Barbados Property News December 2017 - January 2018

EE NE FR NLI O &

Ron Karp Realty - Page 52

Island Gold Realty - Page 19

Caribbean Island Properties - Page 4

BARBADOS PROPERTY

NEWS www.barbadospropertynews.com • December - January 2018 • Issue 114

Endorsed by the Barbados Estate Agents and Valuers Association Inc.

Port Ferdinand - Page 12

REAL ESTATE SALES

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RENTALS

Rock Dundo, St. Michael: Rent - BB$3,500

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Apple Hall, Peat Bay, St. Philip: Sale - Starting from BB$217,000 for 1.24 Acres

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(Please contact us for price list and availability.)

Bakers Woods, St. Peter: Sale - BB$750,000 4XDLQW EHG EDWK KRPH VLWV LQ D IDPLO\ RULHQWHG

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PROPERTY MANAGEMENT

Rockley, Pleasant Hall, Christ Church: Rent - BB$2,500 Gorgeous newly renovated 1 bed/1 bath apartment with ORYHO\ YLHZV DQG TXDOLW\ Æ“QLVKHV 7KLV DSDUWPHQW LV IXOO\

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Balls Plantation, Christ Church: Sale - BB$1,500,000

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Castle Close, St. Philip: Sale - BB$1,300,000 /RFDWHG RQ WKH VRXWK HDVW FRDVW RI WKH LVODQG WKHVH WZR

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Visit us at www.cipcaribbean.com, email info@cipcaribbean.com or contact David Coombes at 246.826.6263 or 246.424.6633

B A R B A DOS

Editor’s Comments The heat is abating , the ham signs are up and Christmas is in the air on this paradise island. Cruise ships are filling up the port and air lift is increasing. We are so blessed as another tourist season goes into full gear.

In this edition we have beautiful Port Ferdinand on the front cover. Nikki Beach will be opened in time for New Year’s Eve and everyone is excited to see this international brand on the island.

Of course shopping is on the agenda this month and once again we have the BPN Christmas marketplace with loads of ideas for gifts and your home over this festive season.

Well done to Karin at Walkers World , Pamela Hiles, Editor Sophie at Gajah Homes and all the staff at Standard at the opening of their new stores at Canewood in St Michael. It was truly a mammoth task getting everything ready for the season. Mill House and Homes is really a one stop shopping area for the property owner. You will find such a variety in this complex so go out and explore.

As always, there is tons of property for sale and rent in BPN. Barbados is a wonderful place to stay and live. Take a look around! You may find your perfect spot in the sun.

Wishing everyone a healthy, safe and peaceful season and a wonderful 2018.

On the Cover: Port Ferdinand

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

An A Amazing Am mazin a gA Assortment ssortme ent of of Furniture Fu rniture and Accesso Accessories ssoriies es As A s IIndividual ndividu ual as as You You Are. Are e.

Ar Archer’s cher’s Hall, Hall, Queen’s Street, Speightstown, n St. St. P Peter. eter. err. Tel: Tel: 422-0400 Te 400 Queen’s S treet, S peightstown, Open Saturday Open Monday Monday tto oS aturday 99:00am:0 0 am- 5:00pm 5: 00 pm t XXX BSDIFSTIBMM DPN t JOGP!BSDIFSTIBMM DPN t XXX BSDIFS F TIBMM DPN t JOGP GP!BSDIFSTIB I MM DPN

Christmas at Dwellings

Real Estate News

Beautiful people and beautiful things!

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Christmas Marketplace Fruit Infusion Flavor bottle $79.95 from Walker’s World

Laughing Buddha $298.00 from Gajah

Hope Tin Candle: $69.95 each from Dwellings

Taupe Silk & Fur Angel $121.05 from Natz

Glass Art Print Shell I: $299.95 from Ashley Furniture Homestore

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Light Blue Scroll Ornament $22.55 each from Natz

Pink Glitter Cosmetic Bag: $49.95 each from Dwellings

Agate Box $79 from Standard

Wooden sign $59.95 from Walker’s World

Maxandria Pillow Gold: $79.95 from Ashley Furniture Homestore

Pineapple Napkin Rings $52.25 from Archer’s Hall 33

Christmas Marketplace

Seashell napkin ring set $26.00 Blue bowls - sm $14.00 from Gajah

Jaxon Turtle Statuary (Large): $59.95 from Ashley Furniture Homestore

Crystal orb $119 from Standard

Champagne Please Bar Bell: $39.95 from Dwellings 34

Panini Maker Flat Grill 8.5" $170 from Do It Best

Tiles (assorted patterns) $75 each from Gajah

Butterfly Jar $119 from Standard Metal Necklace Clad with Silver & Swarovski Elements $502.90 from Archer’s Hall

Jam Tree Set 3-Piece: $59.95 from Dwellings

Gold Table Clock: $34.95 from Ashley Furniture Homestore

Light Green with Gold Specks Vase $76.85 from Natz 35

Christmas Marketplace

Gold Tudor 24” Wreath $91.45 from Natz

Bede Candelabra $907.92 from Archer’s Hall

6 ft Promotional Christmas Tree $70.00 from Do It Best

Let’s get drunk wine topper $48.00 from Gajah

Be a mermaid , Swig tumbler 30 oz $109.95 from Walker’s World 36

Walkers World new larger Location in Millhouse and Home With over 7,000 square feet of retail space, the new Walker’s World in the MIllhouse and Home Complex is not to be missed. This unique shopping experience, designed to make you feel at home, has a special warmth. Get your cup of coffee from Open Kitchen and wander around the accessories, furniture, bedding, kitchen sections, and the fashion line - there is something to suit everyone at this Walker’s World.

If you are decorating, the W Design Hub is there to help you put together a plan. Welcome to the new Walker’s World where from the moment you enter, you are home!

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Gajah Launches New Location At The Avenue In Canewood Gajah Home is pleased to officially welcome customers to its new location at The Avenue, Canewood, St. Michael. Known for its rustic, sustainable, global spirit, Gajah continues to re-define the furniture and décor industry with this new store. With an emphasis on Home and Lifestyle, the new store boasts Sophia Nassief 7,000 square feet of selling space, in an open and inviting atmosphere. The Avenue is a state-of-the-art complex, desirably situated on the fringes of the Warrens business district. Centrally housed within The Avenue is Gajah Home.

Gajah Home was previously located a few metres away from its current location, but the change in location makes it more visible and accessible as a main store, with a direct point of

access. Creation of The Avenue has been a project over several years, as proprietor Sophia Nassief, has been planning relocation for quite a while now.

She said, “We’re excited to bring a new and improved Gajah to the Canewood area, as we believe the market is open for our brand which sets the standard for providing customers with the latest furniture trends and styles with unmatched sourcing and design capabilities, free in-home design visits and an expanded “outdoor world” in our majestic atrium.” Nassief also mentioned that the project combines two of her passions – real estate and retail. Gajah’s spacious showroom also displays an array of Italian furniture and the largest selection of hardwood furniture on the island.

Present at the event were some of the top names across industries in Barbados and the ribbon was cut by Nassief’s son, while her five year-old daughter officially declared Gajah Home open, to all in attendance. Gajah is open seven days a week.

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New book on buying Property in Barbados Launched Congrats to Suzanne Davis from Luxe Caribbean Properties Inc on the launch of her new book, Investing in Paradise. Suzanne has been in the business for many years and we are so excited about her new venture into publishing.

“Wow!! I’m so excited about this little nugget of information on Investing in Paradise. It was such an amazing experience writing this book on the A-Z of Real Estate in Barbados. I had all of this information stored up inside of me, which was accumulated over my 30 years of experience working in the industry. Once the tap was turned on, it came pouring out. In fact, once I got Suzanne Davis on a topic, more and more information kept coming, but I wanted to make sure that the book was short and concise; all the information that a buyer would need to make an informed decision on buying property in Barbados, and fun to read!”

To obtain copies please contact Suzanne on 8326701.

Designer Decor celebrates 25 years Congratulations to Designer Decor on reaching their 25th Anniversary! Owners Albert and Harriet Roche were delighted to welcome customers and staff to their function at the Mews Restaurant recently to celebrate this momentous occasion.

From modest beginnings, Designer Decor in the Pine Industrial Estate, has grown steadily with a focus on rattan and wicker furniture and quality outdoor furniture. Albert in his words of thanks to his clients and customers said the company was continuing in good hands with the next generation! Well done to Designer Decor and we look forward to having you around for another 25 years!

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Real Estate News

The Barbados Estate Agents & Valuers Association News Barbados’ economic stability, plus a growing and constant demand, makes land one of the most sound investments on the island. This is even more pertinent given the depressed present state of the industry, where land prices have declined over the past six years and the prospect for good appreciation is at last in sight. This has re-kindled buyers’ interest and has given trend followers good reason to anticipate significant land value appreciation in the coming four-to-six years. Such appreciation will likely outstrip interest on most other available investment options. But, before making the final decision on a land investment, it is crucial to have an overall appreciation of the market, and be acquainted with the benefits of investing in our ‘Rock’.

Although Barbados is a small island with limited real estate, land sales continue to turn over - within a six-year period, the island recorded over 3,000 land sales. The bulk of these sales were recorded in Christ Church with a total of over 800 transactions, and followed closely by St. Philip with over 600 sales. These two parishes have gained tremendous momentum thanks to the growing number of land developments including The Grove, South View and Little Kent in Christ Church; and, Ruby, Casuarina Estates, Aerowoods and Atlantic Park in St. Philip. St. George recorded the third most sales with approximately 400 transactions, while St. Michael, St. James and St. Thomas tipped at over 200 each. The remaining five parishes

BEAVA

of St. Lucy, St. John, St. Peter, St. Andrew and St. Joseph all recorded fewer than 200 land sales. These plots are being predominantly snapped up by young professionals, persons in their 30s and to a lesser extent, returning nationals.

Besides these compelling figures, the concept of purchasing land to develop later on is backed by two major pros. Firstly, the owner has the option of staging their investment. This means that they can pace the growth of their investment over time to suit their circumstances. For example, they may buy their land as phase one and only graduate to phase two when their finances are more favourable.

The second - and most exciting benefit - is the opportunity to create a space that is entirely and uniquely yours. This is the premise of the ‘dream home’ concept, and is the most appealing prospect for those looking to start from scratch and those without the patience to renovate an existing home. However, although you will have all freedom to create a space that suits your taste, the long-term possibility of selling your home should always be considered. Therefore, overly personalized designs will not have the broad appeal that a strategically designed home, but still personalized home will have. Consult your Agent – we know what sells.

Another important factor in land purchasing is finding the right agent to guide you through the process. Look for a Beava agent to familiarize buyers with the legal and finance processes in order to ensure that the process will be as uncomplicated and stress free as possible.

Susan Armfield Sales Agent - Terra Caribbean.

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Standard Moves Up West!

Standard Distributors known for great quality, great service and affordable electronics, appliances and furniture, opened its doors to the public today at their new home in the Millhouse & Home Complex, Cane Garden.

Standard Distributors, a member of the ANSA McAL (Barbados) Ltd. group of companies continues to demonstrate it’s continued commitment to Barbados and faith that the economic climate here will improve.

Kathleen Galy, Deputy Managing Director of Standard Distributors Ltd Trinidad, stated “Standard Distributors was founded in Trinidad by Dr Anthony Sabga some 73 years ago, with his vision of expanding into Barbados becoming a reality in September 1959.

Over the last 4 years, Standard Barbados has taken on a totally new face – every store has been newly renovated, an entirely new warehouse, new management; 100% geared to customer service and delivering the quality that we are known for. This has become the corner stone of our success in every region we operate in.

But customer service is not just centered around the renovation of our showrooms, and bringing international touch and feel to our stores. It is not just about ensuring that our product is displayed with flair and style but rather a movement that must be at the center of all that we do. Our company mantra is “Quality is not an Act…It is a Habit.” A simple yet powerful string of words which we aspire to hold true to.”

Standard Barbados’ CEO, Katrina Newton and her team have pulled out all the stops to get this new store open before Christmas and as with their other locations, the merchandise for

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Real Estate News

this store has been carefully selected to add to the product offering of the Millhouse & Home Complex. The fresh, contemporary look of the store is further enhanced with a gorgeous array of furniture and accessories, as well as showcasing appliances and electronics from international brands.“ Katrina Newton, CEO of Standard Barbados congratulated her team on the fabulous new store. She went on to remind customers that although Standard has gone through a regeneration in recent years with 3 new look stores, they continue to offer quality products at accessible prices and also offer simple, easy financing to those who prefer to pay over a period of time.

She outlined the world renowned brands the store carries, offering the most up-to-date home appliances, electronics and trending furniture fashions. Standard offers all that a customer needs to furnish an entire home from appliances to linens to outdoor patio furniture.

The new store is open seven days a week for your shopping convenience.

Barbados’ Greatest Secrets:

Melanie Blomgren - Artist

To say this vivacious lady is multi-talented is an understatement. Melanie Blomgren, originally from Sweden, is one of Barbados’ hidden gems.

After finishing her art degree and starting a successful clothing business in Sweden, Melanie came to Barbados and feel in love with the island. She went back north, packed her bags and this paradise island has been her home for over twenty years.

“I came to Barbados at a time in my life when I was trying to figure out what to do next. I thought that it would be a good place for me to stay for a while and try to figure it out and I’ve never left!” she laughs.

Fully bi-lingual, Melanie worked for a while in the tourism industry before working for twelve years in the restaurant business with Robin Walcott of Carambola fame.

It was after that period in her life that Melanie felt the calling to go back into the world of art and she choose mosaic as her medium.

Melanie is now one of the island’s main artists in this specialist field, doing commissions in hotels, many luxury villas on the west coast, private homes – as well as smaller works for sale in many art galleries and hotel shops. Her work is truly stunning. She spends hours in her workshop and on location, cutting and gluing- creating genius.

Pictures speak a thousand words and Barbados Property News is delighted to have Melanie share her talented pieces with us. You can contact her on mel@caribsurf.com. She lives in St James with JJ her equally well known husband who is part of the band KITE and her daughter Ella.

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Cornering The Agents

Real Estate

by Kim Goddard With the markets changing rapidly it is difficult to know how to position offers as a buyer and how aggressive to be as a seller in pricing a property. It seems that as one segment of the market goes down another starts to grow. Kim Goddard questioned two of our established real estate agents on the current strengths, opportunities, weaknesses and threats in the market that they are experiencing during the last two months and are looking forward to in the next two months in the Barbados real estate market.

What strengths and opportunities are you finding in the current market?

What strengths and opportunities are you finding in the current market?

Purchasers:

Purchasers:

The term 'cash is king’ resonates strongly in the current real estate climate in Barbados and by cash, this means that the buyer is in control. What’s more buyers are educating themselves Michelle Marshall - Altman Real Estate and are often armed with information about the market and the properties of interest prior to making contact with an agent. This is an opportunity for agents to become more sophisticated with the dissemination of information to the buyer, detailed information about the specific property is key, speed and having back end information and resources to answer questions are also important when communicating with today’s buyers.

This buyer’s market climate has lead to buyers making several offers and the focus is on the 'best price' achieved on a property versus the once typical emotional attachment to any specific property. Finally, despite competition from other Caribbean territories, buyers from our source markets still believe that in spite of its challenges, Barbados offers a healthy lifestyle and a safe place to invest.

Vendors: Vendors who are savvy and involved with the sales process will sell. Pricing your property at the right price in this market is paramount, pricing too high will not get buyers through the door and leads to stagnation. Your agent is best positioned to offer you data on comparable sales to assist with pricing at the right level.

In addition, a well presented and maintained home is another key factor to assist in the sale of a property, this removes any questions from the mind of the buyer when it comes to whether a property is well maintained, no matter the age. A well maintained and current feeling home will motivate a buyer for a decision on whether to purchase one property over another.

The local real estate market is ideal for purchasers with banks providing low interest rates and developer land pricing at very attractive levels.

This coupled with the many opportunities in the existing Paul Alleyne - Alleyne Real Estate homes market makes for a buyers paradise. The trends in this market are suggesting that prices could go even lower over the next 12 months.

The non-national market appears to be more robust than the local market having been through a downward adjustment over the last 9 years. Pricing has now stabilized and there are even some signs that prices could start to rise soon. The price trends in this market are suggesting that prices will either remain stable or will increase over the next 12 months.

Vendors: Many of our non-national vendors are UK nationals and with the large decrease in the value of the pound against the US$ these owners are presented with an opportunity to set reduced US$ prices and still receive the same amount in pounds sterling.

This strategy has worked well for many UK nationals who own property in Barbados.

Over the coming season being December to April there is the expectation that this will be another record period for the number of tourist arrivals. Some of these people shall be those whose holidays have been relocated due to the passage of the recent hurricanes. This presents Barbados with a good opportunity to attract some new foreign purchasers who may not have ever considered coming here, but may now fall in love with the island.

What weaknesses and threats are you finding in the current market?

Purchasers Uncertainty in the UK due to Brexit coupled with Barbados’s

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Real Estate

Michelle Marshall continued...

Paul Alleyne continued...

What weaknesses and threats are you finding in the current market?

local challenges with low levels of foreign exchange and high Government debt, have dampened what should have been a strong recovery of the Barbados real estate market. Some purchasers, particularly investors seem to be waiting for the tide to turn before starting new real estate projects on the island.

Purchasers: Buyers have been bullish and are trying to take advantage of the already reduced prices by throwing out low offers in the hopes of tempting a vendor. Often what is missed is that most vendors have already made the price adjustment in line with the current market and when not under a 'fire sale’ situation are not prepared to drop another 20% or 30% off an already reduced price and in these instances transactions are not occurring.

Moreover transactions can occur if the buyer is more rational when submitting offers, because in some instances, where the offer is made and where the vendor will accept are not far apart a logical look at the offer and what the vendor needs can pull a sale together.

The surfeit of listings on the market conveys to the buyer a feeling of no urgency to proceed with a deal. Even when offers are negotiated and proceed to contract, they are sometimes wrought with protracted legals and governmental policies that further impede the process resulting in deals falling apart.

Vendors: Every vendor believes that they have chosen the best property and therefore should yield them the most at the time they wish to sell. However, the reality is that in today’s market, the buyers are spoiled for choice. It is also interesting to see how the buyer’s preference can vary so widely and is guided by price and not the desire for a specific property.

The onus is on vendors to ensure that they have their affairs in order especially when it is the sale of shares in an offshore entity. In many cases, the sales process is significantly and unnecessarily lengthened when the offshore entity is not in good standing and it threatens the deal when this is revealed after a sale is negotiated, especially when the property had been listed for some time.

Vendors In a recessionary market the vendors who set the most attractive prices are the ones who realize a sale. I have seen this many times over the last 9 years for both the local and non-national markets. Unfortunately for many vendors this often means accepting a price that is below the replacement value of their property. This is especially true for homes that are in excess of 15 years old.