Treasure Cay - 17 Months Post Dorian

[menzies]

We have all seen the absolute destruction caused by Hurricane Dorian as it sat over the Northern Bahamas 17 months ago.

You may be interested in having a look at the attached video taken last month.

You can see that the Treasure Cay area is coming back. Clearly the first thing they do is get the roofs back on so overhead videos will show better than actual conditions inside the properties.

Quite a lot of the properties are being brought back to shell - new roof, wiring, heating/AC, studs/framing, drywall etc. Then the properties are being sold so that the buyer completes the interior. Some condos are being listed now with delivery after full restoration.

Most of those properties that you see that are still destroyed are being sold As Is/Where Is. A lot of the destroyed properties have been cleared and the lots now for sale - many with damaged sea walls and/or docks.

At 40 seconds you can see the basin in the background where the TC Marina used to be. It has now been cleared of debris. No updates yet on any potential rebuild.

At 2' 30" you can see the mooring field in the background with available balls.

 

[Sailor of Fortune]

double whammy with Covid adding challenges to getting property repaired/restored..

 

[cardude01]

Are all the marina docks completely gone?

 

[menzies]

Are all the marina docks completely gone?

Yes, I've watched three or four videos of the area and the marina is now cleared of boats and debris.

One video showed a half dozen boats tied up on the sea wall and the mooring field looks complete.

I have been searching without any luck on any rebuild plans. The marina and hotel were for sale before Dorian so not sure there is any urgency to rebuild by the existing owners.

We are planning on going over around early March either by sir or boat and will likely take the drone.

 

[bayview]

What accounts for the difference between buildings that look Ok vs those severely damaged?

 

[menzies]

What accounts for the difference between buildings that look Ok vs those severely damaged?

A number of things.

Owners and HOAs (e.g. Atlantis Condos) deciding to rebuild and keep or sell.

The ones for sale fall into two main groups from the listings I am looking at.

Total refurbishment and sale either after the work is done or for sale now with delivery after work is done

This is mostly (if not all) condos and apartments.

As for single houses. These too fall into two groups. The first is where the owners have taken the insurance money and are doing nothing, just selling as is. Those are the totally destroyed homes you see.

The second group is where they have redone the roof, and interiors so far as AC, wiring, studs - basically the interior framing of the house. They are then selling with the buyer completing the build out. Some have rebuilt the docks. These look in better condition than they are because of the new roofs and overhead video.

A third group are the lots. These are either previous lots that have never been built on or lots where the house and debris have been cleared and all that is there is the slab, if any.

Of course some of the homes you see were not damaged at all, or minimally. Some because if pure luck but many because of the build standards.

 

[cardude01]

A number of things.

Owners and HOAs (e.g. Atlantis Condos) deciding to rebuild and keep or sell.

The ones for sale fall into two main groups from the listings I am looking at.

Total refurbishment and sale either after the work is done or for sale now with delivery after work is done

This is mostly (if not all) condos and apartments.

As for single houses. These too fall into two groups. The first is where the owners have taken the insurance money and are doing nothing, just selling as is. Those are the totally destroyed homes you see.

The second group is where they have redone the roof, and interiors so far as AC, wiring, studs - basically the interior framing of the house. They are then selling with the buyer completing the build out. Some have rebuilt the docks. These look in better condition than they are because of the new roofs and overhead video.

A third group are the lots. These are either previous lots that have never been built on or lots where the house and debris have been cleared and all that is there is the slab, if any.

Of course some of the homes you see were not damaged at all, or minimally. Some because if pure luck but many because of the build standards.

Are you still thinking about a house in Treasure Cay? Are you finding any good deals?

 

[BandB]

Are you still thinking about a house in Treasure Cay? Are you finding any good deals?

Wifey B: Aha. Both of you are. :lol:

Dying to return to the Abacos.

 

[menzies]

Are you still thinking about a house in Treasure Cay? Are you finding any good deals?

Yes. Either a house or 2 or 3 bed condo, must have deep water dock/sea wall or ability to build a dock. We will consider a lot but the potential slow pace of a build is concerning.

Don't know about good deals, for a few reasons.

First, we need to get over there and see for ourselves the conditions of TC and the properties.

Secondly, when you compare the current asking prices versus pre-Dorian prices, they are still quite relatively expensive. For example one property was listed for sale for 800K pre Dorian, it is gutted inside, pool and sea wall ruined, but has a new roof, wiring, studs etc. No dry wall, appliances etc. And is now listed for 500K. Seems steep to me.

Third, I can't get any comps. Either because there gave been no sales, or realtors are reluctant to give them because of the story they may tell.

 

[cardude01]

Yikes. Yeah that doesn’t sound cheap to me! Good luck with the search.

Band and WifeyB:
I’m not interested in an island house, just being nosy. [emoji30] An island house sounds like too much to take care of for a lazy guy like me, and I’m scared of hurricanes!

I am definitely interested in going back to visit Treasure and GTC once I can get a vaccine, but I don’t know if that will happen before hurricane season this year due to the slow, chaotic vaccine rollout.

 

[BandB]

Yikes. Yeah that doesn’t sound cheap to me! Good luck with the search.

Band and WifeyB:
I’m not interested in an island house, just being nosy. [emoji30] An island house sounds like too much to take care of for a lazy guy like me, and I’m scared of hurricanes!

I am definitely interested in going back to visit Treasure and GTC once I can get a vaccine, but I don’t know if that will happen before hurricane season this year due to the slow, chaotic vaccine rollout.

Wifey B: You know we've looked at all the available islands in the Bahamas even but concluded we don't want another home. Our vacation home is our boat and we don't want to vacation in the same place all the time, but explore new areas. We love the Bahamas, but we love so many other places too.

 

[cardude01]

Those are our very same thoughts. The boat gives us so much more flexibility, although our smallish boat so far has limited how long we want to stay aboard.

Maybe we need a bigger boat. My dear wife keeps telling me that. [emoji30]

 

[BandB]

Those are our very same thoughts. The boat gives us so much more flexibility, although our smallish boat so far has limited how long we want to stay aboard.

Maybe we need a bigger boat. My dear wife keeps telling me that. [emoji30]

Wifey B: And we all know that Wifey knows best.

 

[menzies]

Those are our very same thoughts. The boat gives us so much more flexibility, although our smallish boat so far has limited how long we want to stay aboard.

Maybe we need a bigger boat. My dear wife keeps telling me that. [emoji30]

Bill, thought you might be interested in this photo taken July 21 2020!

 

[cardude01]

Looking good! Nice and orderly. Almost every sailboat has a full length mast!

Will you cruise GTC this spring? Jewel and I would love to go back this summer to spend some money and take a look at the progress. We don’t know if we will be able to get a covid shot in time to do that however since we are in the under 65 age group. Jewel is a teacher so she might be able to get one fairly soon, but I’m an unemployed non-productive member of society so I’m way down the list it appears.

 

[bayview]

A number of things.

Owners and HOAs (e.g. Atlantis Condos) deciding to rebuild and keep or sell.

The ones for sale fall into two main groups from the listings I am looking at.

Total refurbishment and sale either after the work is done or for sale now with delivery after work is done

This is mostly (if not all) condos and apartments.

As for single houses. These too fall into two groups. The first is where the owners have taken the insurance money and are doing nothing, just selling as is. Those are the totally destroyed homes you see.

The second group is where they have redone the roof, and interiors so far as AC, wiring, studs - basically the interior framing of the house. They are then selling with the buyer completing the build out. Some have rebuilt the docks. These look in better condition than they are because of the new roofs and overhead video.

A third group are the lots. These are either previous lots that have never been built on or lots where the house and debris have been cleared and all that is there is the slab, if any.

Of course some of the homes you see were not damaged at all, or minimally. Some because if pure luck but many because of the build standards.

Thanks Menzies:
there look to be quite a few undamaged buildings. News reports make it sound as if everything was destroyed. Still with so much destruction services and supplies must be limited.

 

[menzies]

Looking good! Nice and orderly. Almost every sailboat has a full length mast!

Will you cruise GTC this spring? Jewel and I would love to go back this summer to spend some money and take a look at the progress. We don’t know if we will be able to get a covid shot in time to do that however since we are in the under 65 age group. Jewel is a teacher so she might be able to get one fairly soon, but I’m an unemployed non-productive member of society so I’m way down the list it appears.

Going over on the boat is still an option, based on vaccination plus their rules. If we go it will be mid March.

But we are also considering flying in. There are one or two AirBnBs available.

 

[menzies]

Thanks Menzies:
there look to be quite a few undamaged buildings. News reports make it sound as if everything was destroyed. Still with so much destruction services and supplies must be limited.

Treasure Cay Dorian 1 - Treasure Cay Hotel and Marina

Treasure Cay Dorian 2

Video 3

Video 7 - probably the best overview of the destruction. there are 9 videos in all.

 

[Ben51]

Can you get Home owners Insurance? and at what cost?

 

[menzies]

Can you get Home owners Insurance? and at what cost?

Yes, around 1% of replacement cost.

So a $500K home would be around $5K. 1 million $10K.

 

[ronobrien]

Marsh harbor

I was in marsh harbor feb 2019. The destruction in the photos i saw after dorian was unbelievable. Nothing left.