Single Family Home/Villa sales continue to lead the market with a sustained increase during the first half of this year. The 115% $ Volume increase was led by the significant sales in the luxury villa market. Link to complete report.
by
Turks & Caicos Sotheby’s International Realty
World-class luxury hotel brand Ritz-Carlton is in advanced negotiations to operate a multi-storey hotel and condominium project in Turks and Caicos Islands, (#turksandcaicos) replacing the much-vaunted JW Marriott hotel and casino development which was earmarked for Grace Bay, on the island of Providenciales.
Impeccable sources told The SUN that the Desarrollos Hotelco Turks and Caicos already has indicated to Government officials that they intend to switch from the JW Marriott brand to Ritz-Carlton, in a move that will delay construction of what will be the most significant and expensive hotel development in the history of the Turks and Caicos Islands.
When the SUN contacted Ms. Parool K. Shah, Ritz-Carlton Regional Director of Public Relations for the Americas for more details about the project, she stated: “I am delighted to confirm that The Ritz-Carlton Hotel Company will indeed open a resort in beautiful Turks and Caicos’ Grace Bay as part of the global development pipeline, sometime after 2016.”
According to sources, the new owners of West Caicos have ditched plans to have Ritz-Carlton manage and operate their property, thus paving the way for the Venezuela-based Desarrollos group to capitalise on the high-end brand.
“It is true to say that there will be a delay in what was supposed to be a JW Marriott Hotel and Casino in Grace Bay, but I also have to stress that it will be a very positive delay because the entire scope, scale and cost of the project will increase and this will be of tremendous benefit to the entire Turks and Caicos Islands,” said the source who requested anonymity.
The official revealed that architects are in the process of re-designing plans for the high-end tourism development to bring the project in line with Ritz-Carlton standards.
“Let me put it like this. JW Marriott would have been a huge deal for the Turks and Caicos Islands, but Ritz-Carlton is definitely bigger and better,” the official added. “It will require much more detailed drawings and a whole new redesign. It will be one of the finest hotels in the world.”
Meantime, the source told The SUN that the Desarrollos Hotelco Turks and Caicos Ltd “would hardly want to build a 14-storey hotel”, although Government is about to have a public consultation on this contentious topic.
“I think it’s safe to say that they will stick with the nine-storey concept to avoid any further delays,” the source added.
Earlier this year, Walter Stipa, the majority investor of Desarrollos Hotelco Turks and Caicos Ltd., announced plans to open a new 380-room JW Marriott Hotel and Casino which will include 16 residential condos.
The nine-story hotel which will be built on a11-acre site, was scheduled to open in early 2016.
The billionaire Stipa is also the majority shareholder of the 269-room JW Marriott Hotel Caracas, the 207-room Venezuela Marriott Hotel Playa Grande and the 212-room Renaissance La Castellana Caracas. Additionally, he owns the 320-room Ritz-Carlton Aruba.
In the Caribbean, Ritz-Carlton has hotels in the Cayman Islands, Puerto Rico, and St. Thomas in the US Virgin Islands.
In addition to 380 guest rooms and suites, the original plan for the JW Marriott was to feature a gourmet specialty restaurant, a three-meal-a-day restaurant, a lobby bar and lounge and a pool bar & grill, some 1,300 square meters of meeting space, including a ballroom; as well as a 962 square meter spa and fitness center, a kids/teen club, three swimming pools and a 901 square meter casino.
The primary architect for the project is Robert M. Coleman & Partners, whose also designed the Ritz-Carlton New Orleans, the Marriott’s Aruba Surf Club timeshare resort, the recently-opened Renaissance Curaçao Resort & Casino and the Ritz-Carlton Aruba.
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
Proud developer/owner Adrian Elliot throws a house warming celebration to thank all involved in the project and to showcase the property, Saving Grace, to the TCI Community. Attendees included, amongst other Provo residents and friends, leading Brokers, Sales Associates, Attorneys & Property Managers, who soaked up the opportunity to whet their palettes and indulge in all that is Saving Grace. The plush $8,000,000 property sat perfectly positioned to provide its guests with a peaceful ambience, using nature’s sunset as its backdrop and the gentle lapping of the ocean as its soundtrack.
The exquisite beachfront home is a new build and unique design located in the up-scale residential neighborhood of Leeward on Pelican Beach. Guests entering the event marveled at the 23-foot foyer with mahogany staircase leading to the upper level, but found themselves instinctively gathering in the 930 square foot kitchen and informal dining area of this custom built family home. Canapes and refreshments were displayed and up for grabs along a walnut island, serving as the focal point of the fully equipped kitchen. Other guests filtered their way out to the terrace to feel the cool ocean breeze and converse around the 42-foot swimming pool and many outdoor lounge areas set amidst spectacular landscaping and beach views.
Project Builder: AND; Project architects: COAST; Landscaping: Environmental Arts; Interior Decorating: Adrian Elliott; Property Management: The Source
Listing Agents: Richard Sankar, Imelda Burke & Nina Siegenthaler of Turks & Caicos Sotheby’s International Realty
LINK TO LISTING
MLS #1300368
Turks & Caicos Sotheby’s International Realty
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 Sotheby’s International Realty is pleased to invite you to an Open House at this newly built home in Grace Bay Hills, Wednesday, May 29th, 12 to 3pm, which will be hosted by our Sales Executive, Imelda Burke. We welcome anyone who would like to view this property. For further details of this listing please click on this link to our website.
Turks & Caicos Real Estate | Caribbean 