Barbados Property News April/May 2014

EE NE FR NLI O &

Caribbean Island Properties - Page 15

Boarded Hall Green - Page 19

Sunset Villas - Page 27

Endorsed by the Barbados Estate Agents and Valuers Association Inc.

BARBADOS PROPERTY

NEWS www.barbadospropertynews.com • April - May 2014 • Issue 92

Artist Impression, Apes Hill Clubhouse, West View - Page 20

EXCLUSIVE COMMUNITIES

Waterside, St. James Well-appointed 1, 2 & 3-bed beachfront condos and a contemporary 5-bed penthouse have high-end finishes with beautiful interiors.

Stunning views of Paynes Bay Beach, pool and on-site gym.

Sale Price: : US $675,000 - $2,800,000

Villas On The Beach 403, St. James

Port St. Charles 371, St. Peter

This luxurious 3-bed penthouse features an open-plan layout and enjoys dazzling sea views and direct beach access. It’s accentuated with an inviting lagoon-styled pool and landscaped gardens.

Sale Price: US $1,950,000

This beautiful 3-bed penthouse condo situated in the prestigious Port St. Charles marina, features a 60 ft. boat berth, private pathway to the beach and 2 terraces.

Sale Price: US $4,250,000

Specialising in luxury properties for sale and rent in Barbados Contact one of our experienced sales agents:

T: (246) 422 2618 | E: sales@bajanservices.com

Elegant Retreats

Beam Reach, St. Peter

Apes Hill Polo Villa 18, St. James

Set on 20,000 sq. ft. of gardens, this stately 5-bed villa features a swimming pool, deck, pavilion and apartment. Near to Mullins & Gibbs beaches.

This elegant 3-bed duplex highlighted by a plunge pool and beautiful lake and garden views, is nestled in the exclusive Apes Hill community. Its elevated location, affords cooling breezes.

Heywoods Estate 160, St. Peter

Villa Anthena, St. James

This magnificent 3-storey home features 3 bedrooms, a pool with a gazebo and large living spaces for entertaining. Close to Port St. Charles and Heywoods beaches.

Enjoying spectacular views from a prime ridge-front location, this impressive 5-bed villa is spacious and features a charming self-contained apartment on a lower level.

Sale Price: US $800,000

Sale Price: US $945,000

Sale Price: US $850,000

Sale Price: US $2,995,000

Our portfolio ranges from expansive villas to modern beachfront residences Newton House, Battaleys, St. Peter BB26094, Barbados W.I.

www.bajanservices.com

Editor’s Comments We live in an era of great economic challenges and everyone has an opinion on the best way forward. However, not many people are in a position to influence material factors so we must place a lot of trust in Government, economists and leaders across a number of business sectors. And therein lies the dilemma. Why do these experts and decision makers send out conflicting messages when the information they work with must be the same for everyone?

Little wonder the proverbial “man in the street” is confused.

That said, the most important decisionmaker in our lives is you and throughout life we have options and opportunities even in tough times. We pick our career, our partner, our car, our lifestyle, our sport, our church, where we want to live, and if we want to buy or rent our home. These are big decisions in our lives and the ones that matter most in bringing happiness, success and satisfaction. Everyone can point to a particular choice that has been the most important part of their lives and very often it is the choice of home. It is a huge decision and one, which should not be taken lightly. We hope through the pages of Barbados Property News you find the professionals to assists you in your choice and above all, the property that will form a huge part of your everyday life. Even if you are a visitor and seeking a second or retirement home, the choice is just as important.

Select wisely and you will reap the benefits over many years, perhaps a lifetime.

Best wishes, Pamela Hiles On the Cover: Apes Hill Clubhouse Editor

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

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.

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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FOR SALE

Yorkshire Plantation - This superb Great house is in fabulous condition and captures the spirit of a grand traditional Barbadian Plantation home with its magnificent wooden staircase, large reception rooms, patios and bedrooms. The property sits on three acres, is beautifully maintained and includes some out buildings.

Highpark Meadows, St. James

Spacious, modern and beautifully finished 4-bed/ 4 bath home with pool - BDS$2,590,000

Oasis, Fort George Heights, St. Michael “Eagles Nest”, Dairy Meadows, St. James

Charming 3-bed/3-bath residence with swimming Beautifully furnished 4-bed/3-bath family home with pool in desirable neighbourhood - BDS$7,500 pool in mature neighbourhood - BDS$5,500

Attractive 5 bed home with large swimming pool near the west coast - BDS$10,000

Visit our website www.cipcaribbean.com or call David Coombes at 826-6263 or (246) 424-6633 • Email: info@cipcaribbean.com

FOR RENT

Durants, Christ Church

St. Lawrence Gap

Two x 2 bed apt. property near beach, Short term rental investment - BDS$950,000

FOR SALE

Long Beach

Superb Beach front lot with planning permission for 2 units. - BDS$790,000

Plenty Happening at Apes Hill

It may not be obvious to the passive observer, but a lot of exciting things are happening at Apes Hill these days.

Perhaps the most exciting news is that construction of the new Apes Hill Clubhouse will commence later this year after the Apes Hill Club appointed renowned local Architect Larry Warren to the job. We have since learned that the preliminary design is progressing well and that the completed clubhouse will accommodate the Golf Operation, Fitness Centre, Tennis Centre and Resort Swimming Pool as well as the Clubhouse Restaurant & Bar. This is a tremendous fillip for the development, which already boasts some magnificent real estate and one of the best golf courses in the Caribbean. Soon it will add a vibrant social hub in its majestic setting.

Certainly the artist’s impression has fired the enthusiasm of everyone associated with the project and is sure to enhance an already impressive sporting real estate lifestyle.

Everyone appreciates the construction climate in Barbados is experiencing contraction, but in many ways this has worked well for the buyer and resulted in a more competitive market. Whilst some material prices have increased and there have been fluctuations in energy prices, labour rates have remained unchanged since 2009 and in many cases builders have reduced overheads and profit margins to remain competitive. This provides an exciting window of opportunity for the owners and buyers at

Feature

Apes Hill Club, as it is a great time to plan and build a new home.

The Project Management Team, headed by Donovan Bagwell, will be delighted to discuss the design and construction of a new villa at Apes Hill Club. This Project Management Team has unrivalled experience in building luxury villas with access to numerous designs and close relationships with a number of leading local Architects. They will not only manage your project, but also assist you navigating the design and construction maze, a process that may seem bewildering and often stressful to prospective buyers.

Donovan isn’t one to rest on his laurels and when asked to highlight the assets of his team he preferred to quote one very happy owner; "Before we embarked on this project in 2011 we were inclined to buy a completed house rather than purchase land and build. We were nervous of building as we had no experience of such matters, Barbados is a long way away and everyone has nightmare stories about builders. Using the Apes Hill Club Project Management service made the process straightforward and enjoyable" Owner, "Ard Na Mara", Moonshine Ridge We understand more owners are coming forward to start building and there has been considerably more interest in purchasing lots than this time last year. These are exciting times for the Apes Hill Club.

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W G NOLLIN SE

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

Feature Carter’s Grove presents a great opportunity to get on the property ladder

Everyone thinks of Barbados as an island of glitz, high costs and expensive property, and while it certainly has all three elements, everyday life is much the same as many other parts of the world. And that includes property at realistic and affordable prices.

To own your home is a big achievement and while most people buy with the benefit of a mortgage, it is an investment into your future and can create a lifestyle that has many benefits. It may seem 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. And financial planning in your Fifties is just as important as in your Twenties so buying property is not governed by age.

That said, many tenants look back over the years at the money they have spent paying rent and lament the missed opportunity.

Quite often the cost to repay a mortgage would have been less than a monthly rent, and 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 and better home, it will be collateral that you can sell and have a bigger deposit as you move up the market.

The local market will also appeal to returning nationals, many of whom regularly visit the island and harbour strong feelings to retire here in the future. Not only is purchasing straightforward for them, but mortgage finance is also available to help defray the cost.

Carter’s Grove Carter’s Grove ticks all the right boxes for home seekers in the $425,000-$445,000 price range. This small development is located in a quiet cul-de-sac just off Enterprise Main Road in Upper Carter’s Gap a few minutes from Oistins. It has a rural ambience and the ten three-bedroom detached units are all on individual freehold lots. All ten are sold and five are currently occupied with the other five under construction. The second and final phase of five more units has now been released and the entire development should be completed within the next 12 months.

A sales package is available and extras can be accommodated on request. Mortgage finance is also available from a number of lenders and free mortgage broker services are available from Caribbean Mortgage Services (Clarence@caribbeanmortgages.com) to ensure getting finance is not a problem. Purchasers can get up to 100% funding if they qualify.

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.

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 call 230 9215 or email info@cartersgrove.com or visit the website www.carters-grove.com 33

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Come home to luxury, privacy and service.

Saint Peter’s Bay Luxury Resort and Residences offers spectacular three- and four-bedroom beach- front homes for ownership or vacation rental. Located on the island’s northwest coast, this resort is the epitome of gracious Bajan service and features a lagoonstyle pool, fitness centre, gazebo bar, beauty salon and water taxi service. Saint Peter’s Bay, capture your moment of Luxury with Soul.

246 419 9602

stpetersbaybarbados.com

info@stpetersbaybarbados.com

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Caribbean LED Lighting Officially Opens New Facility

Feature

Above: Jim Reid (right), CEO Caribbean LED Lighting Inc with the British High Commissioner Victoria Dean

Fast growth leads to expansion and relocation!

Caribbean LED Lighting Inc (CLL) is proud to officially announce the opening of their new location in Lower Estate, St. Michael.

The move to a new larger factory and office space is a direct result of CLL’s continued success in the Barbados and export markets. As the only accredited manufacturer of LED lighting in the Caribbean, CLL continues to grow its export market while taking a leading role in the local LED market. The new facility provides the space to expand manufacturing and better serve our local and export customers. With distributors in Trinidad & Tobago, St Lucia, St Vincent, Turks & Caicos, Puerto Rico and Suriname, CLL continues to earn much needed foreign exchange for Barbados while creating new ‘green collar’ jobs here in Barbados.

“The Energy Efficiency (EE) and Renewable Energy (RE) markets continue to grow despite the current economic situation. CLL is addressing both these markets with high quality ‘made in Barbados’ products backed by extensive warranties. We are excited about the future and the team of high caliber individuals who are making CLL a Bajan and Caribbean success

story” said Jim Reid, CLL’s CEO; he added, “we no longer have to import these products from the USA or elsewhere, we can make them just as good- if not better right here!”

About Caribbean LED Lighting Inc. CLL officially incorporated its operations here in Barbados in August 2011 and manufactures under exclusive manufacturing licenses; a wide range of high quality LED lighting products both (EE) and (RE) with warranties ranging from 3 to 5 years. As the recent winner of the IDB Compete Caribbean Innovation Award, CLL intends to ameliorate the Barbadian economy through their continued fast growth and export achievements.

For further information contact Mr. Jim Reid, C.E.O, Caribbean LED Lighting Inc, at #3 Square Foot Complex, Lower Estate, St Michael, Barbados; telephone number 621-0092/94 or visit the website at www.caribbeanledlighting.com 39

Disc Scrubber BDS 43/175 Scrubs & polishes floors

$2999.99 Inc VAT. Karcher Warrens Tel: 425-9999 Karcher Wildey Tel: 426-9999 sales@karcherbarbados.com www.karcherbarbados.com

Are We Really Serious About Home Ownership?

Finance

Asks mortgage broker Clarence Hiles According to Wikipedia home ownership in many Baltic States is over 90% and communist countries dominate the top 20 positions on the global list. Home ownership is the percentage of properties owned measured against the total number of properties in that country and it may surprise many people that Romania tops the list with 96.6%. What will not surprise many people is that no Caribbean country figures in the 43 countries where the break-off is 40%.

The statistics are illuminating given the feelings of the West towards the East and while there are many advantages to democracy in the “free world” clearly home ownership is not the best of them. Russia (84%) and China (90%) sit well above the UK (67%), United States (65%) and Canada (69%). There are probably socio-economic factors that may explain the reasons behind the numbers, but it is unlikely they apply to the Caribbean where many islands have very low levels of income and consequently home ownership.

Owning “a piece of the Rock” is a well-worn marketing slogan that has been rattling around Barbados real estate for years. Successive Governments have also given it plenty of coverage in their election manifestos and leading party officials often talk about the importance of Barbadians having the opportunity to buy their own home.

But are we really serious about it?

After all, property prices are high and the cost to purchase is punitive in comparison to other countries. Even when the would-be buyer saves enough to make the down deposit, the ancillary costs outweigh the deposit and become deal breakers for many people. High legal costs, high interest rates, high mortgage fees and high insurance charges are lethal blows to new buyers and the common denominator is the word “high.”

The problem is not one that can be solved by the customer and therein lies the dilemma. Who will take responsibility to champion the cause of more home ownership? In reality there are only two contenders, namely the Government and the lenders. Other players can help, but the thrust has to come from these two sectors and right now they don’t appear to see it as a high priority. After all, what has Government really done to promote home ownership? There has been plenty of rhetoric, but little delivery. And what about lenders, what innovation and vision have they brought to the table? Unfortunately, very little!

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Virtually all the lenders in Barbados continue to lend with terms and conditions that have been in existence for decades. Quite simply, they haven’t moved with the times and their motives remain transfixed in the profits zone. That’s not to say you can’t have profits and boost home ownership. Quite the contrary. What is takes is commitment, vision and a willingness to help more Barbadians purchase their own home. We need 100% mortgages, lower mortgage interest rates, deferred payments for first-time buyers, lower legal fees, a fairer mortgage indemnity scheme, 24-hour processing, one month completions, valuation fees paid by the lender for their valuation report, removal of obligatory life cover, and no administration or negotiation fees. After all, the administration is done by staff already in place and there is no negotiation. Why should the customer have to pay this fee?

As for Government-what about really taking the initiative and driving a policy of home ownership for the good of Barbados and its citizens?

What about directing attorneys to set a fixed fee for all conveyancing and mortgage work, abolish or lower Stamp duty on house purchase and mortgages, offer tax relief for mortgage interest payments and set specific standards within the buying process through the Fair Trading Commission? These standards should govern turnaround times and the cost of buying and selling. They should determine legal fees, real estate fees, and valuation fees and embrace the mysterious and self-governing world of insurance. After all, the compulsory mortgage indemnity insurance is almost a license to print money, very expensive and not needed in many instances. Property insurance premiums could be lower if the Government gave some guarantees or at least colluded with the industry to drive costs down.

Other players in the market could make a significant contribution towards home ownership by reducing their costs and fees, but realistically this is not going to happen. The legal profession is a mess, real estate and valuation fees are being kept high through self-preservation and selfregulation. Why would we expect any profession to lower its income?

Well, because it would help stimulate a suppressed property market, generate more sales, lead to greater efficiency and delivery, help control property prices, and boost home ownership for the good of the country.

After all, everyone should have a real opportunity to own a “piece of the rock” rather than listen to hollow words.

Clarence Hiles is a mortgage broker and former banker with over 35 years experience in property finance and related financial services. He can be contacted at 246 230 9215 or by email at clarence@caribbeanmortgages.com

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Real Estate News

BEAVA News Another lively, interactive training session was recently hosted

by BEAVA Inc. (Barbados Estate and Valuers Association) for its members on the uses of the Multiple Listing System.

The refresher course was held at Coconut Court recently and was tailored with agents and staff from various real estate offices in mind, who were experiencing challenges with the system, and also for those who simply needed to improve on their skills.

Paul Alleyne and Cherita O’dell, both BEAVA board members were the facilitators of the three-hour session.

Pooka Yhap was one of the participants and walked away grateful for the opportunity to lean more about the MLS and its benefits: “The interactive session certainly assisted with how to present the benefits of MLS to the vendor,” she said. “The application session was also very informative – BUT more time on this section would have been better. (This training) is for anyone who has not uploaded a listing on to the MLS site.”

Lauren Kierulf of Rex Realty Ltd said she missed the first training courses which BEAVA would have initiated just before the introduction of the MLS in Barbados: “(so) I was very much in the dark when it came to how to work with the programme. Attending the training session allowed me to see the simplicity of the programme and the advantages of this system. I am now a keen supporter and will be uploading my listings any day now!”

Participants also benefited from a presentation delivered by CIBC on its new mortgage packages promotion. “It was an interesting, interactive delivery,” said Cherita O’dell. “We told them (CIBC) what agents were looking for from a mortgage finance company – which is speed – the ability to find out in a timely manner whether a client qualifies for the purchase of a particular property and they educated us on various aspects of their mortgage finance offerings.”

Stay tuned to BEAVA news for another engaging course coming you way again soon!

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