A candid conversation with Nick Bailey from John Foster Realty
After a very long day of starting in Miami at 4am and arriving at the Boat Show at noon, it was adrenaline that kept me going for the scheduled dinner with Nick and Joyce Bailey. Nick and his partner, Peter Briggs, own John Foster Real Estate, the Christie’s luxury real estate franchise in the Caribbean. Nick’s wife, Joyce, is a CPA in St. Thomas for a major corporation doing business in the Virgin Islands. Both of them have an opinion as to what the future holds for the real estate opportunities in the Caribbean.
Nick was born and raised in St. Thomas. He and his family has traveled extensively throughout the world, and they still call the Caribbean their home. He has been with John Foster Real Estate since 1987 and prior to that he owned and managed a successful sail loft, and raced in the international sailing community. Their daughter, Andi, is studying abroad in Argentina, and there son, William, is a competitive junior sailor. Nick has a passion for flying which allows him to introduce his customers to all of the Caribbean. He and Joyce are looking for the perfect catamaran in order to fulfill some dreams of sailing throughout the Caribbean and the Mediterranean.
So, you can imagine that an evening with Nick and Joyce allowed for a perspective on the future of real estate in the Caribbean. Here are some of the highlights of our dinner conversation at Oceana Restaurant – one of my favorites in the Virgin Islands.
As we learned from Betsy and Marques from my posting yesterday, the challenge is how to create a responsible development plan for the U.S. Virgin Islands that allows for people from all over the world to own property in Paradise – whether it is fractional ownership or out right buying a home or townhome. Here are some of their thoughts about the future opportunities in Caribbean Real Estate.
- As the U.S. Virgin Islands get close to being built out the destinations that are very interesting to consider are; the Dominican Republic; Dominica; St. Vincent; St. Kitts; Anguilla; St. Lucia; and even Nicaragua . There are no surprises here given the past postings I wrote regarding five of the best islands in the world to live on are in the Caribbean.
- The impact of the world economy is being highlighted in the Caribbean. The value of world currency is changing who the buyers are of Caribbean real estate. Today the Euro was at $1.47. The Canadian dollar is at $1.07. The British pound and the Swiss franc are kicking the pants off the U.S. dollar. It is a “fire sale” for the world when they are considering any U.S. real estate. ( Nick and Joyce are traveling to Las Vegas this next week. They commented that some of the biggest groups of buyers in the depressed Las Vegas real estate market are coming from Europe. It is almost a half-price sale! )
- The keys to all of these real estate options in the Caribbean relate to a stable and sustainable economy in each of these countries; stable governments – the jury is still out on the Dominican Republic and Nicaragua. But, those willing to take a risk in these countries may become the BIG winners in the Caribbean real estate markets.
Nick and Joyce have spent their whole lives in the Caribbean and they believe strongly in the future health of the real estate markets in the islands. We look forward to many more conversations with these knowledgeable professionals. Now it is off to bed so I can get ready for an exciting day tomorrow at the Boat Show interacting with some of the most courageous and interesting professionals I know – Charter Captains and their crews. Until next time…
