JULY 2014 HOMES FOR RESIDENTS & VISITORS
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Featuring properties for sale and rent, helping residents and visitors to find the perfect home. Available free every month, distributed island wide.
America’s Cup To Raise Demand for Vacation Rentals By Glenn Jones In 2013, one-third (about 217,000) of spectators to the America’s Cup in San Francisco came from outside the state of California, according to a Bay Area economic report. Because of Bermuda’s remote geography, nearly 100% of spectators will fly in and all of them will need a place to stay while here. The event lasts for weeks. Last year, 23% (59,423) of air visitors to Bermuda stayed in private homes, according to the Bermuda Tourism Authority. A sizeable portion of that number represents people in vacation rentals – a number already on the rise and would potentially skyrocket if the America’s Cup should sail on Bermuda’s Great Sound in 2017. 2013 San Francisco America’s Cup Source: Bay Area Council Economic Institute
Local homeowners who rent their houses to vacationers stand to benefit greatly if officials in Bermuda land the America’s Cup in 2017. Participants of the international sailing event need accommodations for weeks at a time and hotels are often not practical. Furthermore, Bermuda is sure to run out of high-end hotel rooms based on the number of affluent sailing spectators that typically attend. Palatial vacation rentals will be a popular plan B, if not already designated as the preferred plan A.
Whether you’re in the market to build a new home or remodel your current home. Consider Gorham’s Management & Design Services to handle every aspect of your project.
THE COMPANY YOU KNOW & TRUST
Economic Impact $364.4 million
Spectators 700,000
jobs 2,863
Spectators from outside California 217,000
FROM INCEPTION
TO COMPLETION. OUR GOALS ARE TO INNOVATE, DESIGN, BUILD, AND SAVE YOU MONEY.
THE SINGLE SOLUTION FOR ANY BUILD. Allow Gorham’s to partner you with our preferred team of architects and contractors. Take advantage of our buying power when we procure materials for your project. Our full design service includes 3D renderings, budgeting, financial forecasts. Stay on time and on budget with Gorham’s Management & Design Services.
OUR CORE PROJECT VALUES ARE: Transparency, Accountability, Integrity, and Connectivity. Steve Cristofoli - Project Manager email: scristofoli@gorhams.bm phone: 441.295.1550 x 181 cell: 441.531.1550
www.islandpropertynews.com / July 2014 / Island Property News 01