“Calls and emails come in at all times of day and night. They no longer concern fun or prestige. Instead they focus on fresh water and solar panels. These were not the inquiries they had grown used to.
“The island brokers are overwhelmed.
As the coronavirus pandemic has devastated countries around the world, it has upended nearly every aspect of life for everyone, including for those most insulated by money. Even the niche, ultrarich world of island commerce has been turned on its head.
“This has been the busiest two months I’ve had in 22 years of selling islands,” Chris Krolow, the chief executive of Private Islands Inc., said in July. The pace has not slowed since then, he said. The only time he has ever had anywhere near this quantity of inquiries was shortly after the disastrous Fyre Festival on Great Exuma, in the Bahamas, in 2017. Mr. Krolow said he was swamped, for some reason, with questions from “kids hoping to start their own country.”
“Before the pandemic, an island was typically a vanity purchase that a wealthy client — usually male — would pursue sometime after retirement, brokers said. The island bug would usually strike a few years after the novelty of other luxury purchases had worn thin.
““You have your yacht, your jet — now you want your island,” said John Christie, the president of Christie’s International Real Estate, a firm based in the Bahamas […]
“Quickly setting up an island for self-sufficiency is going to be hard, Mr. Gondolo-Gordon has to tell them. Construction on private islands takes far more time than on the mainland or even on typical, nonprivate islands. And brokers cannot guarantee that islands will be safe havens from civil unrest. For example, just this week he looked at a lovely island in the eastern Mediterranean — a steal at $7.4 million. But there are some tensions in those waters, which are contested by Turkey and Greece.
“You’re going to have to read the news,” he tells clients. And they’ll also have to consider that their shoreline will most likely be affected by climate change. When they cannot handle this, he advises them to rent a superyacht.”
Text: The Island Brokers are Overwhelmed, The New York Times