Tag Archives: Turks & Caicos Sotheby’s International Realty

Wealthy Americans are Flocking to Turks and Caicos to Buy Luxury Real Estate

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The Peninsula at Emerald Estate – Beach House 1

Even the coronavirus pandemic couldn’t stop the Turks and Caicos real estate market.

The coronavirus pandemic chilled real estate markets across the U.S., but it didn’t stop the surging demand for property in Turks and Caicos.

As real estate elsewhere has dropped, the Caribbean nation has seen records broken despite the global pandemic, according to Mauricio Umansky, founder and CEO of real estate firm The Agency.

“We have definitely seen some extraordinary prices,” he told FOX Business.

South Bank is a low density 31-acre residential resort and marina community along 2,200 ft of beach and iron shore including a unique peninsula located on the southwestern end of Long Bay beach, offering some of the finest views over the Caicos Banks.

Sales volume of single-family homes in Turks and Caicos during the first quarter of 2020 outpaced the same period of 2019, and condo sales outpaced the two previous years to date, according to a Sotheby’s International Realty report.

Turks and Caicos is conveniently close to the U.S. and boasts some of the world’s best beaches, according to Umansky. The country also uses the U.S. dollar and has no property, income or capital gains taxes. The real estate market was already seeing big growth there last year, and it benefited from publicity around the sales of luxury homes that had belonged to Prince and Bruce Willis.

Rock House Resort – A New Era Of Elevated (Grace Bay Resorts)

Wealthy Americans looking to vacation in Turks and Caicos were more likely to rent before the pandemic, so they could spend a summer there and then jet off to another luxury locale the next year, according to Umansky. But he said the pandemic has made the rich realize they want to own a second home outside crowded cities so they have someplace comfortable to stay in the event of a similar event.

TURKS AND CAICOS REAL ESTATE MARKET FLOURISHES AS RICH BUY LUXE ISLAND VILLAS

“So there’s a big trend, they want to have a place to sequester and to have that second home if this happens again, and to have a home where the whole family can go, not just a little apartment that they don’t all fit in,” he said.

Turks and Caicos officials did close its borders in March as a result of the pandemic. The country has remained relatively unscathed by COVID-19, with just 12 cases and one death among the popular of 39,000 people, according to the World Health Organization. As of June 15, officials said there were no active cases of the illness in the country.

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Beach Enclave’s newest boutique resort offering – the first true luxury boutique resort in TCI.

WEALTHY CORONAVIRUS RUSH HITS ‘FORGOTTEN’ TOWNS

The Turks and Caicos government also incentivized real estate purchases during the pandemic by offering a 50 percent cut in stamp duty, waiving custom duties on construction materials and cutting planning fees by half, the Caribbean Journal reported.

Now the border is set to reopen on July 22 when Providenciales Airport reopens. The Grand Turk Cruise Center is also scheduled to reopen on Aug. 31.

With real estate outpacing the market in 2019 even during the pandemic, Umansky said he’s expecting even more growth once visitors can return.

The Bight by Dream Hotel Group – An Elevated Design-Forward Hotel Concept Focusing on Authentic Experiences and Lifestyle

MOST EXPENSIVE BEACH TOWNS OFFER LUXURY FOR A PRICE

“It’s back on and we’re selling,” he said. “It’s pretty incredible.”

Of course, Turks and Caicos isn’t the only vacation spot to see a boost in interest among wealthy homebuyers amid the pandemic. The Bahamas have also seen a “very solid rise in their real estate sales,” according to Umansky. He also spoke to FOX Business about the rise in popularity of ski towns like Aspen, Colorado and Park City, Utah as year-round getaways. And a run on vacation homes in traditional escapes for the rich and famous like the Hamptons has been well-documented.

Real estate in general is also recovering and getting closer to catching up with last year’s pre-coronavirus market, Umansky said.

“That gap is narrowing on a daily basis,” he said.

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Amayara Resort – Located on the secluded Northwestern tip of Providenciales, bordering a national park. 
Learn More About Our Developments

Article adapted from James Leggate, ‘Wealthy Americans are flocking to this Caribbean nation to buy luxury real estate,’ Fox Business, June 21st, 2020.  

Rock House Construction Update June 2020

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“Since the reopening of the construction site on May 11,the safety of our working men and women on site has been prioritized, following local health guidelines…whereas these guidelines have added unexpected new steps to our processes, the construction continues unabated and the project is advancing well….the project has advanced considerably, with several homes reaching roof level and the resort main pool and its adjacent building advancing”-Mark Durliat, CEO and Principal of Rockhouse

“Rock House is perfectly positioned to complete and open in 2021to meet the growing demand from buyers seeking their own retreatswhere privacy, space, high quality of design and service are likely to be even more sought-after.
A selection of elegantly designed cottages, each with their own private pool, will enjoy access to the superb amenity set of the newest boutique resort coming to Turks & Caicos.”
Nina Siegenthaler, Vice President of Turks & Caicos Sotheby’s International Realty

Click Here for Rock House Listings
Click Here to Read the Full Message from Mark Durliat and his Team

Purchase the Last Remaining Beach House 1 and Become Part of the Beach Enclave Long Bay Family Through Home-Ownership Incentive

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As you may be aware, Turks & Caicos has remained a safe haven throughout its closure period, since the end of March, with a minimal amount of COVID-19 cases to date, due to swift action taken by the Turks & Caicos Islands Government and Governor.

In April, Beach House 2 sold, with construction slated to commence imminently.

We have also seen construction re-commence on Beach Houses 2 and 3 which broke ground in December and are slated for completion by Q1 2021.

View our latest construction video.

Beach Enclave is committed to securing the sale of the last remaining Beach House 1, and delivering a construction-free living experience to early Beach House buyers and resort guests, and as such is offering the below incentive until the end of June to create a time-sensitive opportunity to qualified buyers during this time:

  1. $150,000 discount to the list price of $2,795,000 (3BR) and $2,995,000 (4BR)
  2. $25,000 credit towards design options such as an outdoor summer kitchen or resort amenities

Coupled with the Turks & Caicos Islands Government’s reduction in Stamp Duty for land acquisitions completed prior to the end of June (from 10% to 5%) the incentive results in more than $200,000 in savings.
The Club Residence is starting in 2021. The stamp duty savings will likely apply to a sale of any Club Residence through an Extended Payment Agreement.

Visit Beach Enclave Long Bay Listings Here

Turks & Caicos Real Estate Market Report – 1st Quarter 2020

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1ST QUARTER 2020 CLOSES OUT ON A HIGH – PRE-COVID-19

As many of us are forced to slow down our lives and reflect inward, we are grateful for many things that this unprecedented time has brought us to evaluate, including of course our families, friends, communities and a country that has put all of our people first with their proactive decisions during this health crisis. We are further grateful to our TCI Government leaders, HE Premier Cartwright-Robinson, HE Governor Dakin, the Ministry of Health and their teams for their thoughtful leadership and communication.

As we begin to accept and absorb our new reality, we are advancing our way back to business activity and effectively working as a team and with clients and customers, and there are even new transactions in process, furthered by the recent reduction in Stamp Duty by 50%, which has provided a welcome trigger for short-term activity. Click link below to read more . . .

Link here to full report

Turks & Caicos Islands Government Announces Stimulus Package Including Stamp Duty Reduction

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The Turks & Caicos Islands Government has approved a full package of benefits that will serve as a direct economic stimulus following the fall out in economic activities across the Islands as a result of the global pandemic – COVID 19. The stimulus package is planned to lessen the impact of the global crisis on residents, whilst allowing the Ministry of Health to strengthen health policy responses.

Included in the stimulus package, as it relates to real estate, are the following initiatives and exemptions for a three-month period to assist with boosting inward investment:

  1. Reduction of 50% in Stamp Duty for a period of three months
  2. 50% of reduction of planning fees for a period of three months
  3. A waiver of Customs Duties on Construction Materials for a period of three months

There will be a review of same after the initial period of April 1 to June 30, 2020.

Link to Stamp Duty Rates

We are grateful for the past many years of successes and we are hopeful that this will carry our islands through this unprecedented challenge. We are here to assist you and our community, albeit from a distance, as we all “stay at home” to do our part in protecting our community and health care workers.

Take good care – we will see you on the other side of this.

Sotheby’s International Realty Achieves Record $114 Billion in Global Sales Volume in 2019

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Sotheby’s International Realty is pleased to announce that its affiliated brokers and sales professionals achieved more than $114billion USD in global sales volume, the highest annual U.S. sales volume performance in the history of the brand. $102 billion USD of the global sales volume was achieved in the U.S., marking another record accomplishment for the brand.

“In 2019, the Sotheby’s International Realty® brand continued to achieve solid growth,” said Philip White, president and chief executive officer for Sotheby’s International Realty. “The brand expanded into new countries and territories and entered new markets in the U.S. We continued to make strategic business decisions that benefitted both our independent sales associates and affiliate companies. I am immensely proud of the hard work and dedication from our vast global network, and I look forward to continuing this momentum in 2020.”

2019 Achievements

Propelled by a strategic business move in March 2019, when Sotheby’s International Realty integrated its affiliate network and company-owned brokerage into one global organization, 50 new Sotheby’s International Realty offices were opened, bringing the brand’s presence to 1,000 offices in 70 countries and territories and more than 23,000 affiliated sales associates worldwide.

Sotheby’s International Realty continued to lead the category with the roll-out of exclusive marketing affiliations and first-ever technology launches, announcing it will soon unveil a new, fully integrated website. The brand’s existing website, sothebysrealty.com, saw another record year with more than 34 million visits, a 14 percent increase year-over-year. In addition, Sotheby’s International Realty was the first real estate brand to launch and implement mixed reality to its Curate by Sotheby’s International Realty sm augmented reality app, which merges the real world with virtual home staging. The platform can be utilized in various homebuying and selling scenarios, and particularly benefits agents and developers to help prospective buyers envision their new home. To support the daily business needs of the network’s more than 23,000 independent sales associates, the brand unveiled Current by Sotheby’s International Realty® a robust marketing suite of technology tools consisting of best-in-class and exclusive apps, which provide sales associates with a distinctive and competitive edge in the market. For partnerships, the brand entered into an affiliation with Bloomberg.com as the exclusive launch sponsor for a new luxury properties marketplace.

The Sotheby’s International Realty brand and its independent sales associates continued its support for New Story, the brand’s charitable partner and a certified 501(c)(3) non-profit organization. As a result, 83 families, who were among those who lost their homes in the 2017 earthquakes, were able to move into their new homes in Morelos, Mexico. A total of 153 homes in Haiti and Mexico were funded through the initiative.

Global Growth

This year observed significant growth for the brand’s existing affiliate companies in the United States through recruitment efforts and strategic mergers and acquisitions. Most notably, the brand increased its market presence in Brooklyn, New York; the Greater Boston area, Massachusetts; and Indiana. The brand also entered several new key markets last year, expanding the Sotheby’s International Realty network’s presence to 43 states across the country.

Outside the U.S. the Sotheby’s International Realty brand achieved more than $12 billion USD in sales volume and continued to expand into key markets around the world. In Europe, the brand grew its presence in Monaco; France; and Berlin and Binz, Germany. New offices were also opened in Doha, Qatar; and Paphos, Cyprus, expanding the brand’s global presence in marketing luxury listings. In the Caribbean and South America, the brand saw growth in Zapallar, Chile, an upscale residential community located two hours outside of Santiago; and agreements were signed to expand into the Anguilla territory. In the Asia-Pacific region, new offices were opened in Tauranga, New Zealand; and Port Douglas, Hobart, and Perth, Australia.

For those who raise the bar, there is only Sotheby’s International Realty 

First Home Construction at South Bank Has Commenced

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February 2, 2020, Providenciales, Turks & Caicos Islands. Construction of the first home at South Bank, a 5-bedroom Ocean Estate Shoal Villa with signature Serenity pool, has commenced on Lot 8. Sales in process include, Ocean Estate Lots 3 and 4 which will see construction of the first and only-of-its-kind 5-bedroom Bluff Villa, and a 4-bedroom Shoal Villa, over the coming months. Only 1 Shoal Villa lot remains in Ocean Estates I.

The Ocean Estates I is positioned over Long Bay Beach and a striking iron shoreline with varying elevation. The Ocean Estate Villas range in size from 4,500 – 7,500 total sq. ft. and are offered in 3 different layouts from 4 to 6-bedrooms with lot sizes from .5 – .77 of an acre. Dedicated boat docks are available for boats up to 65 feet.

Prices start at $4.45

Six Boathouses Under Contract

The Launch has seen sales in process on 6 Boathouses, with scarcity building in the 2-bedroom + rooftop terrace design type. 

The Launch is a community of 1 – 3-bedroom Boathouses, with dedicated boat docks for boats up to 26 feet directly off of the rear terrace, and private access to the Launch central entertainment courtyard which will feature a lap and relaxation pool, sun loungers, BBQ areas and hammocks. The Boathouses range in size from 1,500 – 2,250 total sq. ft

Prices start at $795,000.

First Lagoon Villa Sale Underway

Lagoon Villa 12, located on the eastern side of the boca to the Lagoon is now sold, with a further 5 sales in process. The Lagoon II Villas, on the western side of the boca, feature private dock space for boats up to 30 feet.

The Lagoon Villas have been designed for contemporary family living with outdoor decks that connect to a generous beachfront swimming lagoon. The Villas have taken inspiration from the beach houses of Malibu and offer two roof designs – a pitched butterfly and flat roof option.

Ranging from 3 – 4 bedrooms under roof or 4 – 5 bedrooms via a 1-bedroom guesthouse option, the Lagoon Villas range from 3,000 – 3,500 with lot sizes from .24 – .55 of an acre. 

Prices start at $1.85M.

Phase One Infrastructure Works Nearing Completion

Underground utilities, site boundaries, landscaping and community roads are nearing completion. Stay tuned for Phase 2 works, which include excavation of the swimming lagoon, lounging islands and boat basin. The Marina at South Bank will also feature a new sundry shop, parking areas, and refueling facility, in addition to new parking areas, a new main dock and floating docks.

Watch This Boater’s Paradise Come to Life

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

Turks & Caicos Market Report – 4th Quarter 2019

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Turks & Caicos Real Estate Closes The Decade With Record Shattering Year On the Strength of Luxury Villa Sales

Turks & Caicos real estate sales closed out the second decade of the 21st-century with a bang, after entering it tepidly in 2010, as the following graphs demonstrates that villa sales represented around 52% of the total market in 2019. Circa $219.7M of the record $334.7M dollar volume were villa sales with a stunning average price point of $1.98M. This incredibly impressive performance speaks volumes for the power of the Turks and Caicos Islands brand, our private and public sector, and our wonderful investors, homeowners and visitors. If the past ten years can make history as our decade of the luxury villas, what will the next ten years’ headline be?

Link here to full report

Beach Enclave Announces Official Groundbreaking of Phase 2 Beach Enclave Long Bay

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November 26th, 2019, Providenciales, Turks & Caicos Islands. Beach Enclave Turks and Caicos, the private villa resort brand behind Beach Enclave North Shore , Beach Enclave Grace Bay and Beach Enclave Long Bay is proud to announce the further expansion of the successful Beach Enclave brand with the Official Groundbreaking of Phase 2 Beach Enclave Long Bay, the first true luxury boutique resort in the Turks and Caicos Islands.
“We could not be happier with the three resort locations we have – eachone peacefully nestled on the best beaches Turks & Caicos has to offer,from the north shore to the south shore of Long Bay in Providenciales. Phase 2 at Beach Enclave Long Bay is perhaps our most ambitious project yet.Our ethos for low density private beachfront living and our signature personalized touch is established and our guests love us for it.Our goal now is to continuously improve the owner and guest experience by growing our resort amenities to provide everything they may needwhere they need it, right there, a short beach stroll away.- Vasco Borges, CEO, Beach Enclave

The Turks & Caicos Islands community of businessmen, agents and Government Officials showed up to support the Groundbreaking of Phase 2 Beach Enclave Long Bay, which consists of four 3 – 4 bedroom standalone Beach Houses and The Club, a 24 key boutique hotel with 7 select Club Residences available for private ownership (Phase 1 villas are sold out, resort is open to owners and guests).


“With 16 completed villas, a further 11 under construction,and another 10 planned, along with additional hotel keys and a host of amenities, Beach Enclave has quickly developed into a desired luxuryvilla and hospitality brand under the direction of CEO Vasco Borges.With three beachfront location options offering the best in luxury villa living and services, BE is an industry leader with over a 50% share in its real estate market segment and a #1 Trip Advisor rating from its highly satisfied guests.We love representing this awesome and emerging brand.”- Joe Zahm, President, Turks & Caicos Sotheby’s International Realty.

With the Beach Houses taking shape over the next year, The Club Boutique Hotel,a four-story soft-contemporary building, designed by acclaimed architects Jacobsen Arquitetura , will add further on-site resort facilities including one-of-a-kind rooftop Wellness Spa & Lounge, a beachfront restaurant, Club Pool, fitness centre, lighted tennis, full water sports and children’s area on 8 acres over 800 feet of white sand beach.
With 24 hotel keys and 7 select Club Residences, all of the Residences will enjoy beachfront positions with wide frontage, full kitchen and indoor/outdoor living spaces.Private ownership opportunities range from a Junior Suite(with 34 ft. of frontage and 878 sq. ft.) to a Three Bedroom Club Penthouse(with 56 ft. of frontage and 3,240 sq. ft.)
The Club brings an exciting, modern, tropical design to Turks and Caicos,enhancing the Beach Enclave ethos of low density living amidst a boutique environment.
An offering for the few, allowing owners beachfront family living within the security of Beach Enclave’s proven rental and management program.

Beach Enclave Grace Bay in Leeward is also under development, with only one beachfront lot remaining. Be on the lookout for our official update coming soon.

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

Turks & Caicos Market Report – 3rd Quarter 2019

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Impressive 3rd Quarter Leads TCI Market Towards Record Year

Led by our record-breaking sale of The Residence on Parrot Cay at $27,000,000, Q3 2019 posted an impressive gain over 2018 (up 38.8% from $64,785,600 to $89,918,500). Historically, Q3 is our sleepiest quarter, but it has become apparent over the past few years that TCI is now indeed a year-round market for both tourism and real estate, and not just a seasonal one, with strong summers and improving shoulder month performance. Overall, the market after three quarters is up 16.47% over last year in $ Volume ($241,145,500 vs. $207,048,195). This dollar volume is more than the market did in all of 2017! Average price is up 30% from $692,469 to $903,167.

Link here to full report