barbados property news april may 2012
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Barbados Property MagazineTRANSCRIPT
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BARBADOS
www.barbadospropertynews.com • April 2012 - May 2012 • Issue 80
Endorsed by the Barbados Estate Agents and Valuers Association Inc.
Sapphire BeachPages 24-25
Musson Realty- Page 52
The Crane - Inside back cover
Realtors - Inside front cover & Page 23
PROPERTYNEWS
FREE&
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Property Sales / Holiday Rentals / Long Term Rentals / Property Management / Appraisals / Consultancy
Office :(+1 246) 432-7124 Cell :(+1 246) 262-8093 Web: www.churchfieldrealestate.com Email: [email protected]
Royal View, St James FOR SALE
Large two-storey house with 5 bedrooms, 3 bathrooms, breath taking views, located close to Royal Westmorland on 8,848sqft of mature land. US$550,000 REDUCED SHARA, St George FOR SALE
A large 3 bed 2.5 bathroom traditional Barbadian coral stone house, with entertainment patio and garage on 69,957sqft of land. Stunning views overlooking the east coast. US$ 950,000
Maynard Ridge, St Peter LONG TERM RENTAL
Unfurnished 3 bed, 2-bath, open-plan design house and 1 bed, 1-bathroom apartment all with ceramic tiled floors, in quiet neighbourhood minutes from beach and Port St Charles. US$1,250 (house) US$500 (apt) per mth Land for Sale Redmans Village opposite gas station, 7,151sqft St James, US$144,000 Westport, 30,000sqft, quiet cul-de-sac, St James US$300,000 Westport, 30,000sqft, quiet cul-de-sac, St James US$350,000 Coral Cliff, 23,000sqft-overlooking west Coast and PSC, St Peter, US$400,000 Various lots for sale in St Peter & St George
Ashanti Condos, St Peter FOR SALE
Great location, fantastic sea views, high-end finishing, communal pool and lush gardens. 3 bed Apt REDUCED US$ 600,000 5 bed Penthouse private pool US$1.100,000
Visit us at our new location Church Point, Holetown, St James.
(Opposite St James Parish Church)
Are you looking to sell? List your property with us call 262 8093
Vue-Mont, St Peter FOR SALE / LONG RENTAL
Modern 3 bed 2 bath detached villa with Communal pool, tennis court. Gym, stunning country & sea views. US$1,300 per month
Properties for Sale Rendezvous Ridge, Block of 4 x 2 bed apts Christ Church US$450,000 Sunset Crest, Block of 5 x 2 bed apartment. St James US$900,000 Large 5 bed 5-bath house with pool & views St Thomas US$1,600,000 Royal Westmoreland, 2 bed 2.5-bath, views St James US$1,200,000 Mount Standfast, villa 4 bed, 4 bath, views St James US$1,300,000
Neils, St Michael FOR SALE
Large 5 bed 2.5 bath detached house on approx. 2 acres of land in need of minor repair. Close to transport links. US$ 650,000 Bishops Lodge, Christ Church FOR SALE
Luxury 3 bed, 3.5 bath villa with pool located in quite and breezy Durant’s overlooking golf course. Single storey measuring approx 3,000sqft US$1,300,000 Gurland Hse, Sandy Lane, St James FOR SALE
Great property, great price. This 4 bed 4.5 bath detached luxury villa sits on 2 acres of land and has a Gym, games room, salt pool, beach cabana with golf course and sea views. US$ 4,500,000 Long Term Rentals Southern Heights 2 bed 1 bath ground floor apt. f/f, Christ Church US$650 Prospects, 2 bed, 2.5 bath condo, shared pool, sea views, 1 minute to beach, f/f. St James US$2,500 Sugar Hill, 2 bed, 2 bath, tennis, com pool, f/f, St James US$3,500
Sandy Lane, 4 bed 4 bath, Gym, pool, sea views, cabana, f/f, St James US$7,500
Un/f = Unfurnished F/f = Fully Furnished
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8
During the year we collate a lot of information on other islands andparticularly their real estate products for our annual publication, CaribbeanProperty Magazine. In the past few weeks this has been at the top of thepriority list as it is always published in time for Easter. The process allowsus to compare Barbados with other destinations and to see if our island ismoving with the times and holding its own in a highly competitive market.The answer lies in the following pages, which feature some magnificentproperties, spread across a wide spectrum of shapes, sizes, and design.There is little doubt that Barbadospossesses some of the most prestigiousproperties in the region, but we also offer anextensive range of property to meet everypocket and lifestyle.
The good news for buyers is that property prices have come down inrecent times and most sales are negotiable. That has to be good for theindustry as it adapts to a much-changed second home market. It is a newera in some respects but market trends dictate and local real estate hasfinally moved with the times.Please enjoy your copy of Barbados Property News now celebrating its80th edition.
Pamela HilesEditor
www.rbcroyalbank.com/caribbean® The Lion & Globe symbol and RBC are registered trademarks of Royal Bank of Canada.
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Editor’s Comments
If you would like to advertise in Barbados Property Newscall Pam at 228-9122 or 232-0692
Publisher – Hiltop Publications Ltd,11 Cottage Ridge, St George, Barbados,BB19071Tel (246) 228-9122, Fax (246) 228-0243Email: sportingb@caribsurf.comwww.sportingbarbados.comwww.barbadospropertynews.comwww.caribbeanpropertymag.comwww.caribbeanmortgageservices.com
Editor/Advertising – Pamela L Hiles
Design and Art Direction – 809
Distribution – Hiltop Publications Ltd,
Printing – Coles Printery
The Material and editorial contained in thispublication have been deemed accurate at thetime of going to print. The views expressed aseditorial are those of the Editor unless statedotherwise. No part of this publication may bereproduced without the consent of thepermission of Hiltop Publications Ltd.
On the cover: Sapphire Beach
Returns are certainly satisfying atSapphire Beach. Featuring modern,competitively priced, beachfrontunits, this condominium complex is agreat investment opportunity; andhas been demonstrating attractivereturns for owners over the last 12 - 18months.Located on the island’s vibrant
South Coast, Sapphire Beach is apopular choice among visitors to theisland. Its steady demand can be
attributed to the global trend towards condominiums and villas asvisitors seek to create a “home away from home” experience when theytravel.To date rental demand for these homes has led to some owners
realising up to 5% (per annum) returns on their property. Analysiscompiled by Terra Caribbean, based on rental information from BajanServices, showed that at 65% occupancy, a 3-bedroom unit with apurchase price of USD$ 930,000 (inclusive of fees and furnishings)generated a net annual cash return of USD$ 50,000. These returns wererealised after only 18 months of marketing, and with signs pointingtowards increased occupancy rates, this figure is expected to grow.What is remarkable about Sapphire Beach is that returns from short-
term rentals exceed those from long-term rentals. This is a highlycompelling reason for foreign investors to purchase, as unused nightscan be utilised to generate a healthy return. The outstanding interior
quality of each unit, easy access to one of the island’s finest beachesand close proximity to the hub of South Coast entertainment – St.Lawrence Gap – make Sapphire Beach highly appealing to both ownersand rental prospects. Each unit enjoys spacious living and dining areas,fully equipped Italian kitchens with granite countertops, a breakfast bar,stainless steel appliances and marble bathroom vanities. Privatecovered terraces overlook two lagoon-styled swimming pools, eachaffording stunning seaside views and ample room for dining alfresco.As an income property, one of the great benefits of every apartment
is the ability to isolate sections while simultaneously using each divisionfor varying purposes. An owner can enjoy a section of his/her propertywhile renting the second or third bedroom as a hotel room to a visitor,if he/she so desires. A separate entrance to each section negates theneed for owner and visitors to share the same space.This impressive flexibility allows owners to earn revenue while
enjoying the comforts of their property. Owners can choose to enjoy thefine luxury living that Sapphire Beach offers, maximise their investmentthrough a managed rental programme or simply enjoy the best of bothworlds.As holidaymakers continue to seek value for money in these difficult
economic times and condominiums continue to offer an enhancedguest experience, Sapphire Beach remains a smart property purchasefor any real estate investor.
For more information about this property or to arrange a viewingplease call 434-9000 or email: [email protected]. Visitwww.terracaribbean.com
24
Smart Buy;Superb Benefits...Sapphire Beach
32
Statistics over the past decade haveshown that there is a positivecorrelation between high tourismarrivals and real estate sales. Perhapsit is stating the obvious as the morevisitors that come to Barbados thenthere is a higher likelihood some willfall in love with the island andpurchase a property.Last year was a better year for the
Barbados tourism industry with a general increase across virtually allthe sectors except cruise ship arrivals. Overall tourism was up 7.2%and of some significance to the real estate industry, villa rentals grewby 8.5%. (BTA Figures)The skeptics will refer to a poor 2010 prior to last year, but revival has
to start somewhere and these are positive results. But could they bebetter, and is there a lost opportunity within sports tourism that impactsnegatively on real estate sales and rentals?Sports tourism is a huge industry in its own right, and interestingly
the BTA sees one of the main threats to Barbados tourism this year asthe London Olympics and the likelihood that more British tourists willstay in the UK to enjoy this historic spectacle. It remains to be seen, butthe threat is real.Lifestyle living is not a modern phenomenon, but the range of
lifestyles that have been embraced in modern times is certainlyunprecedented. In Barbados these include homes on golf courses, inmarina communities, beside polo fields, and of course on magnificentbeachfront locations where watersports activities are unlimited. Themarketing opportunities also allow leading local real estate firms topromote and sponsor sporting events that will align them with potential
sales and rentals opportunities. It seems a win-win situation to promotesports tourism, but unfortunately some of the product has lost its gloss,and the knock-on effect will dilute much of the overall benefit.We have some magnificent golf courses, marketed as world-class in
many mediums, but the three best courses on the island are privatelyowned and not openly available to potential golf tourists and byassociation potential second-home purchasers. Are we not missing ahuge opportunity to promote real estate sales?It is unlikely that cricket and hockey visitors will look for a second
home close to the Kensington Oval or the Astroturf at Wildey, but in thepast both venues have attracted large numbers of visitors and from theirmidst many have returned and some have even bought second homesor rented villas. At present touring cricket teams are priced out of topvenues like the Kensington Oval or the 3Ws Oval at the University andanother opportunity to provide a lifelong memory is lost.The Astroturf at Wildey has been out of operation for over a year
needing vital maintenance. Modern hockey is played on Astroturf andvisiting teams are aghast at being asked to play on poorly prepared anddangerous grass pitches. The flagship tournament, the Annual Bank’sInternational Festival, is on a sharp decline with many visiting teamsunlikely to return because the pitches are such poor quality. Is this theway we promote sports tourism?Lifestyle living and sports tourism are closely aligned, but we seem
to have lost the plot in recent times.
Clarence Hiles is a Mortgage Broker with real estate, tourism, financeand sporting interests. He is the feature writer in Sporting Barbadosand the Editor of Caribbean Property Magazine. He can be contacted [email protected]
Does Sports Tourismboost Barbados real estate sales?Clarence Hiles looks at the connection…
6) 234-3815 [email protected]
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38
As most of you are probably now aware,the Barbados Estate Agents and ValuersAssociation (BEAVA) will soon roll outBarbados’ first Multiple Listing System(MLS).
In fact, many of the BEAVA-registeredagents would have benefitted from oneof four training sessions held this pastJanuary and two more ‘formal’ sessionsare scheduled for April for remainingagents, stakeholders, and members ofthe public.
We cannot stress enough, the importance of having every single agenton board the MLS train and it is with this in mind that we have onceagain decided to bring you more information in this publication on thesystem that is to benefit all involved.
The information below informs you of the invaluable benefits of thissystem. It is an edited excerpt from one of our MLS documents andwhich was prepared by Realty Servers Limited, the Canadian firm thatshall be hosting our MLS server.
- MLS Brings Certainty of Commissions Multiple Listings were invented to better secure the obligation to paythe commission. For this reason “Multiple Listings” are similar to“Exclusive Listings” in that they provide for the undisputed payment ofthe commission upon the sale of the property. The listing agent is notrequired to prove to the seller that he was the “procuring cause of sale”.
- It Provides for Marketplace Transparency An MLS creates a database of known sale prices, therefore true marketvalues are better understood by Agents, Sellers and Buyers.
- It’s a great Convenience to Buyers By consolidating all properties for sale in one place (a national website)it becomes much easier and more convenient for buyers to shop for theideal home.
- Offers Market Exposure for Sellers Multiple Listings create optimum market exposure for sellers, going ofcourse beyond exclusive listings but even beyond what can be achievedthrough open listings with many different offices. By definition aMultiple Listing is open to all agents to sell (hence it is called“Multiple”). In terms of how this would be understood by a typicalhome seller in Barbados, what it means is that when he signs a MultipleListing, he is effectively giving an exclusive listing to BEAVA’s entire realestate community.
- Allows Independent Agent Representation The MLS business model makes it possible for both the Seller and theBuyer to be represented throughout the entire selling process by a singleagent whom they know and trust. This creates safety and security in themarketplace and facilitates negotiations leading to a sale.
- It will strengthen the role of BEAVA The MLS strengthens the role of the association that is providing theMLS service and in time it leads to 100% membership in thatassociation by all real estate agents. This then improves the industry,as the association is in a stronger position to enforce behaviorstandards for all practicing agents and to protect their collectiveinterests.
- Marketplace Efficiency An MLS strongly encourages cooperation among all agents. Thisimproves productivity for the real estate industry and reduces inefficientactivities, redundancy and waste.
- Comprehensive Reports The MLS database contains comprehensive and detailed records oflistings and sales. With these records all forms of computer generatedreports can be derived. These reports can identify marketplace trendsand facilitate well informed decision making.
Barbados’ first MLS -Have you signed on?
44
We live in an era when virtuallyeveryone dreams of owning theirhome. It is a product of the modernworld where material benefits andquality of life far exceed what ourpredecessors had to endure intougher times. We don’t need toapologize for it, we need to enjoy itand take advantage in a positivemanner. This is just as important inBarbados as it is anywhere in the
world. To own your home is a big achievement and while most peoplebuy with the benefit of a mortgage, it is an investment into your futureand can create a lifestyle that has many benefits.
Value for MoneyIt may seem tough for first-time buyers to get on the property ladder,
but in many cases it is a question of prioritizing your ambitions andsetting plans in place to achieve them. Financial planning in your Fiftiesis just as important as in your Twenties so buying real estate is notgoverned by age. That said, many tenants look back over the years atthe money they have spent paying rent and lament the missedopportunity. Quite often the cost to repay a mortgage would have beenless than a monthly rent, and after 25 years you own your home, not fillthe pockets of your landlord. Buying your home is not just buying alifestyle it is an investment that will become a valuable asset once youhave cleared your mortgage. Or if you decide to move to a bigger andbetter home, it will be collateral that you can sell and have a biggerdeposit as you move up the market.
The Barbados Property Market Over the past decade the Barbados Property Market has reflected the
general global scene with property prices steadily increasing until the2008 economic meltdown and four years of softening values ever since.However, throughout the decade properties in the lower and middlemarket have maintained, and in some cases, increased their values,
largely because of supply and demand. In simple terms there are morepeople looking for property at purchase prices less than $400,000 thanthe supply available. That should mean immediate appreciation forpeople buying new property after construction.
Carter’s GroveCarter’s Grove ticks all the right boxes for home seekers in the
$346,000 to $385,000 price range. This small development of tenhomes is located in a quiet cul-de-sac just off Enterprise Main Road inUpper Carter’s Gap. It has a rural ambience and the ten three-bedroomdetached units are all on separate individual freehold lots. Fourproperties are currently under construction and three have reached rooflevel. The design is open plan in concept to maximise approx. 1,100 sqft of floor space and personal preferences can be customised. Space isavailable for a carport and lots vary in size from approx. 4,400 to 6,000sq ft. A sales package is available and extras can be accommodated onrequest. Mortgage finance is also available from a number of lendersand free mortgage broker services are available from CaribbeanMortgage Services ([email protected]) to ensuregetting finance is not a problem. Purchasers can get up to 100% fundingif they qualify.Carter’s Grove will appeal to a variety of people including first-time
buyers, people who love the Enterprise/Atlantic Shores area andreturning nationals looking to buy a piece of the rock. The purchaseprice includes buying the land and construction, both of which must bedone at the same time. It is estimated the project will complete in late2012 or early 2013. Located within two minutes drive from beautiful Miami Beach and
Atlantic Shores and four minutes from Oistins fishing village, Carter’sGrove is also within easy access to all South Coast amenities and theGrantley Adams International Airport. It offers a wonderful opportunityto buy your own home and enjoy the rewards of a healthy lifestyle.
For more information call 230 9215or email [email protected] a sales or mortgage package.
Carter’s Grove TicksAll the Right Boxes
45
Carter’s Grove at Enterprise, just a few minutes from Oistins
New ten home development in quiet cul-de-sac
Three bedroom detached properties
Prices starting at BDS$ 346,000Plots 4,000 to 6,000 sq ft.
Special mortgage packages available
Four properties already under construction,
two reserved and four available to purchase.
For more information call 230 9215
Carter’s Grove
NOW
SELLING
A local real estate group withregional reach has formed apartnership with one of theworld’s leading real estatebrands, Savills plc.Altman Real Estate Group, aleader in luxury real estate formore than 30 years, is now aninternational associate of Savills.The global real estate servicesprovider has a network of morethan 200 offices and maintains asignificant presence in Europe,Asia Pacific, Africa and theAmericas.According to Paul Altman,Managing Director of the Group(pictured left), the newrelationship will see Altman, a
leader in luxury Caribbean real estate, aligned with the largest publiclyowned real estate company in the UK.“Our association with Savills brings exciting changes to the fore for
our Real Estate, Villa Rentals and Property Consultancy businesses.Having signed the agreement for Barbados, Canouan, Grenada and St.Lucia, we stand to improve our positioning within local and regionalmarkets,” he said.Altman also noted the formation of a Savills Caribbean, Central and
South America Desk in its London office, headed by James Burdess—a Caribbean real estate expert with more than a decade of experience. As an international associate of Savills, the Altman Real Estate Group
participated in that company’s first-ever Caribbean Property Exhibitionin London from November 2 to 3, 2011. The Exhibition attracted a cadreof property owners, vendors and stakeholders in the real estate industryfrom across the Caribbean and the United Kingdom. Another such event is being planned for Barbados in April, with the
aim of attracting an even more targeted group of buyers, sellers andother key people within the local real estate industry.
Altman Real EstateCompany Inks Agreement withGlobal Real Estate Company
Real Estate News
48
A free comprehensive source ofcredible information on theBarbados real estate market is nowavailable. The Red Book® 2012provides current and reliableinformation on real estate inBarbados, showcasing a broadspectrum of residential, commercialand luxury properties available onthe local market. The propertyguide, produced by local real estatefirm Terra Caribbean, is now in itsfifth year. “Since the original publication
professionals across the real estate, legal and finance industries havecome to recognise The Red Book as the definitive source for credibleindustry data,” said Managing Director of Terra Caribbean, AndrewMallalieu. “Each year we focus on improving the content and presentationof information. This year we’ve added the Luxury Homes section whichhighlights properties at the highest end of the market,” he said. The Red Book also features in depth articles from knowledgeable and
experienced professionals in the real estate industry. This section of theguide, entitled “The Pink Pages” provides useful information on topicssuch as law, finance, insurance, sustainability and more, for those
interested in expanding their knowledge and understanding of real estate.Featured writers in The Pink Pages this year include commercial
industry stalwart Richard Edghill of Edghill Associates who speaks aboutthe changing real estate landscape in Barbados and respected attorneyMichael Alleyne, partner at Barbadian law firm George Walton Payne &Co. who discusses compulsory acquisition of property. Director of Brokerage and Advisory Services at Terra Caribbean, Hayden
Hutton, provides a comparative analysis of the condominium market inBarbados while Managing Director Andrew Mallalieu opens The PinkPages with an insightful update on thereal estate market highlighting emergingtrends. Anyone who picks up The Red Book
quickly gets a clear, well-informedoverview of what’s happening in theBarbados real estate market. "The RedBook is a reflection of Terra Caribbean’smission to provide the best informationto assist in making informed decisionsrelated to property in Barbados,” saidAndrew.
For more information visitwww.terracaribbean.com
Terra Caribbean releasesdefinitive property guide
Real Estate News
Managing Director of Terra CaribbeanAndrew Mallalieu (left) and HaydenHutton
FirstCaribbean ushered in a new erain banking on the West Coast ofBarbados, with the opening of itsretrofitted branch at Sunset Crest onMonday March 19.Managing Director and Senior
Coverage Officer, Daniel Farmer, andBranch Manager, Erica Nurse-Connell, were both on hand towelcome the first clients to thelocation, which has been redesignedin line with the cutting-edge branchprototype unveiled in Wildey lastyear.CIBC FirstCaribbean’s Sunset
Crest location now boasts a numberof self-serve facilities including multiple Instant Teller™ machines and aninternet banking kiosk. Access to the network of tellers is availablethrough a ticketed queuing system with ample seating. Wealthmanagement services will be provided in an upscale lounge-typeenvironment featuring fully-outfitted meeting rooms.Mr. Farmer described the new banking model as another milestone
along the journey the bank has begun to revolutionize the bankingexperience of its clients. “Our main focus is connecting with our clients and strengthening our
relationships with them. Their feedback will help us to tailor the rightproducts and services that can help each of them to achieve what mattersto them. “As our CEO, Rik Parkhill, has promised, we will keep the lines of
communication open through traditional means, as well as new channels,
such as our recently-established presence on twitter. The relaxed andwelcoming atmosphere of our new-look branch will provide just the rightenvironment for that communication with our clients to continue.” He added that beyond the impressive architecture, cutting-edge
technology and sophisticated ambience, all clients can look forward to ahigh quality of service that can help them to achieve their financial goals.
CIBC FirstCaribbean atSunset Crest - an innovativenew service model
50
Barbadians and visitors alike now enjoy multiple Instant Tellers TM, cash countingmachines and ticketed queuing with ample seating at the redesigned Sunset Crestbranch CIBC FirstCaribbean.
Lifestyle images, a self-serve retail banking area and a no-line, ticketed queuing system, are among the hallmarks of the ultra-modern branch facilities of CIBC FirstCaribbean’sSunset Crest branch.
Branch Manager, Erica Nurse-Connell, assisting visitors at the newlyrenovated CIBC FirstCaribbeanSunset Crest Branch on the island’swest coast.
BARBADOS
www.barbadospropertynews.com • April 2012 - May 2012 • Issue 80
Endorsed by the Barbados Estate Agents and Valuers Association Inc.
Sapphire BeachPages 24-25
SP Musson- Page 52
The Crane - Inside back cover
Realtors - Inside front cover & Page 23
PROPERTYNEWS
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