Why Buying a Private Island is the Perfect Investment for Adventure-loving Investors
FOREX TRADING LIFESTYLE, June 28, 2010, by Natasha Silverman
There are only two types of people who buy islands: people who are trying to make a quick buck on a speculative investment and people who have a passion for islands said one of the world's top private-island broker. But for most individuals, buying an island has nothing to do with investment and everything to do with lifestyle. Island ownership is best suited for those who love the ocean, boats and living in isolation. It sounds crazy, right? But deep down inside all of us, we yearn to live in a tropical island surrounded with blue waters and white sand.
“What I really like to see are people who are willing to put in the time, the effort and the due diligence to transform an island into a home,” said Farhad Vladi, a world famous private-island broker who already sold more than 1,500 islands through his Vladi Private Islands brokerage firm. His clients range from celebrities to CEOs and surprisingly, average, ordinary human beings. That is because in today’s real estate market, a private island is well within the reach of an average Joe.
A private island offers tranquility and ultimate privacy, something that most people who lived in cities all their lives dream of. The island will become your own personal castle an ideal place for family, romance and adventure. And here’s the catch: if you can pay for a condo in New York, then you can definitely purchase an island.
In an interview with Mr. Vladi, a private island is an attainable asset not just for A-list celebrities and CEOs but for working professionals as well. “There are literally hundreds of freehold islands available stretching from Central America, the Pacific to the hundreds of freehold islands available in Sweden and in Nova Scotia,” said the renowned broker. An island’s price ranges from $70,000 up to $5 million. Islands in The Caribbean are pricier ranging from $50 million to $120 million!
The private island market has such a strong history of appreciating faster than any other kind of real estate. But the present crisis that continues to ravage world economies resulted to a huge number of island price reductions. Indeed, now is the better time for buyers to get some amazing deals on very desirable properties. Substantial cuts in prices are made by sellers who were hit by the credit crunch.
Choosing an island to buy is not an easy task. There are several things that a buyer should look out for. Keep in mind that you are not just going to purchase an island; you are also buying its surroundings. Private island brokers say that location is the most important factor affecting the value of an island. It doesn't end there just yet because you also have to check how much it's going to cost to bring it up to livable standards if it's not yet livable. Constructions costs may be 30% higher compared to land-based homes due to the transport of construction materials.
Before making a huge investment on a private island, be certain that you love traveling by boat and that you can live without the comfort of a nearby restaurant. A solution suggested by private island brokers is that you should rent an island first so you can find out if you can manage to live in a basic island. Spending a few days on island will make you a believer or change your mind quickly.
Adaptability, independence and love of nature drive an investor to own a private island. But what truly lures him to purchase an island of his own is his sense of adventure and live the life of the most favorite castaway Robinson Crusoe. Others may have flashy cars, designer clothes and huge villas yet arguably the most extravagant luxury that money can buy is an island which you can transform into your own kingdom.