barbados property news february/march 2015

| SUSTAINABLE | AFFORDABLE LUXURY

F

Mullins Grove - Page 20

BARBADOS

www.barbadospropertynews.com February - March 2015 Issue 97

Endorsed by theBarbados Estate Agents andValuers Association Inc.

Saint Peters Bay - Page 9

Claridges - Page 31

Serenity Hill - Page 41

PROPERTYNEWS

FREE& ONLINE

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Welcome to our first edition of 2015 and our 97th spread over 16 years. It isamazing to look back at the first edition and see how far real estate in Barbadoshas come in those 16 years. Today we have a magnificent range of property andan industry worthy of its name with an abundance of product, services andmaterials to meet virtually every property need. Many people believe the real estate decline has finally bottomed out and hasstarted the long haul upwards. Certainly early reports suggest an increase inenquiries over the winter season and some agents have reported higher annualsales in 2014 than the previous year. Thesepositive signs combine with a more realisticallypriced market to augur well for a better 2015.Developments come in all shapes and sizes andBarbados has been blessed with some visionaryand enterprising projects over the past two

decades. However, the magnificent Port Ferdinand marina developmentin St. Peter is something very special and promises to be one of the best ofits type in the world. It will be officially opened in a few weeks and we wishthe developers every success and welcome the new homeowners to ourwonderful little island. Most of the owners will be from overseas and thiswill help boost the local economy now and in the future. And just tohighlight the knock-on effects of overseas investment and commitment toBarbados we must compliment Derrick Smith, his fellow Trustees and theowners of the Sandy Lane Resort for raising another US$4 million at theirAnnual Golf Tournament and Gala Dinner in January. The tremendouswork the Sandy Lane Charitable Childrens Trust does to helpdisadvantaged children in Barbados is phenomenal and shows how muchlove our overseas visitors, second homeowners and residents have for theisland and its people.Pamela Hiles - Editor

Editors CommentsPublisher 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,Brians Print Brokerage

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: Saint Peters Bay

Pamela Hiles, Editor

If you would like to advertise in Barbados PropertyNews call Pam at 228-9122 or 232-0692

STYLISH | SUSTAINABLE | AFFORDABLE LUXURY

FROM $249,000 TO $429,000

Mullins Grove is The Future of Barbados home ownership.

12 Luxury 1-3 bedroom apartments offered at pre-construction prices

by a proven developer on the Platinum West Coast of Barbados.

AFFORDABLE LUXURY AT ITS FINEST.

1 2 LUXURY A PA RT ME NTS M UL L I N S ST. P E T E R BA R BA DOS

Only 200 yards from the Iconic Mullins Beach and Indulgence Spa | Reputable and Proven Developer

Pre-Construction Prices | 12 Luxury Apartments | 1, 2 and 3 Bedroom Units Available

Quality Finishes Throughout | Large Swimming Pool, Deck and Organic Garden

Attractive Rental Returns | Established Rental Management in Place

US$ 5,000 Reservation Deposit | Completion Mid 2016

chestertonbarbados.com | [email protected] | +1 (246) 432 4663

The Port St. Charles Yacht Club boasts a full service bar and restaurantoffering a wide range of international cuisine prepared by our world class chef.We offer lunch, dinner and bar service in an open air setting with friendly serviceand a panoramic view along the West Coast. Deck loungers are provided forsunning and a staircase into the sea compliments the pool for swimming.

Welcome aboard!Open for Lunch 7 days a week 12pm-4pm Dinner 5 nights a week Tuesday - Saturday 6:30-9:30pmBar Service Tuesday - Saturday 10am-10pm; Sunday and Monday 10am-6pm

For reservations call: 419-1000 ext 2284Opening times are subject to change in the summer months from April-November

Port St. Charles Yacht Club, Heywoods, St. PeterThe Yacht Club is available for weddings, cocktail parties and special events

25

Settlers Barbados Feature

They say in the real estate world location, location,locationand this certainly rings true for Settlers Barbados. Aminute stroll and you are in the bustling little town of Holetown,which has so much to offer starting with the Limegrove LifestyleCenter, many restaurants, cafs, banks etc.The OHara family originally developed this beautiful spot in

the 1960s, along with their famous hotels The Coral Reef Cluband The Sandpiper Hotel which is adjacent to Settlers Barbados.They had a common vision as a family about what they wouldlike to see in this prime location. Hence the creation, over thepast 2 years, of spectacular plans for complete redevelopment,with stunning new, modern beach villas, designed by architectsGillespie and SteeleSettlers Barbados will be a collection of 12 four & five bedroom

villas of the highest quality, around 5,000 square feet, designed

with great attention to detail and upscale fittings. Prices start atUS$5,700,000Having The Sandpiper and Coral Reef Club either side of

Settlers, the OHara & Capaldi families are committed tomaintaining the villas to the highest standard, aiming tomaintain the same quality and as those owners wishing to renttheir villas will find a very consistent style within this luxury gatedbeach development, allowing them to market the property in aunique way.The villas will also benefit from their association with Coral

Reef Club and The Sandpiper, with special access to The Spa luxury car transfers and special offers, signing privileges at thehotels and concierge facilities. This is an exciting, uniquedevelopment that will add another level of luxury to beach livingon the Platinum Coast.

2014 Wolseley. All rights reserved.

Browse our spacious showroom at Canewood Industrial Estate for quality appliances by SMEG, BOSCH and U-LINE. See the latest sanitary ware and plumbing products from Kohler, Duravit, Hansgrohe and

Grohe. We also feature architectural hardware by Rocky Mountain and Ashley Norton and lighting by Progress, Seagull and Feiss. Come in today to see all this and more!

#6 Canewood Industrial EstateSt. Michael246-627-0580

[email protected]

48

News fills and empties your bucketwhether you like it or not. Somemarried couples might feel themood of their partner first thing inthe morning is much moreimportant than anything else in theworld, but in reality it is a passingwhim and probably forgotten a fewhours later as more important

issues determine the mood of the day.Mood and confidence walk hand in hand in life and they dont

just affect personal attitudes, they embrace business and have farreaching vibes across the world thanks to Mr. Internet. Local newshits its audience largely through the morning newspapers, radioand television, but international news is relayed over the globethrough websites. Never has breaking news been so instant as inthe modern world where good and bad news can be relayed tomillions of people in seconds. Unfortunately in the media bad news is bigger than good news

so lost aircraft, terrorist killings, disease, financial woes andviolence tend to push the good stories into the background. Badnews also lingers in the mind for long periods and it affects theway we live our lives and do our business. It takes a strongpersonality to block out bad news and in the case of businesspeople it has to be ring-fenced to ensure balance is in place whenmaking important decisions. It also places a huge responsibilityon high-powered people and institutions that have to deliver badnews as the consequences can be far reaching. For example, why should Barbados still be suffering from the

knock-on effects of global recession seven years down the linewhen the demise was caused by big financial institutions in largedeveloped countries? Our island and its people had nothing to dowith the deception and fraud at the highest level of big corporatebusiness yet the negativity and damage it caused has erodedinvestor confidence in our real estate product and virtuallydestroyed the growth and success hard-earned pre-2008. Badnews in Europe, North America and the Far East inevitably createsnegative vibes across the world and deflates customer confidencein areas far removed from the troubled sectors. At local level the

news that Sagicor, one of the cornerstones of Barbados businessfor decades, is to re-locate its Head Office because of our currenteconomical and financial status is a kick in the teeth to manyBarbadians even though the company now has a higherTrinidadian shareholding than Barbadian. The news was a badblow for investor confidence and public morale. As a small island fighting tough economic challenges we need

customer confidence more than ever. We depend heavily on thetourism and construction industries and overseas investment inour real estate. We need the Barbados bucket filled with good newsabout the quality of our products, services, lifestyle, government,people, education and environment. We have so much to offerand as the tourism and real estate sectors continue to claw theirway back to more prosperous times we dont need our bucketemptied by negative news and sensationalism from politicians,news reporters, outside institutions and doomsayers with limitedknowledge. Yes, the events need to be reported, but with balanceand clarity so that confidence in the country is not destroyed andour bucket remains half full not half empty.We have to accept politicians on different sides of the political

divide lambast each other at every opportunity, but does it needto be played out in the media every day? Do we need to see somuch negativity and dismay on the front pages when there aregood stories on the inside pages that would make more worthyheadlines?And yes, the property market is soft and there are less potentialpurchasers around these days than pre-2008, but agents arereporting an increase in enquiries in 2015 and more sales than lastyear. Prices are more realistic than they were several years ago andmortgages are available. Yes, they are more difficult to obtain andlending terms are tighter, but interest rates are lower and banksare liquid with funds they must lend. Theres plenty of good news out there that can be promoted.

This is a buyers market so lets capitalize on it.Dont let the doomsayers control your mood or confidence-fill

your bucket with the good things that are happening every day inBarbados. Things may be more challenging these days, but in thewords of American statesman Joe Kennedy when the going getstough, the tough get going.

Who fills and emptiesyour bucket these days?

Finance

Call or visit any of our RBC Royal Bank branches today!

Go Green for less withRBC Green Energy Financing!

RBC makes a Green Financing loan for your home more affordable with savings of up to $900 per year on your loan payment.

Get:

> Low fixed interest rate> Up to 6 years to repay> 100% Financing> Home Equity loans also available (up to 30 years to repay)> Plus, tax savings up to $10,000 per year for 5 years**

** Terms & conditions of the tax savings are based on the Income Tax Act, Cap. 73* Based on a fully unsecured loan of $35,000 over 6 years at RBC versus 5 and 6 years at other competitor banks

Subject to normal lending criteria. Special conditions apply The cost of borrowing will be made available upon application

/ Trademark(s) of Royal Bank of Canada. Used under licence.

Main Branch467-4000

Chelston Park431-6600

Sunset Crest419-8510

Speightstown 419-8500

Hastings431-6650

Six Roads416-8544

University Drive417-1700

Private Banking Centre431-6500

OTHER BANKSShort you out on cash with payments

of up to $677 per month*

RBC ROYAL BANKPowers you up on savings, with

payments of approx. $600 per month*

of up to $677 per month*Short you out on cash with payments

GoG

of up to $677 per month*Short you out on cash with payments

OTHER BANKS

selroffoneer

payments of approx. $600 per month*Short you out on cash with payments

htiwss

payments of approx. $600 per month*Powers you up on savings, with

RBC ROYAL BANK

payments of approx. $600 per month*Powers you up on savings, with

RBC ROYAL BANK

erreGCBRGoG

gyygrrgenEneselroffoneer

!gninanciFhtiwss


467-4000Main Branch


419-8510Sunset Crest

431-6600Chelston Park


416-8544Six Roads

431-6650Hastings

419-8500Speightstown

431-6500Private Banking Centre

417-1700University Drive

416-8544Six Roads

431-6500Private Banking Centre


Subject to normal lending criteria. Special conditions apply

* Based on a fully unsecured loan of $35,000 over 6 years at RBC versus 5 and 6 years at other competitor banks** Terms & conditions of the tax savings are based on the Income Tax Act, Cap. 73


Subject to normal lending criteria. Special conditions apply



Barbados Office I Orena I St. Lawrence Main Road I Christ Church I Barbados I T 1 246 428 8091 I E [email protected] I www.bcqs.com

B A H A M A S B A R B A D O S B R A Z I L B V I C A Y M A N I S L A N D S G U Y A N A J A M A I C A S T L U C I A T R I N I D A D & T O B A G O T U R K S & C A I C O S

PROPERTY AND DEVELOPMENT CONSULTANTSCHARTERED QUANTITY SURVEYORSPROJECT AND CONSTRUCTION MANAGEMENTREAL ESTATE VALUERS AND APPRAISERS

54

BEAVA NewsReal Estate News

process of meeting over the next couple of weeks to plan the wayforward for the coming year.She adds that the teams priorities are: to pursue legislation

for both real estate agents and valuers, enhance BEAVAs MLSsite to include more data, thereby encouraging all valuers andfinancial institutions on the island to become members; tocontinue with ongoing education seminars for the membership;to host the associations biennial Real Estate Expo which isslated for later this year and to sensitise the public to theimportance of using a BEAVA agent.The President wishes to reiterate to property owners the

importance of utilising the services of a BEAVA member whenlisting a property so as to make sure that you are dealing witha reliable, knowledgeable agent who follows our by-laws andcode of ethics. This will also give you maximum exposure foryour property as there is a network of over 150 qualified agents.Continue to look on this page where members will be keptinformed of all BEAVA initiatives, events and general updates.

New BEAVA BoardReady For The Challenge!It is always exciting to welcome new members into the fold

and Suzanne Davis, re-elected President of Barbados EstateAgents and Valuers Association Inc. (BEAVA) did just that whenshe met with board members this past January, their firstmeeting of the year.She ushered in the newly elected members, who each bring

fresh ideas to the table along with their own personal approachto the management of the industrys governing body. Theirservice will provide tremendous benefits to the organisation asa whole.The boards committee of management, who will serve

alongside Mrs. Davis includes:

George Ramsay - Vice PresidentAlkins Kirton - SecretarySonia Field - TreasurerDavid Coombes - Committee memberPooka Yhap - Committee MemberRae Stollmeyer - Committee MemberPaul Alleyne - Committee MemberCurtis Pounder - Committee Member

Jeanine Jones - Administrative Secretary (non-board member)Desiree Phillip Marketing (non-board member)

Several sub-committees have already been formed; which willbe chaired by members of the board and include other interestedmembers of the association.These sub-committees, Mrs. Davis explains, are in the

56

Villa Bonita is a shining example of the very best in luxurybeachfront property available on Barbados Platinum Coast.Sitting on an elevated position in Prospect Bay, St. James, thisnewly constructed six bedroom, five and a half bathroomluxury villa is simply stunning. Offering over 9,200 square feetof living space, Villa Bonita is truly elegant with a sleek,luxurious ambiance highlighted by the highest quality Italianfixtures and fittings and gorgeous white marble tilesthroughout. The proximity to the water is unique and very fewwest coast homes can boast such fantastic vistas from almostevery room.Of the six magnificent bedrooms, four feature en-suite

bathrooms each custom designed by the Italian companyMilldue with fittings by Treemme Siena Italy, including themaster bedroom which also boasts its own private balcony andhis-and-hers walk in closets. The two cottage bedrooms onthe ground floor share a lovely bathroom, also high specMilldue with Treemme Siena Italy fittings.

Villa Bonita Real Estate News

The fabulous TM Italia kitchen overlooks the privatecourtyard with it's salt water pool a chefs dream! Both thedining room and living room are the definition of luxury andoffer uninterrupted sea views and the calming sound of thewaves gently crashing on the shore.The living area leads on to the spacious patio which is ideal

for entertaining or simply relaxing and enjoying beautifulsunsets. A private staircase leads from the patio directly to thewhite sand beach and calm blue waters of the Caribbean Sea.Also accessed by this private staircase is the beach level of thisstunning villa, comprising 1,700 square feet and boasting aprivate cinema and gym room, itself with fabulous view.In addition to an alarm system, security shutters at key

access points offer an added element of security and peace ofmind.Villa Bonita is the definition of west coast luxury and a home

that any family will truly love and enjoy.US$13,750,000 - Call Alleyne Real Estate 432-1159

(246) 622-1227

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Gibbons Ind. Pk., Gibbons, Christ Church, Barbados BB17101

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(246) 622-1227

CaribbeanPowder Coating

hurricane shuttersaluminum sunshades

powder coated finishesretractable insect screens

interior & exterior screen systems

tarpaulinsshade sailsmembrane roofingroller shades & blinds fixed & retractable awnings

RESIDENTIAL * COMMERCIAL * INDUSTRIAL

SHADE SYSTEMS ~ ALUMINUM FABRICATION ~ METAL FINISHING &K>>Kth^KE

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Blue Sky Luxury, the CaribbeansHoliday Home Experts, announcesthe launch of Blue, the Caribbeansfirst villa rentals loyalty programme,this month.This innovative, destination-wide

programme is complimentary forthe firms repeat guests andproperty owners with nocomplicated points system to

navigate. Members will receive enhanced Concierge Can serviceand a 5% discount on future villa bookings in the Blue Sky Luxurydestinations of Antigua, Dominica, Jamaica, St. Barts, St.Martin/St. Maarten and St. Lucia.We created the Blue Loyalty programme to thank both our villarepeat guests and owners with lifestyle rewards for the experiencesand services that we know they patronize and value, remarkedKathy-Dawn Burke, Leader - Holiday Home Rentals at Blue SkyLuxury.Blue Card rewards in Barbados, Blue Sky Luxurys flagship

destination, include savings on private in-villa shopping, roundsof golf, surf lessons, deep sea fishing charters, privileged seatingand savings at desirable restaurants and more. Additional benefitsroll out across Blue Sky Luxurys six other Caribbean destinationsin the first quarter of 2015.Blue Sky Luxury villas are an affordable luxury for families and

groups and deliver private, spacious accommodation with staffthat sees to every detail. Their Concierge Can team providespersonalized guest services inclusive of arranging activities andadvising the villa chef on menu favorites. All Blue Sky LuxuryHoliday Homes offer: either a plunge pool, a swimming pool,beachfront position or a combination, with air conditioning andfans in all bedrooms and free Wi-Fi and cable television.

Blue Sky Luxury LaunchesThe Caribbeans First Villarentals Loyalty Programme

Real Estate News

For more information contact Blue Sky Luxury at1-246-622-4466, email [email protected] and online atwww.blueskyluxury.com, @BlueSkyLuxury andfacebook.com/BlueSkyLuxury.

About Blue Sky LuxuryBlue Sky Luxurys portfolio of over 250 Caribbean premier villa

properties includes over 100 of the finest holiday homes inBarbados and another 150 best-in-class vacation homes inAntigua, Dominica, Jamaica, St. Barts, St. Lucia and St. Martin/St.Maarten, ranging from luxurious oceanfront villas to charmingand relaxed beachfront apartments. The Blue Sky LuxuryConcierge Can experts provide personalized service andcustomized vacations, guaranteeing the ultimate luxury vacationexperience.

60

FINAL PHASE ONLY FIVE UNITS LEFTPRICES STARTING AT BDS$425,000

VISIT

OUR NEW

WEBSITE FOR

MORE DETAILS AND

A COPY OF OUR

ELECTRONIC BROCHURE

www.carters-grove.com

Land/Construction detached single storey homes 1,200 sq ft three-bedroom design Small community of 15 units in quiet cul-de-sac Plot sizes approx 4,000-4,500 sq ft. First phase of 10 units sold and six completed Located just off Enterprise Road a few minutes drive from Oistins Up to 100% mortgage facilities available

FOR MORE [email protected]

Tel- 230 9215Or visit website- www.carters-grove.com

63

Getting on the property ladder -Carters Grove ticks all the right boxes

Feature

It is tough for first-timebuyers to get on the propertyladder, but in many cases it isa question of prioritizing yourambitions and setting plansin place to achieve them.Financial planning in yourFifties is just as important asin your Twenties so buyingreal estate is not governed by

age. That said, many tenants look back over the years at the moneythey paid in rent and lament the missed opportunity. Quite oftenthe cost to repay a mortgage would have been less than monthlyrent. The big difference is that after 25 years you own your home,not fill the pockets of your landlord. Buying your home is not justbuying a lifestyle it is an investment that will become a valuableasset once you have cleared your mortgage. Or if you decide tomove to a bigger home it will be collateral that you can sell andhave a bigger deposit to move up the market.

The Barbados Property Market Pre-2008 the Barbados Property Market reflected the generalglobal scene with property prices steadily increasing. But theneconomic meltdown and six years of softening values changed thereal estate landscape. However, throughout the past decadeproperties in the lower and middle market have held their values,largely because there was not enough supply to meet the demandfrom buyers wanting to get on the property ladder. Not much haschanged over the past few years and although a few developmentsappear to tick some of the boxes, slow sales would suggest theirproduct does not meet the all the requirements of the discerningbuyer in 2015.

Carters GroveCarters Grove will appeal to a variety of people including first-time buyers, people who love the Enterprise/Atlantic Shores areaand returning nationals looking to buy a piece of the rock. Thepurchase price includes buying the land and construction, both ofwhich must be done at the same time.The 1st Phase of Carters Grove involved 10 properties and by theend of February all the properties will be completed and occupied.As with many new developments the early purchasers haveenjoyed significant appreciation on their investment. The 2nd andfinal Phase has just been released. It offers five new properties inthe $425-$445,000 price range. These three-bedroom detached1,200 sq ft properties are finished to a high quality. The purchaserhas the option of changing the internal design to meet their ownrequirements prior to the start of building and extras can beadded. The builder can also offer a two-bedroom option at a lowerprice and purchasers can get up to 100% mortgage fundingsubject to qualification. This could include returning nationals. When the five properties are sold and constructed the site willbe tastefully landscaped and closed.Looking at other properties in this price range it is clear thatCarters Grove ticks all the right boxes for home seekers and inaddition to providing excellent value for money there is scope forcapital appreciation. Located within two minutes drive frombeautiful Miami Beach and Atlantic Shores and four minutes fromOistins fishing village, Carters Grove is also within easy access toall South Coast amenities and the Grantley Adams InternationalAirport. It offers a wonderful opportunity to buy your own homeand enjoy the rewards of a healthy lifestyle.For more information and a brochure visit the website

www.carrters-grove.com or call 230 9215.

barbados property news february/march 2015

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