Turks & Caicos’ Leading Real Estate Company

Posted on by

Since June 2009, when condominium specialists and market leaders Connolly Zahm Properties merged into Turks & Caicos Sotheby’s International Realty, the newly formed TCSIR has been the leading real estate company in the TCI and enjoys a number one market share position.  TCSIR is the acknowledged expert in the condominium sector, as well as being a top producer in the home and villa and land sectors. Our international team of local experts combined with the iconic Sotheby’s International brand, and its vast international marketing and referral network, provides a unique and powerful advantage to buyers, sellers, investors and industry partners.  Our signature flagship office, designed by SWA, is ideally located at Venture House on the corner of Grace Bay Road and Ventura Avenue.  The stunning, modern Bermudian-style building features a welcoming reception with 20’ high vaulted ceiling and multiple conference rooms.  TCSIR also maintains on-site offices at the acclaimed Grace Bay Club, and Seven Stars resorts ensuring maximum exposure to qualified purchasers.

Please click this link to view our company information:

Turks & Caicos Sotheby’s International Realty

Turks & Caicos Real Estate Significant Sale

Posted on by

Turks & Caicos Sotheby’s International Realty – Significant Sale – La Dolce Vita – $6,250,000 – Sold by: Nina Siegenthaler, Vice President

Located on beautiful Long Bay Beach, Providenciales, La Dolce Vita is one of the most elegant and beautifully designed four bedroom villas in the Turks and Caicos Islands.  It is a 9,000 square foot luxury private escape set in a small beachfront community on a seven mile long beach. La Dolce Vita is situated on 2 acres with 220 feet of white sand beach front, beautiful ocean breezes and lush tropical landscaping including reflection pools.

Ocean views can be enjoyed from nearly every room and at night, lighting casts a magical glow as you enjoy beachfront Caribbean outdoor living along side the stunning swimming pool complete with waterfall and elevated hot tub. Enjoy the covered terraces or dine alfresco under the poolside cabana. Cook gourmet delights in the spacious, well equipped Tuscan style kitchen or enjoy a movie in the home theatre.

To View Significant Sales from the Sotheby’s International Realty network click on this link: Significant Sales

Providenciales’ Extended Runway Ready for Big Flights from Europe and Beyond

Posted on by

August 4, 2011

On budget and on schedule, the first phase of the Providenciales International Airport expansion was declared complete Aug. 2, boasting a longer and improved runway and taxiways.

When it opens to flights next month, the 9,200-foot runway — an increase of 1,600 feet — will be able to accommodate direct flights of the largest passenger planes. That means travelers from far away can fly direct to Provo, saving days of layovers that they can spend instead in the Turks and Caicos Islands.

“It is a significant landmark in the history of air traffic in the Turks and Caicos Islands,” said His Excellency the Gov. Gordon Wetherell, who cut the ribbon marking the occasion.

“It is important that the airport be able to support and indeed facilitate the growth which we are experiencing in terms of visitor numbers and the growth which is expected to continue, encompassing both traditional markets in this hemisphere and ones further afield,” Wetherell said.

“Discussions are underway with a range of airlines, and I hope that we will soon be in a position to announce additional services to Providenciales from new markets and also new sources of revenue for the islands and our government.”

The $35 million project also was a big shot in the arm for local employment during recent rough economic times. Canadian contractor Dexter Construction and local subcontractors Cove Construction Ltd. and CBMS were required to use at least a 70 percent Turks and Caicos Islander workforce, but they managed to reach an impressive level of 94 percent.

Wetherell gave the lion’s share of credit for the success of the project to Turks and Caicos Islands Airports Authority CEO John T. Smith.
“It’s John Smith and his colleagues here who, before this project actually started, paved the way for this, made sure the objective was clearly set, and then worked hard and determinedly to achieve it,” the governor said after accepting a plaque from Smith commemorating completion of the first phase. “So when I put this up on my mantle piece, I will really think it should be on your mantle piece.”

Speaking to a large crowd in the international departure lounge of the airport, Smith said the project had to overcome many obstacles.

Those included Hurricanes Hanna and Ike in 2008, followed by a worldwide recession, then the elected government that started the project was removed from power in 2009 after allegations of corruption.

The airport required much more than just a longer runway, Smith pointed out. The drainage system was almost nonexistent, meaning a brief rain could flood the taxiways and nearby South Dock Road leading to Five Cays.

Now a state of the art system of rip-rap swales catches runoff that is filtered through an oil and sand grit separator into a settling reservoir. If that reservoir overflows, water goes into a vegetative settling area.

“There is no direct entry of any catchment water into the Chalk Sound National Park,” Smith assured.

More than 700,000 cubic metres of limestone quarry had to be excavated to lengthen the runway and reduce the height of a hill on the approach. What quarry wasn’t then used in construction has been stockpiled on the southwest side of the runway.

More than 7 kilometres of fence topped with barbed wire and razor wire was strung around the airport perimeter to meet international security requirements. New lighting was installed throughout the project.

The project’s contractors worked around the clock to complete the project without interrupting regular passenger flights, with the exception of one four-hour delay cause by rain.

“I’ve been enormously impressed by the speed with which the extension of the main runway, the necessary repairs … the relaying of the ancillary areas have been performed,” the governor said. “It has required flexibility from all users and stakeholders of the airport and its services, and we’re grateful for their patience in this process, and it’s completion on time is a credit to all those involved.”

The governor said the next phase of the project — building a new terminal — must get underway as soon as possible because the current terminal is at or beyond capacity without any new flights.

Blythe Clare of the Tourist Board described the completion of the first phase ass “one small step for Providenciales, one giant step for our destination.”

“This chapter puts the Turks and Caicos Islands, not next to, but alongside of our many competitors regarding direct opportunities of travel to their destination of choice,” she said.

The project took just over a year to complete and was funded by a $20 departure fee.

Photo: Taking part in the ribbon cutting ceremony for the completion of Phase 1 of the airport expansion are (from left) TCIAA CEO John T. Smith, government CFO Caroline Gardner, Gov. Gordon Wetherell and TCIAA Board Chairman Herbert Ingham. (Richard Green/Staff)

###

Written by Richard Green, fp Staff

Four TCI Resort Selected for Travel + Leisure Top List

Posted on by

July 28, 2011

A go-to guide for vacation planners, Travel + Leisure’s top list is considered one of the best in the industry. This year, four local resorts grace the list, showing the world that the Turks and Caicos Islands is the place to be.

Amanyara, Grace Bay Club, Parrot Cay and the Regent Palms all made it into the Top 25 hotels in the Caribbean, Bermuda and the Bahamas list.

Amanyara and the Grace Bay Club were new to the list, while the Regent Palms and Parrot Cay both moved up the list from their 2010 spots, with the Regent Palms making it into the top 10.

“It’s clear that remote and exotic destinations — places that convey a sense of authenticity and adventure — are ruling the day once again in Travel + Leisure’s World’s Best Awards,” said Nancy Novogrod, editor in chief of Travel + Leisure.

The list is the cover story of the August issue of the magazine on newsstands July 22, and now featured in the first-ever World’s Best Awards 2011 iPad edition, available via http://www.TravelandLeisure.com/iPad and on the iTunes App Store.

For the 16th year, Travel + Leisure’s definitive list of the top hotels, cruise lines, airlines, car-rental agencies, outfitters, cities and islands is an essential index of the places you want to go and the best companies to take you there.

The list is compiled based on consumer responses to a questionnaire. The questionnaire was developed by the editors of Travel + Leisure, in association with ROI Research Inc. and made available to Travel + Leisure readers at TLWorldsBest.com from Dec. 1, 2010, to March 31, 2011.

Readers were invited to participate through Travel + Leisure magazine (January, February and March issues), T+L iPad editions (T+L 500 and Romance), and online atTravelandLeisure.com.

The fact that a boutique destination like TCI and its exclusive resorts were selected by the readers is a testament to the quality and uniqueness of the experiences delivered to the travelers.

###

Written by fp Staff

Turks & Caicos Sotheby’s International Realty Newsletter

Posted on by

Joe Zahm, President, Turks & Caicos Sotheby’s The real estate recovery is being led by attractive prices and more confident buyers who see real emotional and economic value in ownership.

June 2011 Newletter

Fractional Ownership Aims to Boost Sales Revenue

Posted on by

Once accounting for 25 percent of all government revenue, stamp duty on land sales dropped drastically as the world economy slowed and people nearly stopped buying in the Turks and Caicos Islands.

A new law providing for fractional ownership of property is aimed at boosting sales and bringing in more money for the government.

Fractional ownership has been around for years for the purchase of yachts and airplanes, allowing people to own part of luxuries they might not otherwise be able to afford or need on a full-time basis. The TCI government, real estate professionals and luxury home owners are hoping fractional will help boost sales and revenue.

“Currently we’re under the timeshare ordinance, which is very old and outdated and doesn’t really cover fractional ownership,” said Kathryn Brown, president of the Turks and Caicos Real Estate Association. “I do believe it’s a much simpler system than timeshare and less expensive.”

Under the new law, a property that become fractional can be sold fraction at a time. That can help people who want to buy or sell now without having to round up a group of owners.

“Purchasers who come and want high end product and want their piece of paradise, they can still do so and have pride in ownership of a luxury property without the full expense and the full maintenance,” she said.

“For sellers it opens up an option that was not available previously,” she said. “For the buyer it creates greater confidence to purchase.”

Fractional ownership in the TCI now usually involves a foreign company buying a property for several individuals who own shares. When people sell shares, the government doesn’t get stamp duty on the transactions.

Under the fractional ownership law, taxes will be paid each time a fraction of a property is sold.

The new law can also help people who are having trouble selling a multi-million-dollar home, Brown said, as well as those with condominiums that aren’t moving.

“Some condominium owners are trying to get into fractional to be able to sell the properties because we do have a lot of inventory,” Brown said.

She thinks fractional ownership will be popular with young, well off professionals in their 40s.

The proposed law has been approved by the governor’s Advisory Council, and now must go before the Consultative Forum before it takes effect.

####

Tuesday, 29 March 2011 09:36

Written by Richard Green, fp Turks & Caicos

Grace Bay Club Wins “Best Beach Getaway” Award

Posted on by

The Turks and Caicos’ own, Grace Bay Club was awarded the #1 spot in the Top 10 Beach Getaways in the March/April 2011 issue of Virtuoso Life.

While the boutique resort has been honoured many times before, this award is especially important because it is selected by the top travel advisors in the countries largest market, the U.S. The famed hotel is the only property in Turks and Caicos to be included on the prestigious list.

“These things don’t happen overnight,” says Nikheel Advani, Chief Operating Officer and Principal of Grace Bay Resorts. “Receiving such an honor is the culmination of hundreds and hundreds of handmade experiences that our staff continues to create for our guests. This truly puts Grace Bay Club in the same league as the big players such as the Four Seasons and Ritz-Carlton, which gives us great pride being an independently-owned, boutique resort.”

Perched on 11 acres of immaculate beachfront, Grace Bay Club was the first luxury hotel built in Turks and Caicos and has since set the bar for luxury resorts in the region. Founded in 1993, the storied all-suite boutique resort was purchased in 2001 and reintroduced into the luxury market after a $250 million renovation and expansion.

“Its all in the details,” Advani says is the secret to success at the Grace Bay Club. He notes thanks to the devoted staff and vision of developer and owner Mark Durliat each and every detail has made the Grace Bay Club the very special place it is today. “Mark has designed the resort to ensure every facility we have in the resort from the rooms to the swimming pools, the restaurants and the bars are on the most beautiful beach in the world,” he added.

A member of Leading Hotels of the World, Grace Bay Club offers guests a uniquely hands-on travel experience with a focus on luxury and service. A quiet haven for uninterrupted relaxation, the 82-suite resort is divided into two separate sections for discerning travelers of all tastes including: the adults-only Hotel at Grace Bay Club area with private restaurant, bars and swimming pool in addition to the family-friendly Villas at Grace Bay Club with their own restaurant, bar and pool. In February 2009, the resort welcomed The Estate at Grace Bay Club, a collection of 22 lavish residence style accommodations complete with a private infinity pool, poolside cabanas, personal concierge service and gourmet restaurant Krave.

“We are very fortunate to have good people, a great beach and island, and a country that really believes in tourism,” Advani said.

In February 2011, both jetBlue and Continental Airlines announced direct flight routes to Providenciales from New York City, Boston and Newark, again confirming the growing popularity of the destination.

Other top marks awarded to the property in recent years include Conde Nast Traveler’s Reader’s Choice ‘Best in the World’ Award in 2010, and Travel + Leisure’s ‘500 World’s Best Hotels’ Award in 2010 and 2011.

Excerpt from Virtuoso Life March 2011

10 Sublime Beach Resorts
By Larry Olmsted

The country’s top travel advisors share where they’re sending their clients for the best beach getaways.

Take a tip from those who know, pack your swimsuit, and head for one of these sandy sanctuaries.

No other feature is more symbolic of escape, and none affects the quality of your warm-weather vacation as much as a beach, so if you’re seeking a sojourn in the sun, look for one of the world’s best stretches of sand – with a high-end resort to match. We asked Virtuoso travel advisors to recommend some of their favorites. Here are a few standouts to consider next time you get a hankering for sand between your toes, tropical drinks under thatched umbrellas, and the sound of lapping surf.

1. GRACE BAY CLUB, TURKS AND CAICOS

CARIBBEAN COOL Sailors love the Turks and Caicos, an archipelago of 40 mostly uninhabited islands, for their calm, shallow, and impossibly vibrant turquoise waters, which caress miles of unspoiled beaches, including the one at the 81-suite Grace Bay Club. The resort caters to families with The Villas, to couples with the adults-only main hotel, and to those seeking the utmost in white-glove service with its 22 new house-size residences at The Estate. Grace Bay is convenient to Providenciales’ downtown tourist haven, but with its half-dozen bars and restaurants, including Anacaona (the island’s best), the Anani Spa, and the extensive Kids Town, there’s no need to leave. Doubles from $720, including breakfast daily and Champagne and fruit on arrival.
ADVISOR TIP: “Grace Bay has one of the most beautiful beaches in the Caribbean. The newly opened residences offer top-of-the-line luxury. And a martini at the Infiniti Bar is a must.”

Others who made the list
2. Four Seasons Resort LĀna’i AT Manele Bay, Hawaii
3. Cap Juluca, Anguilla
4. Jade Mountain, Saint Lucia
5. Rosewood Mayakobá, Mexico
6. St. Regis BahÍa Beach Resort, Puerto Rico
7. Montage Laguna Beach, California
8. Watercolor Inn & Resort, Florida
9. Le Taha’a Island Resort & Spa, French Polynesia
10. The Ritz-Carlton, Grand Cayman

####

Tuesday, 29 March 2011 10:48

Written by staff of fp Turks & Caicos

 

 

Tourism Growth Hits Double Digits Again

Posted on by

For a second year, the Turks and Caicos Islands were a favoured Caribbean destination, showing a 12-percent increase in tourist arrivals compared to 2009.

Most of the growth came in the first quarter of 2010, which showed a significant increase over the same period in 2009. Things slowed down in the second half of 2010, but the year ended with an overall double digit increase. The major source markets for the destination continue to be the United States, Canada and Europe.

This bodes well for the TCI when compared to similar Caribbean destinations like Bermuda, which only showed a 2.6-percent increase, and Cayman, with a 6-percent increase in 2010.

The numbers, released  by the Tourist Board on March 5, are being supported by the Turks and Caicos Islands Airport Authority and the Turks and Caicos Hotel and Tourism Association, which have both confirmed those statistical findings.

The Tourist Board is looking forward to a bright 2011, when it expects the county to surpass the 1 million mark for tourist arrivals for both long stay and cruise passengers. The board, with information from private sector partners and wholesalers, has stated that bookings are up between 30-50 percent in comparison to last year.

This will be made possible in part due to new airlift which began last month with inaugural flight for JetBlue from New York (JFK) and Boston (BOS), and with Continental Airlines (EWR).

The Grand Turk Cruise Center has also seen a steady increase in visitors, including those aboard the Queen Elizabeth 2, one of the world’s largest luxury cruise lines, that called upon the cruise center in December.

The board continues with a limited budget to promote the TCI. During 2010 it represented the country at a number of travel, trade and consumer shows. Additionally, it has sponsored and embraced a number of promotional events in the United States, Canada and Europe, working alongside wholesalers and local hotels.

Next week, together with the Statistical Office of the Department of Economic Planning and Statistics (DEPS) , the board will be conducting a Survey of Departing Visitors at the Providenciales International Airport. The Survey is scheduled to last for a period of seven days and will capture a broad cross-section of visitors.

The goal is for both agencies to gather statistics on expenditures, characteristics of visits and visitors’ opinions. DEPS and the board are planning to conduct this survey on a quarterly basis.

The board continues to operate with an unclear future. A Tourism Working Group appointed by the governor suggested in July that the board be replaced by a Tourism Authority controlled by a board of eight private businessmen and four ex-officio members from government.

The governor said recently that discussions are still underway concerning funding for the board and the new authority.

The working group had recommended splitting the current 11 percent accommodations tax so that the new authority would get 2 percent for operations and the government would get 9 percent.

The current Tourist Board would then be renamed the Tourism Regulatory Board or absorbed into the Tourism Ministry.

####

Thursday, 10 March 2011 12:52

Written by fp Turks & Caicos staff

 

History of Turks & Caicos Sotheby’s International Realty

Posted on by

In the Real Estate and Developement Section of Where When How – Turks & Caicos Islands – Jan.Feb 2011 Issue you will find a brief history of  Turks & Caiocs Sotheby’s International Realty, the market leader in the Turks & Cacios Islands. Click on the link below.

WhereWhenHowHistoryofTCSothebys.JanFeb2011

###

Story by Kathryn Fox, Journalist, Where When How

Signs of Life in Construction – Turks & Caicos Islands

Posted on by

Turks & Caicos Islands’ once booming construction industry – one of the country’s economic linchpins – is on the road to recovery. That’s the word from leading Provo architects who have reported a “dramatic” upsurge in enquiries from developers.The sector has long been one of the largest employers in the Islands but took a nosedive amid the recession and political upheaval.Architects, who are the first to be approached about forthcoming schemes, told the Weekly News they were now experiencing a hike in work.Simon Wood, of SWA Architects in Grace Bay, said: “We feel the move a year or two before the construction industry and things are certainly picking up.“In the last few months, the phone has started ringing again.“We have had a lot of enquiries for residences and started a few new projects.“We have been working on a number of leads for larger projects too, including condos and a hotel.”Mr Wood said he anticipated construction would start to pick up by the middle of the year.It’s a welcome shift from the deadly quiet which, he said, began in 2007.“As architects we had two years of nothing, which means two years of nothing in the construction industry.“It’s not by any means back where it was and I don’t think it ever will be but development was happening too fast before. We are now getting about 40 per cent the number of enquiries we were receiving in recent years.”He added: “We are very hopeful and looking forward to a positive 2011.”SWA, in operation since 1995, is currently working on a handful of private residential developments in Providenciales and North Caicos and is in discussions regarding the forthcoming Hyatt hotel.In June last year the hotel giant announced it had signed a deal to manage a vast 170-unit resort on Cooper Jack Bay.The 21-acre site will include restaurants, pool, spa and fitness centre when it throws open its doors in 2014, bringing with it much needed revenue and jobs.Ron Shaw, of RA Shaw Designs in Leeward Highway, said his company had seen a 10-fold jump in enquiries compared to January 2010.“It’s dramatic.“A lot of it is still conceptual work but if it turns into drawings then it will certainly be a welcome relief.“The last 24 months have been a struggle. If half the work we have on the table now comes to fruition we will be busy through 2011. If it all comes through, it will be out of control.”RA Shaw Designs has been operating in the Islands since 1998 with a niche market in single family residences.In the fiscal heyday of recent years, he said the firm was forced to turn work away.Mr Shaw continued that he expected to soon see an upswing in employment opportunities.He revealed that the firm is currently working on designs for two small resorts.“It will be a slow start over the next three months but we hope by late spring, early summer, we will see things moving into the ground.”Fellow architect Oliver Stubbs also predicted “major improvements” were ahead.“Things are picking up, I have a couple of projects on the table right now,” he told the Weekly News.Mr Stubbs said political instability and the seemingly lackadaisical pace of administering justice to corruption-accused former Ministers were prompting some scepticism among potential developers.“Once the prosecutions start and they start doing what they have to do, we will see more things happen.”At a Chamber of Commerce meeting in December, members spoke of a “very challenging” year and offered ideas to revitalise and reform the lucrative construction industry.Among those making headway is lawyer turned developer Beryn Duncanson, behind the recently completed $30m Flamingo Crossing affordable condo scheme. Mr Duncanson spotted a niche in rent-to-own contracts, a lure for cash-strapped buyers.Other members said it was vital to reestablish the Contractors Association to help regulate the sector.We reported in November that the TCI’s real estate market was also starting to see an upturn.ReMax Elite broker Simon Padgett said “green roots of a recovery” were starting to sprout, in part due to the strength of the Canadian dollar.
###
By Gemma Handy
Turks & Caicos Weekly News