Latitude 22, Developers of Ridgeview and Karaya Blue, in collaboration with Turks & Caicos Sotheby’s International Realty are delighted to present a first hand perspective on this remarkable residential development.
About Turks & Caicos Sotheby’s International Realty Turks & Caicos Sotheby’s International Realty (TCSIR) is the premier luxury real estate brokerage firm in Turks & Caicos. Boasting a profound track record and significant foothold in all market segments, particularly new development and trophy properties, TCSIR is the go-to resource for developers, investors, home-buyers and sellers in this highly sought-after destination. With strong leadership backed by the world’s greatest international luxury real estate brand, and a diverse array of international agents representing 15 countries, TCSIR is influential in both the local community as well as the greater real estate industry worldwide. The firm’s signature office is ideally located in uptown Grace Bay with satellite offices at Grace Bay Club, The Palms and Point Grace. For more information please visit http://www.turksandcaicossir.com.
Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay Road, Providenciales | info@tcsothebysrealty.com | 1.649.946.4474
Click to watch The Strand’s recording, hosted on the 5th of March 2024
After a phenomenal year, The Strand is advancing with remarkable construction progress. Developer John Fair, Vice President and Sales Thorn Capron, broker Joe Zahm along with Sophie Tidrick, Vice President and Development Director hosted an insightful webinar session unveiling the ongoing progress at The Strand and the projected opening of the resort this year!
The Strand has come a long way since breaking ground in 2022. The initial homeowners are already relishing their new residences, and the Strand is set to open officially later this year. Photos below are of the recently completed Luxury Residence.
For more information about The Strand please visit:
About Turks & Caicos Sotheby’s International Realty Turks & Caicos Sotheby’s International Realty (TCSIR) is the premier luxury real estate brokerage firm in Turks & Caicos. Boasting a profound track record and significant foothold in all market segments, particularly new development and trophy properties, TCSIR is the go-to resource for developers, investors, home-buyers and sellers in this highly sought-after destination. With strong leadership backed by the world’s greatest international luxury real estate brand, and a diverse array of international agents representing 15 countries, TCSIR is influential in both the local community as well as the greater real estate industry worldwide. The firm’s signature office is ideally located in uptown Grace Bay with satellite offices at Grace Bay Club, The Palms and Point Grace. For more information please visit http://www.turksandcaicossir.com.
Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay Road, Providenciales | info@tcsothebysrealty.com | 1.649.946.4474
Step into an exceptional investment opportunity in the heart of Grace Bay, The Bight & Thomas Stubbs. Adjacent to the esteemed St. Regis development site and positioned across from The Somerset, with beach access proximity to Grace Bay Beach via Rotary Club Park public beach access, this exclusive 2.24-acre commercial land listing extends a rare invitation to make a substantial investment in this premier location. This offering is designed for those with a discerning eye for prime real estate investment. The strategic positioning, coupled with the prestige of its surroundings, establishes this property as the ideal choice for commercial development. Whether envisioning a landmark commercial project or an upscale development, this 2.24-acre canvas awaits your investment creativity.
Property details
Block: 60804
Parcels: 31 & 116
Property Type: Vacant Commercial Land
Location: Across from The Somerset on Grace Bay and adjacent to St. Regis Residences
Land Size: 2.24 acres
Grace Bay Road Frontage: 260FT
Princess Drive Road Frontage: 345FT
Zoning: Tourism and Hospitality
Building Restrictions: 50 units acre and 7 stories high
About Turks & Caicos Sotheby’s International Realty Turks & Caicos Sotheby’s International Realty (TCSIR) is the premier luxury real estate brokerage firm in Turks & Caicos. Boasting a profound track record and significant foothold in all market segments, particularly new development and trophy properties, TCSIR is the go-to resource for developers, investors, home-buyers and sellers in this highly sought-after destination. With strong leadership backed by the world’s greatest international luxury real estate brand, and a diverse array of international agents representing 15 countries, TCSIR is influential in both the local community as well as the greater real estate industry worldwide. The firm’s signature office is ideally located in uptown Grace Bay with satellite offices at Grace Bay Club, The Palms and Point Grace. For more information please visit http://www.turksandcaicossir.com.
Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay Road, Providenciales | info@tcsothebysrealty.com | 1.649.946.4474
Led by Significant Sales, 2023 Market Puts Exclamation Point on Happy New Year!
Wherever you were for the festive holiday and New Year’s Eve celebrations we all had plenty to celebrate and be grateful for. The fireworks along the beach closed out 2023 in fine form with a celebration on Grace Bay and beyond that was the best we have ever seen! We look forward to 2024 as we take a brief look back in this report at our successful results within our real estate market.
Of notable mention are two significant sales, one a TCI record of $88.75M for a 36-acre commercial parcel on Grace Bay known as Cotton Bay which is set to be developed into a new resort property. Details to come later this year. The other highly significant sale was a residential record of $33.5M for Sole E Mare by our own Nina Siegenthaler. Both sales helped lead the market to a new record in 2023 of $782,412,342, slightly surpassing our previous 2021 high of $768,737,714. Another contributing factor to the high sales volume was the posting of completed new developments which are defined below and within the charts and graphs in the full report.
In the Single Family Home Sector, the completion of numerous high-end villas at Emerald Estate, South Bank and Beach Enclave North Shore, many of which transacted in 2021, along with very strong new sales at The Strand, led to a whopping 104% annual increase in dollar volume ($488M vs. $238M) and a 128% increase in average price ($3,642,014 vs. $1,590,987). Of course, the record resale of Sol E Mare sale didn’t hurt! The significantly higher average price signals a new day for luxury single-family residences attached to outstanding luxury brands. With other luxury and super-luxury villas in the pipeline and under development, along with occasional re-sales, we should continue to see this average price point hold steady and establish a new normal.
The Condominium Sector, with limited existing resale inventory, decreased by 37% in dollar volume (from $182,337,530 to $114,353,700) and in unit sales by 38% (151 to 93), with average price points remaining steady in the $1.2M range. We are, though, seeing some record $/SF sales of up to $1,500 per SF for prime re-sales, often with competing bids. It appears that condo life is again highly attractive as everyone tends to enjoy having resort amenities at their fingertips. Owners are also finding that rental returns and operational standards are excellent in this sector. We have new development launches at St. Regis, The Loren and others, along with strong pending business with ARC Sky Villas at South Bank and The Point by Grace Bay Resorts and we expect both projects to break ground in the first half of 2024, on the heels of the upcoming completion of the Reserve Villas at Rock House, the second phase of this already widely acclaimed new resort.
The Land Sector was propelled by the $88.75M sale of Cotton Bay exceeding 2022 numbers by 15% ($166,507, 799 vs. $144,375,399) with average price up 70% (from $575,241 to $979,458). Another one or two significant land parcels could potentially transact in 2024 maintaining this new normal for land sales volume. Purchasers and investors remain thirsty for all forms of vacant land, from beach and waterfront, ocean view, canal front, near beachfront, and commercial, with momentum building in activity on our out-islands such as North, Middle and South Caicos.
On a macro level, the end of 2023 signals a close to the “Covid Era”, where we have experienced unprecedented growth in the luxury tourism and real estate sectors and normalized at significantly higher levels of activity and values than ever before. Watch for our 30-year review next month as we examine the past three decades of development in the TCI and analyze data for clues to potentially forecasting future trends.
Special thanks to our valued industry and community partners. We look forward to the season ahead more immediately to our 9th Annual Art Auction for the Ed Gartland Youth Center, to be held Saturday, January 27th at The Shore Club. Please contact us if you would like tickets. We hope to see you there!
We also look forward to welcoming you to our new groundbreaking IMMERSION THEATRE ™, where all our amazing developments and properties can be viewed in virtual realty on a 9’ x 16’ wall screen. We will be providing further information on this game-changing technology later this month.
Happy New Year from all of us at Turks and Caicos Sotheby’s International Realty.
Do not hesitate to reach out to your sales professional to have a conversation about our market, and to assess purchase and selling opportunities!
Find Turks & Caicos Sotheby’s International Realty past Market Reports link here.
About Turks & Caicos Sotheby’s International Realty Turks & Caicos Sotheby’s International Realty (TCSIR) is the premier luxury real estate brokerage firm in Turks & Caicos. Boasting a profound track record and significant foothold in all market segments, particularly new development and trophy properties, TCSIR is the go-to resource for developers, investors, home-buyers and sellers in this highly sought-after destination. With strong leadership backed by the world’s greatest international luxury real estate brand, and a diverse array of international agents representing 15 countries, TCSIR is influential in both the local community as well as the greater real estate industry worldwide. The firm’s signature office is ideally located in uptown Grace Bay with satellite offices at Grace Bay Club, The Palms and Point Grace. For more information please visit http://www.turksandcaicossir.com.
Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay Road, Providenciales | info@tcsothebysrealty.com | 1.649.946.4474
A big thank you to all of the brokers who attended the event at The Summit on Friday the 15th of December 2023. The Summit, without a doubt, stands as a remarkable project, showcasing one of the most stunning views on the island.
Developer Julian Biggs, in his insightful words, acknowledged that while The Summit may not be the highest point in the world, it is certainly ours, signifying its uniqueness and significance to us all.
The Summit is a select pre-construction opportunity of only 9 villas positioned in a private residential enclave on the highest point in Providenciales offering commanding 180-degree ocean views over the North Shore. With vantage points from 94 to 160 feet above sea level, the Developers of Ridgeview and Karaya Blue, Latitude 22 are delighted to present this low-density development to the Turks & Caicos luxury market. At The Summit, unrivalled ocean views and an irreplaceable location combine with considerate design and organic modern architecture to produce a truly unique offering of 3 to 5 bedroom villas.
Environmentally sustainable, the design includes not only 7.5kw of 20 roof mounted Solar Panels, but also living ‘green’ roofs designed by Jörg Breuning whose organization Green Roof Technology has been pioneering the technology in Europe for over 40 years, and more recently North America and the Caribbean. This sustainable feature acts as a cooling aid, reduces rainwater runoff, protects against weather, and provides an additional habitat for natural flora and fauna ensuring the development enhances rather than imposes upon the beautiful natural surrounds and ocean views of its location in Blue Mountain.
We’re thrilled to announce the launch of our latest homes at The Strand: Signature Residences.
These 4- and 5-bedroom oceanfront homes were designed to make a statement. Each house has two master bedrooms (one on each floor) – with their own private terrace, walk-in closet and plush bathroom. Three of the four homes also have a guest casita/flex room and garage. With a versatile bonus room on the second level, an infinity pool that spans 42 feet and the most lush and welcoming outdoor living space, it just might be the perfect place for your real estate investment.
The Strand is exceptionally delighted to welcome Frits and Jenny to our team, as their invaluable experience will play a key role in their daily operation.
More about The Strand
Overlooking the sapphire blue waters of Cooper Jack Bay with dramatic vistas and an awe-inspiring setting, The Strand is a hidden retreat complete with private Residences, Villas, and Estates, a swimmable shoreline, destination dining, and crafted experiences specifically for reconnection.
Active listings
Click here to find all current listings of The Strand.
About Turks & Caicos Sotheby’s International Realty Turks & Caicos Sotheby’s International Realty (TCSIR) is the premier luxury real estate brokerage firm in Turks & Caicos. Boasting a profound track record and significant foothold in all market segments, particularly new development and trophy properties, TCSIR is the go-to resource for developers, investors, home-buyers and sellers in this highly sought-after destination. With strong leadership backed by the world’s greatest international luxury real estate brand, and a diverse array of international agents representing 15 countries, TCSIR is influential in both the local community as well as the greater real estate industry worldwide. The firm’s signature office is ideally located in uptown Grace Bay with satellite offices at Grace Bay Club, The Palms and Point Grace. For more information please visit http://www.turksandcaicossir.com.
Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay Road, Providenciales info@tcsothebysrealty.com | 1.649.946.4474
The Strand is making incredible progress with construction and Turks & Caicos Sotheby’s International Realty is pleased to share the latest updates on the beachfront enhancement project.
The much-anticipated beachfront enhancement project at The Strand, which encompass the T Head groin and the pocket beach groins have now been completed. This significant addition to the resort marks a transformative milestone, introducing a unique amenity that will play a pivotal role in establishing the beachfront at the resort in Cooper Jack Bay.
The work on the T Head groin commenced in mid-September was successfully finalized within four weeks. The collaboration involved various stakeholders, including the marine engineers at CDE Group who helped to design the project, Ralph Dietsche and Wes Rambara of CBMS who oversaw the construction as well as Ian Astwood, from the Department of Planning and The DECR with their valuable guidance.
The Strand, satisfied with the completed work, said that they had already witnessed a natural accumulation of sand on the shores, enhancing the picturesque waterfront. “The next exciting step in the project involves the placement of 70,000 cubic yards of sand, scheduled to commence in January 2024”, said Managing Director, Developer & Project Manager John Fair. While they encountered some challenge, The Strand is delighted with the outcome to date.
What’s next for The Strand? The Strand is looking forward to the clubhouse, which is nearing completion with windows and doors already installed and swiftly progressing to the floor finishes. The clubhouse will serve as the epicenter of The Strand with exciting surprises to be shared with owners and the community in due course.
A heartfelt gratitude is poured out to the dedicated construction team, the patient owners, and the Turks and Caicos Islands government for placing their trust in the vision of the project and for entrusting The Strand as stewards of this magnificent piece of Providenciales.
The Strand, Turks and Caicos is pleased to welcome the newest members to their team: Frits and Jenny Hannenberg.
This hospitality powerhouse duo will serve as our General Manager and Hospitality Manager at The Strand, which will be fully operational by Fall of 2024.
Frits and Jenny each have more than 20 years of experience in luxury hospitality. Most recently, Frits was the Managing Director of The Abaco Club on Winding Bay in the Bahamas and was the opening General Manager for The Shore Club. Together the couple have brought their hospitality expertise to luxury private islands including Fregate Island in the Seychelles and Mustique Island in St. Vincent.
The Strand is exceptionally delighted to welcome Frits and Jenny to our team, as their invaluable experience will play a key role in their daily operation.
More about The Strand
Overlooking the sapphire blue waters of Cooper Jack Bay with dramatic vistas and an awe-inspiring setting, The Strand is a hidden retreat complete with private Residences, Villas, and Estates, a swimmable shoreline, destination dining, and crafted experiences specifically for reconnection.
Active listings
Click here to find all current listings of The Strand.
As continued evidence of the high demand and dearth of existing high-end homes for sale in the Turks & Caicos Islands, the recent off-market sale of Sole E Mare on Leeward’s coveted north shore is a testament to the continued growth and desirability of the best-in-class real estate in the jurisdiction. True to its name evoking sun and sea, the home sits on an impeccable white sandy beach known as Pelican Beach which is an extension of world-renowned Grace Bay.
Sole E Mare’s idyllic site features a 270-degree view from its point with over 220’ of frontage, sitting proud of its neighbors to the west and enjoying a sunset-facing view of Grace Bay and its iconic barrier reef.
The sale marks the first residential re-sale above $30 million in the TCI and was the culmination of a painstaking rebuild process and exceptionally well-executed design, showcasing the type of design and construction that was simply not to be found even five years ago in our jurisdiction. A recently completed beach revetment and additional new investment point to continued upward trending price values in the area.
The majority of high-end sales this year to date occurred in the pre-construction, luxury new development, sector which is actively servicing the discerning demand for high quality homes amidst an otherwise very limited inventory of available and completed homes – and vacant waterfront sites. The potential time involved and challenges that can accompany a custom project of this nature increased the attraction of this turn-key newly completed masterpiece for its new owners and led to a swift closing.
About this amazing estate
The 12-bedroom estate spans about 12,000 interior square feet across the main house and a guest house/caretaker house, and 20,000 total under roof (including vast covered terraces) with more than 30,000 sq. ft. of finished areas including a 100’ long all-mosaic pool featuring 440’ of full surround infinity-edge. A dining table custom-made with a live edge solid slab of 100-year-old wood, hand-picked by the sellers and even personally trucked from its source, was a feat in and of itself. A signature staircase, private salon, extensive outdoor entertaining and lounge areas, solar panel and Tesla power wall system for uninterrupted green energy, are amongst the many exquisite design elements and forward-thinking features throughout.
Selling Agent
Nina Siegenthaler
Vice President Turks & Caicos Sotheby’s International Realty
While most market followers focus on Closed transactions when evaluating real estate markets, brokers, consultants, and developers take an even closer look at Conditional and Pending transactions. Conditional transactions are Accepted Offers not yet Under Contract (Pendings) and both are really a harbinger of things to come.
Quarter 3 (usually our slowest quarter) outperformed expectations and further indicates that we are increasingly a year-round market and less of a seasonal market insofar as real estate activity is concerned. Led by Single Family performance, Conditional dollar volume is up a whopping 443.65% Q3 2023 over Q3 2022 ($124,223,600) vs. ($22,850,000). Pending transactions are up 8.13% ($136,524,800 vs. $126,257,357).
This sharp rise is a real eye-opener during our typically slowest quarter, so let’s examine why: Many of these Conditional transactions are on the strength of our New Development projects led by Arc, South Bank, The Strand, The Loren, with The Point by Grace Bay Resorts and St. Regis soon to be substantially adding to the mix when their listings officially come to market. So, we should continue to see substantial rises in our Conditional Sales as our big projects pre-sell and start construction in 2024, with the Hyatt Andaz just breaking ground. This leads to our biggest differentiator in times of scarcity of (existing) inventory, and that is our awesome New Development pipeline, which promulgates our sustainable growth and satisfies a market hungry for luxury properties in TCI.
Regarding Closed transactions across all segments of the TCI market, our Q3, Y.T.D. numbers are up 10% over 2022 ($526,828,182 vs. $475,699,009), with Average prices up 49.76% ($1,572,621 vs. $1,050,009) and up 130% in the Single–Family segment ($3,492,489 vs. $1,492,127)! This is another “wow” moment and can be best explained next time you take a ride over to South Bank, The Strand, Peninsula Estate, Beach Enclave North Shore Ph 2 and others and see so many gorgeous new villas either just completed or nearing completion which have contributed to the closed numbers.
With strong demand and very scarce existing condo inventory, this aspect of the market continues to struggle (sales volume down 43.62% Y.T.D.), as there is very little re-sale activity and owners are holding on with a tight grip. When we do see quality re-sales come up, they sell quite quickly and often at record numbers. Two recent Shore Club sales are illustrative, as they each sold for over 25% higher than prior markers. However, as discussed above, these numbers should normalize as our new projects reach critical mass and start the construction and completion cycles.
As we continue to shepherd our new projects and succeed in all aspects of the market, we look forward to welcoming you back as we approach the holidays, and…introducing you to the Future of Real Estate in November.
Find Turks & Caicos Sotheby’s International Realty past Market Reports link here.
About Turks & Caicos Sotheby’s International Realty Turks & Caicos Sotheby’s International Realty (TCSIR) is the premier luxury real estate brokerage firm in Turks & Caicos. Boasting a profound track record and significant foothold in all market segments, particularly new development and trophy properties, TCSIR is the go-to resource for developers, investors, home-buyers and sellers in this highly sought-after destination. With strong leadership backed by the world’s greatest international luxury real estate brand, and a diverse array of international agents representing 15 countries, TCSIR is influential in both the local community as well as the greater real estate industry worldwide. The firm’s signature office is ideally located in uptown Grace Bay with satellite offices at Grace Bay Club, The Palms and Point Grace. For more information please visit http://www.turksandcaicossir.com.
Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay Road, Providenciales | info@tcsothebysrealty.com | 1.649.946.4474
