Turks & Caicos Real Estate Sales Continue at a Breakneck Pace!
The TCI real estate market is seemingly ‘too hot to handle’ as we witness yet another record-breaking quarter in sales volume along with pending/under construction sales not recorded within this amount! This first half of the year has just closed out with a staggering $328M in sales volume which is normally TCI’s yearly sales volume – in a very strong year! That’s a 105% increase over last years 2nd Quarter with an average price increase of 26%. All segments of the market saw increases contributing to this incredible spike in sales. Significant sales noted in this 2ndQ were, Turtle Tail Estate $20.25M, Villa Salacia $16M, Casa Tremer $7.995M, and The Estate at Grace Bay Club G504 $5M.
The tourism industry is also witnessing record numbers in occupancy during this time as Turks & Caicos continues to flourish and to fulfill its destiny as a leading and premiere upscale destination in the Caribbean. The resilient Turks & Caicos real estate and tourism market has sustained economic growth and real estate sales for the past eight years, and we expect to see continued growth, with new and exciting projects in the pipeline. To continue reading, click link to download full report.
With 60% of the Boathouses now reserved and sold, the site preparations are well under way to allow for a commencement of the foundation works by the end of August. The ground levels of the Boathouse Peninsula have been raised to the final floor slab level and the excavation of the adjacent yacht basin are complete.
While Building A is fully sold out and only one corner unit remains, the Buildings B through E are also enjoying strong demand.
With start of construction, all 2 bedroom Boathouses are now offered with the rooftop terraces included. Additional square footage has been factored into the rooftop design making it over 600 sq. ft. in size. The possibility of offering an adjoining door between the two units to create a total of 5 bedrooms remains.
Prices range from $885,000 – $1,350,000.
The Lagoon Fully Sold Out
With the Lagoon neighorhood fully sold out, construction is well underway. Eleven villas have commenced, and by the end of August all eighteen will be under construction scheduled for completion by end of Q4 2022.
The Lagoon islands have been created and landscaped and gym and spa buildings will follow in due course.
Ocean Estate Over 60% Sold Out
South Bank is pleased to announce that over 60% of the Ocean Estate villas are sold out, with only one or two of each villa design remaining.
Construction at Ocean Estate Bluff Villa 03 and Shoal Villa 04 is underway with foundations poured and signature pool footings installed. Shoal Villa 08 will be complete in the Fall. Shoal Villa 11, 12, 15 and Reef Villa 17 site clearings are scheduled imminently and Banks Villa 16 is nearing ground floor level completion.
Turtle Tail Estate is a dynamic, spectacular villa compound to completely fall in love with and is without peer on Providenciales, Turks & Caicos. Over the past few years, Turtle Tail Estate has welcomed a myriad of high-profile international travelers, offering complete privacy and seclusion It combines the personalization of a custom home with the amenities of an ultra-luxury resort, elevated on a magnificent private 4.57 acre peninsula all its own. This extremely well managed family resort-like retreat with beautifully landscaped grounds, gardens and protected sandy shore provides an opportunity for immediate gratification to its new owner, with the opportunity for expansion if desired.
States President and Broker Joe Zahm: “It has been a career highlight for my partner Nina Siegenthaler and me to successfully list and sell this iconic property, which has often been seen globally throughout the real estate world and on social media. It has been a true labor of love.”
Turtle Tail Estate sold this week for $20.25M, the largest residential sale recorded so far this year for the Turks & Caicos Islands.
Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay, Providenciales
Following a breathtaking fourth quarter of 2020, the TCI real estate market has just closed an historical quarter of business with nearly $128,000,000 in closed transactions, up 60% over the same period last year with average price increases across each sector. What’s more, there are over $463,000,000 (you read that right!) in pending and conditional transactions and this leaves out another circa $100M in new development sales at the Ritz-Carlton Residences (set to open this summer), South Bank, Beach Enclave, Rock House, The Strand and other new Development projects.
There is a lot to unpack. First, it is clear for the post-COVID world that ultra-luxury and luxury markets have fully endorsed Turks & Caicos Islands as a preferred warm weather destination. Also, a vacation property is now much more than simply a lifestyle investment, but a life investment and often an integral part of work, play and community, contributing to taking our market to the next level. To continue reading, click link to download full report.
Beachfront – Beach Enclave North Shore – Phase 1 Completed and Phase 2 In Development
It all started with a desire to create a legacy built on a strong foundation, exemplary fundamentals, a strong professional team and an extraordinary location. The developer’s vision was to combine a home environment with the services and amenities of a condominium. Vacation home-owners wanted more than a piece of real estate, they wanted bespoke services and dedicated home management services. The Beach Enclave design ethos with low density and floorplans that seamlessly blend indoor with outdoor living spaces, modern but warm décor combined with fun amenities, maintains its successful path. Since the first launch of Beach Enclave North Shore in January 2014 the developers continue to strive to create new and lasting experiences and dream vacation homes. Now with five phases of development in three amazing locations, it is no wonder that the dreams of many vacation home-owners have come true.
Wanting to appeal to a broader market of home buyers, Beach Enclave developers introduced The Club at Beach Enclave Long Bay with four Beach Houses and a boutique condominium, The Club Residences. Now completely sold out with the Beach Houses nearing completion and The Club Residences due to start construction imminently the developers have cleared ground for the Phase 2 of Beach Enclave North Shore. Utilizing the same architect as The Club at Long Bay, the developer has taken a dramatic beachfront location and carved into the limestone shelf to seamlessly connect the Beach Houses to the surrounds. The exposed limestone functions as a design feature and acts as natural barrier offering privacy between the homes. The expanded resort amenities on this North Shore location include an elevated oceanfront Club Lounge with an indoor/outdoor bar and restaurant, lounge decks enhanced with water and fire features, an upgraded oceanfront Fitness Center and Yoga Deck, a lighted tennis court, kids club, and a one-of-a-kind luxurious Enclave Gardens, teeming with Caribbean fruit trees, all for the exclusive use of owners and guests.
We wanted to share with you the various milestones achieved by Beach Enclave in the making of the brand. We welcome you to BE a part of this incredible journey.
2020 TURKS & CAICOS REAL ESTATE MARKET CLOSES LIKE A CHAMP
The 2020 TCI real estate market performed better than we ever could have hoped for in the context of COVID–19, a four-month country-wide shutdown and stringent travel requirements. And I guess our task in this space is to seek to answer the question, as set forth by the great David Byrne of Talking Heads: “Well, how did we get here?!” Let’s start abroad: After the stock market cratered, it began to recover quickly and it became clear this was not a rerun of the 2008 financial crisis. Soon thereafter, we witnessed affluent buyers starting to move on luxury vacation property from Vail to Aspen, and from the Hamptons to South Florida. COVID–19 was triggering the opposite of the financial crash of September 2008, in that luxury real estate was highly desired by those looking for easy-to-access, safe-haven retreats away from urban areas and primary homes. With airports and resorts closed, and most commercial planes not flying, the luxury market was, quite urgently, seeking out real estate!
With the challenges faced by everyone in 2020 the Turks & Caicos Islands decided to recognize the efforts put forth amongst our community members and we are very proud that our sales executive, Lisa Lopes, was chosen as one of the Pandemic Heroes. Volunteers, like Lisa, often put their own challenges aside and reach out and assist without hesitation. Thank you Lisa! You are an incredible role model for everyone, especially your two lovely daughters. Congratulations to all the other recipients and those individuals who may not have been recognized – you brighten the lives of all those you have touched!
Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay, Providenciales
Anyone who has lived in the Equatorial zone, or has traveled to the Caribbean/S. America over the years during Christmas season, will be familiar with the Trade-winds. The Trade-winds, dominate most of the tropics and subtropics throughout the world and are a nearly constant (they only drop away during end of September and October) northeasterly wind in our hemisphere, that starts to blow in November of every year. By the time December rolls around we experience whether akin to Aspen, Colorado. Think bright blue skies with the sun beating down, but a cool chill in the air. Substitute snow-capped mountains for swaying palm trees and sandy beaches and you begin to get a feel for the special draw of Turks and Caicos (‘T&C’) during the holiday Christmas period.
Boat trips
Coral is beautiful to look at, but we don’t allow it to be taken out of the sea 🙂
Every December 26th since I was a child, we have enjoyed a Boxing Day boat trip on the Atabeyra. For those with British heritage you’re familiar with the joys of Boxing Day, which for all intents and purposes, is a much less chaotic day than its forefathers Christmas Eve and Christmas Day. The Irish call it Wren Day, other countries call it St Stephen’s Day, but for all who celebrate it, in practicality it has become a day to relax and unwind after the stress of the holiday season is over, and gather with friends and family to enjoy a final day of good food and great company. If you can enjoy this holiday, or any other day in December on a boat, you’re quids in! Boating is a year-round event in T&C, and it doesn’t stop during Christmas. The weather is beautiful, the sun is shining and we’re still swimming in the ocean. Granted the sea may be a little colder than we locals like it, but there’s no better way to wash off the cobwebs than taking a Boxing Day plunge, and let’s face it, anyone from the Northeastern seaboard or Europe would laugh if they heard us admitting we find it a little cold! The temperature is akin to taking a dip in the Mediterranean during Summer time, refreshingly cool, enough to enliven your skin and leave you feeling renewed and energized.
Inter-island travel is open again
Mudjin Harbour, Middle Caicos
If you, like many, have been confined to your homes/apartments since the outbreak of COVID-19, self-isolating, locked-down and going through the rigmarole of at home schooling like the saint that you are, imagine jumping on a ferry with your family (face mask on of course) and making your way over to North Caicos (population approx. 1,500). From North Caicos, you can rent a car and head over to Middle Caicos on the causeway to explore the caves and bluffs with virtually no one else in sight. Fresh air, clean breezes, big ocean and natural adventures abound in North and Middle Caicos, and are just what the doctor ordered after months and months of quarantine. Sure, you can stay cooped up in your apartment until the frost from winter thaws, or you can safely enjoy all that T&C’s sister islands have to offer, and give your family the gift of a memory they may not have otherwise had.
Outdoor Activities
Tip of the Tail Villa
With the end of the dreaded hurricane season in November, December’s climate is well known as the most hospitable environment for international travelers. We’ve talked about boating and beaching, but there is no end of outdoor activities to take advantage of. With highs in the low 80’s and lows in the high 70’s, December is a perfect time to get on that kayak or paddle-board and explore miles and miles of unspoiled natural environment. Mangroves, the same ecosystem that protects our shorelines during hurricanes, are peaceful and rife with small marine life, turtles and bird watching for the nature lovers out there. There are many places where you can enjoy these activities conveniently just by stepping out of your private villa’s backyard, like Tip of the Tail Villa. Otherwise you can join one of the many operators on a guided tour of these precious ecosystems. I especially like Big Blue Collective who have long been ahead of the game in focusing on small private groups and preservation of the flora and fauna of T&C.
Call me crazy, but without the usual queues of the seasons you receive when you live in the Temperate zone, its tough to know when Xmas is on its way. We tend to live in a perpetual endless summer in T&C, but there are a few key indicators that the Christmas season is well under way. The first of these signs is the lighting of the giant Christmas tree that has long been an annual tradition. In years gone by the space that Seven Stars now occupies, used to be home to one of the first resorts in T&C, the Ramada, and after that it changed hands to the Allegro. Those times are a distant memory now, and it’s hard to imagine a time when Seven Stars wasn’t Seven Stars. The resorts on this prime beachfront land are so varied in aesthetics, but the one common feature, other than the land they’ve occupied, is the lighting of the Xmas tree. That’s the thing about traditions, they stand the test of time.
Highly unique and private South Shore Peninsula at the end of Turtle Tail Drive.
The pool, with a glass wall, is the center of attention adorned with a built-in cabana daybed and is equipped with LED lights.
Retractable sliding doors open up to a 2,000 square foot terrace.
Private Lagoon Beach!
The courtyard with a 20 person fire pit, volleyball court, private beach, clear kayaks and paddle boards to explore the mangroves and marine life.
Tip of the Tail Villa, Turtle Tail Oceanfront, Providenciales Tip of the Tail is set on the highly unique and private South Shore Peninsula at the end of Turtle Tail Drive. This incomparable one acre parcel has 436 feet of water frontage with iron shore fronting the villa and to the east a private beach cove with palapas for shade. In the neighborhood of other luxury homes, Tip of the Tail was designed to maximize the guest experience. With its exceptional staff and management team, Tip has quickly become a successful short term rental with many repeat visitors. Originally priced at $5.9M.
Light At The End of The Tunnel 3Q Sales Show Steady Balance With Positive Year End Predictions
There is light at the end of the tunnel as we creep back to a somewhat normal life, albeit carefully, so as not to unleash further closures as parts of the world are now experiencing for a second time. The measures put into place have helped secure the health and welfare of our people here in the Turks & Caicos Islands and the steady stream of visitors fortunate enough to arrive over the past couple of months have been pleasantly surprised at the consistent protocols throughout the businesses on island. The atmosphere and the beautiful, uncrowded beaches make for a very refreshing place to rest and revive your spirit through this time. It is no surprise that real estate inquiries are streaming in and sales are continuing at a regular pace. Last year marked a record year in real estate sales so it’s humbling to compare to those numbers, however, the 3Q graphs for 2020 are indicating a constant and strong balance. It is noteworthy that, of the $147M in pending sales on MLS, we expect $80M of these deals to close out before the end of this year which would bring the projected annual total sales for 2020 to $273M, approximately $10M higher than our 2018 year end sales.
Turks & Caicos Real Estate | Caribbean 