Barbados Property News June July 2016

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Island Gold - Page 17

Vuemont - Page 18

Elias Real Estate - Page 19

Endorsed by the Barbados Estate Agents and Valuers Association Inc.

BARBADOS PROPERTY

NEWS www.barbadospropertynews.com • June - July 2016 • Issue 105

The Crane Private Residences - Page 31

Building A Sustainable Barbados

Tel: 246 433 9097 Email: philip.young@fmc.bb or ecostructurebb@gmail.com

MALTA - Cattlewash, St. Joseph A 3 bedroom, beachfront villa located on Cattlewash Beach. Property also has an additional 1 bedroom cottage. This truly is the perfect spot to experience the cooling Atlantic tradewinds and relaxing pace of life found on the east coast of Barbados.

Lot Size: 26,698 sq. ft. • Asking Price: USD$2.195 million

APES HILL ECO-VILLA - 28 Holders Meadow, Apes Hill, St. James This revolutionary 4 bedroom home has not sacrificed luxury in the pursuit of sustainability. A combination of luxury, quality and sustainablility that sets the standard for eco-luxury in Barbados.

Lot Size: 25,000 sq. ft. • Asking Price: USD$3.3 million

SECRET SPOT For those seeking privacy and nature, this plot of land offers lagoon and ocean views with miles of beautiful, pristine beach close by to stroll on. The perfect place to build an off grid eco-home and enjoy outdoor activities.

Lot Size: 6.71 acres • Asking Price: USD$975,000

APES HILL LOT J49 - Apes Hill, St. James Overlooking the 6th green on the fabulous Apes Hill course, this lot is in the perfect location for building your own custom eco-villa. With its stunning unobstructed views of the west coast, island living truly can be achieved.

Lot Size: 15,120 sq. ft. • Asking Price: USD$395,ooo

Editor’s Comments Welcome to the first summer edition of Barbados Property News! It’s also the start of the hurricane season but we do need the odd tropical wave to give us a drenching and get us back on track from this drought!

Here’s hoping!

With the summer comes bright colours and fun times as Crop Over 2016 approaches. I encourage you to read our ‘What’s new for summer 2016” where some of our popular retailers showcase their newest stock for the season. So much choice at great prices!

As usual, lots of real estate for sale and for Pamela Hiles, Editor rent so enjoy having a look through and I hope you find what you want. The wonderful Crane Resort and Residences is on our front cover and they have tempting properties in a beautiful setting that are an excellent investment. Beava continues to run workshops and encourage agents so don’t miss their update. Remember, we’re on line on www.barbadospropertynews.com so tell your relatives and friends overseas to log on and take a look at what Barbados has to offer and like our facebook page to see the latest news.

Enjoy!

On the Cover: The Crane Private Residences

Publisher – Hiltop Publications Ltd, 11 Cottage Ridge, St George, Barbados, BB19071 Tel (246) 228-9122, Fax (246) 228-0243 Email: sportingb@caribsurf.com www.sportingbarbados.com www.barbadospropertynews.com www.caribbeanpropertymag.com www.caribbeanmortgageservices.com Editor/Advertising – Pamela L Hiles Design and Art Direction – 809 Distribution – Hiltop Publications Ltd, Brian’s Print Brokerage Printing – Coles Printery The Material and editorial contained in this publication have been deemed accurate at the time of going to print. The views expressed as editorial are those of the Editor unless stated otherwise. No part of this publication may be reproduced without the consent of the permission of Hiltop Publications Ltd.

If you would like to advertise in Barbados Property News call Pam at 228-9122 or 232-0692

BREATHE IT ALL IN ‌ Imagine, owning an exclusive oceanfront home in Barbados with all the amenities of a luxury boutique four star resort.

Welcome to Ocean Two Resort & Residences. This unique Four Diamond Luxury Condominium Resort is quietly nestled into a secluded corner on Dover Beach, but is just a stroll away from the restaurants, bars and nightly entertainment in the St. Lawrence Gap. With the resort combining exceptional personal and friendly service with chic and stylish suites, the fabulous resort services, as well as a great location, Ocean Two Resort & Residences really introduces a new way of experiencing luxury in Barbados.

BOOK YOUR PERSONAL TOUR TODAY

LUXURY ONE BEDROOM SUITES Starting at US$400 000 LUXURY TWO BEDROOM SUITES Starting at US$600 000 PRIVATE RESIDENCE CLUB Starting at US$13,000 for one week

Do Dover, ver, Chris Christt Chur Church, ch, Barbados, W West est Indies Tel: Tel: 1 (2 (246) 46) 428-9441 428-9441 sales@oceanhotels.bb sales@oceanhotels.bb http:/ http://www.oceantwobarbados.com //www.oceantwobarbados.com

Residential Ownership at The Crane Resort – A Smart Investment For centuries, people around the world have flocked to the south eastern shores of Barbados for their calming, rejuvenating and healing powers. Since 1887, the spot on which The Crane sits has been renowned as one of the most coveted on the island.

Crane Resorts, the Developer and Operator of The Crane, has over the years gained a global reputation known for delivering the world’s best value in luxury shared ownership with fixed pricing, unparalleled residences, and its world-class location.

Now, there are a select few, who will be lucky enough to call the best beach in the Caribbean, “home” as the first Residential Owners of Crane Resorts’ newest development, The Crane Private Residences.

Perched on a 70 ft cliff overlooking the pink powdery sand of

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Crane Beach, the world-class location of The Crane Private Residences has been acknowledged with a growing list of accolades including, “Top 50 Places To Go Before You Die” (BBC’s Holiday Programme), and most recently “Best Caribbean Beach” (USA Today's 10Best Readers' Choice).”

Spread across forty acres of landscaped gardens and pathways, owners will be just steps away from five award winning restaurants, a full service spa, café, convenience store, fitness centre and tennis courts, as well as VIP-style concierge services, and room services from any of the on-property restaurants and much, right at their fingertips.

The Smart Investment What really stands out about becoming an owner at The Crane Private Residences, is the unique investment opportunity offered to both Barbadian Nationals and non-Nationals.

Barbados offers high year-round rental income generating potential due to its growing tourism sector - which reported a 14.5% increase in long stay visitors through September 2015.

Property investors can choose to take advantage of The Crane's

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Residential Ownership at The Crane Resort – A Smart Investment

extensive vacation rentals experience or rent their residence privately, with access to developer marketing materials.

Residential Ownership is held in trust with First National Trustee Company Limited (FNTC) which allows for the benefits of a deed, with the added advantages that the property can be willed, transferred, or sold at anytime, easily, quickly and at minimal cost avoiding Property Transfer tax, Stamp Duty and Legal Fees.

However, where The Crane truly distinguishes itself in Barbados and the Caribbean, is in its unique vertically integrated structure. Unlike most resorts of this caliber, all design and construction is kept in-house, and a team of over 400 is responsible for the day to day operations of administration, food and beverage, concierge and hospitality, allowing for cost savings that provide purchase prices less than half the price of comparable West Coast properties.

Phase One of The Crane Private Residences is now completely sold out, with only a few more units still available in Phase Two. The first building is expected to be completed by December, 2016.

To learn more or to arrange a viewing, please contact an Ownership Representative at Crane Resorts at (246) 416-6560 or email property@thecrane.com.

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Big, Bold, Beautiful Summer - Here we come!

This year, it’s all about bright colours! Lovely corals, sea blues, the ever popular whites – the stores in Barbados are bursting with new merchandise perfect to brighten up your home just in time for Crop Over!

One of the best ways to liven things up in the home without spending a lot of money is to just change up the accessories. If you have sofas then try throwing out the old throw cushions or covers! Many of the retailers have lovely new ones in stock with interesting patterns. It’s incredible what changing the throws and the rug can achieve. It can create a fresh new look for very little outlay.

Or how about a beautiful mirror as a centre piece on the wall.

They tend to make the room look larger and are often used as a focal point. You can never go wrong with this item as a gift! We feature the Venus Mirror (Blue Oyster Shell) from Archer’s Hall Design Centre where shells are arranged as petals of a 45inch round flower. This mirror is feminine, organic, modern and dramatic all in one. It’s not cheap at $9,405.83 inc Vat but it’s stunning. Prints can also do wonders and Dwellings have a beautiful oversixed Palm Canvas at $599.95 that will bring the outdoors inside! This is only a small taste of what’s available!

Above: Venus Mirror (Blue Oyster Shell) The Venus is available in a wave-like blue hue.

Shells are arranged as petals of a 45-inch round flower. The Venus starts with small shells at the mirror’s edge that get larger, up to 12 inches, as they radiate out from the mirror’s center. The Venus is feminine, organic, modern, and dramatic.

Size: 45” diameter. Price: $9,405.83 BDS VAT Inc from Archer’s Hall.

Right: Bring the outdoors in with this oversized Palm Canvas Print $599.95 from Dwellings.

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Relatively new on the market are the trendy outdoor rugs. These are a great idea with summer approaching and more entertaining being done outdoors with the kids off school and crop over parties etc. They are built to last and many of them are weather proof.

They look amazing. And the good news is they are reasonably priced . If your home has wooden verandahs they are perfect for lifting the dark timber flooring. They are available from Designer Décor, Natz and Dwellings.

In the bedroom, why not try some new bedding? As you can see, there are some colourful bold bed sets newly in stock at Walker’s World(priced from $199.95) and Ashley Home Stores (Fairholm bedding set shown from $449.95- Queen size) and guaranteed to spruce up the place you spend the most time! We need to change up things in our lives sometimes to get a different perspective and it can be done without too much expense or disruption.

Above: Multi Blue Floral 5 x 8’ Indoor – Outdoor Rug $852.05 from Natz.

Left: Bedding: Fun bold summery prints. Exciting blues and greens giving the bedroom a fresh twist from Walker’s World.

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Add a special coastal accent to your home with something like the Gold Sea Fan Sculpture. More than a little glamorous, these large sea fans are molded from real coral pieces, rendering them incredibly life-like and delicate like a real sea fan from a tropical reef. They are available from Archer’s Hall at B’dos $215.16 inc VAT. Or how about a pop of colour to any room with the fab Carey Console Table at $1599 from Dwellings? This little gem is sure to get attention!

Take a look around the various stores on the island and you’ll be surprised at the choice. The buyers travel far and wide, attending trade shows with exhibitors from around the world to bring you the best and most varied accessories. Quite often it’s been said you see things in Barbados you never come across in some stores in the ‘big’ countries or you have to spend hours shopping in locations miles apart to get the same choice.

Above: Gold Sea Fan Sculpture.

More than a little glamorous, these large gold sea fan sculptures are molded from real coral pieces, rendering them incredibly life-like and delicate like a real sea fan found on a tropical reef. Standing at 12" tall x 11" wide, and perched on a small black marble base, these will be a highlight coastal accent to add to your home.

Size: 11"w x 2.75" (square base) x 12" H. Price: $215.16 BDS VAT Inc from Archer’s Hall.

Left: Give any space a pop of color with the versatile Carey Console Table $1,599 from Dwellings

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Photograph Courtesy of © Thibaut Inc.

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And if you need help, many of the places here offer interior design suggestions and have experienced interior designers who do great work! The service is available in many of the retailers who advertise in Barbados Property News.

So don’t have the same old same old this summer, go out and explore and get that fresh fun look for the season!

Stores Featured – Archer’s Hall Design Centre – Speightstown and Canewood, Ashley Home Store – Haggatt Hall, Designer Décor – Pine Industrial Estate, Dwellings – Canewood, Natz Home Furnishings – Williams Industrial Estate, Warrens, Standard – Wildey and Norman Centre Bridgetown, Walkers World – Canewood and St Lawrence Gap.

Above: Glam a coastal room with the elegant Moshe Chandelier $849.95 from Ashley Home Store.

Left:5x8 Escape Wool Rug – Blue & White Coral Design; 5x8 Rain Outdoor / Indoor Rug – Floral Design; 5x8 Rain Outdoor / Indoor Rug – Blue & Yellow Starfish, all from Designer Decor.

Bottom: Decorative 17” Throw Cushion – Assorted Colours $73.80 each from Natz.

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LOCAL KNOWLEDGE : GLOBAL EXPERIENCE

The Barbados Estate Agents & Valuers Association News The Barbados Estate Agents and Valuers Association was pleased to host a seminar in conjunction with The Financial Intelligence Unit on the Impact of Money Laundering and Financing of Terrorism .

This very informative seminar was presented by Ms. Lisa Greaves, Senior Analyst and Ms. Shelly Nicholls Hunte Director of the FIU to educated the Real Estate Agents in respect of the impact of Money Laundering and Financing of Terrorism (Prevention and Control) Act on the Industry, and the possible adverse consequences of non-compliance with the provisions of the said Act could have on their business, the overall industry and Barbados.

The seminar was held On Friday May 13th at Mahogany Ridge, St. Thomas and is part of the ongoing education provided by BEAVA for their members.

The President and members of the Board of Beava wish to thank Ms. Greaves and Ms. Nicholls Hunte of the FIU and CIBC for their sponsorship of the seminar.

Please have a look at at our web-site for a list of our BEAVA members. www.beavainc.com

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Preparing for Home Ownership and the Mortgage Application Process

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By Sagicor Mortgages Whether building or purchasing your dream home, or buying land, property ownership is probably the largest financial decision you will ever make. Yes, a mortgage is an enormous commitment, but homeownership gives you the freedom to create the home that you’ve always dreamed of! As opposed to renting, you can freely choose the colours to paint your rooms, own pets, install granite or a rain-shower head to create that spa-like bathroom. The possibilities of what you can do with your own home are endless.

However, before selecting a property to purchase, or getting your house plans prepared, begin by speaking with a mortgage specialist to consider the best options available to you. The specialist should ask a series of questions regarding your income, savings, debt and age in order to assess how much a lending institution would be willing to offer.

At the end of your discussion, you should understand whether you should: 1. Increase your savings for the down payment; 2. Consolidate or decrease existing debt; 3. Purchase land first, or 4. Buy house & land together.

Maintain Good Credit Your credit history will be one of the most important components in the mortgage approval process. A poor credit rating, obtained from failing to pay your credit card or loans, reduces the possibility of being approved for a mortgage. So it is wise to pay your debts on time and in full!

What Size House do You Qualify For? What Will Your Monthly Payment Be? In working out an affordable repayment plan, a lender will assess your income and expenses. It is therefore important to note that the less debt you have, the more you qualify for. Also considered are the interest rates, repayment term and repayment amount. As a general rule of thumb, your total monthly commitments should not exceed 40 – 45% of your gross salary.

The Down Payment Most financial institutions finance from 90 to 95% of the purchase price. Down payments therefore range between 10 and 5%. Generally, the larger your deposit, the smaller your mortgage,

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and the lower your monthly repayments. So make as big a down payment as you can while maintaining your other savings and investments.

What is the Maximum Repayment Term?

Most mortgages average from 25 to 30 years, or up to the borrower’s retirement age. You can however apply for a shorter repayment term. Remember that the longer the term, the more interest you pay overall, even though your monthly payments will be lower than if you had chosen a shorter term.

Interest Rates Mortgages interest rates are described as either fixed or variable.

As you would expect, a fixed rate will not change during the specified period, so you have peace of mind that your monthly mortgage repayments will remain unchanged during the fixed period. This is preferred for persons wanting to stick to their budget.

On the other hand, repayments for a mortgage with a variable interest rate may fluctuate. If interest rates rise, then your mortgage payments are likely to increase.

Additional Costs: One should also consider other mortage-related costs. For example, one should ask whether the financial institution will charge a commitment or negotiation fee? Also ask if you can make additional repayments without incurring a penalty fee? There are also additional costs associated with homeownership which a firsttime buyer may not be aware of.

Onetime Costs • A valuation report estimates the current market value of the property to be purchased. It satisfies all parties that the property is worth the price you are paying, or the amount to be lent.

• You will be required to retain a lawyer to act on your behalf in perfecting the mortgage and this will incur legal fees.

• New Home Costs can include appliances, furniture, landscaping or a home security system to name a few.

Monthly Costs • The Mortgage Payment • Property and/or Life Insurance • Utilities or Maintenance • Condominium Fees

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