ISLAND
April 2013
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NEWS
PROPOSED REDUCTION OF LICENSING FEES FOR PRC & NON-BERMUDIAN PURCHASERS Judy Shrubb, Commitee Member of Chamber of Commerce, Real Estate Division & Realtor, Roderick Decouto Real Estate Ltd. In an effort to promote economic growth and job creation, the Government has acknowledged that the real estate market has a significant impact on economic conditions. The Government, as proposed in the Budget Speech on 22nd February 2013, has recognized that one way to stimulate property sales is to decrease the licensing fees for PRC (Permanent Resident’s Certificate) residents and non-Bermudians on property purchases. Where there had been interest in investing in Bermuda real estate by the PRC and non-Bermudian buyer, the prohibitively high license fees (payable upfront) impacted negatively on their decision to follow through with a purchase in Bermuda. The reduction of “licensing fees” for PRC and nonBermudian residents in the purchase of property will undoubtedly encourage new activity in the property sales market, injecting additional monies into Bermudian hands. It must be emphasized that for stand-alone houses,
PRC and non-Bermudian purchasers can still only purchase a home with a minimum ARV designation. Currently homes available for sale with an ARV of $63,600 or greater, which are available to the PRC purchaser, have listing prices of approximately $1.4 million and higher. A non-Bermudian can only purchase a home with a minimum ARV of $177,000, with prices beginning at $3.5 million for those currently on the market. Because the PRC and non-Bermudian purchaser is limited to the higher end property sales, they do not compete with the majority of Bermudian home buyers, but the potential purchase of the higher priced properties by PRC and non-Bermudians does contribute positively to the Bermuda real estate market and economy as a whole. In the condominium market there are a number of empty units, including those newly constructed, that have been languishing on the sales market for the past two or more years.
Aunt Nea's Inn
By encouraging our PRC buyer with a reduced Purchase Licensing Fee, it is hopeful that many of the unsold condominiums will be purchased alleviating the burden that the over-supply has created. Simultaneously Bermudians wishing to sell their condominiums will potentially now have increased buyer interest to market to. This reduction of purchase licensing fees for the PRC and non-Bermudian purchaser is a “win-win” situation and an encouraging step in an effort to stimulate the real estate market and the Bermuda economy for all of us. The licensing fees for an initial period of eighteen months are: • For PRC purchaser – 4% on the purchase price of a home or condominium • For non-Bermudian purchaser – 8% on the purchase price of a home and 6% on the purchase price of a condominium
Lovely property for children, family and pets.
One of Bermuda's most enchanting hideaways, Aunt Nea's Inn consist of 12 bedrooms, 13 bathrooms an upmarket Bermuda B&B (Bed and Breakfast). The In named after Nea, the unrequited love of Irish Poet Tom Moore is famed for its luxurious and unparalled beds. All rooms are appropriately furnished with antiques, four-poster, canopy and sleigh beds. The tray ceilings with exposed cedar beams, a Bermudian architecture feature gives Aunt Nea's a genuine historical feel. Price upon request
Serenus Located in a desirable area in Scarrington Hill this charming 2 storey cottage consists of four bedrooms, two bathrooms, kitchen , dining room with �ireplace, large living room. Close to public transportation, schools, grocery stores, beaches and 5 minutes away from Hamilton. Asking $975,000, available to PRC holders.
Single Level Condo Attractive 3 bedroom 2 bath condominium located in Paget having large open plan kitchen with dining and living room combined opening to an private covered patio. A must see asking $590,000
This 2 bedroom 1 and half bathroom freehold town-home is located in safe, well established family friendly community in Warwick. Lower level having large covered �looring with tiled �looring and separate storage room. The cedar entrance door invites you into the foyer. Large open plan kitchen/dining room has breakfast bar for the informal dining. The separate living room has French doors which lead to patio and private garden. An oversized powder room is also located on the entrance level of this home. The lower level is completely tiled. Upper level has two bedrooms which have hardwood �loors. Master bedroom has walk-in closet, second bedroom has two large closets. There is full bathroom and extremely large attic for storage with pull down steps. There is lovely gardens around the entire unit and plenty vehicle parking. Has own water tank with 2 sides and Watlington Water line. There are no monthly maintenance fees. This is a lovely property for children, family and pets. Asking $795,000
Rock Garden
Nestled nicely on the hillside, this 3 bedroom 2 bath, located in a desirable Paget neigbourhood offers lovely vistas of the Harbour. A carport leads into the entrance foyer which provides immediate access to the kitchen and dining room which has french doors leading to a uncovered balcony, there is a large living room with cozy �ireplace. Three spacious bedrooms, the master enjoying an ensuite bathroom. The home is very nicely tiled throughout. A large secluded garden. Other amenities include a balcony off the living room looking out at the Harbour, a lower one bedroom apartment, and reverse cycle a/c throughout.
Agent: Dale Young | O: 236-5200 | C: 535-3202 | E: dyproperties@logic.bm | W: dyproperties.bm
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