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Atoll Tale
Laura Walbert
08/02/2004
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For those of us simply considering the purchase of a seabound
slice of terra firma, the first step is to consider valuation variables like
location, accessibility and the need for, and cost of, improvements. Does the
island have a sheltered harbor for our yacht? Does it have a residence? Does it
have—or can it support—an airstrip? Does the island have electricity or a
generator? Fresh water? All of these factors greatly affect the price, usually
more so than the amount of acreage. Indeed, Dillard estimates basic property
improvements on a private island return two or three times their cost when the
property is resold.
 | | THE 130-ACRE Bird Cay, which has its own airstrip, is in the Berry Islands chain
of the Bahamas. Nassau is 30 minutes away by plane. |
Many buyers find themselves swept up in the romantic
notion of island ownership and abandon their usual business discipline,
according to Stephen Roulac, owner of property strategists Roulac Global Places
and author of 355 Housing Mistakes and How You Can Avoid Them. Roulac’s father
was a developer who owned three islands in the Pacific Northwest. “The
consequences of miscalculation with an island decision are much greater than
with other financial transactions,” Roulac cautions. “The market for private
islands is not deep.”
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