Archive for the 'Real Estate Market Update' Category

RE/MAX ELITE in the Turks and Caicos is delighted to have secured the listing of three condominium units at the Luxury Somerset Condo Hotel Resort.

The Somerset in Grace Bay is the height of luxury and has been a haunt for a number of A-List Celebrities who have stayed at the resort, since its opening in 2006.

As a fortunate member of the Small Luxury Hotels of the World, The Somerset offers its guests a varied number of accommodation types ranging from Villas, condos and Cottages that make up the 53 suites.

Amenities at the resort extend to 300ft of stunning Grace Baybeachfront, two breathtaking pools including a lap pool, Croquet lawn, fitness centre, steam room, a fine dining restaurant (O’Soleil) and poolside lunchtime bar (LunaSea). In room Spa services can also be arranged.

Simon Padgett, Broker of RE/MAX ELITE explained that the three luxury condominiums, including a sumptuous 5300sf two story penthouse are attractive listings for the market, particularly as the developer has reduced the pricing by 20 %, compared to comparable condominiums that were priced in 2008 at the resort.

In addition to marketing these properties, RE/MAX ELITE have agreed with the Somerset to have a sales desk based in reception for the needs of their guests.

Anyone interested in further details on any of the condominiums on offer, should contact the RE/MAX ELITE office.

The government of the the Turks and Caicos Islands officially announced the extension of the reduction of stamp duty effective April 1st to June 30th 2009.  This is great news for buyers and sellers in the real estate industry.  The stamp duty will remain at a low 6 %.  This is part of the economic stimulus program to encourage buyers to the Turks and Caicos.  With real estate prices dropping and a smaller stamp duty to pay upon purchasing, this is the ideal time to buy land, condominiums and homes in the Turks and Caicos Islands.

Although the overall global markets have presented a challenge in the real estate market, one of the Hartling Group’s newest developments, “The Shore Club” continues to move forward.

This is an excellent addition to their already impressive portfolio, which includes The Sands at Grace Bay and The Regent Palms.  The Hartling Group is known to conceive and build properties of high quality construction, high end features and luxurious comforts.  .

With over 820 feet of prime beachfront; it is a full service resort incorporating the ultimate mix of indoor and outdoor living. There are 85 units in total, comprised of two and three bedroom suites and penthouses with an impressive array of amenities.

The development itself is designed in an “S shape” in order to provide stunning ocean views from every suite.

The Hartling Group is devoted to protecting and preserving the natural habitat in Long Bay, where some of the most unique indigenous vegetation can be found.  Old forgotten Plantation Walls are being preserved and incorporated into the natural landscape.  Wooden walkways have been created to help preserve the sensitive vegetation on the beach.

The visionaries at Shore Club have planned the ideal community in the ideal spot bordered by clear turquoise waters and on one of the most exquisite beaches in Turks and Caicos, known as Long Bay Beach.  This truly is an exceptional investment in Real Estate.

“During these periods, quality rises to the top and proves its value during times of economic confusion” states Stan Hartling, Developer of Shore Club.

For more information on this development Please contact: Simon Padgett 1.649.941.3394

I have this week been encouraged by the number of real estate enquiries, which I would say are double of last week and I am not aware that we have had anything particularly special happening on the island, other than we are in the heart of the high season. I had heard via another RE/MAX agent that Sales in Florida were up 40% for February on the previous month and I have requested her source on this. It was additionally confirmed on the BBC News today that house prices had risen in the UK last month by 0.9% which is the first rise since October 2007. It is nothing amazing, but they are green shoots for sure. Hey, we will grab any good headline at the moment.

There is no doubt that prices on the islands have fallen and I would split the drops into two areas:

The first area is the distressed properties that we have on the island, albeit they are few and far between. I have personally sold properties that are approximately 30-35% off 2007 prices and in one instance a property that was 40% less.

The second area is a generic price reduction, which I believe is around 20% across the board.

The fact is that we needed this shift as prices had quite simply escalated too much between 2002 and mid 2007. The Turks and Caicos attract a high number of high net worth individuals who mostly pay cash for their purchases, so we are safe from seeing the high percentage of repossessions and short sales that are being experienced in the likes of locations such as Las Vegas and Florida, where they have experienced considerable condo hotel developments over the last 6 -7 years.

However, they do exist here and I make it my business to find them out for any client that is interested in finding a good deal.

‘The Pinnacle holds firm in the worst real estate market in years’ Say’s Simon Padgett, Broker of RE/MAX ELITE

Who says the recession is hitting everyone? “It is certainly not having a detrimental effect on the Pinnacle in Grace Bay” states Simon Padgett, Broker of RE/MAX ELITE. The brokerage firm has been instrumental in selling five resale’s at this project (which consists of only 30 residential condos) in 2008 at an average price of $2,100,000.

The reason for this is simple. The Pinnacle is really the only pure residential condo offering in its specific price point category and they were designed very much for the buyer who did not want to place his/her unit in a rental program. ‘The Turks and Caicos Islands attract many individuals whom want their home to be their home and they do not want others living in it’

Having said this, Simon Padgett goes on to confirm that this is one exception and he is seeing a major shift in pricing and confirms that RE/MAX ELITE are seeing properties sell at 30% lower than prices that were being achieved say three years ago. However he confirms that whilst not good for the seller it is “healthy for the long term” and that he believes there has never been a better time to buy than the first three quarters of 2009. He goes on to say that “I believe that those buyers will look back in five years in amazement and reflect happily on those deals that they have picked up and you will hear the old adage from others of ‘I wish I had bought then’!

The Pinnacle Turks and Caicos

Today Mr. Dave Liniger, the CEO and founder of RE/MAX International distributed an e-mail to our office team in which he shares his projection about the real estate market in the U. S.

Mr. Liniger predicts that “we will see a turnaround … by early summer” and that “foreclosures … will start to decline dramatically by the end of the year” He bases his prediction on the following facts:

1. NAR claims that the $8,000 tax credit for first time buyers will create an additional 300,000 properties sold by year end.

2. FHA has just changed the maximum investor owned houses from 4 to 10 per investor. This is important because in the hardest hit areas, investors are buying up to 80% of the foreclosures.

3. Obama´s $275 billion foreclosure relief plan has several very good parts to it. Especially the part allowing homeowners who are in good standing to refinance to today´s lower interest rate even if they have lost most of the equity in their homes because of declining property values. This will allow millions of homeowners to refinance before they get in trouble.

4. Interest rates are very low, and housing affordability has dramatically increased.

Mr. Liniger ends his projection saying “I am not predicting a boom, but a good turnaround that should gradually return to a normal market over the future.”