About Turks & Caicos Sotheby's International Realty
Offering the very best Turks & Caicos real estate, Turks & Caicos Sotheby’s International Realty is the leading luxury real estate brokerage firm in the Turks & Caicos Islands. We provide an unprecedented level of product and market expertise in all facets of Turks & Caicos real estate properties, including condominium development, homes, villas and land.
Turks & Caicos Sotheby’s International Realty is the result of a merger with Connolly Zahm Properties, which featured the CZP Collection – the finest collection of luxury condominiums – and Turks & Caicos Realty, which began operations at the beginning of 1990 and was a leader in luxury real estate properties, home and villa real estate sales, as well as, the most recent merger with Tropical Paradise Realty which brought seven more experienced real estate agents to our office strengthening our market position and our brand. TCSIR with its extensive experience, can optimally assist you in achieving your Turks & Caicos real estate ownership and Turks & Caicos real estate investment goals.
Highly unique and private South Shore Peninsula at the end of Turtle Tail Drive.
The pool, with a glass wall, is the center of attention adorned with a built-in cabana daybed and is equipped with LED lights.
Retractable sliding doors open up to a 2,000 square foot terrace.
Private Lagoon Beach!
The courtyard with a 20 person fire pit, volleyball court, private beach, clear kayaks and paddle boards to explore the mangroves and marine life.
Tip of the Tail Villa, Turtle Tail Oceanfront, Providenciales Tip of the Tail is set on the highly unique and private South Shore Peninsula at the end of Turtle Tail Drive. This incomparable one acre parcel has 436 feet of water frontage with iron shore fronting the villa and to the east a private beach cove with palapas for shade. In the neighborhood of other luxury homes, Tip of the Tail was designed to maximize the guest experience. With its exceptional staff and management team, Tip has quickly become a successful short term rental with many repeat visitors. Originally priced at $5.9M.
Light At The End of The Tunnel 3Q Sales Show Steady Balance With Positive Year End Predictions
There is light at the end of the tunnel as we creep back to a somewhat normal life, albeit carefully, so as not to unleash further closures as parts of the world are now experiencing for a second time. The measures put into place have helped secure the health and welfare of our people here in the Turks & Caicos Islands and the steady stream of visitors fortunate enough to arrive over the past couple of months have been pleasantly surprised at the consistent protocols throughout the businesses on island. The atmosphere and the beautiful, uncrowded beaches make for a very refreshing place to rest and revive your spirit through this time. It is no surprise that real estate inquiries are streaming in and sales are continuing at a regular pace. Last year marked a record year in real estate sales so it’s humbling to compare to those numbers, however, the 3Q graphs for 2020 are indicating a constant and strong balance. It is noteworthy that, of the $147M in pending sales on MLS, we expect $80M of these deals to close out before the end of this year which would bring the projected annual total sales for 2020 to $273M, approximately $10M higher than our 2018 year end sales.
Turks & Caicos Islands Government Announces Stamp Duty WaiverFor Property Transfers Valued at $2M and UnderFrom Sep 21st to Dec 20th, 2020
The stamp duty waiver on property transfers would be available to all eligible applicants that transacts a transfer on or after the 21st September 2020 but before 20th December 2020.
The stamp duty waiver granted would be as follows: 75% reduction of stamp duty on property valued up to $2 million, made between 21st September to 20th October 2020 50% reduction of stamp duty on property valued up to $2 million, made between 21st October to 20th November 2020 25% reduction of stamp duty on property valued up to $2 million, made between 21st November 2020 to 20th December 2020
We are here to assist you through this process. If you have any questions please contact your local real estate sales associate at Turks & Caicos Sotheby’s International Realty. Office: 1.649.946.4474 | info@tcsothebysrealty.com
Although many of us would expect Covid 19 to trigger a reduction in second home demand, nothing could be further from the truth on the Caribbean Island of Turks & Caicos. The Sotheby’s Turks & Caicos office reportedly closed $70M in sales during the month of June. Some speculate that the high sales are the result of the reduced stamp duty on the islands, but is there something more significant driving these high sales volumes?
Defying the Odds – First Half of 2020 Up Over Same Period Last Year
In late March, our world, and everything in it, came to a screeching halt, as Turks & Caicos Islands closed its borders to tourists and visitors through the end of June. Resorts, restaurants, airports and businesses closed and real estate deals, after a strong Q1, were either canceled or deferred.
However, unlike the aftermath of the financial crisis of September 2009, where we had weak fundamentals and luxury buyers disappeared, the opposite has occurred, with luxury and other buyers remaining in the game and continuing to shop and purchase real estate. Reports from our Sotheby’s International Realty network echo similar strength and trends in the US and Canada, and many countries internationally. In this regard, our market demand has shown much greater resilience and further, there has not been a flight to list property. So far, at least, our market has backed up prior assertions that we are stronger and fundamentally healthier. There are several reasons for this. First, we do not have an oversupply of inventory; second, we have very few speculators in the market; third, our debt–to–equity ratio is very low; fourth, throughout North America and beyond, there has been a COVID-19 surge to quality, open space and “safe” havens, and TCI checks all of these boxes. Finally, and most importantly, we continue to work diligently to communicate and serve our clients and customers. From our regular virtual internal team meetings to participation in Industry Zoom conferences, and virtual showings with customers and clients across the globe, we have placed quality communication at the forefront. In this regard, it is inspiring that we feel more connected with our network, team and community than ever.
1ST QUARTER 2020 CLOSES OUT ON A HIGH – PRE-COVID-19
As many of us are forced to slow down our lives and reflect inward, we are grateful for many things that this unprecedented time has brought us to evaluate, including of course our families, friends, communities and a country that has put all of our people first with their proactive decisions during this health crisis. We are further grateful to our TCI Government leaders, HE Premier Cartwright-Robinson, HE Governor Dakin, the Ministry of Health and their teams for their thoughtful leadership and communication.
As we begin to accept and absorb our new reality, we are advancing our way back to business activity and effectively working as a team and with clients and customers, and there are even new transactions in process, furthered by the recent reduction in Stamp Duty by 50%, which has provided a welcome trigger for short-term activity. Click link below to read more . . .
The Turks & Caicos Islands Government has approved a full package of benefits that will serve as a direct economic stimulus following the fall out in economic activities across the Islands as a result of the global pandemic – COVID 19. The stimulus package is planned to lessen the impact of the global crisis on residents, whilst allowing the Ministry of Health to strengthen health policy responses.
Included in the stimulus package, as it relates to real estate, are the following initiatives and exemptions for a three-month period to assist with boosting inward investment:
Reduction of 50% in Stamp Duty for a period of three months
50% of reduction of planning fees for a period of three months
A waiver of Customs Duties on Construction Materials for a period of three months
There will be a review of same after the initial period of April 1 to June 30, 2020.
We are grateful for the past many years of successes and we are hopeful that this will carry our islands through this unprecedented challenge. We are here to assist you and our community, albeit from a distance, as we all “stay at home” to do our part in protecting our community and health care workers.
Take good care – we will see you on the other side of this.
Sotheby’s International Realty is pleased to announce that its affiliated brokers and sales professionals achieved more than $114billion USD in global sales volume, the highest annual U.S. sales volume performance in the history of the brand. $102 billion USD of the global sales volume was achieved in the U.S., marking another record accomplishment for the brand.
“In 2019, the Sotheby’s International Realty® brand continued to achieve solid growth,” said Philip White, president and chief executive officer for Sotheby’s International Realty. “The brand expanded into new countries and territories and entered new markets in the U.S. We continued to make strategic business decisions that benefitted both our independent sales associates and affiliate companies. I am immensely proud of the hard work and dedication from our vast global network, and I look forward to continuing this momentum in 2020.”
2019 Achievements
Propelled by a strategic business move in March 2019, when Sotheby’s International Realty integrated its affiliate network and company-owned brokerage into one global organization, 50 new Sotheby’s International Realty offices were opened, bringing the brand’s presence to 1,000 offices in 70 countries and territories and more than 23,000 affiliated sales associates worldwide.
Sotheby’s International Realty continued to lead the category with the roll-out of exclusive marketing affiliations and first-ever technology launches, announcing it will soon unveil a new, fully integrated website. The brand’s existing website, sothebysrealty.com, saw another record year with more than 34 million visits, a 14 percent increase year-over-year. In addition, Sotheby’s International Realty was the first real estate brand to launch and implement mixed reality to its Curate by Sotheby’s International Realty sm augmented reality app, which merges the real world with virtual home staging. The platform can be utilized in various homebuying and selling scenarios, and particularly benefits agents and developers to help prospective buyers envision their new home. To support the daily business needs of the network’s more than 23,000 independent sales associates, the brand unveiled Current by Sotheby’s International Realty® a robust marketing suite of technology tools consisting of best-in-class and exclusive apps, which provide sales associates with a distinctive and competitive edge in the market. For partnerships, the brand entered into an affiliation with Bloomberg.com as the exclusive launch sponsor for a new luxury properties marketplace.
The Sotheby’s International Realty brand and its independent sales associates continued its support for New Story, the brand’s charitable partner and a certified 501(c)(3) non-profit organization. As a result, 83 families, who were among those who lost their homes in the 2017 earthquakes, were able to move into their new homes in Morelos, Mexico. A total of 153 homes in Haiti and Mexico were funded through the initiative.
Global Growth
This year observed significant growth for the brand’s existing affiliate companies in the United States through recruitment efforts and strategic mergers and acquisitions. Most notably, the brand increased its market presence in Brooklyn, New York; the Greater Boston area, Massachusetts; and Indiana. The brand also entered several new key markets last year, expanding the Sotheby’s International Realty network’s presence to 43 states across the country.
Outside the U.S. the Sotheby’s International Realty brand achieved more than $12 billion USD in sales volume and continued to expand into key markets around the world. In Europe, the brand grew its presence in Monaco; France; and Berlin and Binz, Germany. New offices were also opened in Doha, Qatar; and Paphos, Cyprus, expanding the brand’s global presence in marketing luxury listings. In the Caribbean and South America, the brand saw growth in Zapallar, Chile, an upscale residential community located two hours outside of Santiago; and agreements were signed to expand into the Anguilla territory. In the Asia-Pacific region, new offices were opened in Tauranga, New Zealand; and Port Douglas, Hobart, and Perth, Australia.
February 2, 2020, Providenciales, Turks & Caicos Islands. Construction of the first home at South Bank, a 5-bedroom Ocean Estate Shoal Villa with signature Serenity pool, has commenced on Lot 8. Sales in process include, Ocean Estate Lots 3 and 4 which will see construction of the first and only-of-its-kind 5-bedroom Bluff Villa, and a 4-bedroom Shoal Villa, over the coming months. Only 1 Shoal Villa lot remains in Ocean Estates I.
The Ocean Estates I is positioned over Long Bay Beach and a striking iron shoreline with varying elevation. The Ocean Estate Villas range in size from 4,500 – 7,500 total sq. ft. and are offered in 3 different layouts from 4 to 6-bedrooms with lot sizes from .5 – .77 of an acre. Dedicated boat docks are available for boats up to 65 feet.
Prices start at $4.45
Six Boathouses Under Contract
The Launch has seen sales in process on 6 Boathouses, with scarcity building in the 2-bedroom + rooftop terrace design type.
The Launch is a community of 1 – 3-bedroom Boathouses, with dedicated boat docks for boats up to 26 feet directly off of the rear terrace, and private access to the Launch central entertainment courtyard which will feature a lap and relaxation pool, sun loungers, BBQ areas and hammocks. The Boathouses range in size from 1,500 – 2,250 total sq. ft
Prices start at $795,000.
First Lagoon Villa Sale Underway
Lagoon Villa 12, located on the eastern side of the boca to the Lagoon is now sold, with a further 5 sales in process. The Lagoon II Villas, on the western side of the boca, feature private dock space for boats up to 30 feet.
The Lagoon Villas have been designed for contemporary family living with outdoor decks that connect to a generous beachfront swimming lagoon. The Villas have taken inspiration from the beach houses of Malibu and offer two roof designs – a pitched butterfly and flat roof option.
Ranging from 3 – 4 bedrooms under roof or 4 – 5 bedrooms via a 1-bedroom guesthouse option, the Lagoon Villas range from 3,000 – 3,500 with lot sizes from .24 – .55 of an acre.
Prices start at $1.85M.
Phase One Infrastructure Works Nearing Completion
Underground utilities, site boundaries, landscaping and community roads are nearing completion. Stay tuned for Phase 2 works, which include excavation of the swimming lagoon, lounging islands and boat basin. The Marina at South Bank will also feature a new sundry shop, parking areas, and refueling facility, in addition to new parking areas, a new main dock and floating docks.
The Bight by Dream Hotel Group Celebrates the Launch of its 66-Suite / 89-Key Condo-Hotel Project in Partnership with Celebrated Brand & Management Company Dream Hotel Group
On Tuesday 11th February, Grace Bay, Providenciales came to life with an inspired Block Party Event to celebrate the official launch of The Bight by Dream Hotel Group and their new partnership with NYC-based Dream Hotel Group, who will now serve as Manager and Operator for the 66-suite/89-hotel key project. The event took place between Sandbox and Turks & Caicos Sotheby’s International Realty’s office with music by renowned DJ Munro spilling over to the streets and a botanical jungle theme scape that flowed throughout both venues, intertwining the buildings to one another. If the refreshingly simple and stunningly creative ambience is anything to go by, this development is off to a progressive start.
Ryan Jones and Natalie Zaidan of the EA Group are best known for the hip local coffee spot, Lemon-to-go-café and their successful landscaping company Environmental Arts, but this powerhouse couple, who have called Turks & Caicos their home for close to two decades, are lesser known for the multiple hats they wear, which include construction, real estate development and sales, art production, rum and vodka distilling and their latest food and beverage venue Sandbox, which caters to the on trend phenomenon of health conscious consuming. No mini sliders here. EA Group is always one step ahead of the curve. Everything from the mood, to the canapes was refreshing. Guests dined on air fried vegetable samosas and mini chicken satay, to name a few, and quenched their thirst with coconut water housed in Turks & Caicos grown coconuts provided by local business owner, JJ Jennings of Coco Vibes. The signature “cocktail with a Bight” was a spicy margarita with a slight bite as the name suggests.
Between speeches guests posed amongst giant foam letters that playfully encircled the Turks & Caicos Sotheby’s International office, spelling out “The Bight Hotel”. As the night progressed and guests, hoteliers, Government officials, and friends filled the space, Ryan Jones spoke to the crowd and announced his vision and dream of bringing an authentic, experience-based condo-hotel to the Turks and Caicos that focuses on lifestyle.
“So why do you want to build a hotel? Why do you want to be in this business? What is the origin story of this project? Natalie and I live in the Bight. This is our home, and we love the country. I loved it enough that I made my life here and had my kids here. We wanted to recreate the magical Turks and Caicos experience that people have when they come here for the first time and never leave. We want to share that with people. We were looking at the market and thought the five-star market is really well-served by a whole bunch of guys who have done an amazing job. The market that really needs to be addressed is the four-star boutique market with culture, design, art, experiences, and adventure. We wanted to align what we did with our life and that’s why we decided to build a hotel here. Then it was a matter of finding the right management partner. An established, creative and inspiring team to bring our vision to life.
“The Bight by Dream Hotel Group will cater to travelers and owners who share a passion for design, community, and food and beverage —all while celebrating the natural beauty and culture of the islands,” added Jeff Donnelly, Vice President of Development, Dream Hotel Group. “In our partnership with EA Group, we are committed to delivering a fresh and exciting experience to the Turks and Caicos Islands.”
Following a soft launch in April 2019, the last 10 months have seen 10 reservations. That’s an average of one reservation per month, a staggering number for an overseas jurisdiction and a new developer. Further confirmation that design- and lifestyle-driven EA Group have their finger on the pulse of the next real estate trend.
“The Bight by Dream Hotel Group is lean, and it’s designed for short term vacation rental. There’s no fat. What do you say?” Joe Zahm Presidentof Turks & Caicos Sotheby’s International Realty asked DeveloperRyan Jones, “Everything you need and nothing you don’t need. I look at it with the great end in mind. It is designed for the end user from the beginning with a real hotel lobby and bar, and a real vibe and lifestyle experience attached to it. And when you factor in the connectivity, elegance and simplicity of the design, at a wonderful price point, this will well serve the market, who really want to be part of the investment class, where your return on investment is just better per square foot. And when you add on just a great amenity set that’s going to be a part of the Bight, and you also add to that just amazingly smashing outlooks with the only elevated property and true beach access. It’s really a combination to die for.”
So what’s next for the EA Group you ask? More sweat and hard work. Starting with digging trenches in the Bight neighborhood to begin burying those old power lines and transforming the area to the beautiful vision Natalie and Ryan started dreaming about over seven years ago. Look out for more information on the underground power line initiative and the beautification of this local neighborhood.
Turks & Caicos Real Estate | Caribbean 