversely affect its character and degree

of utilization.

Economic depreciation has been considered in the appraisal analysis since the

Bahamas has been in a recession since 2008 with real estate values having been

negatively impacted throughout the country. Values in the high-end gated

subdivisions such as Lyford Cay, Old Fort and Ocean Club Estates have seen

decreases of approximately 20% in values since 2008.

Income Approach:

The Income Approach calculates the potential or actual gross annual income for

an income producing property based on current market rentals in the area;

deducts expenses such as insurance, property tax, maintenance and vacancy loss

unless the tenants pay for the operational expenses in the form of a common area

maintenance (CAM) charge; and capitalizes the net annual income between 9%

and 11% which reflects a return on investment that would be typically expected by

an investor in a commercial property. Deferred maintenance is considered for the

cost of repairs needed to bring the standard of a commercial building to an

acceptable level. This approach is not applicable for single-family residences

since they are not designed to be income producing and do not provide a strong

return on rental investment.

Sales Comparison Approach:

The Sales Comparison Approach involves a search for sales of properties similar

to the subject property within the last year. The prices for these properties provide

the basis for estimating the value of the subject by comparison. Appropriate

adjustments are made for the differences in the properties as they compare to the

subject. The adjusted process yields various indicators of value. An analysis and

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correlation of resulting value indicators would normally provide a value estimate

for the subject by this approach.

Reconciliation of Values:

Reconciliation involves consideration of the relevance and influence of each

approach in relation of the actions of typical buyers and sellers and the quality

and quantity of supporting data used in the approaches to value. The estimated

value derived from each approach are analyzed and correlated into a final

conclusion of market value.

15. ESTIMATE OF VALUE BY THE COST APPROACH:

LAND: 36,590 sq. ft. at $40.00 per sq. ft.: $1,463,600

SITE IMPROVEMENTS: Landscaping: $80,000 Landscape lighting: 25,000 Sprinkler system: 10,000 Driveway: 10,000 Swimming pool: Pool patio and border walls:

50,000 110,000

Rear patio/fountain/wall: 95,000 Boat house shower stall/generator enclosure:

10,000

Boat house patio: 2,000 Dock/boat lifts: Generator:

50,000 34,000

476,000 RESIDENCE: Enclosed Section: 5,203 sq. ft. at $600.00 per sq. ft.:

$3,121,800

Porch/Covered Balcony: 306 sq. ft. at $300.00 per sq. ft.:

91,800

$3,213,600 Less 10% physical depreciation: 321,360 2,892,240 BOAT HOUSE: Enclosed section: 416 sq. ft.

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at $350.00 per sq. ft.: $145,600 Less 10% physical depreciation: 14,560 131,040

$4,962,880 Less 20% economic depreciation: 992,576

$3,970,304

Rounded to: $4,000,000

16. ESTIMATE OF VALUE BY THE SALES COMPARISON APPROACH:

The following sales have transpired in a recessionary environment with the current

recession having commenced in 2008. The comparable sales are all related to

canalfront properties in the main canal system in Lyford Cay with wide canals

being accessed from the marina basin. The subject lot is located on a separate

narrow canal in the southwestern section of Lyford Cay and is in a less desirable

location in the vicinity of Jaws Beach which is a public beach known for loud

weekend music.

Comparable 1:

Yellow Rose is another canalfront residence with a building area of 10,426

square feet and canal frontage of 152 feet that sold 31 July, 2011, for $3.8

million. Although larger than the subject residence and in a better location the

building is older and not in as good condition. An upward adjustment must

therefore be made. (Reference BREA MLS #13177).

Comparable 1

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Comparable 2:

The residence on Lots 12 and 13 in Block 40 on Sceptre Road, sold for

$6,705,000 gross in July, 2011. The property contains a double lot with 1.27

acres of land, compared to 0.84 acres for the subject, has approximately 7,000

square feet of livable area compared to 5,925 square feet and has 284 feet of

canal frontage compared to the subject at 229 linear feet. This property also has

a guest cottage, swimming pool and dock, was in good condition at the time of

sale, and was sold unfurnished. Overall, this property is considerably superior to

the subject property with a downward adjustment needing to be made. (Reference

– Mosko Realty sale).

Comparable 2

Comparable 3:

Judy’s House, a residence on Lot 16, Block 37, on Shamrock Road containing

6,000 square feet with a lot size of 0.637 acres and canal frontage of 65 feet

sold in October, 2011, for $3 million. Although similar in size to the subject and

in a better location, the building is older and not in as good a condition as the

subject. An upward adjustment in value is necessary. (Reference – Damianos

Realty sale).

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Comparable 3 Comparable 4:

Pink House, a small cottage situated on Lot 10 in Block 37 on Shamrock Road,

sold for $2.5 million net or approximately $3 million gross in July, 2012. This

property contains 0.79 acres or 34,412 square feet of land and has 310 feet of

canal frontage. In essence the land value equates to $87.00 per square foot with

nominal value placed on the cottage, and reflects a stronger land value than the

subject being at the end of a canal peninsula with panoramic views in three

directions. An adjustment downward must therefore be made for the subject land

value. (Reference – Bahamas Realty sale).

Comparable 4

Comparable 5:

The Graham residence on Lot 4 in Block 39 sold for $4,350,000 gross in July,

2012. This property contains 0.52 of an acre of land, 6,000 square feet of

livable area, a site area of 0.64 acre and has 149 feet of canal frontage. This

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building was in good condition at the time of sale. The size of the

accommodations is similar to the subject. The land size and canal frontage is

inferior but the location is superior. Overall this is a good comparable.

(Reference – Damianos Realty sale).

Comparable 5

Comparable 6:

Lot 17, Block 38, Rainbow Drive, sold for $2,074,000 gross in 2010 containing

approximately 0.50 of an acre and being a vacant canal front lot. The per square

foot value equates to $95.00 per square foot. This is a superior location to the

subject and hence an adjustment downwards must be considered for the subject

land value. (Reference – Damianos Realty sale).

Comparable 6

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Comparable 7:

A lot opposite Judy’s House being Lot 5, Block 37, on Shamrock Road containing

0.637 of an acre and having 156 feet of canal frontage sold in February, 2013,

for $1,350,000. This sale equates to $49.00 per square foot. (Reference –

Damianos Realty sale).

Comparable 7

Summary of Sales:

Comparable 2 reflects the high end of values compared to the subject at $6.7

million being superior in all respects. Comparable 3 is the lowest sale value at $3

million with the canal frontage only being 65 feet. Comparable 1 is a good

comparable with a larger floor area but an older building at $3.8 million.

Comparable 5 is considered to be slightly stronger in value at $4,350,000.

Overall a value of $4 million is considered to be a fair assessment of value for the

subject.

The land value as used in the Cost Approach has been determined by the

following comparables, all situated in the main Lyford Cay canal system.

Comparable 6 is near the entrance to the marina with the strongest value of

$95.00 per square foot. Comparable 4 supports $87.00 per square foot, but

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does contain a small cottage. Comparable 7 is located a good distance from the

canal entrance and hence a value of $49.00 per square foot. All these lots are

superior to the subject being in the main canal waterways. An adjustment

downward to $40.00 per square foot is therefore reasonable in determining the

land value used in the Cost Approach.

Comparable Sales Map

17. RECONCILIATION OF VALUES:

The Cost Approach and Sales Comparison Approach generally support a market

value of approximately $4 million.

18. VALUATION:

In the opinion of the Appraisers the Market

Value of the subject property is: $4,000,000

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19. CERTIFICATE OF APPRAISAL:

We certify that we have personally inspected the subject property on 3 October,

2013, and that according to our knowledge and belief, all statements and

information in the report are true and correct, subject to the underlying

assumptions and contingent conditions. Based upon the information contained in

this report and upon our general experience as appraisers, it is our opinion that

the market value as defined herein, as of 7 October, 2013, is Four Million,

(B$4,000,000) Dollars.

20. ASSUMPTIONS AND LIMITING CONDITIONS: Assumptions:

1. The instructing client is familiar with the subject property, its location and

surrounding area.

2. No responsibility is assumed for the legal description or for matters

including legal or title considerations. Title to the property is assumed to be

good and marketable unless otherwise stated.

3. The property is appraised free and clear of any or all liens or

encumbrances unless otherwise stated.

4. Responsible ownership and competent property management are assumed.

5. The information furnished by others is believed to be reliable. However, no

warranty is given for its accuracy.

6. All engineering is assumed to be correct. The plot plans and illustrative

material in this report are included only to assist the reader in visualizing

the property.

7. It is assumed that there are no hidden or unapparent conditions of the

property, subsoil, or structures that render it more or less valuable. No

responsibility is assumed for such conditions or for arranging for

engineering studies that may be required to discover them.

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8. It is assumed that all applicable zoning and use regulations and restrictions

have been complied with, unless a nonconformity has been stated, defined,

and considered in the appraisal report.

9. It is assumed that all required licenses, certificates of occupancy, consents,

or other legislative or administrative authority from any government or

private entity or organization have been or can be obtained or renewed for

any use on which the value estimate contained in this report is based.

10. It is assumed that the utilization of the land and improvements is within the

boundaries or property lines of the property described and that there is no

encroachment or trespass unless noted in the report.

Limiting Conditions:

1. The valuation excludes all fixtures, fittings and movable furniture.

2. The valuation is in Bahamian dollars.

3. The value amount is based on a gross basis which includes a realtor’s

commission, half the government stamp tax and legal fees for the vendor.

4. The distribution, if any, of the total valuation in this report between land and

improvements applies only under the stated program of utilization. The

separate allocations for land and buildings must not be used in conjunction

with any other appraisal and are invalid if so used.

5. The appraisal assignment was not based on a requested minimum

valuation, a specific valuation or approval of a loan.

6. The appraisers have no interest or bias with respect to the properties

appraised or to the parties involved with the assignment.

7. The appraisers’ compensation for completing the assignment is not

contingent upon the developing or reporting predetermined results.

8. Possession of this report, or a copy thereof, does not carry with it the right

of publication. It may not be used for any purpose by any person other than

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the party to whom it is addressed without the written consent of the

appraisers.

9. The appraisers herein by reason of this appraisal are not required to give

further consultation, testimony, or be in attendance in court with reference to

the property in question unless arrangements have previously been made.

10. The appraisers assume no liability for any changes that may occur on the

property between the date of the inspection and the date of the completed

appraisal report.

21. QUALIFICATIONS OF APPRAISERS:

Mr. Robin B. Brownrigg is a graduate of Bishop's University, Canada, and is a

certified Appraiser of Florida International University. He is a Certified Real Estate

Appraiser (USA), a Certified Commercial Real Estate Appraiser (USA), is a

licensed Appraiser for the Bahamas Government, is President of the real estate

brokerage and management company Bahamas Realty Limited, and has served as

a two-term director on the board of the Bahamas Real Estate Association. His

appraisals are accepted at every bank, insurance company and loaning institution

in The Bahamas.

...................................................... Robin B. Brownrigg, CCRA, CREA

Mr. James C. Bernard is a graduate of Virginia Tech University with a Bachelor of

Science in Economics and a minor in Real Estate Management. He is a Bahamas

Real Estate Association licensed Appraiser and Sales Associate. He completed his

three year apprenticeship under Robin B. Brownrigg who is recognized as the

leading appraiser in the country. He worked in Washington D.C. with the largest

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real estate management company in the eastern USA for several years before

returning to the Bahamas.

…………………………………….

James C. Bernard Licensed Appraiser/Sales Agent

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Front Elevation

Side Elevation

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Rear Elevation

Side Elevation

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Living Room

Dining Room

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Kitchen

Breakfast Nook

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Family Room

Master Bedroom

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Master Bathroom

Bedroom

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Bedroom

Bedroom

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Bathroom

Covered Balcony

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Swimming Pool

Canal

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Garage

Boat House

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Dock/Boat Lift

Boat Lift

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