Tag Archives: Luxury Real Estate

Record-Breaking Residential Sale for Turks & Caicos – Sells Off-Market at $33.5 Million

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Sole E Mare

12 Beds | 13 Baths | 20,000 Sq. Ft.

$33,500,000

Tranquility Lane, Providenciales

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

T: 649.946.4474

C: 649.231.0707

nina@tcsothebysrealty.com

Sold Date

October 2023

2023 Turks and Caicos Real Estate – 3rd Quarter Year-To-Date Comparison

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The Third Quarter Trends Sharply Upwards

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.

Link to PDF Report

Digital Flip-Book 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

Over 40% of Arc Sky Villas now reserved

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Arc by Piero Lissoni, the final residential offering at South Bank

Arc, the final residential offering at South Bank, designed by master of contemporary architecture and interiors, Piero Lissoni, was inspired by the daily patterns of villa lifestyles and a sense of place. Arc not only embraces but also elevates the essence of secluded villa living, providing an unparalleled experience on the breathtaking oceanfront, nestled amidst nature yet welcoming the vast horizon.

Since sales opened, we have seen a substantial interest with six reservations, including the sale of all four-bedroom residences. Following this successful Founders Launch phase, introductory prices have since ended, and the remaining unit prices are available on request.

Each Sky Villa offers a unique layout and distinct design moments. Only two two-bedroom residences, a select number of three-bedroom and the final five-bedroom penthouse remain available for purchase.

The South Bank resort offers a range of diverse and relaxing amenities for all owners and guests to enjoy. With two signature restaurants and bars, cozy beachfront cabanas, a fire pit lounge, a marina, a second fitness center, an over-water spa, tennis and pickleball courts and two resort swimming pools, there is always somewhere to relax or explore at South Bank.

Contact us to discover more about Arc’s elevated waterfront living, designed by one of the world’s most renowned designers and serviced by one of the leading hospitality experts in the Caribbean.

See all active listings here.

See the latest availability here.

Please contact the following listing agents to arrange a private consultation.

Joe Zahm

President/Broker

c 649.231.3534 I joe@tcsothebysrealty.com

Nina Siegenthaler
Vice President/Associate Broker

c 649.231.0707 I nina@tcsothebysrealty.com

Patrick Staples
Real Estate Professional

c 649.432.3222 I patrick@tcsothebysrealty.com

Courtney Chapman
Sales Associates

c 649.431.9517 I courtney@tcsothebysrealty.com

The Strand Construction Update: August 2023

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Click on the video above to watch the latest construction update

Turks & Caicos Sotheby’s International Realty is once again delighted to bring you the latest construction updates for The Strand. The four months since our last construction update marked a significant journey with the completion of the first Luxury Residence, others nearing completion and palpable excitement surrounding the commencement of the beach and groin works.

The unique essence of The Strand has always been its unparalleled location, design and of course, quality. An authentic architectural marvel, The Strand elegantly boasts a geometric design that seamlessly blurs the boundaries between indoor and outdoor living spaces. This design philosophy harmonizes flawlessly with old world craftsmanship, creating an environment where sophisticated luxury is ever-present. Rising from the beautiful Copper Jack, The Strand is reshaping the coastline as it brings forth a new paradigm of beachfront living.

Prioritizing a commitment to quality sometimes means taking extra time to ensure every intricate detail meets our high standards. In the end, the outcome is nothing short of spectacular, as John Fair, the esteemed Managing Director, Developer & Project Manager remarked, “The completed R3 Luxury Residence is one of the finest homes I have ever been a part of.” 

Despite labor demands and supply chain challenges, delays have been kept under control and minimized, Broker Richard Sankar revealed. “The project is progressing smoothly and is in line with the projected plan,” adds President Joe Zahm. “John and his team have been laser focused since the outset, and have been undeterred by COVID delays and other obstacles as they march towards completion with will and skill,” Joe completed. 

View The Strand’s active listings here

About Turks & Caicos Sotheby’s International Realty

Turks & Caicos Sotheby’s International Realty is the premier luxury real estate brokerage firm in Turks and Caicos. Boasting a profound track record and significant foothold in all market segments, particularly new development and trophy properties, the firm is the go-to resource for developers, investors, homebuyers 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, Turks and Caicos Sotheby’s International Realty 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 www.turksandcaicossir.com.     

Private Island Luxury, Ambergris Cay, Turks and Caicos Islands

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A private island in paradise . . .

Descend your private jet on the private island of Ambergris Cay, in the Turks and Caicos Island.

This private island in the Turks and Caicos, sits 600 miles south of Miami, on the southeast corner of the Turks and Caicos Islands’ Archipelago that surround the stunning Caicos Banks.  Originally established as a community for private homeowners, Ambergris Cay opened as a private island resort in 2019. Now, travelers seeking a secluded luxury escape can enjoy access to over 1,100-acres of mostly untouched land, ready to be explored by a select few.

Recognized for their ultra luxury and bespoke customer experience, the exclusive resort on the island is making headlines for being a “Dreamy Destination”.

With just 10 suites and 7 villas for rent on an all-inclusive basis, the result is a luxury boutique hotel atmosphere in a vast and diverse setting. Accommodations include beachfront pool suites with heated plunge pools and a collection of privately owned homes and luxury villas, ranging from 3 to 6 bedrooms. The experience is bespoke, tailored to the individual, and ever-evolving.

The beaches of Ambergris Cay provide front row seats to whale-watchers and much more. An island filled with lush vegetation, Turk head cactus, indigenous iguanas, and unexplored reefs is now yours to explore and can even be your new vacation homesite.

We are pleased to introduce a rare and unparalleled opportunity to own a piece of paradise on Columbus Beach on Ambergris Cay.

This stunning homesite, covering 4.82 acres, on two lots, with 500 feet of beachfront on the south-east side of the island, offers a peaceful oceanside location to build your dream Caribbean vacation home or estate.

Dreams do come true.

Nothing Compares to What’s Next.

To find more information on Ambergris Cay, visit their website at https://www.ambergriscay.com/

To find more information on the available 4.82 acre land listing, visit our website .

Looking for a property for turn-key vacation use, view this beautiful villa on 0.46 acres.

About Turks & Caicos Sotheby’s International Realty

Turks & Caicos Sotheby’s International Realty is the premier luxury real estate brokerage firm in Turks and Caicos. Boasting a profound track record and significant foothold in all market segments, particularly new development and trophy properties, the firm is the go-to resource for developers, investors, homebuyers 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, Turks and Caicos Sotheby’s International Realty 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 www.turksandcaicossir.com.       

Posted in Turks and Caicos News | Tagged Turks & Caicos Investment Opportunity, Turks & Caicos Islands, Turks & Caicos Islands Real Estate, Turks & Caicos News, Turks & Caicos Realty, Turks & Caicos Sotheby’s International Realty | Leave a reply

2023 Turks and Caicos Real Estate – 2nd Quarter Year-To-Date Comparison

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Turks and Caicos Market Closing Out New Development Inventory

Historically, Turks and Caicos Real Estate Association (“TCREA”) allowed New Development sales to be entered into production as Closed after property completion, which created a significant lag time in reporting (up to five years), as we waited for major condo projects, and some new development villas, to complete. This anomaly has recently been resolved regarding New Development villas (where the homeowner owns the underlying land), so that we can now enter these in our MLS system as Sold once the land closes and the associated construction contract is signed. This change will assure that our Market Reports will better reflect our real time market conditions, at least regarding New Development Single Family residences and villas. Condominium sales data will continue to lag though, as project completion is a condition to Closed sales in our MLS system.

You may ask, “why bring up this technical information?” Here’s why: you will find after Q 2 of this year that our Sold $ Volume is pretty much even with last year (circa $373M vs. $375M) led by Single Family Homes Sold $ volume, which nearly doubled last year (circa $275M vs. $144M). However, much of this inventory was actually “Sold” between late 2020 and Summer of 2022. South Bank for example has 35 villas either under construction or newly completed, and this inventory remained in “Pending Transactions” until very recently when the transactions were belatedly entered into our production reports as Sold. Moving all these Pending Transactions over to Sold of course means that Pending Activity (signed contracts) went down (55%).

So, what are the takeaways in the Single Family Home sector? First, TCREA sold a boatload of Single Family Homes over the past 30 months (led by South Bank, then Beach Enclave, and more recently, the Strand). Secondly, we have established SFH as a true luxury segment as the 118% increase in average price demonstrates ($3,572,350 vs. $1,637,988). Thirdly, we are in a build-and-complete phase as we wait for new projects and pipeline projects to ripen. Fourth, the newly sold residences of today become the re-sale inventory of the future. And finally, new projects are in the pipeline to replenish supply.

With regard to the Condominium Sector, we simply lack existing re-sale inventory, with $ Volume numbers down 54% year from last year (circa $61M vs $134M). When a quality condominium enters the market, it typically moves quickly and at an excellent price. For example, we recently sold a couple Shore Club units at record sales prices. Fortunately, we have great new development condominium inventory fulfilling a decade of built-up demand, led by The Point by Grace Bay Resorts, ARC at South Bank, and The St. Regis among others. This sales activity often will not go on the board as Pending and then Sold for months to years as the respective condominium developments gain momentum.
The upshot is that there is a story within the numbers unique to our jurisdiction, and that’s where we can assist in optimally learning from the past, evaluating the current market, and foreseeing trends to come.

So don’t 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.

Link to PDF Report

Digital Flip-Book 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

Developer Spotlight – Volume 5 – Turks & Caicos Islands

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Our Developer Spotlight series is a brief look at the background and horizon of several of our top Turks & Caicos Islands luxury developers, with Q & A led by our President, Joe Zahm.  

Click on the cover below to view and download our Developer Spotlight – Volume 5.

The Strand Turks & Caicos – John Fair

About The Strand
The Strand promises a private residential resort community unlike any other, where the essence is an owner centric experience. This high-end oceanfront residential resort and marina destination offers onsite amenities, including Clubhouse with state of the art gym, retail shop and yoga deck, use of beach access, an oceanfront restaurant and pool with zero setbacks to allow the facility to sit directly on the waters edge, Beach Club with paddleboards, kayaks, sea bobs, jet skis, e foils, kiteboards and sailboats, tennis and pickleball courts, as well as access to a Club Boat for captained excursions or events. Full in villa spa services offered. The Marina is independent from The Strand, but operates as a central amenity for the homeowners, offering approximately 23 slips for boats ranging between 40 – 60 feet.

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.

2023 Turks and Caicos Real Estate – 1st Quarter Year-To-Date Comparison

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Supply and Demand Considerations in Turks and Caicos Islands

The inextricably linked tourism and real estate businesses in the Turks and Caicos Islands are, naturally, predicated upon the simple principle of supply and demand, and we are enjoying tremendous economic success due to our strong fundamentals with regards to these two vital drivers.

On the supply side, we have an amazing array of existing hospitality inventory and property – from hotels, condominiums, managed and stand-alone villas – that have proved to be among the best-in-show throughout the Caribbean for high-end tourism, drawing in high quality visitors. Further, our inventory pipeline is strong, as developers conceive and build luxury properties, which will continue to satisfy tourism and real estate demand for renting and non-renting owners alike. Because our market is more dependent on New Development than more mature markets, and further dependent on individually owned condominiums and villas, New development buyers, who often buy off-plan and before a shovel is in the ground, are essential participants in our market’s growth. For example, in the New Development sector, at projects such as Beach Enclave, South Bank and The Strand, construction of an individual villa commences once purchasers have signed land purchase and construction agreements. In the condominium sector, developers commit to building once a prerequisite number of units are pre–sold. In this regard, we are highly dependent on pre–construction purchasers to “co-invest” with our developers in order to fuel new projects. Presently, as we navigate the low existing re-sale inventory market, we look towards the future with a plethora of great projects in the pipeline, led by The Point By Grace Bay Resorts, ARC at South Bank, The Strand, St. Regis and others. These new projects create welcome for-sale inventory into the market, to supplement our constricted, existing re-sale inventory.

Our first quarter numbers reflect the importance of this new development inventory as we close out many recently or soon-to-be-completed villas at South Bank, Beach Enclave and the Strand, with many more to follow this year. A quick drive around to these three projects illustrates how New Development matures into completed tourism, vacation and residential real estate. It is always thrilling to see what Steven Covey calls the “first creation” born of the imagination (the plans) transition to “the second creation”, born of will (the physical projects) and then even to the “third creation” (the hospitality operation). The process never gets old and provides continual blood flow into our market. A recent headline amplified how the Caribbean and especially Turks and Caicos has been a big winner in tourism, and this is primarily because we have such great supply and demand fundamentals.

At Turks and Caicos Sotheby’s International Realty, we are grateful for our role in all aspects of the supply and demand cycle, together with our partners and many stakeholders in the process made up of our developer, investor, hospitality, architect, legal, engineering, construction, design, broker, banking and government sector communities…the list goes on. There is nothing more satisfying than being involved from the planning and product launch to project opening and operation – from pre-ribbon cutting to post product grand opening. In so many ways, the New Development forges our identity and continues to elevate Turks and Caicos Islands globally as a sustainable, international luxury brand.

Happy Spring!

Download the full report with one of the links below.


Link to PDF Report

Digital Flip-Book 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

Developer Spotlight – Volume 4 – Turks & Caicos Islands

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Our Developer Spotlight series is a brief look at the background and horizon of several of our top Turks & Caicos Islands luxury developers, with Q & A led by our President, Joe Zahm.  

Click on the cover below to view and download our Developer Spotlight – Volume 4.

Windward – Ingo Reckhorn

About Windward
By demanding the extraordinary, we answer questions others don’t even ask. Our agile, bright and mindful team inspires those who work with us to find unexpected answers.
United by a shared spirit, the clients, partners and communities we collaborate with become the embodiment of shared success. Their trust in our alternative approach, empowers us to envision and evolve new ways of living, working and being.

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.

Developer Spotlight – Volume 3 – Turks & Caicos Islands

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Our Developer Spotlight series is a brief look at the background and horizon of several of our top Turks & Caicos Islands luxury developers, with Q & A led by our President, Joe Zahm.  

Click on the cover below to view and download our Developer Spotlight – Volume 3.

Beach Enclave Turks and Caicos – Vasco Borges

About Beach Enclave
At Beach Enclave, we are proud of our culture and passionate team members who deliver highly personalized services each and every day.
We empower all colleagues, from housekeepers to resort managers, to anticipate and fulfill residents’ and guests’ needs. Far beyond our turquoise waters and white-sand beaches, our residents and guests name our team members as our greatest assets as we have gathered the industry’s top talent from the Turks and Caicos and beyond.
Stunning examples of contemporary beach architecture, the villas and residences of Beach Enclave blur the line between outdoor and indoor living. Open spaces are layered with organic materials such as local wood and coral stone. Expansive, floor-to-ceiling sliding glass doors lead to private infinity pools, signature outdoor showers and multiple terraces and decks for alfresco dining, lounging and entertaining. Indoors, clean lines define gracious living areas, open layout kitchens and ocean-facing master suites.

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.