Real Estate Handbook 2019

BERMUDA REAL ESTATE HANDBOOK

2019 Priceless

The complete guide to Island property for buyers and sellers

Market Analysis Advice for Buyers #trending Home Improvements

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Drink it. Wash with it.

Flush it. Clean with it.

Swim in it.

Jack Kripl

So much you can do with Bermuda Water!

Bermuda Waterworks is here to meet all of your water needs with our distillation and desalination techniques.

A RRealtor lto YYouu Ca Can TTrust r t

Cell: 441-705-4500 Office: 441-247-1815 jkripl@brcl.bm Bermuda Waterworks provides a public water supply via an underground pipeline network system. It is distributed from Devonshire going west to Sandys. /Â&#x153; wÂ&#x2DC;` Â&#x153;Ă&#x2022;Ă&#x152; Â&#x2C6;v Ă&#x152;Â&#x2026;iĂ&#x20AC;i Â&#x2C6;Ă&#x192; > ÂŤÂ&#x2C6;ÂŤiÂ?Â&#x2C6;Â&#x2DC;i Ă&#x192;Ă&#x2022;ÂŤÂŤÂ?Ă&#x17E; Â&#x2C6;Â&#x2DC; Ă&#x17E;Â&#x153;Ă&#x2022;Ă&#x20AC; area visit www.bwl.bm.

Bermuda Waterworks is here to meet all of your water needs.

32 Parsons Lane, Devonshire

WATER DEPOT

Tel: 299-PURE Fax: 236-7784/299-2837 E-mail: purewater@bwl.bm Web: www.bwl.bm

#1 Tee Street, Devonshire DV 07 infoanslies@northrock.bm infoanslies@northrock.bm | anslies@northrock.bm Tel: 236-9993 %%% 527/18708+63(83*.05 +6* Tel: 236-9993 www.ansliesinteriordecor.com

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Real Estate Handbook 2019

CONTENTS

19 Market Review

Published by Bermuda Media PO Box HM 2032 Hamilton HM HX Tel (441) 292-7279 Fax (441) 295-3189 E-Mail: hello@bm.bm www.bermudamedia.bm

23 Legal Advice

Publisher: Ian Coles Marketing Director: Lissa Fisher Art Director: Tim Parker Associated Media: Bermuda Business Visitor New Resident Guide Your Future Going Green Health & Beauty Building Bermuda House Garden Kitchen and Bath Your Office in Bermuda The Bermuda Channel

Real Estate Handbook 2019

4#Trending 6 Expert Advice 8 Best Properties 26 Home Improvement 29 Key Contacts ON THE COVER OVERLOOK: The winner of Bermudaâ&#x20AC;&#x2122;s 2009 Architectural Design Award, a stunning light-filled contemporary home in Knapton Hill area.

3

#TRENDING

Memory Foam Mattress

Experience the benefits of Serta’s new TempActiv Gel Memory Foam with the Blue Max Gentle Firm mattress. It offers cooling, pressure-relieving comfort while also supporting every curve of your body. Plus, an added layer of EverCool Fuze Gel Memory Foam helps enhance breathability to promote airflow and further reduce heat buildup. Feel the difference a good night’s sleep can make by visiting Dreams, Bermuda’s only mattress professionals. Tel: 2937326. Email: info@dreams.bm

Aromatherapy pillows The right softness and support, combined with natural aromatherapy, creates a truly relaxing experience. Plush, curveconforming memory foam is infused with real lavender, chamomile, and peppermint oil for cozy, natural relaxation – or treat yourself to a new Malouf pillow. Check out the pillow wall at Furniture Walk, 12 Harvey Road, Paget. Tel: 292-5209.

Sectional Sofas Alluring and inviting, the “Dellara” sectional delivers a combination of traditional style and modern comfort.

Spacious U-shaped design is truly indulgent and abundantly practical for those who love to entertain. Upholstered in a soothing chalk-colored fabric, this seating arrangement includes UltraPlush cushions and back pillows for added support. Nailhead trim accent draws attention to the arms’ gracious curves. Nine designer pillows in muted, neutral hues, and contrasting patterns add warmth and texture. Turn large spaces into cozy places by shopping for sectionals at Big Savings Zone. Tel: 2974440. Email: ben@bigsavingszone.com

Adjustable base bed Transform your bed with an adjustable base. Solve your sleep-related problems with a thin profile power base that offers the same benefits and stability as a free-standing adjustable bed.

Designed to function perfectly on top of an existing platform bed, the Summit adjustable base relieves aches and pains by adjusting the head and foot sections to find your perfect sleeping position. Furniture Walk, 12 Harvey Road, Paget. Tel: 292-5209.

Traverse Rod Trends Warm styles, elegant finishes, and many more inspirational designs, all with graceful motion, are available exclusively at Anslie’s Interior Decor, Tel 236-9997.

Email: infoanslies@northrock.bm. www.ansliesdecorbermuda.com

4

Real Estate Handbook 2019

#TRENDING

TECH IN YOUR KITCHEN Premium Appliance Finishes The newest trend in kitchen appliances is premium finishes, which can help boost the designer look of your kitchen décor.

GE is the first to offer more fun and flexibility thanks to a trend-worthy mix of shine and matte, bold neutrals, and new takes on basic black. Go sleek, industrial-chic, or sophisticated.

Loaded Dishwashers With advanced technology and superior settings, GE dishwashers are now loaded with features perfectly designed to save you time, money, and get your dishes (and bottles) cleaner than ever. More jets to cover every corner of the dishwasher, bottle jets for tall containers and deep clean silverware jets to blast away stuck-on food all work together for the ultimate cleaning.

Induction Cooking Although professional chefs have enjoyed the benefits of induction cooking for years, the costs have now become beneficial for consumers. Using less electricity than traditional electric appliances, induction heats only the cookware and ingredients efficiently, while providing more precise temperature control than gas cooking.

Cooking tasks can be completed in half the time, and the cooktop stays cool to the touch.

Bate’s. 7 Marsh Lane, Devonshire.

Tel: 236-7866. www.bate.bm

Pipeline to Somerset Bermuda Waterworks provides chlorinated water through its pipeline distribution system that extends from Devonshire through parts of Hamilton and as far west as the intersection of Somerset Road and East Shore Road. It also sells bottled water under the Pure Water brand, produced by distillation — pure to the last drop. Tel: 299-7873.

ROWE SPURLING PAINT CO. JUST BECAUSE YOU CAN

DO IT YOURSELF

DOESN'T MEAN YOU HAVE TO

DO IT ALONE

Peel and stick wallpaper

PREMIUM PAINTS FROM BERMUDA'S OLDEST PAINT STORE

Love the look of wallpaper but don’t want to deal with messy glues, time-consuming application, and difficult removal? Try Tempaper instead! The company launched in 2008 and has quickly become the leader in self-adhesive, removable wallpaper.

The brand has been featured in top publications such as Vogue. com, Architectural Digest, Better Homes and Gardens, and, most recently, on the cover of Martha Stewart Living. Not only for walls, Tempaper is perfect for DIY projects, including dressers, stair risers, cabinets, bookshelves, drawers, and headboards – so get creative. Rolls range from $45 to $125 and cover from 20 to 56 sq. ft. Dozens of patterns are in stock now at Rowe Spurling Paint. Tel: 292-7770. Email: row@northrock. bm. www.rowespurlingpaint.com

67 ST. JOHN'S ROAD / PEMBROKE 292-7770 / ROW@NORTHROCK.BM

Real Estate Handbook 2019

5

EXPERT ADVICE Sub-Zero Integrated Refrigeration: Sub-Zero’s builtin and integrated refrigeration; precision freshness and industryleading refrigeration technology.

Monogram Double Oven: Monogram’s 30-inch professional French door convection single wall oven.

How to choose the right appliance

O

ne of the main factors to consider when choosing appliances is if they will be serviceable. The technicians at Bate’s Quality Service (BQS) are certified by GE, Sub-Zero, and Wolf, and they can fix most issues with any brand. However, when something major goes wrong with a brand not supported in

6

Bermuda, sometimes the problem cannot be rectified.

Viking, Gaggeneau, Thermador, and Bosch do not have authorized dealers on the island, which is a challenge when appliances by these manufacturers do not perform as expected and need repair.

Sub-Zero and Wolf are known as the

Cadillacs of appliances. However, GE’s high-end line Monogram has proven to be a strong competitor in quality and is less expensive. When designing appliances for Monogram, GE engineers dismantled other high-end brand models to review every single element, to determine how they could do better, at a lower cost. Many people would be surprised how many luxury homes in Bermuda have been supplied with Monogram appliances, with rave reviews.

For cooking appliances, the choices are usually between electric or gas, but induction cooking is becoming popular. This flame-free cooking option works by generating an electric current to a compatible cooking vessel (pots and pans must be flat-bottomed and magnetic), heating only the cookware and the ingredients and offering precise temperature control. This means you can adjust the heat to the burners, just like gas, while the cook top stays cool.

Induction cooking is simply more efficient, more precise, safer, and a more flexible way to cook than with using the conventional methods of gas or electric.

Refrigerators can be a challenge in Bermuda when not in climate-controlled kitchens due to condensation issues. Most manufacturers have solved the problem by adding an extra flap for the doors to close tightly, so look out for this.

When choosing a dishwasher, consider the decibel rating, keeping in mind that the lower the number, the quieter the cycles will run. Stay away from dishwashers that require salt, which softens hard water. The water in Bermuda is already soft enough.

Stop by Bate’s it will make sure you get all the features you want, at the very best prices and with the best customer service.

Joshua Bate Trading Bermuda Ltd., BATE’S and Bate’s Quality Service-BQS. Real Estate Handbook 2019

EXPERT ADVICE

qualities? By following these tips from a global leader in architecture and design.

landscaped grounds can bring much inspiration for your landscape project.

• Meet the team: You will work close with your architect, landscape architect, or interior designer. Building a relationship based on trust and integrity will be paramount in the success of your project. Initial meetings with potential design teams are highly recommended to establish a sense of confidence towards the firm.

• Ask for referrals: Whether at a cocktail party or BBQ on the beach, home renovation is always an entertaining topic. Fittingly, gathering valuable information and creditable referrals is easier than you think.

• Speak to past and present clients: Unlike referrals, these are the folks who actually had (or are in the process of having) a project completed. Rule of thumb is if they love the outcome, they’ll be more inclined to talk about their experience.

• Visit previous projects: Go around to homes of friends and family to view their completed projects. Visiting recently completed commercial projects is also an excellent way to gauge the quality and design of the work. For those interested in hiring a landscape architect, a stroll through intricately

With more than 80 years of experience in shaping the architectural style of Bermuda, OBM International certainly checks all the boxes. Its team of award-winning professionals is dedicated to providing each client with the best solutions to suit their style, budget, and timelines. Whether your project requires an architect, interior designer, landscape architect, or master planning, the OBMI team will work with you to encapsulate your vision. Through that philosophy, OBMI has achieved the reputation of being a leader in creating “forever homes.”

For more tips, the latest design trends, and news about OBMI, be sure to sign up for its newsletter by emailing a message to bdanews@obmi.com.

Turning a house

into a home T

here is no doubt that buying a house comes with a great sense of accomplishment.

But transforming that house into your “forever home” is on a completely different level of pride and satisfaction.

There is no particular high season for home renovations in Bermuda. Of course, starting in the cooler months would certainly put a smile on your contractor’s face, but once you’ve decided that you are ready, then the time is right.

At that point, there are two fundamental steps that will determine the success of your project: one is establishing a realistic budget; the other is selecting an industry expert who has the credentials, influence, and reputation of turning dreams into reality. How do you find an expert who holds those valuable

DESIGNED FOR SUMMER LIVING

ARCHITECTURE | INTERIOR DESIGN | LANDSCAPE ARCHITECTURE | MASTER PLANNING 441.278.3550 | bermuda@obmi.com | obmi.com

Real Estate Handbook 2019

7

BEST PROPERTIES

Discover uncharted luxury The Cove, a Ritz-Carlton Reserve Residence

T

he latest additions to the Reserve Residences portfolio, these residences are an elite collection of homes found in only a few of the world’s most extraordinary destinations.

This ultra-luxurious resort community is designed for families seeking enriching, worldly experiences made even more significant through a genuine, human touch.

Framed by pink sand beaches and jewel-colored waters, this exceptional setting offers a bevy of recreational opportunities. From watersports and couple’s massages to Ritz Kids® programming and a private residents-

8

only owner’s lounge, the resort boasts activities for every member of the family. Port Royal Golf Club, ranked one of the world’s best by Golf Digest, lies just across the street. Next door, the island’s maritime history lives on through a private, super yacht marina, replete with all the associated services and amenities. Avid seafarers have the opportunity to berth a boat ranging from 38’ to 300’+.

At the end of an eventful day, residences at The Cove are the perfect retreat, complemented by the signature, personalised service of the Reserve Hotel. Floorplans unspool through

four stories of spaces to fall in love with, each magnifying the beauty of Bermuda’s heritage, culture, and style.

Private outdoor spaces feature plunge pools and outdoor kitchens; perfect for

Real Estate Handbook 2019

BEST PROPERTIES enjoying salt-kissed breezes or hosting a get-together, these alfresco areas simultaneously articulate a love of nature and good company.

Though flowing and modern, the architecture is inspired by the islandâ&#x20AC;&#x2122;s British colonial history, which is echoed in traditional stepped roofs and crisp, white exteriors. The best of Bermudaâ&#x20AC;&#x2122;s culture, style, and beauty coalesce here, where sea and sky create a lavish backdrop for unforgettable moments.

The Cove Residences at Caroline Bay start at $2.5M. Floorplans start at 1,939 square feet. To learn more about this unique offering or to schedule an appointment to view the development, please contact the sales office: Tel: 441-542-0010.

Email: info@carolinebayrealty.com The Ritz-Carlton Reserve Residences are not owned, developed, or sold by The RitzCarlton Hotel Company, L.L.C. or its affiliates (â&#x20AC;&#x153;Ritz-Carltonâ&#x20AC;?). Georgeâ&#x20AC;&#x2122;s Bay Residences Limited uses The Ritz-Carlton marks under a license from Ritz-Carlton, which has not confirmed the accuracy of any other statements or representations made herein.

A rare convergence of natural beauty, authentic culture and refined living.

Where homes come with every luxury, and every opportunity for once-in-a-lifetime experiences never before available in Bermuda.

Discover a life of

UNCHARTED LUXURY

The Ritz-Carlton Reserve Residences are not owned, developed ), -)& 3 " #.4Â&#x2019;Ă&#x160; ,&.)( ). & Ă&#x160;)'* (3} | |Ă&#x160;| ), #.- Ĺ? &# . - (â&#x20AC;&#x153;Ritz-Carltonâ&#x20AC;?). Georgeâ&#x20AC;&#x2122;s Bay Residences Limited uses The Ritz-Carlton marks under a license from Ritz-Carlton, which has not )(Ĺ? ,' ." /, 3 ) (3 ) ." -. . ' (.- ), , *, - (. .#)(- made herein. These materials do not constitute an offer to sell nor a solicitation of offers to buy or lease real estate at The Ritz-Carlton Reserve Residences by residents of any state or jurisdiction where *,#), , !#-., .#)(} &# (- ), 0 ( +/ &#Ĺ? .#)( #- , +/#, /. (). yet completed or where otherwise prohibited by law.

*(25*(¡6 %$< 5(6,'(1&(6 /,0,7(' CUMBERLAND HOUSE, 1 VICTORIA STREET, HAMILTON HM 11, BERMUDA

For more information visit lifeatcarolinebay.com or call the Real Estate Team at 441.542.0010.

Real Estate Handbook 2019

9

BEST PROPERTIES 7SSJXST ǻXRIWW room/pool/ XIVVEGI FEV

Sky-high living in Hamilton Developer aims high with his third urban residential building

I

n 2009 developer Gilbert Lopes had architects draw up plans for a new 10-storey block of 52 condos at 7 Park Road in Hamilton (site of the former Jack and Jill toy shop). During the previous three years, Lopes had built his highly successful eight-story Six and seven-story Ten boutique-style apartments on Dundonald Street. But his hat trick of popular urban living developments was put on hold due to prevailing market conditions.

Now Lopes has dusted off the plans and is remarketing the one and two bedroom residences.

Although Bermuda is listed in the top 10 most densely populated countries in the world, less than 2 percent of the population lives in Hamilton. Up until now, the city has had a continually shrinking resident population, and less than 1,000 people live within the city boundary.

Purchaser demographics for city units are quite varied. Sir John Swan built the Atlantis, the city’s first luxury apartment building, more than 10 years ago, aimed at Bermudians wanting to own a condo

Real Estate Handbook 2019

to rent out for return on investment.

“What we didn’t realise,” he says, “was that Bermudians wanted to buy and live in them as well.” The owner-occupancy rate when Atlantis was completed was approximately 12 percent. Today, apartment buildings in Hamilton have an owner-occupancy rate closer to 50 percent.

Lopes says his Six and Ten apartments are occupied by a mix of residents – young professionals, older professionals, and also retirees – and he expects the buyers at 7 Park Road to be a similarly varied group.

Common spaces at Seven Park Road will include an airy art filled lobby and lounge outfitted with contemporary furniture that welcomes residents home.

There is also a private roof top pool, fitness room and outdoor terrace that overlooks the city. One of the unique features of Seven Park Road is that it will be ‘small pet’ friendly, and will include a special dog walking track on the roof top terrace.

The apartment interiors are carefully designed to complement contemporary life styles. Quality European materials, fixtures and finishes are used throughout,

and purchasers may choose from a range of options to personalise their new home.

Furnished suite packages will also be available.

There will be floor to ceiling windows, aluminum sun shades, coral stone veneer with wood panel accents on a pearl stucco based, large glazed balconies, and two levels of underground parking.

Four commercial/office/retail spaces will be available at ground level. These units will be from 1,400 sq. ft. to 4,000 sq. ft and feature a mezzanine floor.

There will be a mix of residential units.

The one bedroom apartments will be 580 sq. ft. to 790 sq. ft., and the 2 bedroom apartments will be 995 sq. ft.

An exciting feature of the suites will be nine foot ceilings in living spaces. They will also have contemporary Italian integrated kitchens, solid surface countertops, AEG stainless steel appliances, European lighting, designer tile in the washrooms, porcelain bath fixtures by Catalano, deep soaking Zen bath by Neptune and porcelain tile flooring.

There will be individually controlled heating and air conditioning in each unit, individual remote electrical and water metering, entry phone monitoring system to the front entrance, pre-wired camera security monitoring and pre-wiring for cable, Internet and telephone.

Deposits are now being taken for these desirable city apartments. To get in on the ground floor telephone 296-1616 or 799-4565. www.se7enpark.com.

11

BEST PROPERTIES

BREDON

On 1.8 acres at the peak of Pinnacle Hill in Paget sits the luxurious home “Far Above,” with panoramic vistas of more than 300 degrees. At every angle in every room there is a view. The great room is an expansive space that features high ceilings and wall-towall windows in order to take full advantage of the views. Contemporary glass doors fold back completely to bring the outside in. There is also a covered veranda perfect for entertaining, plus an infinity pool. There are 4 bedrooms, each with an en suite bath.

This home is spacious at 6,300 sq. ft. and still manages to feel intimate. Offered at $6,750,000. Contact Keller Williams Bermuda. Albert Moura. Tel: 535-1453

A stunning home on 2/3 of an acre with 5,000 sq. ft. of living space and another 1,000 sq. ft. of covered porches.

3 bedrooms, 4 full bathrooms, and 2 half bathrooms. The large gourmet kitchen features granite countertops, stainlesssteel appliances, and an informal dining area with a fireplace. A covered porch overlooks the manicured grounds and large swimming pool. Two sets of stairs lead to 2 additional bedrooms, 2½ bathrooms, 2 family rooms, a gym, and loads of storage. This level also includes a one-bedroom apartment with separate assessment number. $2,600,000. Contact Keller Williams Bermuda. Albert Moura. Tel: 535-1453.

ALAREEBA

A waterfront home on Hinson’s Island with its own dock and 100 ft. of waterfront. This 4 bedroom 3 bathroom home, approximately 2,300 sq. ft., is on 2/3 of an acre facing southwest to take advantage of the southwesterly summer breezes and spectacular sunsets. Comprised of a separate living room with fireplace, dining room, kitchen, laundry/storage room, and a self-contained 1 bedroom apartment, which could easily be connected to the main house to create a 4 bedroom home with family room. The property is in fair condition but could use some updating.

There is a large backyard and plenty of room to put in a pool. Offered at $1,425,000. Contact sole agent Keller Williams Bermuda. Debbie Moura. Tel: 535-1400.

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SHELLY HEIGHTS This is a 1-level main house from 2006 offering 4 bedrooms en suite, guest powder room, and an 18’ x 33’ combined living room/dining room with fireplace. A 40’ x 16’ swimming/diving pool serves as the focal point for outdoor entertaining. The master suite includes its own private office. On the lower level is a 3 bed, 3 baths apartment and a 1 bed and bath apartment. All three living spaces have private balconies, separate entrances, parking, and laundry – all on just under an acre of private rural grounds with ocean views. All major appliances are included. This 7,000 sq. ft. home includes over 1,000 sq. ft. of verandahs and is offered at $2,495,000. Coldwell Banker Bermuda Realty. Sole Agent, Jack Kripl. Tel: 705-4500. Email: jkripl@brcl.bm Real Estate Handbook 2019

BEST PROPERTIES

BUT & BEN But & Ben is tastefully positioned in the highly coveted neighbourhood of Tucker’s Town providing a peaceful lifestyle amidst bucolic surroundings. Enjoy nearby amenities such as world-class golf courses, famous pink sand beaches, or restaurants conveniently located only minutes away. The single-level home offers an abundance of indoor and outdoor living space with 4 bed, 4½ bath, cedar-trimmed covered patios and a pool cottage, which is ideal for guest accommodations. Available to Bermudian, PRC, and international purchasers and offered at $7,950,000.

Contact Darlene Davis, Rego Sotheby’s International Realty. Tel: 533.4839.

Email: ddavis@regosir.com

ARDSHEAL COTTAGE

Ardsheal Cottage is centrally located in Paget in a quiet garden setting with fantastic views and deeded access to private Grape Bay Beach.

It was originally constructed in 1906 and completely renovated in 2013 by designer Wendy Valliere of Seldom Scene Interiors in close collaboration with Woodmeister Master Builders who built the custom kitchen, bathrooms, closets, mantles, and other millwork.

The main house consists of 4 bedrooms, 4½ bathrooms, plus a guest cottage with full bathroom and kitchenette. There is a large openbeam covered terrace that transitions to the large pool deck with a working fireplace. Available to PRC and international purchasers. Offered at $7,500,000. Contact Brian Madeiros, Coldwell Banker Bermuda Realty. Tel: 247-1801.

Email: bmadeiros@brcl.bm Real Estate Handbook 2019

HAUS NEW DEVELOPMENT New townhouses to be built designed with living room open-plan to kitchen, with stainless-steel appliances, high-gloss white cabinetry, Caesarstone quartz countertops, and white rectangular glass mosaic backsplash. Storage will be under the stairwell. There is a patio off the living room. Upstairs will be 1 bedroom, 1 bath, and a large walk-in closet, with porch off bedroom, fronted with glass. Customised closet system, air-conditioning, and gray wood-look tile throughout. Units have a classic contemporary styling surrounded by lush communal gardens. Prices from $395,000. Contact Fiona Hatfield, Coldwell Banker Bermuda Realty. Tel: 247-1813. Email: fhatfield@brcl.bm

THE WHARF

The Wharf is located on Harbour Road adjacent to Darrell’s Wharf ferry.

The development has an indoor lap pool, outside pool, and a dock. This 2 bedroom 2 bathroom waterfront unit is on 2 levels and is finished to a high standard with dark wood floors, built-in bookcases, granite counters, and much more. The kitchen is open-plan. Sliding doors lead onto a covered balcony with stunning views of the harbour. There is also a second, uncovered balcony off the master bedroom. $1,375,000. Contact Keller Williams Bermuda. Albert Moura. Tel: 535-1453

13

BEST PROPERTIES

ROSEMONT CITY PLACE Just a short walk from the harbour and Front Street, Rosemont City Place offers the most spacious and elegant residential living in Hamilton. The homes, each with their own private patio, range from approximately 1,440 to 2,100 sq. ft. These full-size homes come with the amenities of a luxury condominium building located in a quiet residential community. Rosemont City Place is a unique cosmopolitan living experience. Available to PRC and international purchasers. Prices starting at $1,075,000. Contact Brian Madeiros, Coldwell Banker Bermuda Realty.

Tel: 247-1801 Email: bmadeiros@brcl.bm

PEACE HAVEN It’s not every day that a waterfront estate like this becomes available. The main house has 3,700 sq. ft. of living space with 5 bedrooms, 6½ bathrooms plus ample entertaining spaces. There is a large pool with stunning views of the Great Sound. Behind the house is a level half-acre lot with stables. Located on the water is a quaint 2 bedroom cottage with a guest suite of 1,300 sq. ft. This home also benefits from stunning views of the Great Sound and a large dock.

The 3 lots comprise approximately 2 acres of waterfront property. Offered at $3,475,000 Contact Brian Madeiros, Coldwell Banker Bermuda Realty. Tel: 247-1801. Email: bmadeiros@brcl.bm

SOUND WINDS

TATER HOUSE Completely renovated in 2014, this executive home exudes class — a beautiful landscaped and manicured yard, carefully hand-laid brick entrance walkway and high-end finishes throughout. On the ground floor there is a formal living room with fireplace, dining room, magnificent kitchen, and gorgeous cypress wooden floors, media room, 2 spacious bedrooms.

Upstairs features a huge master suite with designer closet and exquisite bathroom with walk-in shower. An additional large and airy bedroom overlooks the secluded pool. Sale includes brand-new generator, state-of-the-art sound system, security system, and reverse-cycle AC. Contact Clare Marshall, Coldwell Banker Bermuda Realty. Tel: 247-1829.

Email cmarshall@brcl.bm 14

Wonderful 1980’s mid-century, 3 bedroom, 2 bath home in a stellar location. Substantial living room has an open concept with cathedral high ceiling and views of Harrington Sound. The dining room and kitchen are open to the lanai, which can be enjoyed yearround as a family room. There is generous patio space, and a path leads to a newly built dock, perfect for the boating enthusiast. A full-size tennis court is also on the 1.325 acre property. This is a special property that is longing for a family to make it their home. $3,890,000. Contact Karen Brine, Coldwell Banker Bermuda Realty. Tel: 247-1806. Email: kbrine@brcl.bm

SENSATIONAL WATER VIEWS

An enchanting and charming 3 bedroom, 1 bath home with sensational water views, where you can watch boaters and jet skiers and enjoy fabulous sunsets. This

home sits on a delightful manageable corner lot. The kitchen has been refreshed with new solid surface counters, gas stove, fridge, and washer/dryer. The welcoming living room has a fireplace, and there is an outside fireplace for those enchanting nights watching the stars. Walking distance to shops, bus, and beach. Offered at $450,000. Contact Kim Sheen.

Tel: 734-1264.

Email: kim@kimsheenproperties.bm; www.kimsheenproperties.bm Real Estate Handbook 2019

BEST PROPERTIES

SPICE GARDEN

ENTERTAINING MANOR A state-of-the-art paradise on just over an acre. Magnificent 8,000 sq. ft. home with postcard views of the ocean and Tuckers Point and Mid Ocean golf courses. Featuring the finest finishes and built by a protégé of Frank Lloyd Wright, this artistically stunning home offers 6 bedrooms, 5½ baths, and an elevator.

There are separate guest quarters with 3 bedrooms, all en suite and an office. The stunning cypress and marble staircase leads you into the gracious 2 story great room and impressive library. There are a spectacular pool, pool house, and separate staff quarters.

For private viewing contact Kim Sheen. Tel: 734-1264.

Email: kim@kimsheenproperties.bm; www.kimsheenproperties.bm

This exceptional 3 bed 2½ bath town home, located in a quiet neighbourhood in Warwick, is one of only four units. There is a pool in an enclosed private garden area. The kitchen is an entertainer’s dream with all-new quartz counters, solid wood cabinetry, gas stove, microwave, and refrigerator. Solid hard wood floors throughout. The expansive family room has atrium doors to a private outdoor area. The master en suite has a private balcony with overland views and a shower for two.

Reverse-cycle air-conditioning. Contact Kim Sheen.

Tel 734-1264. Email: kim@kimsheenproperties.bm. www.kimsheenproperties.bm

MOONDANCE Exhilarate or relax under the stars at Moondance. With the Bermuda sky as your canopy and the City of Hamilton skyline and the harbour as your canvas, find comfort in this spacious Trimingham Hill, Paget 4 bed 2½ bath residence with 1 bedroom guest apartment, on nearly an acre. Be enthralled by South Shore and island-wide panoramic views as you move across the light-drenched modern living and dining rooms to the balconied kitchen, which awaits your redesign aspirations.

Moondance is available to Bermudians, PRC holders, and international purchasers.

Offered at $2,350,000. Contact Buddy Rego, Rego Sotheby’s International Realty. Tel: 292-3921. Email: brego@regosir.com

SUGAR CANE This welcoming 2 bedroom 3 bath townhome located in Sandys is ready for you. Featuring a lovely built-in pool, beautiful high-end kitchen, quaint breakfast nook with new flooring, comfortable living room with wood burning fireplace, and separate dining room. Private patio area with closed-in yard. Master suite with relaxing Jacuzzi tub and additional bed and bath are all located on the upper level. Priced with affordability in mind at $360,000. Contact Kim Sheen. Tel: 734-1264.

Email: kim@kimsheenproperties.bm; www.kimsheenproperties.bm Real Estate Handbook 2019

15

BEST PROPERTIES

TURTLE WATCH This waterside home in St. David’s has gorgeous views and a variety of unique features. The main house is 1,968 sq. ft. and has an open-plan kitchen, pantry, dining, living room, and powder room.

Upstairs are 4 bedrooms, 2 bathrooms, and a laundry area. Laminate wood floors, brand-new split system AC, and ceiling fans throughout. Underneath there is a workshop or large storage room. The 900 sq. ft. apartment has 3 bedrooms and 1 bath. It has its own private garden and entrance. There is water access, 25 ft. of private beachfront, and a mooring. All set on 0.25 acres with fenced-in lawns, fruit trees, and a vegetable garden. $925,000. Contact William Kempe. Tel: 777-9449. Email: william@tpg.bm. The Property Group.

ASCOT HOUSE Ascot House is a hidden gem with stunning views from the Paget hilltop.

The home is all on 1 level, with a private pool and income-producing apartment.

The recently renovated main house consists of 3 bedrooms and 3 baths. It has a spacious kitchen with breakfast nook and adjacent family room with wood floors and a beamed ceiling. French doors lead to the garden and pool. There is a separate dining room and lounge with a fireplace and a study. The master bedroom has a sitting room that looks over Hamilton Harbour as well as an en suite bathroom with under-floor heating.

Contact Sally Ann Smith, The Property Group. Tel: 535-4521.

Email: sallyann@tpg.bm.

16

CORAL SEA Coral Sea in Tucker’s Town is a fabulous beachfront property with more than 5,000 sq. ft. of living space. The beautiful main house has 5 bedrooms, each with its own newly renovated bathroom and a lovely large covered verandah overlooking the South Shore. The addition of a stunning new pool cottage has greatly enhanced the property. The cottage with its open-plan design has 3 bedrooms and 2 bathrooms and looks out over the infinity pool to the beach and ocean beyond. Both homes are spacious and have spectacular views and direct access to the beach. Contact: Gill Butterfield. The Property Group. Tel: 534-7746. Email: gill@property-group.com

OSWEGO ISLAND Take the meaning of island life a step farther by residing on your own private island – the tranquil Oswego Island. Designed by award-winning architectural designer, Jacob Hocking, Oswego House reflects modern luxury with traditional island charm. Designed to let the outdoors in, this 3 bed 3 bath home has views of Smith’s Sound and Dolly’s Bay, high ceilings, a modern kitchen, games room, and, most uniquely, a lightwell designed to allow natural sunlight throughout the 2 story home.

Oswego has 2 deep-water docks that can accommodate boats up to 100 ft. Well-lit

garden paths stretch across the 3.2 acre island. Available to Bermudian and PRC holders. Offered at $3,100,000. Contact co-listing agents Danielle Spurling Tel: 799- 2811. Email: dspurling@regosir. com or Ben Rego Tel: 535-7346. Email: benrego@regosir.com. Rego Sotheby’s International Realty.

THE VILLAS AT THE LOREN

Live a life of luxury at The Villas, located at The Loren at Pink Beach, Bermuda’s brand-new and fully operational contemporary luxury boutique hotel resort with world-class amenities, including multiple restaurants featuring

oceanfront dining, spa, pool, lounge bar, and beach club. Choose from The Loren’s 4 sophisticated condominium villas: Canton Bay ($3.975M); Grove and Hibiscus ($3.875M); and Bay Grape ($3.8M). Two further villas will be completed in July 2018, and 2 more are scheduled for completion in early 2019.

These 4 bed and 4½ bath villas located in the Smith’s Parish enjoy the exclusive community of Tuckers Town.

Contact: Penny MacIntyre, Rego Sotheby’s International Realty.

Tel: 299-1508.

Email: pmacintyre@regosir.com Real Estate Handbook 2019

BEST PROPERTIES

OVERLOOK The winner of Bermuda’s 2009 Architectural Design Award, Overlook is a stunning, light-filled contemporary

3 bed 3½ bath home enjoying spectacular and expansive water views. In an elevated position in the highly desirable Knapton Hill area, Overlook enjoys views of Harrington Sound, St. George’s, and South Shore. It sits within more than half an acre of garden/natural woodland, with a meandering path, for peaceful walks and a perfect hammock spot. The property also has substantial outdoor storage and a tiled, air-conditioned garage. Available to Bermudian, PRC, and international purchasers. Offered at $4,275,000.

Contact: Ben Rego, Rego Sotheby’s International Realty Tel: 535-7346.

Email: benrego@regosir.com

HIDDEN COVE

Luxury beachfront condominiums at the western end of The Loren in Tucker’s Town. Hidden Cove condos feature spacious rooms with 9 ft. ceilings, and all overlook the property’s private beach.

There are a total of 19 units in Hidden Cove, and all offer owners tranquility, a private beach, and pool. Currently, The Property Group Ltd. is offering 4 of these magnificent units to the market for sale to international purchasers as well as to Bermudians and PRC holders. Price and brochure upon request.

Contact: The Property Group Ltd. Tel: 234-6900.

Email info@tpg.bm

LEAMINGTON HOUSE Leamington House stands on 1.734 acres with around 8,000 sq. ft. of building, including a charming guest cottage. It has water rights with a dock on Castle Harbour, a wonderful pagoda, and a heated pool and pool house. The grand entrance gallery leads to the dining room and living room, both with fireplaces. A fabulous verandah leading from the living room makes this a great entertainment spot. The sumptuous master suite has a fireplace and his and her dressing rooms.

The bathroom includes a steam shower and Jacuzzi tub. Four additional guest bedrooms, large entertainment room with wet bar, central sound system, wine cellar, laundry room, workshop, security system, and central vacuum system.

Available to Bermudians, PRC holders and international purchasers. Offered at $5,950,000. Contact: Gill Butterfield.

The Property Group. Tel: 534-7746.

Email: gill@property-group.com

AFINCADO

Spectacular, newly renovated, move-in ready home on .62 acres with 104 ft. of waterfront on Hinson Island. Afincado is perfectly situated on the southwestern side of the island with stunning unobstructed water views by day and by night. This island retreat is truly a piece of heaven on earth. Don’t take our word for it, come and see this wonderful island and treasure of a home for yourself. $1,750,000. Contact Sally Ann Smith, The Property Group. Tel: 535-4521. Email: sallyann@tpg.bm.

Real Estate Handbook 2019

CAMELOT

Camelot is nestled on Glebe Hill in Tucker’s Town with stunning views over the Mid Ocean golf course and the South Shore. It encompasses 1 acre of private grounds, a pool and deck, and a 5 en suite bedroom main house, designed so that every room has remarkable golf course and ocean views. Available to international purchasers. Offered at $4,750,000. Contact Gill Butterfield, The Property Group. Tel: 534-7746.

Email: gill@property-group.com 17

BEST PROPERTIES

OLD BATTERY This magnificent mansion sits high on a hill overlooking the beautiful South Shore in Tuckerâ&#x20AC;&#x2122;s Town. It encompasses more than 4 acres of immaculate grounds, with a stunning 5 en suite bedroom main house, 2 charming guest cottages, an infinity swimming pool, tennis court, and private coves with beaches. Available to international purchasers. Contact: Vicky Hamshere, Tel: 537-5337. Email: vickyh@property-group.com, or Gill Butterfield, Tel: 534-7746.

Email: gill@property-group.com. The Property Group.

TUCKERâ&#x20AC;&#x2122;S POINT LAND Build your next home surrounded by the prestigious Rosewood Bermuda resort on one of the Tuckerâ&#x20AC;&#x2122;s Point land lots at Rosewood Bermuda. Area amenities include golfing, tennis courts, spa, fitness center, restaurants, retail shops, pink sand beaches, and much more. Less than 10 minutes from Bermudaâ&#x20AC;&#x2122;s International Airport and conveniently only 20 minutes from the City of Hamilton. Available to Bermudian, PRC, and International Purchasers. Price upon request. Contact Penny MacIntyre, Rego Sothebyâ&#x20AC;&#x2122;s International Realty. Tel: 299-1518. Email: pmacintyre@regosir.com

TOWN HILL This 2-storey family home in Flatts has a large living/dining room, a recently upgraded eat-in kitchen, powder room, and oversized garage. Upstairs there are 3 bedrooms and 2 baths. Upper floor is carpeted and main rooms are tiled. There is a studio apartment off the main house.

Within walking distance to restaurants.

Contact Keller Williams Bermuda.

Donna Bennett. Tel: 535-9909.

Contact your personable & professional real estate specialist Kim Sheen. She will guide you through every step of the process advising you of what is in your best interest.

Also, providing professional photos and 3D virtual realty tours.

CONTACT KIM ON:

441-734-1264

kim@kimsheenproperties.bm www.kimsheenproperties.bm

KINDA KUTE

18

This delightful 3-bedroom, 2-bathroom stand-alone cottage in Smiths stands on approximately 0.33 acres planted with a variety of fruit trees. The home enjoys an open-plan kitchen, living room with fireplace, and large dining room with French doors to the garden. There is

a bathroom well positioned for guests and two of the bedrooms. The master bedroom enjoys a good-sized bathroom with large tub and fireplace.

This fabulous home is move-in ready and has the potential for expansion. $1,400,000.

Contact Keller Williams Bermuda.

Liza Outerbridge. Tel: 504-7945 Real Estate Handbook 2019

MARKET REVIEW STRAP

The Rise of Luxury Resort Development Buddy Rego, president of Rego Sotheby’s International Realty, reviews the luxury resort and the local real estate market

B

ermuda has ushered in a wave of new construction with hotel and resort luxury residences that feel more like homes than apartments or condominiums.

The past year has seen a significant increase of international attention on waterfront luxury condominium and villa living.

The positive attention toward Bermuda’s exclusive resort communities bodes well for residential homeowners looking for exceptional hotel condominium opportunities.

The Villas at The Loren Hotel at Pink Beach in Tucker’s Town, Smith’s Parish offer newly constructed and soon-tobe-constructed lock-off, twostorey, modern villas, each with their own private pool within the internationally newly acclaimed boutique resort.

Residents and guests enjoy the conveniences of luxury living with two restaurants, beach club, gym, spa, and concierge services. Prospects appreciate the option to place their villa into the hotel guest inventory or keep as a private residence.

For those looking into upcoming projects, there are condominium developments across the island underway, in particular the St. Regis

Bermuda located in the historic Town of St. George, Bermuda’s first capital and a UNESCO World Heritage site. Set near the majestic Fort St. Catherine, this 30-unit private property condominium boasts luxury beachfront with contemporary designs and unrivaled proximity to the St. Regis Bermuda resort, which spans 688 linear feet of ocean front property with breathtaking views.

For those seeking a larger hotel resort setting, there is Rosewood Bermuda.

Established in 2001, this coveted community offers the rare residential opportunity, especially for international buyers, to secure land on which to build a customised residence within a thriving luxury hotel and private residential community. Each lot of land accommodates a bespoke single-dwelling development and benefits from the golf, tennis, and beach clubs along the picturesque Castle Harbour.

Whether one prefers the new modern luxury boutique resort available at The Loren, the grand resort residences of St. Regis Bermuda or any one of the attractive living opportunities at Rosewood Bermuda, Bermuda offers

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compelling island living accommodations for discerning individuals.

In the local market, 2017 saw the firming of an average sales price of $1,150,000 for stand-alone residences with an ARV (annual rental value) below $126,000. Overall, the sales prices and volume of condominiums sold continue to decline, where now a condominium can be bought

on average for $700,000.

Bermuda property buyers are expected to enjoy a buyers market throughout 2018 where opportunities exist in all sectors of the residential and commercial sectors. As new luxury resort developments complete their new residential offerings, now is a strategic time for discerning investors to purchase real estate in Bermuda.

LIVE PRIVATE THE FINEST COLLECTION CONDOMINIUMS HOME & VILLA LAND NEW DEVELOPMENT

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Real Estate Handbook 2019

441.292.3921 regosothebysrealty.com info@regosir.com 83-85 Front Street, Hamilton, HM AX

19

MARKET REVIEW

Hamilton Life Brian Madeiros, president of Coldwell Banker Bermuda Realty, discusses the advantages of city living

L

ike most cities around the world, the city of Hamilton continues to evolve in order to remain relevant to its community stakeholders, residents, and commercial occupiers.

Economic cycles are often the catalyst for the changes we see as it relates to our city landscape and the new residential and commercial developments that are introduced to our city market.

Current market intelligence supports the assertion that more people are choosing to live in the city either as owner–occupiers, tenants, or as investors in city property. Whether they are Bermudians, Permanent Resident Certificate holders (PRCs), overseas buyers, or overseas professionals working in Bermuda and renting accommodations, they are migrating to the city because of the many advantages that city living offers. It provides easy access to all the amenities of daily living and entertainment, including shopping, dining, theatre, and fitness facilities.

20

There is little or no commute, and public transportation, including our ferry service, is only a short walk away. Living in the city is convenient, popular, and a growing segment of the real estate market.

As our population ages, residents look to downsize to alternative accommodations, and the city offers a variety of residential accommodations that are attractive to seniors. Established residential developments, Atlantis, Six Dundonald, and Ten Dundonald, continue to be popular for “downsizers” who are looking to buy in the city. New offerings like Belvedere Place, Queen of The East, and Rosemont City Place, which was recently introduced to the market for sale, are much welcomed additions to our city inventory, and the market has responded with a robust appetite. City living condominiums offer residents security key access, plus elevator access – which makes these residential communities ideal for the elderly. In most city developments, the

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building structure, common areas, and amenities are managed by professional property managers. Downsizers who find themselves moving from standalone homes appreciate the lack of maintenance responsibility.

Another level of demand comes from the ever-changing residential requirements of our local and global corporate stakeholders. In 2014, the Bermuda government created an opportunity for companies to acquire property for their own needs. Local and Bermuda exempted companies may, at the discretion of the minister of economic development, acquire residential and commercial property.

The act states, “A local company may acquire and hold condominium(s) with an ARV equal to, or in excess of, the benchmark established by the Department of Immigration for restricted persons on leasehold up to 999 years for accommodation of the company’s employees or corporate Real Estate Handbook 2019

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hospitality/recreation. The company must have a physical presence in Bermuda.” For those companies with long-term Bermuda-based strategies,

this provides them with another viable city accommodation option.

From an investment perspective, there is a lack of good quality, centrally located, one-bedroom apartments for rent in our suburban markets. The city residential rental market remains strong. Single professionals moving to the island are increasingly interested in furnished apartments that are basically turn-key. The average time on the market for one-bedroom units in Atlantis, Six Dundonald, and Ten Dundonald is short.

One-bedroom city units can rent in days

or weeks, making them a great investment opportunity.

The one- and two-bedroom properties in Atlantis, Six Dundonald, and Ten Dundonald have sold in the past 18 months for between $540,000 and $650,000 subject to size, location, and condition.

Considering that rentals start around $3,200 for one-bedroom units, increasing to around $4,500 for a two-bedroom unit, these properties are heavily favored by investors. Currently on the market is a one-bedroom unit renting at $3,300 per month, listed for sale at $525,000 and a two-bedroom unit renting at $3,650 per month and listed at $575,000.

Whether you are looking to rent a city condominium or purchase one, your options in the city are numerous.

Developers are monitoring this segment of our market very closely, and if the economic data indicates that the current growing demand for city living is sustainable, we expect to see the introduction of new city offerings in the next couple of years, allowing our vibrant city to further evolve to meet the everchanging needs of our community.

There’s no place like home.

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Real Estate Handbook 2019

21

EXPERT ADVICE

Buying a piece of paradise Purchasing a second home in Bermuda can be a superior longterm investment, say the experts from The Property Group

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LILY LODGE, Tuckers Town

The Property Group Ltd is the finest of Bermuda’s real estate companies. We represent the most desireable properties available in every sector of the residential market, for sale or rent.

Phone: (441) 234-6900 Fax: (441) 234-6892 info@tpg.bm Web: www.property-group.com please contact Sallyann Smith (441) 535-4521 or Brittany Archer (441) 505-1466

22

undreds of people from all over the world have bought homes in Bermuda — some because they chose to retire here, some due to work commitments on the Island, still more for vacation purposes and others for any combination of the above.

Over the decades, property has grown steadily in value while remaining secure due to Bermuda’s history of political and social stability.

There are opportunities for people from abroad to buy grand local houses from about $4 million up to $25 million. There are also some condominiums available to overseas buyers, and these range from roughly $1 million to upwards of $3 million.

Buying here involves a bit of red tape but nothing too onerous. And there is a one-off Government fee for foreign acquisition of a local property of 8% for houses and 6% for condos. The purpose is an honourable one — to negate the risk of international speculation in the local property market. These figures are likely to rise in the near future, so now is the time to buy.

If a year-round home is more than you need, there are several first-class fractional ownership properties to contemplate.

Whichever option you eventually choose, the current buyer’s market will make the apparently hefty initial investment seem positively shrewd in a few years time.

However, it is the lifestyle rather than the investment opportunity that motivates most buyers of luxury Bermuda homes.

And that — the Bermudian way of life — is truly priceless.

For expert advice on the Bermuda property market and details on fine homes for sale, contact The Property Group.

Tel: 234-6900. Email: info@tpg.bm.

Real Estate Handbook 2019

EXPERT ADVICE

The Real Cost of Real Estate W

ith a price tag of more than $1 million for the average Bermuda home, you would hope that there are no other costs involved. Unfortunately, it is not that simple â&#x20AC;&#x201C; and most buyers are not aware that there will always be additional expense associated with buying property.

purchaser, you should try to ascertain the legal fees before choosing your attorney and, where possible, have the fee structure sent to you in writing.

Other fees to consider are as follows: Arrangement Fees These are charged by your mortgage lender on the amount of the loan. This is typically 1% of the amount borrowed.

Property Appraisals Typically, a lender will have the property you wish to purchase appraised to ensure it is being offered at typical market prices

and is good collateral for your loan. There also may be a cost for the appraisal. If the property is not considered good collateral then, your lender may not provide you with an acceptable financing offer.

Keiva Maronie-Durham is the head of the Conveyance and Estates Department of Amicus Law Chambers Ltd. Contact her at kmdurham@ amicuslaw.bm or (441) 292-2308 The information given in this article is no substitute for actual legal advice. Before embarking on any property transaction, you should consult an attorney.

Government Fees The biggest expense associated with buying property are government taxes or stamp duty. On average, stamp duty is between 2% to 7% of the purchase price of the property depending on the propertyâ&#x20AC;&#x2122;s value. In 2009, the Bermuda government amended the Stamp Duties Act of 1976 to allow exemptions on stamp duty for first-time buyers. This exemption is subject to certain conditions and is not applicable to all first-time buyers, however. Under the amended legislation, in order to qualify for the exemption, the home must be purchased for $750,000 or less and You must be a Bermudian purchaser or a Bermudian purchasing with a nonBermudian spouse; Never have owned more than a 25% share or interest in a property in Bermuda; Live in the property for three years following the purchase, or, if the property is a vacant lot of land, you must commence building within three years from the date of purchase; and Purchase the property for the fair market value.

Another point to note, which is not expressed in the legislation, is that properties purchased by trusts and companies are not eligible for the exemption.

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Legal Fees Another expense is your attorneyâ&#x20AC;&#x2122;s fees for acting on your behalf. The Bermuda Bar Association sets the recommended minimum fees payable in terms of real estate transactions. This scale is simply a guideline, however, and attorneys are not obligated to use these prices. As a Real Estate Handbook 2019

Tel: 292.2308 Email: kmdurham@amicuslaw.bm

23

EXPERT ADVICE

You and the law Denis de Frias, director, MJM Limited, Barristers & Attorneys explains the lawyers role in helping you buy

Do a background check Firstly, find out what you are actually purchasing. Buyers rarely request structural surveys before they purchase. But there is always the possibility that wood infestations such as termites have occurred or that the electrical or plumbing are outof-date.

You should also require the seller to re-stake the propertyâ&#x20AC;&#x2122;s boundaries to ensure that there are no encroachments or other discrepancies.

Get your ďŹ nances in order Next, if required, you will need to arrange a mortgage. A mortgage conveys title from the borrower to the lender until repayment of the loan is complete, at which time title is transferred back to the borrower. In addition to the loan amount, you should consider any administration fees charged by the lender, as well as insurance, which

needs to be in place prior to receiving the mortgage funds.

Before you make an offer on your home make sure you factor in all closing costs.

This include Government Stamp Duty, legal fees and the associated costs. There are legal fees and stamp duty associated with the mortgage deeds as well.

Unlike the costs for the transfer deed, the latter are the sole responsibility of the purchaser/borrower. Land taxes are payable twice a year in equal instalments.

Have the appropriate searches conducted It is essential that a planning search be conducted to ensure that no developments have been made on the property without planning permission. Checks should also be carried out as to the use of zonings and subdivision controls. This can take four weeks. These searches and a title search

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will be conducted by your lawyer. Title to land can be freehold or leasehold, with each property having its own packet of deeds. In the case of condominium developments, title to units is usually by long lease, with a landlord company holding the freehold title of the condominium development.

Your attorney will also search the Land Title Registry and Supreme Court to check for outstanding mortgages and judgments against the vendor and predecessors in title.

Sign on the dotted line Once you have made an offer on the property and it has been accepted, your attorney will review the sale and purchase agreement and make any necessary amendments before you sign it.

Denis de Frias is a Director of MJM Limitedâ&#x20AC;&#x2122;s private client and property practice group and is responsible for the firmâ&#x20AC;&#x2122;s property practice. Mr de Frias has more than 18 years of experience in a broad range of property transactions, including condominium development, complex financing structures and residential and commercial real estate sales and purchases.

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Real Estate Handbook 2019

EXPERT ADVICE

The best way to cool your space

A

ll too often, you have to compromise when it comes to air-conditioning, choosing among energy efficiency, temperature control, and stylish options to suit your home. The perfect solution can seem difficult to find. AIRCARE can change that.

Exclusive Daikin Partners

the sensor does not detect activity for 20 minutes, it will automatically switch to economy mode, returning to the original set temperature when it detects someone re-entering the room. The result?

Consistent, automated climate control with maximum energy efficiency and minimal manual intervention. AIRCARE also offers the Daikin Quaternity, with air purifying technology that operates at 30% lower energy consumption than many typical mini-split systems.

AIRCARE’S expert team, innovative technology, and commitment to customer service will give you the uncompromised climate control you deserve.

7 Mill Creek Rd. Tel: 292-7342. www.aircare.bm

At AIRCARE, excellence is everyday.

Its exclusive partnership with Daikin helps bring the world’s most innovative air-conditioning technology to Bermuda.

Daikin is the leading brand in climate control systems in more than 45 countries worldwide. Its range of air-conditioning, heating, and dehumidification systems can be tailored to meet individual needs and are supported with a sophisticated app system for maximum control.

The Daikin Emura Exclusively available with AIRCARE, the Daikin Emura sets a new standard in uncompromised air-conditioning.

Designed to suit contemporary interiors with its curved edges and white or silver colour options, its style is notably sleeker than standard units. Its comfort mode also sets a new standard, preventing airflow from being blown directly onto the people in the room. That means no more cold drafts and evenly distributed airflow into the corners of even large rooms.

The Emura’s smartphone and tablet app also takes control to a whole new level. You can monitor the status of up to 50 units from anywhere in the world.

Set temperatures, review daily and weekly statistics, and dictate the heating, cooling, fan only, or dry mode operations that suit you and your home best.

Daikin Emura

Available in white *Silver upon special order

AIR CONDITIONING THAT LOOKS AS GOOD AS IT FEELS You shouldn’t have to compromise on style or comfort when it comes to your home. With its sleek stylish design and industry leading performance, you don’t have to with the Daikin Emura.

Exclusively from AIRCARE.

Energy Efficiency AIRCARE is passionate about improving energy efficiency and believes innovation is the key to success. Once again, the Daikin Emura has this covered. It has an innovative “sensitive eye,” which uses sensors to detect human activity and manage the temperature accordingly. If Real Estate Handbook 2019

25 SERPENTINE ROAD | 441-292-7342 | INFO@AIRCARE.BM | WWW.AIRCARE.BM

25

HOME IMPROVEMENT

Touch.

Try. Buy.

W

hen it comes to shopping for furniture and bedding, a tactile approach is often best. Online shopping, for all of its appeal, can sometimes be misleading, and this can be especially disappointing with big-ticket items like a living room set or a new mattress. Living on an island in the middle of the Atlantic Ocean also means that shipping to Bermuda is expensive and takes a long time, and, if the item you purchased does not quite match the carefully crafted description that you read about online, then returning it to the seller can be an onerous task. The staff at Furniture Walk say they often meet people who come to their shop who have tried online shopping for furniture and have ended up disappointed because the quality or the colour, or both, is not what they’d hoped for.

The importance of real-world touch

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and sight when it comes to furniture and bedding is often something that people don’t realise until after they’ve had a negative experience with online shopping. Furniture Walk stocks a wide variety of living room, dining, occasional, and bedroom furniture – as well as a huge selection of rugs, lamps, and artwork to complement the furniture. If you want to customise your upholstery, the store has a fabric gallery with thousands of colours, textures, and patterns for you to touch and see, which is something far more realistic than anything you will find online.

Furniture Walk sales staff are experienced and have thorough knowledge of all the brands they carry. Some of the staff have been there for more than 30 years, since the shop opened.

Mattresses Quality furniture is an investment in your home, and a quality mattress is an investment in your health. We spend on average one-third of our lives in bed, and you owe it to yourself to have a quality mattress. Sleep is part of the foundation of our hierarchy of needs as humans and in order to be our best selves, we should make sleeping well a priority.

Furniture Walk houses Bermuda’s original mattress gallery with a wide selection of comfort levels and price points. From all foam beds to hybrids, double-sided to pillow-tops, ultra-firm to ultra-plush, and everything in between, it has not only the right mattress in stock for your sleep needs, but you will also appreciate being able to talk face-to-face with an experienced salesperson who will help you to make the best selection.

Furniture Walk offers in-house financing as well as a “five-star” warehouse and delivery team who aim to make your experience with shopping locally an effortless one. Its Paget location has easy parking for you to visit and touch, try, and buy.

Furnishing Bermuda’s homes for over 30 years 12 Harvey Road, Paget | Open Monday-Saturday 9am-5pm | call: 292-5209 | www.furniturewalk.com EASY PARKING • IN-HOUSE FINANCING • ENDLESS FABRIC OPTIONS • MATTRESS GALLERY • ONLINE WEDDING REGISTRY

26

Real Estate Handbook 2019

HOME IMPROVEMENT Painting Tips The experts at Rowe Spurling share their advice Successful paint jobs have to be well prepared. Start by moving all the furniture out of the room (if possible), take everything off the walls, and remove all outlet covers. Begin by scraping off loose paint. Then, take a wire brush and get rid of any remaining loose wall material. Wiping the wall down with a damp cloth or sponge soaked in vinegar and water will remove any leftover chalky residue and neutralize ph levels. Let the walls dry overnight.

Most paints are self-priming but often that’s not enough. Use a sealer to penetrate deep into the walls and bind up any chalky residue. Then use a waterproofing primer with a light grit to both fill in the small cracks and seal your walls from moisture.

A coat of high build primer will help if you’re making a big colour change.

Remember that colours can look a little darker on your walls than on the sample chip, so start with a sample pot before making a commitment. After you’ve chosen the colour think about how shiny you want the walls to be. Flatter paints are harder to clean but will visually minimise wall imperfections. Shinier paints are easier to clean but can make your home look very institutional.

Most stone walls will require a ¾” nap roller to get in-between the bumps.

A microfiber cover is great for keeping splatter to a minimum on both walls and ceilings. For cutting in, use a synthetic bristle brush with nylon bristles. And don’t forget the tape. A good painters tape will keep clean up to a minimum.

Rowe Spurling Paint. Tel: 292-7770.

Email: row@northrock.bm. www.rowespurlingpaint.com

Bermuda Pest Control to help you develop a termite prevention plan.

Rats and mice can squeeze through very small openings. Check that all masonry work is finished, closing off holes around exterior access points such as those made by air-conditioners, plumbing, electric, gas lines, telephone, and cable. Make certain your dryer vent has a cover outside.

Caulking is your friend. Cockroaches thrive in cracks and crevices; ants will find any opportunity to crawl behind bathroom vanity cabinets, tile, and fixtures. Shower

stalls, tubs, sinks, and toilets should all be properly caulked.

Ants and cockroaches love Bermuda stone. Ants can live on and inside Bermuda stone. Keep this in mind when considering unfinished Bermuda stone.

Try to keep flowering plants and vines from growing onto your house, as they are a bridge for pests from their home into yours.

If anything is “bugging” you, call the experts at Bermuda Pest Control.

Tel: 236-1823; www.bermudapestcontrol.com

Is your home bugged?

Most people do not think about pests until they see the problem. Whether you’re buying, renting, building, or adding on, you should be constantly taking action to prevent bugs from invading.

Termites, from a cost factor, should be your first concern. Is there new lumber in the property, adding a wooden deck or pergola, installing cabinets or shelving, working on the roof or wooden flooring? If it’s wood — and that includes furniture — it can be termite food, so call the experts at Real Estate Handbook 2019

27

HOME IMPROVEMENT

Designing a feel-good home

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Furniture gives your house a personality. It creates an ambiance that sends a message to guests about who you are and what your style is.

W

hether your budget is large or small, there is no better choice than buying from BigSavingsZone. Choose a new living room set, dining room collection, or just a few small accessories – any of these items can make a big difference in your home.

QUALITY THAT LASTS Always choose high-quality, long-lasting furniture. While inexpensive accessories can be bought cheaply and changed often, large furniture investments, such as sofas, dining tables, and the like, need to be purchased for the long term.

That means putting solid construction

before a pretty style.

Solid construction isn’t always apparent at first glance. It should feel solid, of course. Beyond that, find out as much information as possible about the frame, materials, and what kind of warranty it comes with.

The staff at BigSavingsZone act as guides and teachers – not pushy salespeople. They will tell you all about the furniture, the construction, and the important features.

VALUE, NOT JUST PRICE It is best to pay more for a quality piece than to try to save money on something that will not last in the long term. The bigger the investment, the more important the design and quality become.

Concentrate on finding the best value for your money. It’s best to look for brands with a history and track record as well as a good reputation.

SERVICE AND DELIVERY Every store has a different customer service policy. Choose a store that is well known for being loyal to its customers.

Inquire about return policies. Some furniture stores will allow you to exchange an item within a time limit if it doesn’t meet your expectations. Learn what fees are involved if you must return an item.

This way, you are prepared for every possible outcome.

You should also ask about the store’s delivery policy, including how much it charges for delivery and, once you order, how quickly your furniture will arrive.

BigSavingsZone takes great pride in offering Bermuda’s fastest special-order program. If an item is not in stock, it will be shipped and delivered within three to four weeks.

Southside Road, St. David’s. Tel: 2974440. www.bigssavingszone.com 28

Real Estate Handbook 2019

EXPERT ADVICE

Building, Decorating Services & Furniture Stores AIR CARE James Leman

292-7342

jleman@aircare.bm

www.aircare.bm

Anslie’s Interior Décor

236-9993

infoanslies@northrock.bm

www.ansliesdecorbermuda.com

Lucinda Laws

BATE’S/Joshua Bate Trading Bermuda Ltd. Jill Hanson

236-7880

jill@bate.bm

www.bate.bm

Bierman’s Concrete Products

Michael Bierman, President

293-1171

mbierman@logic.bm

FB: Bierman’s Concrete Products

BIGSavingsZone.com

Ben Wilson

297-4440

ben@bigsavingszone.com

www.bigsavingszone.com

Dreams

Ben Wilson

293-7326

info@dreams.bm

www.dreams.bm

Evergreen Landscaping

Manuel Pimentel

293-8817

evergreen@northrock.bm

Furniture Walk

Laura Smith-Mayne

292-5209

laurasmith@furniturewalk.bm

www.furniturewalk.com

296-1616

glconstruction@northrock.bm

www.se7enpark.com

GL Construction Island Glass

Paul Martin, General Manager 295-5134

OBM International Pimentel Pools

Manuel Pimentel

pmartin@islandglass.bm

www.islandglass.bm

278-3550

bermuda@obmi.com

www.obmi.com

534-9906

evergreen@northrock.bm

Ross Painting

Michael Ross

337-1168

mrosspainting@gmail.com

Rowe Spurling Paint Company

Karolina DeCosta

292-7770

row@northrock.bm

Lawyers Amicus Law Chambers Ltd

Keiva Maronie-Durham

292-2308

kmdurham@amicuslaw.bm

MJM Ltd

Denis de Frias

292-1345

ddefrias@mjm.bm

Moniz & George

Kevin M George

295-8607

kgeorge@mglaw.bm

Trott & Duncan

Perry Trott

295-7444

ptrott@td.bm

www.td.bm

Mortgages Butterfield

Consumer Credit Dept

298-4799

info@butterfieldgroup.com

www.butterfieldgroup.com

Real Estate Bermuda Longtail Real Estate Ltd Coldwell Banker Bermuda Realty

Cesa Edwards Brian Madeiros

232-2769 292-1792

cesa@bermudalongtail.com bmadeiros@brcl.bm

www.bermudalongtailrealestate.com www.bermudarealty.com

Dale Young Properties

Dale Young

535-3202

dyproperties@logic.bm

www.dyproperties.bm

Jack Kripl of Coldwell Banker

Jack Kripl

705-4500

jkripl@jw.bm

www.BermudaRealtor.com

Joy Lusher Real Estate

Sue Lusher

333-9138

sue@joylusher.com

www.joylusher.com

Keller Williams Bermuda

Albert Moura

236-0737

albert.moura@kwbermuda.com

www.kwbermuda.com

Kim Sheen Properties

Kim Sheen

kim@kimsheenproperties.bm

www.kimsheenproperties.bm

McInnis & Associates

Heather McInnis

Rego Sotheby’s International Realty

Buddy Rego

292-3921

brego@regosir.com

www.regosothebysrealty.com

The Property Group Ltd

Brittany Archer

505-1466

brittany@tpg.bm

www.property-group.com

Sally Ann Smith

535-4521

sallyann@tpg.bm

www.property-group.com

734-1264 (441) 737 5753

www.rowespurlingpaint.com

www.mjm.bm

heather@mcinnisandassociates.com www.mcinnisandassociates.com

Real Estate Appraiser McInnis & Associates

Larry Sticca

(441) 704 0454

larry@mcinnisandassociates.com

www.mcinnisandassociates.com

Real Estate Development Caroline Bay

Real Estate Sales Team

(441) 452-0010

info@carolinebayrealty.com

www.carolinebay.com

Specialty Services Bermuda Pest Control

Justin Tavares

236-1823

bpest@northrock.bm

www.pestcontrol.bm

Bermuda Waterworks

Karlene Barrow Kelly

299-7873

purewater@bwl.bm

www.bwl.bm

Fast Forward Freight

Tim Southern / Luis Martins

292-9509

tim@teamfast.bm, luis@teamfast.bm www.teamfast.bm

P&M Electrical

Terry Corday, Sr., Pres/Owner

296-9524

Terry@pandmelectric.com

Smart Security Systems

Kevin McNeil

292-4019

contact@smartsecuritysystems.bm

www.smartsecuritysystems.bm

Temperature Control & Plumbing

Trevor Gillis

295-1811

tcp@northrock.bm

www.temperaturecontrol.bm

Real Estate Handbook 2019

29

Jennifer’s “I want my own piece of the rock” loan

YOUR LOAN, YOUR WAY PERSONALISED HOME LOANS FROM BUTTERFIELD Your personal financial goals are as unique as you. Your loan options should be too. That’s why Butterfield offers customised financing solutions to help you reach your goals faster.

Financing for when you’re ready to become a homeowner.

With Butterfield, it’s possible.

To discuss your lending needs, visit a Butterfield Banking Centre or contact us on 298 4799.

www.butterfieldgroup.com The Bank of N.T. Butterfield & Son Limited is licensed to conduct banking business by the Bermuda Monetary Authority. 65 Front Street, Hamilton HM12, Bermuda.