We are half way through May and effectively at the end of the high season at Re/Max Elite, in the Turks and Caicos Islands, and after a disappointing 20 months in the global real estate market, we have lots to look forward to. In the TCI, we have recently seen a reduction in stamp duty and you can see my recent blog on the list of reductions for each price bracket.

The new hospital has opened in April and we are blessed with state of the art medical facilities that are better than anything I have personally attended in the UK. You can view more information on the Hospital here.

The new airport expansion was announced last year and the construction contract was recently awarded, after a lengthy bidding process. The contractor hopes to start work as early as June. The newly completed airport will allow access to larger aircrafts, which will open up the islands ability to attract other carriers and open up new flight destinations. I am keeping a close eye on what evolves in this regard, but I believe we may possibly see additional flights to Europe, which would hopefully have a positive impact on bringing the fares down that British Airways charge for its direct Sunday afternoon flight. I actually do like the BA flight from Provo to London, but if we can bring in competition and make the trip a little more cost effective, we will surely then see progressively more Europeans coming to the islands.

In speaking with all my friends who operate hotels on the island, they have all commented on what a significantly improved year it has been for their occupancies during this high season, albeit they have all had to offer better rack rates to compete with each other. I have frequently been informed by a number of operators that they have frequently seen 100% occupancy and I can’t recall anyone saying this in 2009!

The underlying strength and characteristics of the Turks and Caicos Islands remain intact and the light is bursting through the tunnel in terms of infrastructural advances that will take this island forward in to our next real estate cycle.

Simon Padgett, Broker, RE/MAX ELITE, Turks and Caicos.

Interesting news from the Turks and Caicos Islands real estate market:

Re/Max Elite Broker Simon Padgett stated “I am very encouraged by the recent news that Stamp Duty is being lowered across the islands”

“Whilst I do not believe it will significantly increase new real estate enquiries in the short term, it will actually enhance the chances of those who have perhaps been hesitant on making a purchase to move forward and buy something. I have found that we have a group of buyers who feel our price drops have some way to go, then you have others who feel we are at the bottom. It is the latter that have been making the recent purchases. It is the group that lies somewhere in the middle that I feel this reduction will be seen as the catalyst that makes them move forward with a purchase.

My own personal thoughts on real estate values is that certain areas have bottomed out and the properties that still need reducing are those where owners are simply not realistic about their market values and are dictating to their agents what they feel it should be priced at versus accepting the factual advice they are receiving.

In essence, whether we like it or not, we are in a buyer’s market and this reduction goes a significant way to enhancing the absorption of properties on the Turks and Caicos Islands and creating excitement whereby buyers start to hurry to buy a certain bargain, before somebody beats them to it! I am starting to see this in certain areas already and this reduction only goes to aid the acceleration of this process and take us into the next cycle”

The new fees apply to all islands except North Caicos, Middle Caicos, East Caicos, South Caicos, Grand Turk and Salt Cay, which are 50 percent of the following rates:

Less than $25,000—no duty.

$25,000-500,000 — 4%

3.6% — one payment

1% — four payments

$500,000-1.5 million — 6%

5.4% — one payment

1.5% — four payments

$1.5-3 million — 8%

7.2% — one payment

2% — four payments

More than $3 million —10%

9% — one payment

2.5% — four payments

We have some tremendous deals out there at the moment and some are visible on the MLS and some are not.

If you have interest in Turks and Caicos Real Estate, contact one of our agents at RE/MAX ELITE

House for sale in the booming tax free country of Panama. Canadian owners relocating to Providenciales (Turks and Caicos Islands) are motivated to sell home quickly.  Located in the beautiful Pacific beach community of Coronado, a one hour drive from Panama City.  The three bedroom plus maid’s quarters home features a salt water swimming pool with jacuzzi and waterfall, large bohio (patio), open concept kitchen with granite counters and stainless steel appliances, 2 full bathrooms, 2 half bathrooms, interior courtyard garden, wireless internet and much more.

The house enjoys gorgeous mountain views and backs onto a greenbelt.  A resort club membership (access to private beach club, 18 hole Fazio golf course, equestrian centre and resort) is included and a 17 year property tax exemption remains on the house.  Newly built in 2008, the house has only been sporadically occupied by the owners.

It is just a 2 minute drive to the beach, health clinic, grocery store, many shops and restaurants, world class equestrian center and much more.  The 1,000 meter square lot backs is adjacent to the lands planned for the golf course expansion.

Appraised at $371,000 during the market downturn in 2009, this house is listed at $269,000 to sell fast.

Contact Simon Padgett (International Real Estate Specialist) via simon@remax-tci.com for more information.

Buying a property in the Turks and Caicos is probably one of the biggest investments most people will make and as with all investments you will want to be sure it is a safe and reliable one. Before purchasing real estate you will probably have had a valuation done by a land / building surveyor to give you an assessment of the buildings actual value, but this will not necessarily assess the quality of the structure or its longevity.

Many buildings can contain hidden defects, poor quality materials or just have been badly constructed. This may lead to severe problems and a drastic reduction in value over time. If the defects are understood when the building is about to be purchased then an assessment can be made at that time on its value and the cost of ongoing repair work. This is where the structural engineer comes in; they can carryout an independent visual inspection of the property and using their professional experience spot areas of potential concern. They can then recommend further investigations or remedial works as necessary but hopefully be able to give the purchaser a report that states the soundness of a building that will last for many years to come.

Civil & Structural Engineering (CSE) Ltd can provide you with a professionally unrivaled, yet highly competitive inspection. We are the longest established chartered engineering consultancy in the Turks and Caicos Islands providing a full range of services. Whether you are buying an existing property or plan to build your own dream home we can help. We provide surveying, civil & structural engineering design, planning submission, site inspections and material Q&A’s.

For more information please call 1.649.941.4437 remember to quote the RE/MAX ELITE website!

Chris Conway
Director CSE Ltd
B.Sc., C.Eng.,M.I.Struct.E
Chartered Engineer

A Turks and Caicos Islands corporation can be organized with relative ease.  It can be utilized for a variety of purposes, including use as a real estate holding company, and will provide a degree of asset protection benefit resulting from the confidentiality legislation in place on the islands. Following incorporation, the company can enter into agreements to purchase land, homes or condominiums in the Turks and Caicos Islands.

Applications of Corporation

(a)        Holding and Investment
The offshore company is an extremely flexible and useful vehicle for the investment of personal or corporate funds.  Investments can be made in virtually any form of real estate or security, including stocks and mutual funds.

(b)        Asset Protection
Upon establishment of the corporation, a high degree of confidentiality is achieved.  It follows that any creditors or potential creditors will similarly have difficulty making a claim over the corporation’s assets, providing a high level of asset protection.

(c)        Estate Planning
The corporation’s assets can effectively be passed from generation to generation without any unnecessary distributions to beneficiaries or other tax consequences.

The Temple Financial Group:

The Temple Financial Group (‘TFG’) has been established in the Turks and Caicos Islands for over twenty years.  Since its inception, it has developed into one of the largest and most reputable professional service firms in the region.  We have a dedicated team which draws upon years of investment, tax and legal experience to deliver global services of the highest quality.

For a limited time we are offering company incorporations for the reduced price of US$495.00, when referred through RE/MAX ELITE Realty.

Gregory B A Greatrex, Bsc. LLB. TEP
Temple Financial Group
Vice President
International Wealth Management Division
www.templefinancialgroup.com

The Turks and Caicos Islands in recent times has surfaced as an amazing vacation destination with white sandy beaches, a friendly atmosphere and excellent weather, just what every holidaymaker seeks for their well deserved vacation. What many people do not see while they are here on vacation is the number of foreign nationals and locals who invest in real estate in this beautiful country.

Purchasing real estate is not a light-hearted decision under any circumstances, so being well prepared to make the decision and then turn it into reality is extremely important. For a select few, purchasing real estate with cash savings avoids the need for them to seek financing, however the majority of purchasers require financing to make the purchase of real estate possible. To make the process of searching for real estate in the Turks and Caicos Islands less hurried and hectic, always seek pre-approved financing prior to embarking on the journey of selecting your property in the sun.

At Scotiabank, our aim is to sit down with potential purchasers and together gain a full understanding of the type of property the purchaser is searching for and in conjunction with the financial information shared with and confirmed by Scotiabank the amount of financing the purchaser can be qualified for is determined. With this knowledge in hand the purchaser has the freedom to work with their Real Estate Professional to locate the best suited property in their price range and make an offer with confidence.

To obtain a pre-approved mortgage from Scotiabank the first step for the purchaser is to meet with a Sales Representative to discuss their current financial situation, this starts with determining how much they earn and own as assets compared with how much they owe in payments on a monthly basis. From here Scotiabank works with each purchaser to approve the maximum amount of financing available while ensuring that the amount of financing obtained will not create any stress on the financial situation of the purchaser.

No matter when you intend to purchase real estate, always have the confidence and assurance that the financial aspects of the purchase has been sorted in the early stages to leave more time to spend with the Real Estate Professional to locate the property that will one day be yours here in the Turks and Caicos Islands.

For more information, please contact RE/MAX at 1.649.941.3394 or, if you prefer, see our other intact information here.

Or see the Scotiabank website for more information.

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.

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

The Turks and Caicos Islands Real Estate market is being introduced to one of the Caribbean’s Premier Professional Centers, The Courtyard Plaza.  The Courtyard Plaza is offering Commercial Ownership to investors and individuals seeking to either own their own store, their own office space for their business or simply act as an investor in a suite purchase who then rents out their space with a commercial lease to a tenant on the islands.  Purchasing a suite for their business allows entrepreneurs on the islands to hold strata titled property in which to run their operations. Additionally, investors view the purchase opportunity as a way to safe-guard their financial portfolios during these times of economic changes globally. Rather than placing their capital into unstable stock, currency and trade markets-owners may instead put their money into the relatively sound real estate market in the Turks and Caicos.

The Courtyard Plaza is centrally located on the main highway on the island of Providenciales in Turks and Caicos. This new commercial center consists of two buildings- the first of which is now built and open. There are three floors in each building housing a total of forty-four suites for sale ranging in size from 862 square feet to 2,919 square feet. Ground floor suites are designated as retail and the second and third floor units are professional office spaces. Sales prices start at $275,000 and feature a very competitive price per square footage cost overall.

The first building of the Center is fully built with shops and offices beginning to be occupied. The building is highly visible from the Highway and in a great location to be accessible to all visitors and residents of Providenciales alike.  Solid architecture, traditional details and pleasing landscaping with fountains, courtyards and rest areas make up the buildings exterior spaces. Retail spaces and professional offices all have CAT 5 wiring, individual security and HVAC systems, hurricane proof build construction, kitchenettes and bathrooms. There is even an elevator in each building to provide easy access to all offices and suites.

The developer has just released the final suites for sale in the first building and is offering special incentives to purchasers. Construction on the second building is set to begin in the early fall of 2009. Pre-sales of suites with pre-construction pricing are available.

Contact RE/MAX ELITE or call 1.649.941.3394 for more details.