Barbados Property News Feb Mar 2017

Page 1


Terra - Page 11

Altman - Page 15

Vuemont - Page 49

Endorsed by the Barbados Estate Agents and Valuers Association Inc.


NEWS • February - March 2017 • Issue 109

Port Ferdinand - Page 21




Ard Ard Na Mara, a, Apes Hill, St. James Ard Na Mara enjoys an elevated posit ion wit position tion with thh pano panoramic views of tthe Exclusive Caribbean Sea and Apes Hill golf course. Ex clusi villa 6,878 sq. ft. 4 bed bath manicured gardens. Furnished. 5 bat thh on 39,720 sq. s ft. f t. of manicur ed garde US $6,500,000.00


Petros Villa,, Atlantic Sho Shores, Christ Church Shor This pr prestigious estt igious villaa sits on 17,000 ssq. fft. of beachfront land with 6 bed 7 bat bathh in the t he main m house and a self-contained 2 bed apar apartment. 7,426 sq. fft.t. of living livin ar area. ea. Infinity edge pool overlooking the sea. US $3,500,000.00 $3,500,00


Halcyon Halcy yon yon o Heights Heig ghts 32, St. James


Apes Hill Polo lo Villa a 3, 3 St. James


Charming 3 be bed, 3 bat bbath thh contemp contemporar contemporary style home on 15,425 sq. ft. of beaut beautifully tifully ifully land landscaped ndsccaped gardens, with wit a self-contained 2 bed, 2 bath bat t h apar apartment. t ment. US $800,000.00 Spacious and beaut beautifully tifully i ifully furnished tthis h 3 bed 3 bath 2,600 sq. ft. townhouse has its own wn plunge pool. NNext to tthe polo field with access to tthe he Apes Hill Golf Course. US $675,000.00 REDUCED


Limegrove Limegro ve Hillside Hill id Villa Vill 6, 6 Holetown, Holeto St. James


Stepney Stepne ey Ridge Ridg 6, St. George George


Exquisite 3 bed 3 bat bath atthh townhouse wit withh high en end finishes and plunge pool. Walking distance to Holetown, west coast beaches, shopping and restaurants. W S Semi-Furnished. US $625,000.00 $625,000. $ REDUCED Newly built home me wit withh spectacular views ov w over ver er tthe he St. George valley. valleyy.. 3 bed 2 ½ bat bathh in the t he h main house, a 2 bed apar apartment t ment and granny fflat lat totalling 5,990 sq. ft. f t. on 15,695 sq. ft. f t. Pool and Gazebo. 00.00 REDUCED R US $1,400,000.00


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Photograph Courtesy of © Thibaut Inc.

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Editor’s Comments Congratulations to Terra Caribbean on publishing their Red Book for the 10th time! The launch was held at the stunning Capri Development on Accra Beach on the south coast and we were treated to a viewing of Penthouse 5 which is on sale for five million Barbados! It is just stunning with the most incredible views! Virtually next door to Champers Restaurant and surrounding facilities, this condo is a treasure. Although the news is not great on the real estate front for the island, we are now in our busy winter season and Barbados has come alive with visitors and returning snowbirds, many of whom have invested in Pamela Hiles, Editor property here and just love returning year after year after year! I spoke to two of them recently, one Canadian, one British who said “I just LOVE Barbados, I love coming here, I love the people, all the lovely restaurants.” The Canadian said”I actually come here to see a specialist as I can see him quicker here than in Canada!” So there you go! All sorts of reasons for coming to our island paradise. Don’t miss our feature on ‘Mr Nick” Parravicino and Realtors Ltd and the exciting new development Harmony Hall coming on stream. There is only one Barbados and it’s only 166 square miles! Own some of it today!

Publisher – Hiltop Publications Ltd, 11 Cottage Ridge, St George, Barbados, BB19071 Tel (246) 228-9122, Fax (246) 228-0243 Email: 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.

On the Cover: Port Ferdinand

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

IPL - A Bajan Success Story Barbadians Tony Hoyos and Colin Brewer left the accounting profession in the mid 90's to launch Island Properties Limited (IPL), a property Colin Brewer & Tony Hoyos development venture. En route, In 1993 they started a new general insurance company, Consumers Guarantee Insurance, with two partners, CGI is now one of the largest insurance companies on the island. In 1994 IPL purchased and developed Keswick Centre on the ocean in Christ Church, whose main tenants have been restaurants, first Champers and for the past 7 years Tapas Restaurant. A few years later they acquired the Plantation Theatre and revitalized the live entertainment offered to guests. In 2016 they closed the venue to prepare it for redevelopment into condominiums. IPL also bought Chelsea House in Chelsea Road, St Michael, a furniture factory, and turned it into a 25,000 square foot modern office complex, with parking for 80 cars. In the early 2000’s they bought land in Clermont, St. James and constructed and sold 36 townhouses. Then they purchased St. Lawrence Beach Apartments in "The Gap". They operated it as a small hotel for a few years, later redeveloping it into 17 luxury beachfront condos. They also acquired Mervue House in Marine Gardens, Christ Church and extended it into a 10,000 square foot office building, retaining its exterior look of 1920’s Barbados, while converting its interior into modern office accommodations. In 2014, after over a decade of rentals to international organizations like the European Union and the Inter-American Development Bank, they sold Mervue House to the Barbados Association of Retired Persons for their new headquarters. Most recently they built the Boarded Hall Green (BHG) condominiums overlooking the St. George Valley. It took guts as well as experience to move ahead with this project as Barbados was in deep recession. However, success is the sale of 45 units and the rental of 5 more, leaving only 5 awaiting sale! A key factor in the success of these building/ renovation projects has been the maintenance of a reliable team. The same key people have played a critical role in most of these 24

Real Estate News

projects. Everard Brooks of Brooks Construction has been ever present as Project Manager for all projects undertaken. Architects Cubed have been the architects on most of the projects listed. Along the way, they’ve each served as directors or chairmen of various statutory bodies, such as Grantley Adams International Airport, Insurance Corporation of Barbados and Republic Bank Barbados, as well as many ad hoc government committees and charities. The latest important project is the development of the old Plantation Theatre site into 48 condominiums. Ground breaking is imminent and units can be purchased for a 15% deposit off plan at amazing prices. The location offers easy access to Dover Beach and the sea. The unique concept for this development is its large reflecting pool in the centre of the condos, with small “ i Islands” linking the various blocks. This is undoubtedly the most exciting property development on the south coast of Barbados and it is expected to be completed by the end of 2019. Both Tony and Colin are enthusiastic sportsmen. While Tony prefers training for and racing in triathlons, Colin prefers golf at the many courses across the Island but particularly at his home course, Barbados Golf Course in Durants. Congratulations to IPL on 22 years of constructive and productive work, improving the residential and commercial building stock in Barbados.

Chelsea House

Going from strength to strength – Realtors Ltd Nick Parravicino may be slowing down a little bit physically at the grand age of 85 but there is absolutely no doubt that he’s sharp as a tack and Realtors Ltd is in good hands! ‘Mr Nick’ as he’s fondly known by most people remembers virtually every house he ever sold, the names of all the owners, the attorneys, how much they sold for and who they were sold to! After buying the business in 1954 when he married his wife and lifelong business partner Sheila, Realtors has grown beyond recognition. Starting in Roebuck Street in Bridgetown, Mr Nick now runs the companies from plush offices in Holetown St James. Over the years, he has seen and been involved in the development of Sam Lord’s Castle, Sandy Lane and most of the West Coast, mixing regularly with the rich and famous. “Sheila and I grew our business knowing our clients – every Wednesday we would have a cocktail party at our home and everyone came.” Mr Nick recalls. Realtors Ltd, the umbrella company, has two components, - Villas Rentals and property management and Sales . Villas

Rentals is run by Chris Parravicino, a nephew of Mr Nick’s and Alison Gill who has been with that side of the business some 24 years. The Sales end of it, Realtors Luxury Estate Sales, is ably headed up by Jonathan Simpson as lead agent, newly appointed Lisa Marquez and Luther Miller. Simon Parravicino, Mr Nick’s grandson is relatively new to the business but extremely keen and handles marketing. The South Coast office is run by Janice Allenye who specializes in facility management of commercial buildings and Palm Beach Development. The Parravicino and Realtors Ltd story is an inspiring one and Mr Nick has recently completed his autobiography, which can be purchased from Realtors Ltd or Pages bookstore. It makes fascinating reading! “We are at the cross roads in Barbados,’ said guru Mr Nick when questioned about the current Real estate market. “The market has had it’s ups and downs over the years but being an optimist to the highest degree, I strongly believe the island is stronger now than 50 years ago and the real estate market will continue to grow.” This solid company built on traditional family values is now going to another level with modern concepts and ideas, looking to embrace the future.

Simon Parravicino and ‘Mr Nick’ Parravicino


Real Estate News

Find quality for your lifestyle. Call or visit our showrooms today! Wildey Norman Centre

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Finance Banks, Developers, Investors & Property Owners Have Been Bitten!

Pre-2010 we used to speculate on whether we were coming or going into recession, and amazingly some people were also in denial. It might be safe to say that the recession started around 2007 and since then a partial “recovery” started approx. five years later. However, real estate continues to struggle. The halcyon years before 2007 brought prosperity for everyone associated with real estate and property development, but the sceptics or realists if you prefer, always claimed the bubble had to burst sometime. However, I doubt if we expected it to take another decade for improvement and with little prospect of a better picture. Property prices are locked more in expectation rather than realism. The prices need a level and it appears they are too high including land prices. But realistically, it doesn’t really matter until the banks, developers, investors and property owners come to the table. Unfortunately, the key players have been bitten with arrears, redundancy and debt, and they aren’t going to rush quickly. Banks have tightened mortgage funds, and development finance is virtually impossible. Overseas investors are a trickle compared to ten years ago and only CIBC First Caribbean Bank has lasted the course with other lenders conspicuously absent offering finance. Domestic mortgage funding now involves a prolonged process over months, and of course, the legal costs to convey are prohibitive to many prospective buyers. Unfortunately, property prices are stagnant, and unless they need to sell, many property owners are prepared to run the course in search of better times in the future. Surprisingly, interest rates are relatively low, but the Loan-to-Value (LTV) to finance makes it difficult to provide the equity without family support. People still dream of owning their own homes, but because of


high cost and uncertainty, this dream for many is not a reality. We have been weaned in the past to enjoy property investment as a solid investment, but the decline in recent times has tarnished the image. Property prices can drop, much the same as other investments. Real estate needs a much-needed boost for this economy. Tourism is a vital organ for the economy, but not at the cost to other industries. Construction, property development, home ownership and overseas hotel expansion must start to ignite a new wave of commercial enterprise. Unfortunately, the banks, credit unions and Government don’t appear to have the appetites to stimulate these limping industries. Home ownership, especially for first-time buyers, young and old, lacks any real enthusiasm. It is a sad reflection on the island’s progressive and robust approach before the Millennium. We have to ask where are the great leaders to steer better times? Industry, and young people in particularly, should never be disillusioned with little or no prospect of better times. This Government needs an urgent think-tank in the private industry to invigorate various sectors. And it should include improving roads, contrary to what the Prime Minister seems to believe. Also, the Finance Minister appears to be indifferent to top economists despite experts rating us as having the 3rd highest debt in the world. The Minister doesn’t agree, but whom do you believe? The economy is reaching beyond, so if the Government isn’t up to the job then perhaps it is time to concede to the Opposition Leader. She certainly talks the talk! Don’t wait until an election. Test the electorate. Clarence Hiles is a Mortgage Broker and freelance writer on number of business and sports topics. He is a former banker and the Editor of Caribbean Property Magazine. He can be contacted at: or by phone at 246 230 9215.

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Barbados the place to buy! According to Andrew Malillieu, CEO of Terra Caribbean, Barbados is still an aspirational destination with a select number of exceptional world class properties aimed at the wealthy foreign market. You only have to look though their 2017 edition of the Red Book to see that! Although local sales have fallen from 4500 transactions to 2500 in the last 50 years, foreign sales are progressing and keeping the market alive. Why is this local drop in sales happening? “Mortgage rates are at their lowest in the last 10 years” said Malilleu, speaking at the launch of the 10th edition of the Red Book at Capri on Accra Beach., “ but local buyers are finding it harder to get onto the property ladder.” He surmised that the age of the average buyer is also rising, with young people having to stay at home longer and parents having to help financially to get their children a start in life and a piece of the rock! Income growth has simply not kept pace with the land and house prices.

“Barbados is lacking positive market sentiment at the moment and this is having a substantial impact on the local market” surmised Hayden Hutton, Chief Operating Officer. On a more positive note, Malilleu said this was an excellent time to buy, especially on the South Coast and that it’s probably cheaper to buy a house now than to build one. The Launch of the Red Book took place at the fabulous Capri building on Accra Beach. This prestigious private community of residences has broken all records on the South Coast selling quickly and at the highest price seen on that coast to date. The Penthouse number 5 is currently for sales at Bdos$5,000,000.00. The Red Book 2017 continues to impress with their Pink Pages full of viable statistics and well researched articles. You may not like some of the findings but it would be difficult to argue with them. There are also excellent articles on the rise of Facility Management and Property Management on the island. As Gina-Lee Johnson, Leader of Residential Property Management said, “many of these luxury homes are small hotels and you have to have a professional team in place to run them efficiently”. You can read the Red Book on

Andrew Mallalieu & Hayden Hutton of Terra Caribbean


Real Estate News

The Barbados Estate Agents & Valuers Association News At the close of 2016, The Barbados Estate Agents and Valuer’s Association (BEAVA) bid farewell to long standing President Mrs. Suzanne Davis. Suzanne has worked tirelessly and determinedly to grow and strengthen the association over her term and she will be missed. However, she remains as Ex Officio officer and will no doubt continue to have a positive impact on the organization moving forward. At the December 9th AGM, the membership voted in Mr. Paul Alleyne as President who we welcome to lead us forward. A critical change that was ratified at the December 9th AGM, was the creation of two councils – The Real Estate Council and The Valuer’s Council. These two bodies will govern their respective professions all under the umbrella of BEAVA. Two members from each council sit on the Executive Board and each council will identify the necessary education, professional standards and code of conduct that members and applicants much achieve and maintain. Mr. Alleyne comments that “BEAVA"s structure has been completely modernized to allow for Agents and Valuers to each govern their distinctive disciplines via councils that operate under the BEAVA Executive Board. With this added autonomy each profession can work towards crafting their disciplines to suit the Barbadian landscape, whilst endeavouring to ensure that the they meet the ever


Real Estate News

increasing international standards expected of their professions by the public and other professionals.” Joining Mr. Alleyne on the Executive Board are Vice President Mr. Curtis Pounder, Treasurer Mrs. Tania Wallace and Secretary Mrs. Sue Armfield. Together with the Board, the new councils are busy planning new events and initiatives the details of which will be released imminently including the launch of a new website. The Association looks forward to continuing to work with its members and the Barbadian public to provide the best and highest quality real estate and valuation services possible.

Mr. Paul Alleyne