barbados property news feb march 2012
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Property magazineTRANSCRIPT
BARBADOS
www.barbadospropertynews.com • Feb 2012 - Mar 2012 • Issue 79
Endorsed by the Barbados Estate Agents and Valuers Association Inc.
St. Peter’s BayPages 20-23
Palm Court - Pages 42 & 43
Harry Manning - Page 39
Vuemont - Pages 40 & 41
PROPERTYNEWS
FREE&
ONLINE
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We are already well into another year and it seems as if it will be just aschallenging as the past few years. Speculative predictions of a quick end tothe global meltdown have finally disappeared, so tightening belts and betterefficiencies will continue to be the order of the day in 2012.
Income controls expenditure when times get tough and hard decisionshave to be made. Inevitably in business these involve advertising, so weappreciate the support of our advertisers and we trust you will give themyour support as Barbados Property News fills a marketing medium in localreal estate like no other. We publish 8,000copies six times a year and we distribute toover 320 outlets on island. We also have anelectronic version that goes all over theworld. Our magazine is free and it has a
clear focus on property sales, rentals, products and services. People loveit and all copies are taken up every edition.Barbados has some beautiful property and whether you are a local buyer
or a visitor thinking of retiring or buying a second home, we have awonderful range of real estate to consider. We have also a lovely climate,sand, sea and sunshine to die for, and a multitude of attributes that youonly appreciate when you return to the island from overseas. It is a genuine Caribbean paradise.Pamela HilesEditor
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: St. Peter’s Bay
Content at Cattlewash, St. JosephSeaside home and lots with sea views
Starting at BDS$360,000
Visit our website www.cipcaribbean.com • Tel: (246) 424-6633 • Email: [email protected]
Long Bay, St. PhilipBeautifully renovated 3-bed home with
swimming pool - BDS$995,000
Dairy Meadows, Holders, St. JamesWell designed 3-bed property in desirable
neighbourhood - BDS$1,600,000
John’s Plain, Holders, St. JamesLarge 4/5 bed family home with swimming pool
BDS$1,400,000
Rowans Park, St. GeorgeSpacious 4-bed family home in quiet cul-de-sac
BDS$1,200,000
FO
R S
AL
E
LANDDairy Meadows, St. James - 11,790 sqft - $460,000
Content Cot, St. Philip - 16,296 sqft - BDS$375,000
Haggatt Hall, St. George - 14,857 sqft - $350,000 Colleton Gardens, St. Peter - 9,246 sqft - BDS$235,000
Southern Heights, Christ Church - 7,472 sqft – BDS$210,000
Buttals, St. GeorgeBreezy, elevated lot with lovely country views
BDS$299,000
Cottage, St. GeorgeCharming 3-bed property with enclosed patio
and lovely views - BDS$3,750
‘The Edge’, Ft. George Heights, St. MichaelContemporary 4-bed property with pool & views
to south coast - BDS$8,500
Reef Crescent, Atlantic Shores, Ch ChSpacious, modern 3-bed townhouse enclosed
with plunge pool - BDS$4,000
Fort George Heights, St. MichaelExecutive home, beautifully furnished and finished
with 2-bed apt & pool - BDS$16,000
‘Hammock’, Atlantic Shores, Ch ChOcean front 4-bed executive homewith swimming pool - BDS$9,500
FO
R R
EN
T
Rock Dundo, St. MichaelRecently built contemporary 2/3 bed property
with studio apt - BDS$3,500
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Ideally situated at the heart of theBarbados Riviera, on a particularlybeautiful stretch of the northern westcoast, Saint Peter’s Bay offersbreathtaking beachfront homes.These magnificent residences havebeen carefully designed, meticulouslyfinished and stylishly appointed toprovide a sophisticated level ofelegant comfort. Each splendid homeenjoys glorious ‘picture postcard’views of majestic coconut trees, the
beach and out over the ocean, which is particularly blue and crystal clearin this area. Saint Peter’s Bay is the epitome of idyllic Caribbean sceneryand lifestyle.
In addition to a luxurious home in an extraordinarily beautifullocation, Saint Peter’s Bay also offers a number of extremely attractiveincentives as part of their purchase package, including membership ofthe exclusive Port St. Charles Yacht Club. The Yacht Club provides casualdining seven days a week and Saint Peter’s Bay owners can enjoytravelling by water-taxi to and from the club, as well as to HistoricSpeightstown or other places along the coast. Serious boatingenthusiasts will also be delighted to discover that a select number ofberths at the soon to be completed Port Ferdinand luxury marina willbe made available to Saint Peter’s Bay owners. Another developmentshould make golfers very excited indeed. Ownership will now carry theprivilege of purchasing a golf playing card at the exclusive Apes Hill Clublocated just 10 minutes drive away.
‘Life is for living’ is the everyday mantra at Saint Peter’s Bay and everystep is taken to ensure that all residents and guests - couples, friendsand families alike - are given every opportunity to derive maximumenjoyment from each day they are here.
The natural beauty of the spacious 4-acre area of beachfront land hasbeen enhanced with colourful gardens, skilfully landscaped around a160 feet freeform swimming pool. Adjacent to the pool is a cool andbreezy gazebo bar which provides poolside and beach butler service.This is a perfect spot to find some shade during the day and to watchthe sun set in the evening or to enjoy an evening barbecue with otherresidents. Sun loungers can be placed on the beach upon request andthere are a number of kayaks and paddle boards available for use. Othergeneral facilities at Saint Peter’s Bay include the Waves Beauty Salon,Fitness Centre, concierge services, on-site security and propertymanagement.
For many of the existing owners, what is most rewarding about theirhome-away-from-home is that it inspires so many lifetime memoriesfor them, especially when spending quality time with their families.Whether it be as simple as riding on the water-taxi to go out for lunch;as enchanting as swimming with the turtles or discovering one nestingon the beach; or as sensationally memorable as spotting whalescavorting offshore as happened to residents recently, Saint Peter’s Baycan provide it all.
Life at Saint Peter’s Bay is now in full swing and so prospective
owners can get a genuinehands-on feel for the quality ofSaint Peter’s Bay by spendingsome time actually relaxing inthe apartments themselves,personally soaking up thepeaceful ambiance of discreteelegance and refined tropicalliving.
Saint Peter’s Bay representsa rare opportunity for thediscerning investor topurchase a quality home onone of the finest beaches inBarbados, secure in theknowledge that the developersare committed to maintainingthis property as one of theCaribbean’s premierresidential communities.
The developers of SaintPeter’s Bay continue to investin Barbados, especially in thenorth-west coast of the islandnow known as the BarbadosRiviera. They believe this areaholds a unique charm thatappeals to property investorsand home owners alike, due toits beauty, lifestyle and strongcommunity spirit. Well known businessman and property developerBjorn Bjerkhamn is the catalyst behind the vision that is Saint Peter’sBay and his team is refining a master plan for the Barbados Rivierawhich will provide a mix of luxury developments and complimentaryamenities and services in the area while ensuring that its signatureBarbadian charm is retained. Projects in the works include the ultraluxury Palazzate, Port Ferdinand Marina, and the development ofadditional attractive amenities and services in Historic Speightstown tocomplement these nearby projects. This creates real potential for afuture increase in property values at Saint Peter's Bay and assures apleasant local environment well into the future. Saint Peter’s Bayrepresents an attractive investment for multiple reasons.
Barbados is a wonderful place to enjoy life to the full. Saint Peter’s Bayis a wonderful place to enjoy Barbados.
For further information please contact:
(Tel) 1 246 419-9601(Fax) 1 246 419-9606Email: [email protected]: www.stpetersbaybarbados.com
Life is For Livingat Saint Peter’s BayBarbados
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B���s S���...
...!" a #w $%&'()s *+
Located on the popular Dover Beach, these stylish, well-appointed2 & 3-bedroom apartments offer striking ocean views and excellent rental returns.
• Enjoy beachfront living close to St. Lawrence Gap• Nightlife, shopping and fine dining are all within easy reach• An extremely viable opportunity for your enjoyment ... and investment!
Prices from: US $700,000 • (2) show units open
For a viewing or more information please call: (246) 434-9000or visit www.terracaribbean.com
EXCELLENT
RENTAL
RETURNS
Up to 5%
(per annum)
to date
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Hurricane, Security& Sun Protection
First impressions of the new PalmCourt development at Prior Park are thatit is tastefully snuggled in a residentialarea barely 500 yards from Redman’sRoundabout yet it could be in the middleof rural Barbados. The developers havedone well to capture a private andpeaceful ambience at a strategic locationclose to Warrens, The ABC Highway, theUniversity of the West Indies and theWest Coast.
The two and three bedroomtownhouses have many exceptional
features, but once again first impressions are lasting and in these superblyfinished properties it is the open plan culture of the units that creates thefeeling of space, cool air and an easy living lifestyle. The properties willappeal to both local buyers and to overseas investors as they offer such awide range of options and features at attractive prices.
There are only 12 units in the development which is almost complete. There are lots of special features and optional extras so visit the
showhouse either by appointment or on Saturday mornings from 10-30am.For more details call Virginia Cuke at 417 6507 or 831 2551. You can also
email to [email protected] or visit the websitewww.palmcourtbarbados.com
Palm Courtis very special
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Regular customers of Mary-AnnWilliams will be delighted that shehas extended her retail outlets byopening a new interior design andfurnishings store in Sunset Crest inHoletown. The new store willcompliment the Speightstownstore and is prominently placedjust opposite CIBC First CaribbeanBank and 100 yards from the Cave
Shepherd West Coast outlet.Lady Williams has a great flair for Caribbean design and furnishings
and has decorated a number of beautiful homes on the West Coast.Her stores stock a multitude of furnishings and accessories includingcandles, glass, candleholders, silk flowers and orchids, tapestryshoes, canvas shoes, prints, furniture, rugs, lamps, bedspreads, poloclothing and virtually every item needed to complete the interiordesign service. The stores also stock the exclusive Sia French brandof household accessories, plus lamps, prints and rugs from the US.The new store will also open on Saturdays, while on weekdays both
stores are open 10am-4pm. The Speightstown store is located in theCaspian Building, which is the last building on the right as you drivealong the scenic Speightstown Coastal Road heading north out oftown.
And there’smore!
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Clarence Hiles looks atthe current real estatemarket and evaluatesthe pros and cons ofbuying today.
I was recently asked, “What is abuyer’s market” and “How doesthat help local and overseasbuyers”. It seems obvious that
when the market is soft then prices come down, andconsequently that benefits prospective purchasers irrespectiveof whether they are resident or non resident. However, all thatglitters is not gold, and looking deeper into the Barbados realestate market it would be inaccurate to say prices have comedown across the board. Perhaps it is a lack of verification thatstops us from quoting figures as the paucity of sales in mostsectors makes it virtually impossible to generalize. Asking pricesare irrelevant in this scenario, as they have no real bearing onreality. Owners and developers can ask what they like, but thelitmus test is the selling price and these figures are looselypublicised. But times are changing, and despite a traditionalculture of inflexibility on asking prices, many local owners arenow coming to the reality that some asking prices are notrealistic in the current market and they are prepared to negotiate.
And therein lies the trademark of a “Buyer’s market”-thepresence of negotiation as owners drop their price to entice aprospective buyer to purchase.This has certainly helped prospective buyers, but perhaps not
across the board. Sales at the top end of the market are normallyleast affected by recession, as owners are generally affluentenough to ride the crisis and make financial decisions withoutdependence on getting their asking price. Some sales have takenplace in the past 12 months in this sector and the buyers havebenefitted from a discounted asking price. There is also the delicate issue of supply and demand, and the
availability of a surplus of condo properties at present also offersthe opportunity to get a bargain price. This won’t last forever,as few new condo units have been built in the past 18 months,
so at some stage the imbalance will rectify itself. Just when it amoot point, as nobody has the answer when it comes to atimeframe for the end of global recession. It is said that“Recession ends when people start spending again” so we waitwith bated breath for the overseas buyers to return to the islandin numbers. They will certainly get value for money in the currentclimate.The bulk of local buyers are in the middle and lower sector of
the market and while there has been some room for negotiationdepending on the vendor’s enthusiasm to sell, evidence of lowerpricing is mixed and not dependable. Suffice to say in theBDS500-900,000 price range there is likely to be someconcession, but below $500,000 market values are holding theirown and may even be increasing. This may also help the buyer,because the skill in buying is getting the best price and if pricesare increasing then get in now as the opportunity may have gonebefore you get round to buying. First-time buyers in particularneed to weigh up their options as properties in the $250-450,000price range are scarce and using the supply and demandprinciple they are unlikely to sit around for long. An owner mayconcede a little to expedite a sale, but in reality more people arelooking to buy in this sector than sell. Like everything in life it is different strokes for different folks on
the property ladder, but starting out in life you need to get on itto improve your lot so the best time to buy is now. But wouldn’tit be nice if lenders, lawyers, vendors and governmentscombined to provide a much more inexpensive purchasingpackage? Everyone wants to own a home, but the costs to buystill remain outrageously high in Barbados and when it is yourfirst step on the ladder that’s tough.
Clarence HilesEditor
Is it still abuyer’s market?
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The Multiple Listing Service (MLS) maybe new to Barbados but it is a systemthat has been widely used and acceptedfor decades across the United Statesand North America and to a much lesserextent, the United Kingdom and othercountries including some in theCaribbean, namely Jamaica and TheBahamas. And, almost all propertiessold in those territories are done sothrough an MLS. For more than fivedecades, the MLS® system has been
the primary marketplace connecting buyers and sellers of real estate inthe United States. The first multiple listing service in the US originatedmore than 100 years ago.
The Barbados Estate Agents and Valuers Association (BEAVA)recently held four seminars at Coconut Court Hotel for agents acrossthe island who heard what MLS is and isn’t, and what it can do forthem. The sessions were conducted by Sarah Reynolds, ProductManager with Canadian company, Realty Server International, host ofthe MLS software for BEAVA.
What is MLS?According to the Wikipedia Encyclopedia, “A multiple listing service
(MLS, also multiple listing system or multiple listings service) is a suiteof services that enables real estate brokers to establish contractualoffers of compensation (among brokers), facilitates cooperation withother broker participants, accumulates and disseminates informationto enable appraisals, and is a facility for the orderly correlation anddissemination of listing information to better serve brokers’ clients,customers and the public.”
Wayne Berthin, partner at Realty Server International describes it best:“MLS listings are simply exclusive listings with cooperation, where thecooperation has been formalised and institutionalised.”
A multiple listing service's database and software is used by realestate brokers , representing sellers under a listing contract to widelyshare information about properties with other brokers who mayrepresent potential buyers or wish to cooperate with a seller's broker infinding a buyer for the property or asset. The listing data stored in amultiple listing service's database is the proprietary information of thebroker who has obtained a listing agreement with a property's seller.
In the real estate industry, there are three major kinds of property
listings: open listings, exclusive listings and multiple listings.Open Listings is the term applied where homeowners allow their
properties to be listed openly with many agents; Exclusive Listings occur when an owner agrees to give only one agent
the rights to sell their property;Multiple Listings as the name suggests, incorporates the first and
second type of listing. It requires that a homeowner lists with one agentand it guarantees that agent’s rights to the commission of the homesale if sold before the listing expiration.
The caveat is that unlike an exclusive listing, the multiple listingensures great market exposure as every BEAVA agent who is signed upfor MLS would now have the right to sell that home and share in thecommission.
Under the Barbados MLS system, an MLS listing starts as a signedexclusive contract between an agent and their client, which is thenentered into the MLS System database (domiciled at BEAVA’s office).Once entered, that listing is automatically available to all agents whoare BEAVA MLS members. Under the contractual terms of the MLS, allBEAVA MLS AGENTS are guaranteed to earn a portion of thecommission on the sale of the property if they find the buyer.
What are some of the benefits of MLS?The primary purpose of an MLS is to provide a facility to publish a
"unilateral offer of compensation" by a listing broker, to other brokerparticipants in that MLS. In other words, the commission rate that isoffered by the listing broker is published within the MLS to othercooperating brokers. This offer of compensation is considered acontractual obligation, however it can be negotiated between the listingbroker and the broker representing the buyer. Since the commission fora transaction as well as the property features are contained in the MLSsystem, it is in the best interests of the broker participants (and therebythe public) to maintain accurate and timely data.Therefore, the MLS System ensures that there are no grey areasattached to the payment of commission upon the sale of a property.
What advantages does a multiple listing service offer to theconsumer?
As sellers, consumers can expose their properties to thousands ofpotential buyers they would otherwise never reach. As buyers, theyenjoy the benefit of instant access to listings that match specifiedcriteria, beyond price range and location. Perhaps a consumer wouldlike to see all homes available with four bedrooms, two patios and anenclosed garage, or another may wish to see homes in a certain parishor close to to the beach.. This service has saved everyone involved inreal estate transactions - buyers, sellers and their agents - time andlegwork sorting through the large volumes of properties on the market.
Another thing the listings offer is the advantage of timeliness for theyare updated frequently and display new properties coming on themarket, thereby making information more up-to-the-minute.
BEAVA is going to meet its obligation head on to inform and educateall parties about the use and benefits of the MLS. We will continue witha few more seminars, including one for the consumer, at a date that willbe announced over the next several weeks.
MLS - The BestWay Forward
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Bajan Services Ltd. hosted a special event for its holiday rental guests andproperty owners. Hosted in conjunction with Concierge partner TridentWines, the event was held at Trident’s brand new retail store at TimothyOulton. Authentic Sicilian cuisine was provided compliments the fabulousGianluca café. Judging by the smiles, a fantastic time was had by all.
Bajan ServicesKicks off the NewYear in Style
Real Estate News
Holiday rental guests Mr. and Mrs. Airton sharing a moment with BusinessDevelopment Manager Judith Wilcox.
Lucky winners! Mr. Jones won a magnum of champagne complimentsTrident Wines for the closest guess to the number of corks in a large bottle.His wife received a small bottle of wine, also compliments Trident, for theguess that was farthest away.
Managing Director of Terra Caribbean Andrew Mallalieu (right) also joined thefestivities. Standing to his right are property owners Clinton and Eileen Dunmoreand their guests Mr. and Mrs. Jones.
The Bajan Services team fully supported the event! From L-R: Sales AgentNicole Gibson, Marketing Executive Marita Greenidge and Villa RentalAdministrative Assistant Shari Marshall
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Sales Agent Sam Mahon (right) and his wife Dianne Mahon enjoying thecompany of property owner Steve Morrison.
All smiles! From L-R: Property Managers Ann-Marie Worme & Amanda Beck, GuestRelations Representative Nicole Tempro-Parris, Property Manager Zoe Willis and ConciergeRepresentative Tracia Burrowes.
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Carter’s Grove at Enterprise, just a few minutes from Oistins
New ten home development in quiet cul-de-sac
Two and three bedroom options
Prices starting at BDS$ 326,000 for detached home and landPlots 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 253 2592 or 230 9215
Carter’s Grove
NOW
SELLING
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