Barbados Property News June-July 2022

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Tropical Escape Hotel - Page 1

Global Estate Agency - Page 10

Royal Westmoreland - Inside Back Cover

WM Developer Incentive - 8.5” x 11” - May 2022.indd 1

Endorsed by the Barbados Estate Agents and Valuers Association Inc.

BARBADOS PROPERTY

NEWS www.barbadospropertynews.com • June - July 2022 • Issue 139

30/05/2022 17:02:23

The Crane Private Residences - Page 15

FOR SALE

FOR SALE

FOR SALE

Azzurro – Porters, St. James New development of 3 bed townhouses.

BDS $1.198 Million each

El Sol 7 – Durants, Christ Church 2 bed, 2 bath ground floor apartment.

BDS $650,000

Hullabaloo – Dairy Meadows, St. James 4 bed, 3.5 bath family home.

BDS $1.35 Million

FOR SALE

FOR SALE

FOR SALE

Patanne Gardens 12B – Mount Standfast, St. James New 4 bed, 3.5 bath villa close to the beach.

BDS $1.694 Million

Lumiere – Sugar Hill, St. James Beautifully furnished 2 bed, 1 bath apartment.

BDS $1.1 Million

Eagles Nest – Grandview, St. Thomas 4 bed, 4 bath villa set on almost 2 acres.

BDS $2.9 Million

FOR SALE

FOR SALE

FOR SALE

Crystal Heights 101 – St. James Centrally located 6,555 sq.ft. plot of land.

BDS $210,000

Cabbage Tree Green J37 – Apes Hill, St. James Stunning 26,931 sq.ft. lot with sea views.

BDS $790,000

Heywoods Estate Lots 30 & 31 – St. Peter Two prime residential lots totaling 17,989 sq.ft.

BDS $370,000

let local knowledge work for you

246 432 1159 sales@jalbarbados.com

www.alleynerealestate.com

Editor’s Comments June hails the start of the Hurricane Season. It’s supposed to be an active one so … be prepared. The BPN August September edition with have features on how best to do so but you should start to think about it now.

Remember in 2021 Hurricane Elsa came along in early July and took us by surprise! Traditionally the season really starts to get going in August/September and down into October. It really doesn’t hurt to start trimming those overhanging branches and tidying up around your property! Who needs a mad panic when the alarms sound?

The news on the Real Estate side is looking good. After speaking to many agents, it appears Pamela Hiles, Editor the market is quite active. There is lots of property on these pages for rent and for sale but remember, we are on line www.barbadospropertynews.com as well.

Enjoy the beautiful summer months in Barbados. The popular Crop Over festival is back in a slightly different format with parades being split between two locations but revellers will be happy to get back on the street, musicians and Calysonians will once again be making sweet soca music and this lovely island will be alive. West Indians love to party and if you’re lucky enough to visit us now, you will be guaranteed a great time!

You can now come test free if you’re vaccinated so what are you waiting for? We can’t wait to see you!

On the Cover: The Crane

Credits 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

make it steak night with meats by linz.

Found exclusively at Clifton Market.

visit us today!

Clifton Market Worthing Main Road, Christ Church (246) 421-1661

CliftonMarketbarbados

The Crane Private Residences: Resort Living, Perfected.

The Crane Private Residences sets the standard in resort living, offering discerning buyers an unparalleled lifestyle from its enviable location within Barbados’ historical Crane Resort.

Residents wake up to the dream that is living in paradise, as the one-, two- and three-bedroom apartments and penthouses of this master-planned development offer exceptional living spaces, accented by Barbadian coastal touches and modern conveniences.

Bright and expansive, each apartment features large kitchens, grand private patios perfect for indoor-outdoor living, and generously scaled natural stone bathrooms with large soaker tubs and glass showers. Spacious master bedrooms face the same dramatic ocean views as the living spaces, while secondary bedrooms welcome in the greenery of tropical internal gardens.

Designed for long-term living, each residence also features underground parking from which an elevator transports residents directly to the foyer within their residence - a rarity for Caribbean properties!

Ground-floor residences boast large private pools set in lush gardens while the luxurious two-story penthouses offer exclusive elevator-access for a privileged few to private roof terraces, complete with sweeping coastal views, dining gazebos and plunge pools.

With the development’s promise of resort living perfected, residents will also immediately become members of The Crane

FEATURE

Resort’s vibrant, cosmopolitan community. An enviable lifestyle is enhanced by access to world-class amenities and services including concierge, duty-free shopping, a grocery store, five restaurants, a café, three bars, a spa, a fully equipped fitness centre, five spectacular pools, a tennis court, a kids’ club, and glass-fronted elevator access to Crane Beach - voted Best Caribbean Beach by USA Today readers, among numerous global accolades.

Each residence in The Crane Private Residences can be managed by the developer, Crane Resorts, when not in use by the owner.

With the option of participating in a historically successful rental management programme led by a team with over two decades of experience, this is an effortless residence or vacation property to own, whether intended for personal use or as an investment.

Astute investors or second home buyers will also be enticed by the pre-construction offer of staged payments based on construction milestones such as Foundation, Watertight, Structure, and Practical Completion.

Phases one and two of The Crane Private Residences are completely sold, but a limited number of Phase 3 apartments are available today with prices ranging from US$525,000 US$1.9million.

For more information, visit cranreresidences.com, email property@craneresorts.com or call +1 246 416 6560.

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Bakers Ba rs Woods Woods No. 104 A comfortable, well maintained three bedroom, two bathroom home for sale in the residential community of Bakers, St. Peter.

Emerald ald Par ark #428 #4 Emerald Park #428 is a lovely three-bedroom, one bathroom home siting on 4844 sq. 昀. of land.

FOR S SALE LE: BD $750 $ 50,000 - UNFU FURN RNISHE ISHED

FOR OR S SALE LE: BD $$2260 60,,000

Apple pple Trees

Cane House House,, Ridg Ridge View Vie Estate

This is a 5 bedroom, 5.5 bathroom house situated in Club Morgan, Christ Church.

An executive three bedroom, two and a half bathroom townhouse for sale in Christ Church, Barbados.

FOR S SALE LE: BD $895 $895,,000 - UNFU FURNISHE ISHED

FOR S SALE LE: BD $$9550,000 - FU FURN RNIS ISHE HED

Cas astile ile, For ort Geor orge Heigh Heights

Rolling olling Hills Hills #7 #73

This is a five bedroom, five and a half bathroom home of approx.

8,000 sq. 昀. located on the South coust of the island.

This beautiful lot is situated in the sought a昀er and growing residential neighborhood of Rolling Hills in St. George.

FOR S SALE LE: BD $$3,30 300,000 000

FOR S SALE LE: BD $$395,000

Counttrys Coun yside ide Lot 21 A lovely two bedroom, two bathroom cottage for sale situated in Vaucluse, St. Thomas.

FOR S SALE LE: BD $$625,,000 00 - UNFU FURN NISHED ISHE Rockley Golf & Country Club, Rockley, Christ Church, Barbados.

Atlant lantic ic Shor Shoress Lot 253

El Sol Su Sureno no Bordering the 18th Green of The Barbados Golf Course is EL Sol Sureno, a modern Mediterranean style community.

FOR SALE S LE: BD $$790,,000 - FU FURN RNIS ISHE HED

+1 (246) 435-7852/62

fairways@caribsurf.com

Situated at the entrance to the desirable Atlantic Shores neighbourhood is this rectangular shaped residential lot of land.

FOR S SALE LE: BD $288, $ ,000

www.facebook.com/IslandGoldRealty www.igrealty.com

The Journey to Home Ownership

Almost daily we hear about the financial reasons for homeownership. Reasons such as increased assets, equity and wealth, tax benefits and manageable monthly payments. However, what we need to hear more of is often not discussed nor is it readily shared. That is, how to prepare for homeownership.

Though it may be considered cliché, it is reasonable to say that for a vast majority of people, investing in a home may be the most important investment decision they will ever have to make. Home ownership in a sense can be seen as a fulfilled dream.

Long before we reach the age to own property, many of us dream of a house with spacious rooms, a huge pale blue pool and lush vegetation with the perfectly manicured lawn. The good news is that this can all be achieved with proper financial planning! In order to plan properly it is important to know what is involved.

The important things to consider financially are the start-up costs which include the deposit, cost of a property valuation (if purchasing) or a quantity surveyor’s report (if constructing), bank fees, legal fees and property and life insurance costs. With this knowledge, it becomes easier to decide on an amount to save monthly towards covering some or all of the start-up and closing costs. It would be prudent to open a separate savings account apart from your regular savings and salary account in which to save towards this venture.

Other than the financial costs, considerations should also be given to the location of your property, the design and structure.

Another dimension to home ownership is the prospect of using the property as an investment, that is, as a partial or full rental space. There are endless possibilities as we embark on the journey to home ownership. Leasing the property provides a second

FEATURE

revenue stream and will act as support income for repayment of the mortgage.

During the mortgage process it is important to partner with a knowledgeable lending team, legal team, builders and stakeholders who are well equipped to provide the necessary guidance to ensure that the transition to home ownership is as smooth as possible. You will want to take the journey in an institution where your business is valued, and where there is flexibility to tailor the product to fit your needs, where you get the option to choose an interest rate and where fees are set with you, the customer in mind.

As a mortgage is a long term investment you would also want to be comfortable knowing that your questions and concerns will be addressed in a timely manner and by a team who understands your needs.

A home is much more than four walls, a white picket fence and a cuddly poodle. It is where a “new” life begins, where memories are created, where children take their first steps and where family and friends gather to relax, reminisce and celebrate. It is indeed a huge accomplishment for many people.

Even with dips in the housing market and the current effects of the Covid-19 pandemic, homeowners that are in it for the long haul find increased financial equity and personal satisfaction and pride.

Closing on a property for the first time, is an incredible accomplishment and represents the hard work and responsible choices of the new owner. When you invest in your future through homeownership, the possibilities are endless. It's a valuable experience through which families build lives and memories, as well as their financial futures.

We at First Citizens Bank stand ready to embark and travel with you on your journey to homeownership. Our knowledgeable lending team will happily lend the support and guidance needed to help you through the process.

“From Dream to Reality – The Joys of Home Ownership”.

Contact us to get started: Visit:www.firstcitizensgroup.com/bb Email:Lending@firstcitizensbb.com Call: 431-4500

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430-5600 Fontabelle, Bridgetown Email: service@tmr.bb Web: www.tmr.bb

BEAVA The Barbados Estate Agent and Valuers Association In the words of the Song … June is Bustin’ out All Over! The Flamboyants and Cassias are showing their colours and Crop Over Fever is on the rise.

On the property side, both the rental and sales markets ar significantly up during the past 18 months despite the Pandemic. Good rental properties are in very short supply and demand is up over 20% up. Buyers are no longer only here during the Winter Season ...Prepare your property and garden like you are expecting a VIP discuss best pricing/strategy with a BEAVA Agent and you’ll be on the way in a jiffy.

As a reminder The B’dos Estate Agents & Valuers Association (BEAVA) is here to serve and to defend you Landlords/Renters, Sellers/Buyers by upholding high standards of qualification and standards of practice in the Real Estate Agency.

We encourage you to utilise the BEAVA Website: https://www.barbadospropertysearch.com as your one stop shop where the majority of our Members have their listings posted - we are working to remedy the duplication of listings but in the interim bring you greater accuracy and convenience for your searches.

The market is on the rise so it’s a good time to buy in, on the way up so if you’ve been planning to, don’t wait.

Here’s a handy recap of the Purchase Procedure for you - any questions - just ask.

PROCEDURE FOR PURCHASING PROPERTY In the event that you will be borrowing money for your purchase, meet with your banker/mortgage broker or Credit Union to ascertain your potential borrowing power/purchase budget, likely repayment terms, interest rate etc. Then research available properties (a reliable agent can make this easier) and once you have located a suitable property and agreed offer/acceptance price with the vendor or their agent, request written confirmation of the acceptance of your offer.

1) Appoint a local attorney to act on your behalf.

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2) The Vendor’s attorney will prepare a Sale Agreement which sets out the terms and conditions of sale and describes the property. (This usually takes approx. 2 weeks).

3) Your attorney will review the Sale Agreement to ensure that your interests are taken care of and once approved you will be required to sign the Agreement and pay 10% of the purchase price. N.B. Your option to purchase is not secure The deposit is non-refundable unless the vendor withdraws from the sale or is unable to complete the sale as agreed. Also, liability for property insurance passes to the purchaser at this point – typically the existing policy is left in place and premiums apportioned at closing but is important to clarify this to ensure continuance of cover.

4) At this stage the Vendor or their Attorney, will arrange for the line/boundary marks of the land to be pointed out to you or your representative. (Not applicable in the case of condominiums or multi-storey apartments).

5) The Conveyance Document is prepared by the Vendor’s Attorney (in approx. 3-4 months) which is similarly perused by your Attorney. Once this is to your Attorney’s satisfaction, you will be required to pay the balance of the purchase price and sign the conveyance to complete the sale/purchase. If a mortgage is involved it may take 6-10 months to reach conveyancing.

Purchaser’s costs are - approx. 1.5% (of the agreed sale/purchase price) legal fees + 17.5% VAT * - Portion of Land Tax and Property Insurance at closing/completion - Legal and valuation fees for a mortgage (if applicable)* If funds for the purchase are brought in from overseas you should instruct your attorney or Banker to register these with Exchange Control Div. of the Central Bank to facilitate repatriation of these monies if desired at a later date. *Please confirm these costs with your Attorney and your Lender/Bank/Credit Union.

Welcome To Mahogany Heights BEACH • GOLF• RESORT

Take advantage of our Developer Incentive Package Own your dream Caribbean townhouse, totally turnkey and with zero running costs for the first five years, with our Developer Incentive Package. Your full Royal Westmoreland Club membership is also included. All that we ask is that we have the time you are not using to offer through our fully managed rental scheme.

Usually £1,250,000, with Developer Incentive the purchase price is reduced to £945,000

www.royalwestmoreland.com Message us on WhatsApp

info@royalwestmoreland.com