The Turks & Caicos Real Estate Market continues to be led by the strong performance of the luxury sector. Condominium sales were up 82% over Q1 of last year in $ volume and Single Family Home sales were up a whopping 279% in $ volume.
by Turks & Caicos Sotheby’s International Realty
As we ring in 2014, Turks & Caicos Sotheby’s International Realty (TCSIR) celebrates another record year, and our fourth consecutive year in the number one market share position, on the strength of the production of a great team. Link to complete report.
by Turks & Caicos Sotheby’s International Realty
We would like to share the news about the bonus exposure the Sotheby’s International Realty® brand is receiving for the entire month of December, on famous Times Square in New York City. We thought you’d enjoy seeing this live snapshot!
Currently this engaging brand unit is running 15x per day on the ABC Super Sign on 44th and Broadway in collaboration with the New York Stock Exchange. This 15 second (no sound) video positions our lifestyle category websites front and center and is expected to be seen by over 1.6 million pedestrians daily throughout December.
An example of the power of our international brand Sotheby’s International Realty.
The two lifestyle categories where you will find Turks & Caicos Real Estate are:
Relaxed Third Quarter follows Stamp Duty increase
At the ¾ pole of this year, the market is 8.55% ahead of last year on the momentum of a strong Q2 which showed a 30+% increase in sales dollar volume over last year. Q3 however, slowed with a 20% decrease in sales dollar volume. This can be attributed to the following factors: Link to complete report
After a tepid start to the year, Turks & Caicos had a strong second quarter to finish the first half of the year up 16.9% in dollar volume over last year. This increase is mostly based on the 16.5M Grace Bay beach transaction to the same Venezuelan hotel developer (Desarrollos Hotelco Turks & Caicos Ltd. (DHTCI)), behind the JW Marriot project to the west of Seven Stars. In addition, the July 1st increase in stamp duty fueled a number of deals into late June closings.
Joe Zahm, President, Turks & Caicos Sotheby’s International Realty
t. 649.946.4474 c. 649.231.6188 turksandcaicossir.com
Building on the momentum of three recent sales, which were a result of a late spring promotion, SSIG, the developer of Seven Stars, is pleased to announce that, in order to the take the sting out the recent increase in stamp duty (to 10% on all purchases over $500K), they will cover the difference between the old and new stamp duty rates, a savings of nearly 5%, for all purchases closed by September 30, 2013. With only four units left, time is running out to own at Seven Stars with such favorable terms! Click on this link for pricing and availability.
Listing agents: Joe Zahm, joe@tcsothebysrealty.com 649.231.6188 and Lisa Lopes, lisa@tcsothebysrealty.com 649.231.4469
Turks & Caicos Market Report – 1st Quarter 2013
The first quarter sales of 2013 recorded the same overall dollar volume of the previous year thanks to the sale of the 16 acre parcel west of The Sands Resort, which is slated for a high end hotel development. Click to read more
More than 1,300 miles (2,092 kilometers) from New York, on the uninhabited island of West Caicos, a group of European investors are helping to pick up the pieces from Lehman Brothers Holdings Inc.’s collapse.
Building is expected to resume this year at the Molasses Reef resort, according to the Turks and Caicos Islands governor’s office. The new developers, advised by London-based Kew Capital LLP, bought Lehman’s stake in the unfinished luxury project in December, more than four years after the bank’s record failure stranded at least 400 Chinese construction workers at the site surrounded by semi-built condos and weed- clogged swimming pools.
The island development, a mix of condos, land parcels and hotel suites, is being rescued as global stock markets rise to the highest levels in five years, helping drive demand for luxury properties from London to Honolulu. Some investors are seeking to capitalize on the rebound by buying commercial mortgages or construction debt tied to projects paralyzed when the credit crisis sent values plunging and helped bring on the worst economic slump since the Great Depression.
“For projects that went belly-up lenders were taking losses in the 70 to 80 percent range on loans,” said Matthew Anderson, managing director at loan research company Trepp LLC. “Investors could be all in, in some cases, at half the cost of the original envisioned project. That gives you a lot of room to make some money.”
Development on the unpopulated Atlantic Ocean landmass began in 2001 just as the U.S. economy was slowing because of the bursting dotcom bubble. The Ritz-Carlton Reserve agreed to manage the hotel on the 9-square mile (23 square-kilometer) private island reachable only by boat, plane or helicopter, according to marketing materials.
Lehman, once the world’s fourth-largest investment bank, funded the majority of Molasses Reef as part of a massive expansion into real estate before filing the biggest bankruptcy in U.S. history in September 2008.
Even after exiting court protection last year, it continues to liquidate properties to pay creditors, from Detroit office towers to hotels in Hawaii.
Jeffrey Fitts, Lehman’s New York-based head of real estate and a managing director at Alvarez & Marsal, the advisory firm managing the liquidation, said in August that the firm would only sell assets to repay creditors once the timing is right. The bank is planning to put its Ritz-Carlton Kapalua luxury resort in Maui on the market in the next few months as tourism across the islands reaches record levels. Kimberly Macleod, a spokeswoman for the firm, declined to comment on the Molasses Reef sale.
Construction on West Caicos came to a standstill with the project about 70 percent complete, and some of the Chinese employees of Israeli construction firm Ashtrom Properties Ltd (ASPR) held their contractors hostage when an anticipated Lehman loan didn’t materialize and wages weren’t paid. The standoff ended after a week.
More than four years later, the cement shell of a hotel with views across turquoise water is mostly intact, as are the remnants of less luxurious workers’ quarters, resembling a mini trailer park. Birds have built nests on the rooftops of some of the 30 unfinished condos, originally marketed from $2.5 million to $5.5 million, that line a stretch of beach on the island northeast of Cuba.
“It’s always been a unique project and the asset is still very sound,” said Matt McDonald, director of Logwood Development Co., the prior developer which agreed to sell most of its interest to the European investors, who weren’t identified in the release. “It was a very complex transaction and Kew had the foresight and recognized the discount they were getting on the debt.”
About $300 million has been put into the island so far and the remaining infrastructure, hotel and condo project may cost about another $130 million to complete, McDonald said.
“The investment reflects our conviction that Turks and Caicos Islands has a great tourism base and has enormous further tourism potential,” Kew Capital said in a Dec. 14 statement.
The firm was started by former Credit Suisse Group AG executives Jeremy Fletcher and Nathan Burkey in 2008 to advise Russian steel magnates Alexander Abramov and Alexander Frolov on how to manage “several billion dollars” of their wealth, Dow Jones reported at the time. Jeremy Mercer, a spokesman for Kew, didn’t disclose the price paid for the assets or name the investors.
Molasses Reef is a “classic example” of the sort of opportunities that are out there, according to Andy Wimsatt, senior vice president of investment properties at CBRE Inc. and a former manager of the West Caicos project. “Those are projects that were broken in some way or another during the contraction and are in need of creative capital.”
Investors are looking at returns in the high 20 percent range if they are buying impaired debt or projects that need capital for completion that have a residential component, according to Wimsatt.
“Investors now view Caribbean resorts as having hit bottom and improving,” he said. “When the residential market there begins to warm up, and we’re in the early stages of that now, you’ll see a lot more activity.”
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To contact the reporter on this story: Heather Perlberg in New York at hperlberg@bloomberg.net
To contact the editor responsible for this story: Rob Urban at robprag@bloomberg.net
Seven Stars Resort – An Investment Profile
Inspirational Leadership Beckons the Way
for Investor Growth
2012 was an extraordinary and explosive year for Seven Stars Resort as it took its place alongside the finest resorts in the Caribbean and Turks & Caicos. Click to read more.
March 2013
FOR IMMEDIATE RELEASE
Seven Stars Resort, Turks and Caicos Voted Among Top 10 Hotels in the Caribbean by U.S. News and World Report and TripAdvisor
PROVIDENCIALES, Turks & Caicos (January 31, 2013) – U.S. News and World Report announced today that Seven Stars Resort, located in Providenciales, Turks & Caicos, was named among the top 10 resorts in the Caribbean. This ranking comes on the heels of being named one of the top 10 resorts in the Caribbean by TripAdvisor in their 2013 Traveler’s Choice Awards earlier this month.
Seven Stars Resort was ranked 10th among all 273 Caribbean hotels that were analyzed by U.S. News & World Report for the 2013 rankings. The magazine’s rankings are based on an unbiased methodology that combines the prominence of industry accolades with reputation among travel experts and guests expressed through online reviews and ratings. In addition to being ranked 10th in the Caribbean, Seven Stars Resort is also ranked second among the 31 hotels in Turks & Caicos.
Seven Stars Resort was also recently recognized among the top 10 in the Caribbean by TripAdvisor. With over 75 million user-generated reviews and opinions, TripAdvisor is the world’s largest travel site offering trusted advice from real travelers for those looking to plan the perfect trip. The 2013 Traveler’s Choice Awards recognizes only the top 1% of all hotels and resorts on the site and also named Seven Stars Resort among the Top 10 Hotels in the Caribbean.
”Our goal at Seven Stars is to provide the best experience for our guests, so we are extremely proud to be recognized for our outstanding accommodations and amenities, attentive customer service, and dedicated staff,” said Ken Patterson, managing director at Seven Stars Resort. “These recognitions continue to serve as a firm validation that we are achieving our goals to be among the most sought-after destination resorts in the Caribbean.”
Guest reviews that represent some of the consistent feedback the resort has received and which have contributed to Seven Stars’ recent accolades are as follows:
“Everyone at the resort is incredibly friendly, warm, smiling, and the service was truly top-notch! They really do a fantastic job and you’ll be pleased. Everyone made an effort to know us by name, which was super nice. The personal service and touch wasn’t overdone – really it was perfect!”
To experience why Seven Stars has guests coming back again and again, consider the resort’s current booking specials. Book now through March 31 for travel through July 31 and enjoy every third night free in an Ocean View suite, plus receive a $100 resort credit on stays of five nights or more to use either at the Spa or in any Seven Stars restaurant. For reservations or more information on Seven Stars Resort, visit www.SevenStarsGraceBay.com or call 866-570-7777.
To stay up-to-date on the latest news and travel deals from Seven Stars Resort, travelers and guests are invited to become a fan of the resort’s Facebook page by visiting www.facebook.com/SevenStarsResort.
ABOUT SEVEN STARS RESORT, GRACE BAY
Framed by white sand beaches and the marine preserve of PrincessAlexandraNational Park, Seven Stars Resort embraces the natural environment and beauty of the Turks and Caicos Islands.
Named for the seven stars of the storied Pleiades constellation, Seven Stars is an all-suite resort that sits on 22 acres of manicured grounds at the center of GraceBayBeach – rated one of the best beaches in the world. The resort’s luxuriously appointed junior, one-, two-, three-, and four-bedroom suites, are among the Island’s most spacious with private balconies and dramatic views. Offering luxurious comforts, accommodations feature stylish furnishings and gourmet kitchens complete with wine refrigerators and Nespresso machines.
In addition to a best-in-the-world beach experience, Seven Stars Resort features a magnificent salt water pool that serves as its centerpiece. Seven Stars also offers unique and diverse dining experiences. At Seven restaurant, guests will enjoy a fresh and varied menu of breakfast offerings in the morning, and for dinner, an exotic, authentic and Caribbean-inspired menu with artfully prepared dishes. The poolside Sand Dollar, offers a casual, outdoor menu with sandwiches, salads and more for lunch. Beachside, The Deck, provides an alfresco experience for lunch, as well as cocktails and tapas during the evening.
The Spa at Seven Stars Resort provides the utmost tranquility to relax and indulge by offering an extensive menu of services to soothe the mind, body and spirit. Furthermore, Seven Stars Resort offers a fitness center featuring Yoga, Pilates and Body Toning; complimentary water sports including Hobie Cats, kayaks, surfboards, snorkeling equipment and pool floats; tennis courts; and a children’s play area.
Seven Stars Resort was recently named “Best All-Suite Resort” in Turks and Caicos by the World Travel Awards in addition to being named to the 2013 Conde Nast Gold List.
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CONTACT: Lani Gerlak/Morgan Brosman sevenstars@msilver-pr.com
Turks & Caicos Real Estate | Caribbean 