Damianos Sotheby's International Realty expands – Opening an Old Fort Bay office and a Treasure Cay office

NASSAU, Bahamas (Jan 18, 2010) – Damianos Sotheby's International Realty today announced the opening of 2 new offices one to service Old Fort Bay, Nassau and one in Treasure Cay, Abaco. George Damianos along with his sister and partner, Virginia Damianos, continue their roles as brokers and owners.

Old Fort Bay Sotheby's International Realty is a member of the Sotheby¹s International Realty® global luxury real estate network. The new office, located next to the existing Lyford Cay Sotheby's operation, will focus on the upscale community of Old Fort Bay in Western Nassau. Old Fort Bay Sotheby's International Realty has been selected exclusively by the developer – The New Providence Development Company - to help close out the sale of its limited remaining inventory. With an office fully devoted to Old Fort Bay, the new company will be handling existing home sales, lot resales, and will work closely with the developer's in-house sales staff, to sell the eleven remaining developer owned lots.

"The economy has created opportunities,” said George Damianos, President, Damianos Sotheby¹s International Realty, whose late father founded the firm 65 years ago, “We're excited about serving Old Fort Bay because it has so much to offer. It has a real family-friendly, community atmosphere, gated with excellent security, and a lot of business promise. Old Fort Bay comprises 320 acres, only 176 waterfront lots, a charming historic clubhouse and a beach that is one of the best in the Bahamas. Of the 176 lots, there are 65 homes built, and 22 under construction. To have a development with 22 homes under construction in this economy is remarkable and speaks volumes about the community which has attracted a good mix of both local residents with young families and foreigners who enjoy the lifestyle amenities and the convenience of being near the Airport and Lyford Cay. The new town centre being created a short distance away by New Providence Development is expected to be completed within two years and will another great amenity for the community.”

With the opening of an office in Treasure Cay, Damianos Sotheby¹s International Realty will have four offices in the Abacos, including two in Hope Town and one in Marsh Harbour, in addition to its offices in Governor¹s Harbour, and Spanish Wells, Eleuthera. “The market though certainly impacted, has not been as badly affected in The Bahamas as in many other places -- it is coming around” Damianos said. People from all over the world are attracted to the community of Treasure Cay, where many own beachfront and canal front homes and condominiums. The 3.5-mile long beach was voted among the 10 Best Beaches in the World.

“There is smart money out there. People who made it will spend it when they see value and there is value in The Bahamas,” says Damianos. Realistic pricing on the part of sellers is key. “I don¹t know when the economy is going to turn around. It¹s not as if it is going to happen on a given day, but when it begins to gain momentum, we will to be positioned to go with it.”

The Sotheby's International Realty network currently has more than 10,700 sales associates located in approximately 500 offices in 40 countries and territories worldwide. Damianos and Old Fort Bay Sotheby¹s International Realty listings will be marketed on the sothebysrealty.com global Web site. In addition to the referral opportunities and widened exposure generated from this source, the firm's brokers and clients will benefit from an association with the Sotheby's auction house and worldwide Sotheby¹s International Realty marketing programs.

About Sotheby's International Realty Affiliates LLC

Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby's International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby's, the operator of the auction house. The agreement provided for the licensing of the Sotheby's International Realty name and the development of a full franchise system by Realogy's subsidiary, Sotheby's International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby's International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby's auction house, established in 1744. For more information, visit www.sothebysrealty.com.