Barbados Property News February/March 2015

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Mullins Grove - Page 20

| SUSTAINABLE | AFFORDABLE LUXURY

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Claridges - Page 31

Serenity Hill - Page 41

Endorsed by the Barbados Estate Agents and Valuers Association Inc.

BARBADOS PROPERTY

NEWS www.barbadospropertynews.com • February - March 2015 • Issue 97

Saint Peter’s Bay - Page 9

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Editor’s Comments Welcome to our first edition of 2015 and our 97th spread over 16 years. It is Publisher – Hiltop Publications Ltd, amazing to look back at the first edition and see how far real estate in Barbados 11 Cottage Ridge, St George, Barbados, has come in those 16 years. Today we have a magnificent range of property and BB19071 an industry worthy of its name with an abundance of product, services and Tel (246) 228-9122, Fax (246) 228-0243 materials to meet virtually every property need.

Email: sportingb@caribsurf.com Many people believe the real estate decline has finally bottomed out and has www.sportingbarbados.com started the long haul upwards. Certainly early reports suggest an increase in www.barbadospropertynews.com enquiries over the winter season and some agents have reported higher annual www.caribbeanpropertymag.com www.caribbeanmortgageservices.com sales in 2014 than the previous year. These positive signs combine with a more realistically Editor/Advertising – Pamela L Hiles priced market to augur well for a better 2015.

Developments come in all shapes and sizes and Design and Art Direction – 809 Pamela Hiles, Editor Barbados has been blessed with some visionary and enterprising projects over the past two Distribution – Hiltop Publications Ltd, decades. However, the magnificent Port Ferdinand marina development Brian’s Print Brokerage in St. Peter is something very special and promises to be one of the best of its type in the world. It will be officially opened in a few weeks and we wish Printing – Coles Printery the developers every success and welcome the new homeowners to our The Material and editorial contained in this wonderful little island. Most of the owners will be from overseas and this publication have been deemed accurate at the will help boost the local economy now and in the future. And just to time of going to print. The views expressed as highlight the knock-on effects of overseas investment and commitment to editorial are those of the Editor unless stated otherwise. No part of this publication may be Barbados we must compliment Derrick Smith, his fellow Trustees and the reproduced without the consent of the owners of the Sandy Lane Resort for raising another US$4 million at their permission of Hiltop Publications Ltd. Annual Golf Tournament and Gala Dinner in January. The tremendous On the Cover: Saint Peter’s Bay work the Sandy Lane Charitable Children’s Trust does to help disadvantaged children in Barbados is phenomenal and shows how much love our overseas visitors, second homeowners and residents have for the If you would like to advertise in Barbados Property island and its people.

News call Pam at 228-9122 or 232-0692 Pamela Hiles - Editor

STYLISH | SUSTAINABLE | AFFORDABLE LUXURY Mullins Grove is The Future of Barbados home ownership.

12 Luxury 1-3 bedroom apartments offered at pre-construction prices by a proven developer on the Platinum West Coast of Barbados.

FROM

$249,000 TO $429,000

1 2 L U X U R Y A PA R T M E N T S M U L L I N S S T. P E T E R B A R B A D O S

Only 200 yards from the Iconic Mullins Beach and Indulgence Spa | Reputable and Proven Developer Pre-Construction Prices | 12 Luxury Apartments | 1, 2 and 3 Bedroom Units Available Quality Finishes Throughout | Large Swimming Pool, Deck and Organic Garden Attractive Rental Returns | Established Rental Management in Place US$ 5,000 Reservation Deposit | Completion Mid 2016

AFFORDABLE LUXURY AT ITS FINEST. chestertonbarbados.com | info@chestertonbarbados.com | +1 (246) 432 4663

Welcome aboard!

The Port St. Charles Yacht Club boasts a full service bar and restaurant offering a wide range of international cuisine prepared by our world class chef.

We offer lunch, dinner and bar service in an open air setting with friendly service and a panoramic view along the West Coast. Deck loungers are provided for sunning and a staircase into the sea compliments the pool for swimming.

Open for Lunch 7 days a week 12pm-4pm Dinner 5 nights a week Tuesday - Saturday 6:30-9:30pm Bar Service Tuesday - Saturday 10am-10pm; Sunday and Monday 10am-6pm

For reservations call: 419-1000 ext 2284

Opening times are subject to change in the summer months from April-November

The Yacht Club is available for weddings, cocktail parties and special events Port St. Charles Yacht Club, Heywoods, St. Peter

Settlers Barbados

They say in the real estate world ‘location, location, location’and this certainly rings true for Settlers Barbados. A minute stroll and you are in the bustling little town of Holetown, which has so much to offer starting with the Limegrove Lifestyle Center, many restaurants, cafés, banks etc.

The O’Hara family originally developed this beautiful spot in the 1960s, along with their famous hotels The Coral Reef Club and The Sandpiper Hotel which is adjacent to Settlers Barbados.

They had a common vision as a family about what they would like to see in this prime location. Hence the creation, over the past 2 years, of spectacular plans for complete redevelopment, with stunning new, modern beach villas, designed by architects Gillespie and Steele Settlers Barbados will be a collection of 12 four & five bedroom villas of the highest quality, around 5,000 square feet, designed

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with great attention to detail and upscale fittings. Prices start at US$5,700,000 Having The Sandpiper and Coral Reef Club either side of Settlers, the O’Hara & Capaldi families are committed to maintaining the villas to the highest standard, aiming to maintain the same quality and as those owners wishing to rent their villas will find a very consistent style within this luxury gated beach development, allowing them to market the property in a unique way.

The villas will also benefit from their association with Coral Reef Club and The Sandpiper, with special access to The Spa – luxury car transfers and special offers, signing privileges at the hotels and concierge facilities. This is an exciting, unique development that will add another level of luxury to beach living on the Platinum Coast.

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Browse our spacious showroom at Canewood Industrial Estate for quality appliances by SMEG, BOSCH and U-LINE. See the latest sanitary ware and plumbing products from Kohler, Duravit, Hansgrohe and Grohe. We also feature architectural hardware by Rocky Mountain and Ashley Norton and lighting by Progress, Seagull and Feiss. Come in today to see all this and more!

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#6 Canewood Industrial Estate St. Michael 246-627-0580 wolseley_showroom@live.com

©2014 Wolseley. All rights reserved.

Who fills and empties your bucket these days?

News fills and empties your bucket whether you like it or not. Some married couples might feel the mood of their partner first thing in the morning is much more important than anything else in the world, but in reality it is a passing whim and probably forgotten a few hours later as more important issues determine the mood of the day.

Mood and confidence walk hand in hand in life and they don’t just affect personal attitudes, they embrace business and have far reaching vibes across the world thanks to Mr. Internet. Local news hits its audience largely through the morning newspapers, radio and television, but international news is relayed over the globe through websites. Never has breaking news been so instant as in the modern world where good and bad news can be relayed to millions of people in seconds.

Unfortunately in the media bad news is bigger than good news so lost aircraft, terrorist killings, disease, financial woes and violence tend to push the good stories into the background. Bad news also lingers in the mind for long periods and it affects the way we live our lives and do our business. It takes a strong personality to block out bad news and in the case of business people it has to be ring-fenced to ensure balance is in place when making important decisions. It also places a huge responsibility on high-powered people and institutions that have to deliver bad news as the consequences can be far reaching.

For example, why should Barbados still be suffering from the knock-on effects of global recession seven years down the line when the demise was caused by big financial institutions in large developed countries? Our island and its people had nothing to do with the deception and fraud at the highest level of big corporate business yet the negativity and damage it caused has eroded investor confidence in our real estate product and virtually destroyed the growth and success hard-earned pre-2008. Bad news in Europe, North America and the Far East inevitably creates negative vibes across the world and deflates customer confidence in areas far removed from the troubled sectors. At local level the

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Finance

news that Sagicor, one of the cornerstones of Barbados business for decades, is to re-locate its Head Office because of our current economical and financial status is a kick in the teeth to many Barbadians even ‘though the company now has a higher Trinidadian shareholding than Barbadian. The news was a bad blow for investor confidence and public morale.

As a small island fighting tough economic challenges we need customer confidence more than ever. We depend heavily on the tourism and construction industries and overseas investment in our real estate. We need the Barbados bucket filled with good news about the quality of our products, services, lifestyle, government, people, education and environment. We have so much to offer and as the tourism and real estate sectors continue to claw their way back to more prosperous times we don’t need our bucket emptied by negative news and sensationalism from politicians, news reporters, outside institutions and doomsayers with limited knowledge. Yes, the events need to be reported, but with balance and clarity so that confidence in the country is not destroyed and our bucket remains half full not half empty.

We have to accept politicians on different sides of the political divide lambast each other at every opportunity, but does it need to be played out in the media every day? Do we need to see so much negativity and dismay on the front pages when there are good stories on the inside pages that would make more worthy headlines?

And yes, the property market is soft and there are less potential purchasers around these days than pre-2008, but agents are reporting an increase in enquiries in 2015 and more sales than last year. Prices are more realistic than they were several years ago and mortgages are available. Yes, they are more difficult to obtain and lending terms are tighter, but interest rates are lower and banks are liquid with funds they must lend.

There’s plenty of good news out there that can be promoted.

This is a buyer’s market so let’s capitalize on it.

Don’t let the doomsayers control your mood or confidence-fill your bucket with the good things that are happening every day in Barbados. Things may be more challenging these days, but in the words of American statesman Joe Kennedy “when the going gets tough, the tough get going.“

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Main Branch 467-4000

Chelston Park 431-6600

Sunset Crest 419-8510

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Hastings 431-6650

* Based on a fully unsecured loan of $35,000 over 6 years at RBC versus 5 and 6 years at other competitor banks ** Terms & conditions of the tax savings are based on the Income Tax Act, Cap. 73 • Subject to normal lending criteria. Special conditions apply • The cost of borrowing will be made available upon application ® /™ Trademark(s) of Royal Bank of Canada. Used under licence.

Six Roads 416-8544

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PROPERTY AND DEVELOPMENT CONSULTANTS CHARTERED QUANTITY SURVEYORS PROJECT AND CONSTRUCTION MANAGEMENT REAL ESTATE VALUERS AND APPRAISERS

Barbados Office I Orena I St. Lawrence Main Road I Christ Church I Barbados I T 1 246 428 8091 I E infobarbados@bcqs.com I www.bcqs.com BAHAMAS

BARBADOS

BRAZIL

BVI

CAYMAN ISLANDS

GUYANA

JAMAICA

ST LUCIA

TRINIDAD & TOBAGO

TURKS & CAICOS

BEAVA News

Real Estate News

process of meeting over the next couple of weeks to plan the way forward for the coming year.”

She adds that the team’s priorities are: to pursue legislation for both real estate agents and valuers, enhance BEAVA’s MLS site to include more data, thereby encouraging all valuers and financial institutions on the island to become members; to continue with ongoing education seminars for the membership; to host the association’s biennial Real Estate Expo which is slated for later this year and to sensitise the public to the importance of using a BEAVA agent.

The President wishes to reiterate to property owners the importance of utilising the services of a BEAVA member when listing a property “so as to make sure that you are dealing with a reliable, knowledgeable agent who follows our by-laws and code of ethics. This will also give you maximum exposure for your property as there is a network of over 150 qualified agents”.

Continue to look on this page where members will be kept informed of all BEAVA initiatives, events and general updates.

New BEAVA Board Ready For The Challenge!

It is always exciting to welcome new members into the fold and Suzanne Davis, re-elected President of Barbados Estate Agents and Valuers Association Inc. (BEAVA) did just that when she met with board members this past January, their first meeting of the year.

She ushered in the newly elected members, who each bring fresh ideas to the table along with their own personal approach to the management of the industry’s governing body. Their service will provide tremendous benefits to the organisation as a whole.

The board’s committee of management, who will serve alongside Mrs. Davis includes: George Ramsay - Vice President Alkins Kirton - Secretary Sonia Field - Treasurer David Coombes - Committee member Pooka Yhap - Committee Member Rae Stollmeyer - Committee Member Paul Alleyne - Committee Member Curtis Pounder - Committee Member Jeanine Jones - Administrative Secretary (non-board member) Desiree Phillip – Marketing (non-board member) Several sub-committees have already been formed; which will be chaired by members of the board and include other interested members of the association.

“These sub-committees,” Mrs. Davis explains, “are in the 54

Villa Bonita Villa Bonita is a shining example of the very best in luxury beachfront property available on Barbados’ Platinum Coast.

Sitting on an elevated position in Prospect Bay, St. James, this newly constructed six bedroom, five and a half bathroom luxury villa is simply stunning. Offering over 9,200 square feet of living space, Villa Bonita is truly elegant with a sleek, luxurious ambiance highlighted by the highest quality Italian fixtures and fittings and gorgeous white marble tiles throughout. The proximity to the water is unique and very few west coast homes can boast such fantastic vistas from almost every room.

Of the six magnificent bedrooms, four feature en-suite bathrooms each custom designed by the Italian company Milldue with fittings by Treemme Siena Italy, including the master bedroom which also boasts its own private balcony and his-and-hers walk in closets. The two “cottage” bedrooms on the ground floor share a lovely bathroom, also high spec Milldue with Treemme Siena Italy fittings.

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Real Estate News

The fabulous TM Italia kitchen overlooks the private courtyard with it's salt water pool – a chef’s dream! Both the dining room and living room are the definition of luxury and offer uninterrupted sea views and the calming sound of the waves gently crashing on the shore.

The living area leads on to the spacious patio which is ideal for entertaining or simply relaxing and enjoying beautiful sunsets. A private staircase leads from the patio directly to the white sand beach and calm blue waters of the Caribbean Sea. Also accessed by this private staircase is the beach level of this stunning villa, comprising 1,700 square feet and boasting a private cinema and gym room, itself with fabulous view.

In addition to an alarm system, security shutters at key access points offer an added element of security and peace of mind.

Villa Bonita is the definition of west coast luxury and a home that any family will truly love and enjoy.

US$13,750,000 - Call Alleyne Real Estate 432-1159

RESIDENTIAL * COMMERCIAL * INDUSTRIAL tarpaulins tar t arpa hurricane shutters shutters shade sails aluminum sunshades unshades membrane roofing d finishes finishes powder coated membr roller t screens screens retractable insect rolle shades & blinds fixed interior & exterior screen fixed & retractable awnings n systems sy ys stems

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Gibbons Ind. Pk., Gibbons, Gib ons, Christ Ch Church, Barbados os BB17101 BB1710

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(246) 622-1227 Gibbons Ind. Pk. Gibbons, G , Chri Christ st Chur Church, ch,, BB17101, 101, B Barba Barbados, bados, d ,W West est IIndies. di

Blue Sky Luxury Launches The Caribbean’s First Villa rentals Loyalty Programme Blue Sky Luxury, the Caribbean’s Holiday Home Experts, announces the launch of Blue, the Caribbean’s first villa rentals loyalty programme, this month.

This innovative, destination-wide programme is complimentary for the firm’s repeat guests and property owners with no complicated points system to navigate. Members will receive enhanced Concierge Can service and a 5% discount on future villa bookings in the Blue Sky Luxury destinations of Antigua, Dominica, Jamaica, St. Barts, St. Martin/St. Maarten and St. Lucia.

“We created the Blue Loyalty programme to thank both our villa repeat guests and owners with lifestyle rewards for the experiences and services that we know they patronize and value,” remarked Kathy-Dawn Burke, Leader - Holiday Home Rentals at Blue Sky Luxury.

Blue Card rewards in Barbados, Blue Sky Luxury’s flagship destination, include savings on private in-villa shopping, rounds of golf, surf lessons, deep sea fishing charters, privileged seating and savings at desirable restaurants and more. Additional benefits roll out across Blue Sky Luxury’s six other Caribbean destinations in the first quarter of 2015.

Blue Sky Luxury villas are an affordable luxury for families and groups and deliver private, spacious accommodation with staff that sees to every detail. Their Concierge Can team provides personalized guest services inclusive of arranging activities and advising the villa chef on menu favorites. All Blue Sky Luxury Holiday Homes offer: either a plunge pool, a swimming pool, beachfront position or a combination, with air conditioning and fans in all bedrooms and free Wi-Fi and cable television.

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Real Estate News

For more information contact Blue Sky Luxury at 1-246-622-4466, email experts@blueskyluxury.com and online at www.blueskyluxury.com, @BlueSkyLuxury and facebook.com/BlueSkyLuxury.

About Blue Sky Luxury Blue Sky Luxury’s portfolio of over 250 Caribbean premier villa properties includes over 100 of the finest holiday homes in Barbados and another 150 best-in-class vacation homes in Antigua, Dominica, Jamaica, St. Barts, St. Lucia and St. Martin/St. Maarten, ranging from luxurious oceanfront villas to charming and relaxed beachfront apartments. The Blue Sky Luxury “Concierge Can” experts provide personalized service and customized vacations, guaranteeing the ultimate luxury vacation experience.

M W O VI OR E UR S EL A E w C C E D BSI N IT w TR O E T EW w. O P T E ca N Y O AI FO rt IC F LS R er B O A s- RO U ND gr C R ov H e. UR co E m

FINAL PHASE ONLY FIVE UNITS LEFT PRICES STARTING AT BDS$425,000

• Land/Construction detached single storey homes • 1,200 sq ft three-bedroom design • Small community of 15 units in quiet cul-de-sac • Plot sizes approx 4,000-4,500 sq ft.

• First phase of 10 units sold and six completed • Located just off Enterprise Road a few minutes drive from Oistins • Up to 100% mortgage facilities available

FOR MORE INFORMATIONEmail-info@carters-grove.com Tel- 230 9215 Or visit website- www.carters-grove.com

Getting on the property ladder Carter’s Grove ticks all the right boxes It is tough for first-time buyers to get on the property ladder, but in many cases it is a question of prioritizing your ambitions and setting plans in place to achieve them.

Financial planning in your Fifties is just as important as in your Twenties so buying real estate is not governed by age. That said, many tenants look back over the years at the money they paid in rent and lament the missed opportunity. Quite often the cost to repay a mortgage would have been less than monthly rent. The big difference is that after 25 years you own your home, not fill the pockets of your landlord. Buying your home is not just buying a lifestyle it is an investment that will become a valuable asset once you have cleared your mortgage. Or if you decide to move to a bigger home it will be collateral that you can sell and have a bigger deposit to move up the market.

The Barbados Property Market Pre-2008 the Barbados Property Market reflected the general global scene with property prices steadily increasing. But then economic meltdown and six years of softening values changed the real estate landscape. However, throughout the past decade properties in the lower and middle market have held their values, largely because there was not enough supply to meet the demand from buyers wanting to get on the property ladder. Not much has changed over the past few years and although a few developments appear to tick some of the boxes, slow sales would suggest their product does not meet the all the requirements of the discerning buyer in 2015.

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Carter’s Grove Carter’s Grove will appeal to a variety of people including firsttime buyers, people who love the Enterprise/Atlantic Shores area and returning nationals looking to buy a piece of the rock. The purchase price includes buying the land and construction, both of which must be done at the same time.

The 1st Phase of Carter’s Grove involved 10 properties and by the end of February all the properties will be completed and occupied.

As with many new developments the early purchasers have enjoyed significant appreciation on their investment. The 2nd and final Phase has just been released. It offers five new properties in the $425-$445,000 price range. These three-bedroom detached 1,200 sq ft properties are finished to a high quality. The purchaser has the option of changing the internal design to meet their own requirements prior to the start of building and extras can be added. The builder can also offer a two-bedroom option at a lower price and purchasers can get up to 100% mortgage funding subject to qualification. This could include returning nationals.

When the five properties are sold and constructed the site will be tastefully landscaped and closed.

Looking at other properties in this price range it is clear that Carter’s Grove ticks all the right boxes for home seekers and in addition to providing excellent value for money there is scope for capital appreciation. Located within two minutes drive from beautiful Miami Beach and Atlantic Shores and four minutes from Oistins fishing village, Carter’s Grove is also within easy access to all South Coast amenities and the Grantley Adams International Airport. It offers a wonderful opportunity to buy your own home and enjoy the rewards of a healthy lifestyle.

For more information and a brochure visit the website www.carrters-grove.com or call 230 9215.

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