Turks & Caicos Real Estate Market Report – 1st Quarter 2012

TURKS & CAICOS REAL ESTATE MARKET REPORT 1st QUARTER 2012

In the first quarter of 2012, Turks & Caicos Sotheby’s International Realty enjoyed a sizeable market share, in a rapidly expanding market, with dominant share in the Condominium and Home/Villa sectors. Our overall average price is 63% higher than the jurisdiction average for the quarter, a testament to our luxury positioning and brand. We also procured another Significant Sale with the sale of the Estate at Grace Bay Club Penthouse, $7.1M.  As the market rises and the high end solidifies, TCSIR is uniquely positioned and qualified to help buyers and sellers achieve their real estate goals with our combination of local expertise and international marketing and brand power.

Joe Zahm, President, Turks & Caicos Sotheby’s International Realty

Link to Market Report

Turks & Caicos Sotheby’s International Realty Announces Top Network Sale

FOR IMMEDIATE RELEASE

 Turks & Caicos Sotheby’s International Realty Announces Top Network Sale

Providenciales, Turks & Caicos (Apr 25, 2012) – Turks & Caicos Sotheby’s International Realty today announced it was recognized by the Sotheby’s International Realty® brand for having one of the top sales in its network for the month of January 2012.

 The firm earned the recognition for the sale of The Estate Penthouse in Providenciales, Turks & Caicos for $7,100,000, and was included in the brand’s monthly Significant Sales brochure featuring several of the top sales in its network.

On the sixth level this one-of-a-kind single floor Penthouse, measuring over 6,800 sq ft and boasting 125 feet of ocean frontage provides exclusivity and privacy at the highest level. Stunning ocean views, impeccable details, bespoke designer furnishings and grand entertaining spaces with the feel of intimate living. The incredible view is the pièce de résistance in this height of luxury. This Penthouse includes 4 oceanfront bedrooms, 4 1/2 bathrooms, ocean front office and media room. Through its affiliation with Grace Bay Club, The Estate enjoys 1,050 of ocean frontage and use of all the amenities offered at Grace Bay Club Resort. The Estate owners enjoy a private oceanfront pool featuring multiple levels, Jacuzzi tub, and a 25 meter lap pool. The Poolside Cabanas allow for private in-cabana Spa treatments or private dining. 

Listing Agent:  Joe Zahm   Selling Agent:  Nina Siegenthaler

“Significant Sales provide a halo effect over the entire real estate industry.  Purchasers, vendors, brokers and agents, and a broader base in the tourism, development and financial sectors gain confidence in markets where significant properties sell, and are publicized.  This adds energy and value to the marketplace, and provides momentum for growth.  So when people ask what the biggest difference is between this year and the past two, I tell them it is the re-emergence of the luxury market, for all the aforementioned reasons.”  Joe Zahm, President of Turks & Caicos Sotheby’s International Realty.

Turks & Caicos Sotheby’s International Realty is the leading luxury brokerage in the Turks & Caicos Islands and enjoys a commensurate market share position. TCSIR is the acknowledged leader in the luxury condominium industry and luxury real estate market, and has been a major force in the concept, design, launch and completion of many prestigious resorts on Grace Bay. Our international team of local experts, combined with the iconic brand of Sotheby’s International Realty and its vast international marketing and referral network provides a unique and powerful advantage to buyers, sellers and investors in Turks & Caicos Real Estate.

 Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay, Providenciales

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CONTACT

 NAME:  Denise Douglas

TITLE:  Office & Marketing Manager

PHONE:  649.946.4474

E-MAIL:  denise@tcsothebysrealty.com

Turks & Caicos Sotheby’s International Realty Launches Finest Collection

On March 12, Turks & Caicos Sotheby’s International Realty held a party to celebrate the launch of its new magazine, The Finest Collection. Broker / President, Joe Zahm, spoke to the group of TCI residents and business partners about the resurgent real estate market, which is up 80% year on year in sales volume, and of TCSIR’s recent market gains as its LOCAL EXPERTS WORLDWIDE campaign gains traction. Zahm highlighted the private sector leadership on Providenciales, a thriving tourist industry,  the quality of real estate product, his diverse and talented team, and the company’s long – term commitment to the Turks & Caicos Islands.

View The Finest Collection

Turks and Caicos Beachfront Villa for Sale

Luxury Beachfront Villa for Sale – Substantial Price Reduction in Effect

Located on one of the most sought-after residential beaches on Providenciales, Haven House is an impeccably appointed beach front home situated on an extra-wide 220’ of beach frontage and 2 acres on Long Bay’s most pristine and private stretch of beach. The property on a ridge overlooking the beach and shallow turquoise waters beyond. Just ten minutes from the heart of Grace Bay, this home is a retreat in a private and exclusive area of Long Bay. Newly constructed and featuring all the modern amenities, the main house spans 3 levels (and 7,000 SF of a/c area) in addition to a separate 1,500 sq. ft. one-storey beachfront guest house, for a total of 8,500 interior sq. ft. complemented by dramatic outdoor living, entertainment and lounge areas surrounding the magnificent infinity-edge pool. A hardwood walkway and outdoor shower beckons the way to the beach.

Link for more information

Listing Agent:  Nina Siegenthaler, Vice President, Turks & Caicos Sotheby’s International Realty 

Turks & Caicos Real Estate 2011 Market Report

Turks & Caicos enjoyed a strong bounce back year in 2011, after struggling along a murky market bottom in 2009 and 2010.  The resurgence was led by the following factors:

  • Booming tourism, up circa 18%, led by excellent air service
  • Stabling government and local economy
  • Better price value in the market
  • Excellent inventory
  • Drastically increased sales activity in all market sectors
  • Inventory is down for the first time since 2008

The home/villa market nearly tripled in $ sales volume, and almost doubled in average price, led by the sale of Serendib Villa at $10.5M and La Dolce Vita at $6.25M (which was sold by our own Nina Seigenthaler).  There was strength throughout this sector as buyers re-emerged and sellers lowered prices to market levels.  We welcome you to view our Market Graphs by clicking in the links “Inside this isssue:” in our Market Report. 

Turks & Caicos Real Estate Market Report

by Joe Zahm, President, Turks & Caicos Sotheby’s International Realty

Turks & Caicos Islands | The Somerset on Grace Bay

Homey touches at Turks and Caicos’ Somerset

By Gay Nagle Myers
Standing out from the resorts that line Grace Bay Beach on Providenciales, Turks and Caicos, is no easy feat, given that the destination’s signature 12-mile stretch of sand and turquoise waters is home to an impressive lineup of properties.

The bulk of them, however, are clustered in a four-mile swath from Beaches Turks & Caicos on the west to Club Med Turkoise on the east.

Thankfully, no resort is on top of its neighbor. Sand, land and beach grass define the property lines, giving guests at each a sense of privacy and space.

Somewhere in the middle of the pack, tucked between the Regent Palms Turks & Caicos and Sibonne Beach Hotel, is the Somerset, a 53-suite resort known as much for its spacious units as for its residential approach to vacation living.
“This is meant to be an oasis and a home away from everyday life and routine,” said Ulrich Krauer, managing director.

Krauer’s interpretation of “home” means accommodations that range from 1,400-square-foot, one-bedroom garden villas to 5,300-square-foot, five-bedroom oceanfront estates.

All units have large, full-service kitchens with Viking appliances, washer-dryers, wide terraces and balconies, high ceilings with fans and in-room amenities that include bars stocked with the guests’ personal beverage preferences, complimentary WiFi and marble bathrooms supplied with European toiletries.

Krauer joined the Somerset management team last October, coming from the Kona Village Resort in Hawaii, which remains closed after sustaining significant damage from last March’s tsunami. He’s barely had time to put toes in the water, having already revamped the weddings and family programs, upgraded amenities and services and implemented a new restaurant team, all the while continuing to work on improving various aspects of the guest experience.

The resort’s tagline, “Sophisticated and Surprising,” is Krauer’s mantra.

“This year the Somerset has turned up the dial on customer service,” Krauer said. “We opened in November 2006, the resort went through a management change last year, and the owners formed their own management company, which is when I joined the property.

“We and they are committed to retaining the residential flavor and feel of the property while at the same time offering a five-star experience,” he said.

At the forefront is Krauer’s focus on agents.

“Agents are our most important partners,” Krauer said. “We pay commissions immediately upon the guest’s departure, and we also offer an online gift form for travel agents who book through wholesalers so their clients can receive a gift in the room from them upon arrival.”

A typical gift is a rum cake placed inside a coconut husk.

“This business is all about personal touches,” Krauer said. “Competitive times demand it, and we deliver because it is important that agents know there is another choice among Caribbean resorts. We want them to know what the Somerset can do, and we want to grow this market.”

New features at the resort this winter include an online concierge service that enables guests to order grocery items for their suites in advance of arrival.

“The kitchen will be stocked for them,” he said. “The cost is the delivery charge plus whatever the items are priced at in the store. We add no charges on top of those.”

Guests also can prebook spa treatments online.

Room attendants handle all guest requests on site, ranging from a private chef for en suite dining to island excursions and shopping tips.

“‘Butler’ is too formal a word,” Krauer said. “Our room attendants get to know our guests and their preferences and are there to assist in an unobtrusive, understated manner.”

The size of the Somerset’s accommodations as well as spacious public areas and the layout of the resort permit both the family market and the couples/honeymoon/wedding segment to coexist without overcrowding.

“We never do more than one wedding a day,” Krauer said. “More than that would be disruptive to all our guests, and we actually hosted far fewer than [one wedding a day] last year.”

Under Krauer’s watch, the resort appointed Rosalind McKensie as its wedding planner. McKensie formerly was with NLA Destinations in Turks and Caicos.

The Caicos Kids Club for ages 5 to 12 is complimentary this year, and the program changes daily with a variety of activities. On select evenings a kids’ group dinner with entertainment is offered so parents can have a date night.

“We’ve added new equipment for water and beach sports, all offered on a complimentary basis,” Krauer said. “There’s a one-time charge for lessons required for Hobie Cats, windsurfers and paddleboards to ensure water safety.”

Landlubbers can choose beach volleyball, croquet, beach yoga and nearby golf.

Krauer has not overlooked the food and beverage side of operations. O’Soleil, the resort’s signature Caribbean-Mediterranean restaurant, has revamped and reopened with new menu options under executive chef Joel Rheaume, formerly of the Grace Bay Club down the beach.

The LunAsea Bar & Grill by the pool and beach area offers waiter service, as does the Pearl Lounge & Tapas Bar.

Occupancy this winter and beyond “looks very good,” according to Krauer. “Providenciales has good lift from major U.S. gateways, and we sell a top product with an emphasis on service and guest satisfaction.”

Winter rates start at $900 per room, per night, double, in a one-bedroom garden-view suite, including continental breakfast.

Rates drop to $650 a night in the same room category from April 8. For details, visit www.thesomerset.com.  

For Caribbean and Mexico news, follow Gay Nagle Myers on Twitter @gnmtravelweekly.

 
Travel Weekly

Turks & Caicos | Leaping Lizards! Hotel Deals for Feb 29

If there’s a quirky holiday to exploit, you can bet the hotel industry will find it and do just that. This is a leap year, meaning there’s 366 days — one more than the usual 365 — this calendar year. With that in mind, two hotels and one website are offering deals to coincide with the Feb. 29  leap day.

The Somerset on Grace Bay, Turks & Caicos

The luxury resort’s Hop, Skip and a Leap  package offers every fifth night free for travel booked by Feb. 29 for stays through June 30. That translates into a 20 percent discount on five-night stays.  For a stay booked for the first week in March, the best available price per night on the resort’s website is $960 (factoring in the fifth-night free, exclusive of tax) for a 1,500 square foot one-bedroom oceanview villa with with full kitchen, dining area, living room, master bedroom with king/queen bed, 1.5 baths and a private balcony/terrace.

By Genevieve Shaw Brown
@gsbrown
ABC News – Travel Blog

Turks & Caicos Islands | The Somerset on Grace Bay

Tropical Treatment: The Somerset on Grace Bay, Turks & Caicos is the

Best Cure for the Winter Blaahs!

*Under new management, resort gears up with Family, Romance and Seasonal offers**

 Providenciales, Turks & Caicos, January 23, 2012 — It happens suddenly. In the course of everyone’s winter, a weekend escape changes from something that sounds tempting to something you desperately need. If you live in the northeast, you’re no doubt yearning for somewhere that’s reliably warm yet somewhere you can be immediately (or at least by lunchtime). A resort with that just-right blend of intimacy and sophistication. After a few months swaddled in fleece, a beach would be a definite bonus and great food. Yup, it would have to have a decent restaurant (or possibly two?). And while we’re dreaming, would a plush, spacious suite be too much to ask? As it happens, no it wouldn’t. That fantasy of yours sounds a lot like The Somerset, the boutique resort on Grace Bay, arguably the finest beach in the Caribbean.

 The Somerset offers a variety of 53 luxurious, spacious villas and estates ranging from 1,400 square-foot, one-bedroom Garden Villas to 5,300 square-foot five-bedroom Ocean Front Estates. The property has two restaurants and bars and private dining options along with in-room spa choices and full concierge services.

 “This year The Somerset has turned up the dial on customer service,” says Ulrich Krauer, the new managing director who joined the resort from Kona Village in Hawaii. “We are still a fairly new property, having originally opened in November 2006. Our owners are committed to giving guests at The Somerset a five-star resort experience, and we are well on the way to becoming one of the best full-service properties on Grace Bay Beach.” Krauer has revamped the family and weddings programs, upgraded amenities and services, and implemented a new restaurant team for a new and improved guest experience in 2012.

 The Somerset on Grace Bay News for 2012

 Somerset for Families: Free Kids Club; Extended Family Suites

 The new “Caicos Kids Club” program for children ages 5 – 12 is complimentary this year.  The Club is operated by certified teachers from a local school who are qualified to ensure a fun and educational experience. The daytime program changes daily to give a variety of activities and on select evenings a group kids dinner and entertainment is offered (sundown-8pm) to give parents the opportunity for a “date night” dinner together if they wish.

Every accommodation at The Somerset is equipped with a full kitchen, outfitted in Viking® appliances. A new grocery order program is available for those who would like their kitchen fully pre-stocked with their family’s favorite items upon arrival (billed at cost by The Somerset, plus nominal delivery fee). Inquire about this program with reservations, and check back on the website soon as the order form will also be available online this winter.

 For families traveling with extended family members, the two-and three-bedroom Ocean View Villa suites include as one of the bedrooms a ‘Queen Guest Room’ with a separate entrance. This accommodation is luxuriously appointed with a queen bed, four-piece bath with therapeutic spa bathtub and separate shower, as well as a kitchenette. It is an excellent option for families with adult children or in-laws (also a great option for families traveling with a babysitter or nanny).

 Destination Weddings at The Somerset; New Resort Wedding Planner

 The Somerset is extremely popular with destination weddings, hosting more than 20 weddings and bridal events each year.  New for 2012, the resort now has its own Wedding Planner — Rosalind McKensie, formerly with NILA Destinations in Turks & Caicos. Special group rates are available.

 For couples getting married at The Somerset, the bridal party can opt for a two-bedroom villa with additional “bridal party suite” for hair/makeup/spa treatments. This third accommodation is attached with separate entrance and can be transformed into a relaxing spa room for exclusive use during the stay.

 Wider Range of Activities This Year

 By land or by sea, The Somerset has all new activity equipment for water and beach fun. This winter season the resort offers paddleboards, windsurfers, Hobie Cat sailboats, kayaks, snorkel gear and more. All equipment is for guest use on a complimentary basis, lessons are required for use of Hobie Cats, wind surfer and paddleboard for a one-time charge and complimentary use thereafter. Those who prefer to stay dry can have fun playing beach volleyball, corn hole, ladder golf, lawn croquet, beach yoga and more.

 Food & Beverage Upgrades

 O’Soleil, the island’s renowned Caribbean-Mediterranean restaurant, has re-opened under the helm of new Executive Chef Joel Rheaume, formerly of The Grace Bay Club. O’Soleil is an upscale dining experience with both indoor and outdoor seating, open for breakfast and dinner.  For a more casual lunch, the Somerset features LunAsea Bar & Grill by the pool and beach area; waiter service is available on the beach.

 Rates at The Somerset on Grace Bay in winter start at $900/night, based on double occupancy, for a 1,400 sq. ft. one-bedroom Garden View Villa. As of April 8, rates start at $650/night for the same category.  All rates include continental breakfast. For more information or to make a reservation please visit www.thesomerset.com or call 877-887-5722.  Special offers are available, click here to view. Follow The Somerset on Facebook at http://www.facebook.com/TheSomerset and Twitter at www.twitter.com/TheSomerset.

 The Somerset is a 10-minute ride from Providenciales International Airport (PLS) with direct air access from the U.S. on jetBlue (New York JFK, Boston), Continental (New York JFK, Newark), American Airlines (New York JFK, Miami and Dallas in winter season only), Delta (Atlanta), and US Airways (Charlotte, Philadelphia, Boston). In Canada direct access is available on WestJet from Toronto and Air Canada from Toronto and Montréal.

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 About The Somerset on Grace Bay:

Located on one of the ten best beaches in the world, The Somerset on Grace Bay is a luxurious full-service resort with 53 luxury, spacious villas and suites ranging from 1,400 to 5,300 sq. ft. in one-to five-bedrooms. The property has two restaurants and bars and private dining options along with two freshwater pools, fitness center (with steam room), in-suite spa services and concierge services. Each suite comes with plasma television, cable, DVD/CD surround sound system and iPod docking station. Over 25+ activities are available for families and couples direct on property or close by and the resort’s Caicos Kids Club program is complimentary for children ages 5-12 years. Visit www.thesomerset.com to learn more.

Contact:       

Carla Tracy / Meredith Phares                                                                          

Laura Davidson Public Relations

Tel: 212-696-0660

Email: carla@ldpr.com / meredith@ldpr.com

Turks & Caicos Sotheby’s International Realty Newsletter

A Market & Brand Stage A Comeback, by Joe Zahm, President, Turks & Caicos Sotheby’s International Realty.  Click on this link to review this article and newsletter.

November 2011 Newsletter

Turks & Caicos’ Leading Real Estate Company

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