By JUAN MCCARTNEY,NG Senior Reporter,juan@nasguard.com

The Bahamas still has a very robust market for second home buyers from the United States and other countries, especially with the specter of repealed tax breaks looming over America's wealthy, when a new US president takes office, said Robert Rose, part owner and executive director of the high rise Ocean Place condominium development on Paradise island.

Rose said that business in the second-home buyer market is picking up speed.

"I think now more than ever [because of] the tax benefits. There is concern among the Americans, especially the wealthy Americans, that there may be tax changes coming for them and they want a safe haven for their money," Rose said.

"With the Dow Jones doing what it's doing lately, they want to make sure the money is in a safe place with a stable government environment. The Bahamas offers a very unique [one] with a very close proximity [to them], as well as a very stable environment for taxes as well as financing and banking."

About 40 of Ocean Place's 79 suites have already been sold, according to Rose, who said interest in the property is high.

"I've been very, very impressed. There's always typically a slow down in September and October here. I've had more walk through in this site here in the last two weeks than I've had in all of June combined. So we're really seeing a great deal of interest," said Rose. "People I think are wanting to put some of their money in a very good safe banking haven like The Bahamas, given the economic turmoil of the stock market and in other areas of the world."

Despite Rose's enthusiasm, State Minister for Finance Zhivargo Laing, told The Nassau Guardian yesterday that there is no evidence to suggest the second home market is doing any better than it previously has.

"It's too soon to tell," he said. Rose pointed out that Ocean Place has contributed almost $14 million in stamp tax revenue to the government since it started.

Ocean Place cost about $150 million to construct, according to Rose. It's in the final stage of development. It should be completed by the middle of next year. Located on the eastern side of Paradise Island, Ocean Place is nine stories tall, and the luxury suites have a variety of views, including Nassau harbor, pools, waterfalls, and a golf course.

It will also feature a 50-slip marina that the development's engineers insist is environmentally sound.

Two and three bedroom condominiums, as well as nearly 5,000 square foot penthouses are all up for sale. They range from $1 to $7 million.

Rose said Ocean Place has also created a lot of jobs for Bahamians.

"We have as many as 200 Bahamians working on this job site at various stages of construction that are providing for everything from the framing, to the sheet rock, to the electrical, the plumbing and the mechanical for our project. Even the fire sprinkler systems and so forth," he said.

Dwight Pratt, who owns Peace Holdings Limited, responsible for the construction of Ocean Place, said it's the first high rise condo development ever built by a Bahamian firm. He said the success of the development so far, speaks to the strength of the Bahamian economy.

"The economy is safe to invest in. We have not experienced the bubble burst like the United States even though there has been a little shock effect. Peace Holdings has been here prior to planning this for years, and now rolling out and proving to the powers that be that Bahamians can do this level of product. It's refreshing to see that Bahamians can do this kind of work," Pratt said. "We have stepped up to the plate in all areas. Bahamians can do anything that they choose to do."