Independence would devastate Bermuda's luxury real estate market, says a top agent.

Ms Sue Lusher Plathe, a partner in Joy Lusher Real Estate Ltd., said the Island will see "shocking changes'' if Government pursues Independence.

"It would be one of the most devastating things that would happen, certainly in terms of our property market,'' Ms Plathe told The Royal Gazette . "I've had clients tell me quite categorically that they can unplug their computer and plug it in the next night anywhere else in the world.'' While she did not expect "a mass exodus'' from Bermuda if the Island elected to go Independent, "I know that it's going to put a serious stop on new residents coming onto the Island.

"We'll see our overseas market instantly die.'' Ms Plathe said that when Independence was making the headlines early in 1994, her office alone saw three overseas buyers of properties withdraw on sales worth $6 million.

"That cost our Government $1 million,'' she said. "I was told categorically by the purchasers that they would not be proceeding because of the Independence issue.'' Ms Plathe said the lost sales prompted her to write a letter to Premier the Hon. Sir John Swan.

One of the overseas clients has purchased since, but it was a significantly less costly property, she said.

A referendum on Independence is planned for next summer.

"I think the Cayman Islands must be sitting clapping their hands with glee,'' Ms Plathe said. "I have yet to hear a statement from Government that clearly lays out what benefits Independence will bring.

"It's very frightening.'' With several strong sales in the Tucker's Town area in 1994, a theory is circulating in some circles that prospective luxury home sellers are entering the market while it is strong and avoiding a slump they expect in the lead-up to an Independence referendum planned for next year.

Realtors said several "incredibly wealthy'' people had invested in Bermuda in the last year, like a Russian who purchased Sea Crest in Tucker's Town, which recently sold for a reported $9 million. Another Tucker's Town home, Winsor House, sold for more than $4 million.

Agents said they did not believe an above average number of homes in the Tucker's Town area were on the market, though estimates ranged from about a half dozen to "in the twenties''.

While many realtors said they were not anxious to prolong the Independence debate, none had stories of sales lost to Independence that were similar to Ms Plathe's.

Mr. Geoffry Bird of Geoffrey Bird & Co. real estate agents, said it was difficult to say what impact the Independence debate was having. "People are so used to idle political chatter that I don't think that effects them very much,'' Mr. Bird said.

If Bermuda was to opt for Independence, "I think it might have'' an impact on the market, he said.

"I personally cannot think of anybody I know who would leave Bermuda if it went Independent, unless because of Independence Government ceased to be as it is at the moment.'' Mr. Buddy Rego, president of Rego Ltd., said he knew of "significant properties that had been bought since March or April,'' at strong prices.

Independence talk "may have been the straw that broke the camel's back for someone who was somewhat hesitant in the first place,'' Mr. Rego said. But "the business being done here is still on the increase.'' Ms Cris Dapena, a partner in Darling & Dapena Real Estate, said properties for sale in Tucker's Town are not priced to sell with any urgency.

Ms Dapena felt the strong luxury home market was being driven by real business -- exempt companies bringing top people in.

As for Independence, "I think that the outcome will influence the market,'' she said. The debate itself will cause people "to try to make sure they're prepared for a negative outcome''.