Despite Covid 19 Turks & Caicos Real Estate Enjoys Increased Popularity

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?

Link to Full Article

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by The Extravagant Team, The Extravagant, The Luxury Lifestyle Destination

Introducing Phase 2 of Beach Enclave North Shore

by Turks and Caicos Sotheby’s International Realty

Phase 2 Beach Enclave Long Bay

Vasco Borges, Developer and Founder of the Beach Enclave brand, is proud to announce the highly anticipated Phase 2 of Beach Enclave North Shore, which expands upon the original, award winning Beach Enclave boutique private villa resort. 

Phase 2 offers ten tropical minimalist two to four-bedroom homes, sitting atop a magnificent, beachfront, elevated perch, with one of Providenciales’ most jaw dropping views of the north shore and the reef barrier, providing the perfect combination of elevated views and access to a virtually private beach. 

“The homes are built to take full advantage of the topography. The first story of the Beach Houses are carved into the limestone shelf, seamlessly connecting them to the surrounds. Entry to the home is provided from the second level, so you have ocean views from 47′ of elevation in your master bedroom. The exposed limestone functions as a design feature, and acts as a natural barrier offering privacy between homes. The Ridge Top Houses set behind the Beach Houses, take full advantage of the position on the top of the ridge with 60′ of elevation from the first story and 70′ from the second.” – Vasco Borges, Developer, Beach Enclave. 

With 35′ of elevation the Beach Houses range in size from 2,885 gross sq. ft. for the two bedroom to 4,080 gross sq. ft. for the three bedroom. Prices for the Beach Houses start at $1,895,000. 

The Ridge Top Houses are superbly positioned to protect ocean views and privacy and range in size from 2,918 gross sq. ft. for a two bedroom to 4,817 gross sq. ft. for a four bedroom. Prices for the Ridge Top Houses start at $1,650,000. 

“We are thrilled to be launching Beach Enclave North Shore Phase 2. Yet another amazing project with Vasco Borges and his team. On the heels of great success in Phase 1 next door, and a building reputation with two further locations in nearly sold out Long Bay, and sold out and soon to be complete Grace Bay, the phase 2 homes open the acclaimed BE Villa enclave concept to a wider and highly interested audience.” – Joe Zahm, Broker and President, Turks & Caicos Sotheby’s International Realty.

A menu of pre-designed options is available. 

The expanded resort amenities include an elevated oceanfront Club Lounge with an indoor/outdoor bar and restaurant, lounge decks enhanced with water and fire features; an upgraded oceanfront Fitness Center and Yoga Deck; a lighted tennis court; kids club; and a one-of-a-kind luxurious Enclave Gardens, teeming with Caribbean fruit trees, all for the exclusive use of owners and guests.

Turks & Caicos Real Estate Market Report – 2nd Quarter 2020

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.

Link here to full report

Wealthy Americans are Flocking to Turks and Caicos to Buy Luxury Real Estate

The Peninsula at Emerald Estate – Beach House 1

Even the coronavirus pandemic couldn’t stop the Turks and Caicos real estate market.

The coronavirus pandemic chilled real estate markets across the U.S., but it didn’t stop the surging demand for property in Turks and Caicos.

As real estate elsewhere has dropped, the Caribbean nation has seen records broken despite the global pandemic, according to Mauricio Umansky, founder and CEO of real estate firm The Agency.

“We have definitely seen some extraordinary prices,” he told FOX Business.

South Bank is a low density 31-acre residential resort and marina community along 2,200 ft of beach and iron shore including a unique peninsula located on the southwestern end of Long Bay beach, offering some of the finest views over the Caicos Banks.

Sales volume of single-family homes in Turks and Caicos during the first quarter of 2020 outpaced the same period of 2019, and condo sales outpaced the two previous years to date, according to a Sotheby’s International Realty report.

Turks and Caicos is conveniently close to the U.S. and boasts some of the world’s best beaches, according to Umansky. The country also uses the U.S. dollar and has no property, income or capital gains taxes. The real estate market was already seeing big growth there last year, and it benefited from publicity around the sales of luxury homes that had belonged to Prince and Bruce Willis.

Rock House Resort – A New Era Of Elevated (Grace Bay Resorts)

Wealthy Americans looking to vacation in Turks and Caicos were more likely to rent before the pandemic, so they could spend a summer there and then jet off to another luxury locale the next year, according to Umansky. But he said the pandemic has made the rich realize they want to own a second home outside crowded cities so they have someplace comfortable to stay in the event of a similar event.

TURKS AND CAICOS REAL ESTATE MARKET FLOURISHES AS RICH BUY LUXE ISLAND VILLAS

“So there’s a big trend, they want to have a place to sequester and to have that second home if this happens again, and to have a home where the whole family can go, not just a little apartment that they don’t all fit in,” he said.

Turks and Caicos officials did close its borders in March as a result of the pandemic. The country has remained relatively unscathed by COVID-19, with just 12 cases and one death among the popular of 39,000 people, according to the World Health Organization. As of June 15, officials said there were no active cases of the illness in the country.

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Beach Enclave’s newest boutique resort offering – the first true luxury boutique resort in TCI.

WEALTHY CORONAVIRUS RUSH HITS ‘FORGOTTEN’ TOWNS

The Turks and Caicos government also incentivized real estate purchases during the pandemic by offering a 50 percent cut in stamp duty, waiving custom duties on construction materials and cutting planning fees by half, the Caribbean Journal reported.

Now the border is set to reopen on July 22 when Providenciales Airport reopens. The Grand Turk Cruise Center is also scheduled to reopen on Aug. 31.

With real estate outpacing the market in 2019 even during the pandemic, Umansky said he’s expecting even more growth once visitors can return.

The Bight by Dream Hotel Group – An Elevated Design-Forward Hotel Concept Focusing on Authentic Experiences and Lifestyle

MOST EXPENSIVE BEACH TOWNS OFFER LUXURY FOR A PRICE

“It’s back on and we’re selling,” he said. “It’s pretty incredible.”

Of course, Turks and Caicos isn’t the only vacation spot to see a boost in interest among wealthy homebuyers amid the pandemic. The Bahamas have also seen a “very solid rise in their real estate sales,” according to Umansky. He also spoke to FOX Business about the rise in popularity of ski towns like Aspen, Colorado and Park City, Utah as year-round getaways. And a run on vacation homes in traditional escapes for the rich and famous like the Hamptons has been well-documented.

Real estate in general is also recovering and getting closer to catching up with last year’s pre-coronavirus market, Umansky said.

“That gap is narrowing on a daily basis,” he said.

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Amayara Resort – Located on the secluded Northwestern tip of Providenciales, bordering a national park. 

Article adapted from James Leggate, ‘Wealthy Americans are flocking to this Caribbean nation to buy luxury real estate,’ Fox Business, June 21st, 2020.  

Rock House Construction Update June 2020

“Since the reopening of the construction site on May 11,the safety of our working men and women on site has been prioritized, following local health guidelines…whereas these guidelines have added unexpected new steps to our processes, the construction continues unabated and the project is advancing well….the project has advanced considerably, with several homes reaching roof level and the resort main pool and its adjacent building advancing”-Mark Durliat, CEO and Principal of Rockhouse

“Rock House is perfectly positioned to complete and open in 2021to meet the growing demand from buyers seeking their own retreatswhere privacy, space, high quality of design and service are likely to be even more sought-after.
A selection of elegantly designed cottages, each with their own private pool, will enjoy access to the superb amenity set of the newest boutique resort coming to Turks & Caicos.”
Nina Siegenthaler, Vice President of Turks & Caicos Sotheby’s International Realty

Purchase the Last Remaining Beach House 1 and Become Part of the Beach Enclave Long Bay Family Through Home-Ownership Incentive

As you may be aware, Turks & Caicos has remained a safe haven throughout its closure period, since the end of March, with a minimal amount of COVID-19 cases to date, due to swift action taken by the Turks & Caicos Islands Government and Governor.

In April, Beach House 2 sold, with construction slated to commence imminently.

We have also seen construction re-commence on Beach Houses 2 and 3 which broke ground in December and are slated for completion by Q1 2021.

View our latest construction video.

Beach Enclave is committed to securing the sale of the last remaining Beach House 1, and delivering a construction-free living experience to early Beach House buyers and resort guests, and as such is offering the below incentive until the end of June to create a time-sensitive opportunity to qualified buyers during this time:

  1. $150,000 discount to the list price of $2,795,000 (3BR) and $2,995,000 (4BR)
  2. $25,000 credit towards design options such as an outdoor summer kitchen or resort amenities

Coupled with the Turks & Caicos Islands Government’s reduction in Stamp Duty for land acquisitions completed prior to the end of June (from 10% to 5%) the incentive results in more than $200,000 in savings.
The Club Residence is starting in 2021. The stamp duty savings will likely apply to a sale of any Club Residence through an Extended Payment Agreement.

Focus | 5 Ways You Can Broaden Your Horizons

Free time, something that’s often accounted amongst ideas most luxurious, can become ampler when you find yourself indefinitely working from home. That being said, you might be looking for ways to use your newly acquired free time. Broaden your horizons and enhance your skillset, knowledgeability, and more with these five things you can focus on from home.

Speak a New Language

Agnostic to industry, being multi-lingual can give you a leg up with clients, more professionally marketable, and even make your future travel aspirations more immersive. Apps like DuoLingo and Babbel will help you be well on your way to learning a new language.

Join a Virtual Book Club

Books, fictional or not, are windows into different parts of the world. Exploring books in your favorite genre, self-improvement, or even something outside of your comfort zone, can be a source of enlightenment and relaxation. What’s more, you can join a virtual book club to enhance your experience and connect with new people.

Music for Your Soul

With research showing that learning an instrument can have a lasting positive impact on your brain function, now is the perfect time to pick up that guitar. Fender is offering three months free of their Fender Play service which will help you navigate the six-string – also consider a ukulele or piano lessons to find your musical muse.

Learn from the Best

Whether it’s in the kitchen with Chef Gordon Ramsay, behind the camera with Annie Leibovitz, or in the boardroom with former Disney CEO Bob Iger, MasterClass offers in-depth lessons with titans of industry from all walks of business. What better way to learn a new skill from the best in their field?

Take Up Art

If all else fails, grab a pencil and paper and learn some pointers from professional illustrators – drawing can be a great way to alleviate stress and can help your mind problem-solve from a different perspective.

Free time is ultimately what we make of it, and during these challenging times, what we do with our free time can truly help us make it through them. If there is something you’re doing with your free time, feel free to share in the comments below – we’re in this together.

How to Bring Eco-Conscious Beauty to Your Home

Andalucia, Spain | Elena de Miguel, Kristina Szekely Sotheby’s International Realty

As more people become increasingly aware of the effects of our energy consumption on climate change, homeowners are choosing to adopt more sustainable design solutions. Creating a welcoming, stylish home is now as much about putting thoughtful care into responsibly sourced furnishings as it is about picking pieces that suit you and your family’s needs. Conscientious, sustainable interior design is all about balancing these impulses—it’s about making smart choices for the environment without having to sacrifice beauty or function. 

As architects and developers have been finding new, innovative ways to implement sustainable practices into building design, so too have designers been embracing the eco-conscious movement and bringing it to interiors the world over. Just in time for Earth Day, these suggestions for how you can choose to enhance your home’s interior eco-friendliness range from repurposing existing materials to thinking on a more local scale, all while keeping beauty at the forefront of design.

Choose Responsible, Local Furniture Companies

Vaud, Switzerland | Vanessa KarmaCardis Immobilier Sotheby’s International Realty

When buying new furniture, there are a few steps you can take to reduce your impact on the environment. Choose pieces from local companies that are dedicated to sustainable interior design—these brands are more likely to use ethical, responsibly sourced materials, but they’ll also have a low-waste and low-pollution logistics and shipping mandate. Selecting made-to-order pieces will reduce the likelihood that unbought stock will be sent to the landfill, and will ensure that your new credenza or lounge chair was produced with a minimal amount of materials. Look for companies that use deadstock fabrics and repurpose scraps in place of mass-retailers that produce in excess of demand. Furniture created by local, sustainable brands is also more likely to be high-quality and be up-to-date in its design.

Rework Vintage Finds

Santa Rosa Beach, Florida | Tanner Peacock & Jo StewartScenic Sotheby’s International Realty

For those who prefer to reduce manufacturing demand and keep already existing pieces in circulation, sourcing vintage furnishings and décor is the most sustainable option. Look for timeless, quality vintage pieces like mid-century modern sideboards or designer Italian leather chairs from the 1980s. Shopping for vintage and upcycled furniture is an art in itself, so consult with an antiques dealer before heading to any markets. Rework vintage pieces with the help of local craftspeople to give furnishings a modern refresh, while keeping storied, timeless furniture out of the landfill. A simple reupholstering or paint job is an easy way to invest in quality antiques while giving your home a stylish and sustainable update. 

Switch to Eco-Friendly Fabrics

Grosseto, Italy | Diletta Giorgolo SpinolaItaly Sotheby’s International Realty

When it comes to the fabrics in your home—from rugs and bedding to curtains and throw blankets—the most environmentally friendly option is to make the switch to natural fibres. Opt for materials like linen, cotton, wool, jute, and hemp, especially recycled or certified blends, which are more sustainable than synthetics. Investigate labels and be discerning when it comes to the use of natural dyes. Look for fabrics with GOTS (Global Organic Textile Standard) certification, meaning that they meet the high processing standards set for organic materials, including their ecological and social impact. Curtains and drapes will also help with your energy footprint: use them to reduce the amount of interior heat lost through window panes in colder seasons, and to block direct sunlight in summer, reducing the need for air conditioning. 

Update Your Light Fixtures

Amsterdam, Netherlands | Amsterdam Sotheby’s International Realty

Committing to a more sustainable design approach is about caring what materials go into your goods as well as the day-to-day impact those products have on the environment. Opting for energy-efficient lighting fixtures will make a notable difference in the energy consumption in your home, an essential change for those concerned about design’s impact on the environment. Replace your old incandescent bulbs—which use more energy, and thus increase the cost of your monthly electricity bill—with LED bulbs to start. Choose stylish lighting fixtures constructed with recycled materials, and position furniture and other design elements to enhance natural light as much as possible.

Incorporate Artisan-Made Home Goods

New York, New York | Kaptan Unugur & Mara Flash BlumSotheby’s International Realty – Downtown Manhattan Brokerage

Supporting independent artists is an eco-friendly and ethical way to bring beauty into your home. Handcrafted items like throws, weavings, and ceramics created by local artists are a more environmentally friendly option than buying from mass-market retailers, and, depending on your selected item, are more likely to be one-of-a-kind. Artists that work on a small scale are more able to focus their efforts on using sustainable, locally-sourced materials and time-honored skills, and investing in their work means you’re supporting smaller businesses while adding considered artworks to your home.

Eco-conscious design is changing the way we think about decorating and furnishing our homes. Keeping sustainability in mind when designing your interiors starts with sourcing ethical materials and supporting conscientious companies who are doing the work to reduce our negative impact on the environment—acts that ultimately lead to a healthier society and more sustainable future.

Find your next sustainable abode from among these eco-conscious listings.

Turks & Caicos Real Estate Market Report – 1st Quarter 2020

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 . . .

Link here to full report

Turks & Caicos Islands Government Announces Stimulus Package Including Stamp Duty Reduction

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:

  1. Reduction of 50% in Stamp Duty for a period of three months
  2. 50% of reduction of planning fees for a period of three months
  3. 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.

Link to Stamp Duty Rates

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.