EE NE FR NLI O &
Terra Caribbean - Page 7
Island Gold - Page 27
Sabah - Page 42
NEWS www.barbadospropertynews.com • February - March 2013 • Issue 85
Endorsed by the Barbados Estate Agents and Valuers Association Inc.
Saint Peter’s Bay - Page 32
M A N DAT E D S A L E BY T H E J O I N T R E C E I V E R S
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Editor’s Comments As we enter a fifth year of economic challenges the real estate landscape in Barbados is a far cry from the bubbly destination it was pre-2008. This is particularly painful because our lovely island remains a tropical paradise and all the problems that brought international economic meltdown happened far from our Caribbean shores. But that’s the reality of global commerce and it highlights the need to move with the times and adapt to the new environment. It took Caribbean real estate a few years to adjust, but entering 2013 the property market has established a new culture that offers value for money for both buyers and sellers. Most owners are now selling at realistic prices and prepared to negotiate, while the discerning buyer is slowly coming out of the economic debris with more knowledge and appreciation of the current market. Sales have dropped significantly in the second home market, but overall they are starting to increase across other sectors so perhaps this will be the year we turn the corner? Congratulations to Julian Garbett and his team at Palm Court who formally opened their impressive new 12-unit townhouse development at Prior Park, St James in late January. Even in tough times visionary developers are prepared to enhance the Barbados real estate product and at reasonable prices, so we wish Palm Court every success. Also well done to Bajan Services on the launch of the brand new Blue Sky Luxury to manage their upmarket villa rental business. And there’s plenty more to read about in our first edition of 2013 Barbados Property News. On the cover: Saint Peter’s Bay
Publisher – Hiltop Publications Ltd, 11 Cottage Ridge, St George, Barbados, BB19071 Tel (246) 228-9122, Fax (246) 228-0243 Email: firstname.lastname@example.org 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.
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Property & Development Consultants - Chartered Quantity Surveyors - Project & Construction Management - Real Estate Valuers & Appraisers Barbados Office I Orena I St. Lawrence Main Road I Christ Church I Barbados I T 1 246 428 8091 I E firstname.lastname@example.org I www.bcqs.com BAHAMAS
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Saint Peter’s Bay Luxury with Soul
Nestled at the heart of the Barbados Riviera, on a beautiful stretch of the island’s west coast, Saint Peter’s Bay offers stunning 3 and 4 bedroom ocean front homes for vacation rental and purchase complimented by an array of amenities and services to make life simple and enjoyable. Every step is taken to ensure that all homeowners and guests are given every opportunity to derive maximum enjoyment while ‘Living the life” with us. We believe passionately in making you feel at home when you stay with us at Saint Peter’s Bay. These magnificent residences have been carefully designed, meticulously finished and stylishly appointed to provide a sophisticated level of elegant comfort. Each splendid home enjoys glorious ‘picture postcard’ views of majestic coconut trees, the beach and out over the blue, crystal clear ocean. The 4-acre beachfront property has been enhanced with tropical gardens beautifully landscaped around a 160 feet freeform swimming pool. Adjacent to the pool is a cool and breezy gazebo bar which provides poolside and beach butler service. This is a perfect spot to relax in the shade during the day, to watch the sun set, or to enjoy an evening Barbecue with other residents. Sun loungers are placed on the beach on request and there are a number of kayaks and paddle boards available so guests can explore the surrounding beaches. The community water taxi is the best way to travel to nearby restaurants and other beaches, or to enjoy swimming with a family of turtles close by. Our Concierge is on hand to ensure that your stay with us is as adventurous or relaxing as you choose. We pride ourselves in providing knowledgeable, personalized service which caters to your unique needs as an owner or guest at Saint 32
Peter’s Bay. Other general facilities at Saint Peter’s Bay include a Beauty Salon, Fitness Centre, on-site security, housekeeping and property management. In addition to a luxurious home in an extraordinarily beautiful location, Saint Peter’s Bay offers attractive incentives as part of the purchase package. These privileges include membership of the exclusive Port St. Charles Yacht Club and access to a range of facilities at the magnificent Port Ferdinand Marina close by. Saint Peter’s Bay owners and guests can enjoy travelling between all three properties by watertaxi, as well as to Historic Speightstown or other places along the coast. Boating enthusiasts will be delighted to discover that a select number of berths at Port Ferdinand Marina are available for Saint Peter’s Bay owners, which allow for duty-free importation of a yacht. Golfers will be happy to know that they are eligible to purchase a golf playing card at the exclusive Apes Hill Club, located just 10 minute drive away. For many of our existing homeowners and resort guests, what is most rewarding about their time spent at Saint Peter’s Bay is that it inspires so many lifetime memories, especially when spending quality time with their families. Whether it is simply riding on the water-taxi or as enchanting as releasing baby turtles at sunset, Saint Peter’s Bay can provide it all.
Stunning 3 and 4 bedroom ocean front homes for purchase. From $US1,995,000. A selection of homes are also available for vacation rental. Winter rates start at US$1,150 per night and Summer rates at US$650 per night Telephone: US and Canada: 1-866-978-6931 | United Kingdom: 0800-097-0847 I Barbados: 246-419-9601 Email: email@example.com www.stpetersbaybarbados.com.
Whatever makes you smile, you'll find it at Saint Peter's Bay. We take care of everything so you can take time for you.
LUXURY RESORT AND RESIDENCES
www.stpetersbaybarbados.com • firstname.lastname@example.org • Telephone: 246 419-9601
Sustainable living in Barbados
Environmental sustainability is the solution to the economic problem that Barbados currently faces. The value of sustainability is not that we can grow all of our food locally and organically, it’s not that we can provide all of our power needs using alternative energy sources and it not the money that the green economy will both save and create in our economy. The true value of a Green Bajan economy is that we can show the world how to transition from our current model into the world’s first environmentally and economically sustainable country. What happens to our tourism product when we have a fully sustainable island? What will happen when our market places are flooded with locally grow organic food? Could we be the first country in the world to have true energy and food security? Could we be the first net-zero country in the world? The value of these things would bring a wealth to Barbados that it has never seen before. Green construction practices will play a part in this. It will take contractors, architects and clients alike to drive environmentally responsible building practices. There are many myths around green building such as the perceived higher costs but these are purely fictional numbers and misinformation. The truth is that by designing and building efficiently environmentally responsible houses are cost comparable. Where they start making even more sense is when you look at the running and maintenance costs. Incorporating food into the urban landscape is another key factor to reducing your food costs. I have started to grow most
of our family’s food and when I am not eating from my own garden I am supporting the organic growers at Holder’s farmer market. Fifty percent of the world’s energy is used in the shipping and refrigeration of transported foods. You want to save the world, eat local. I have worked with over 25 local companies to create my living examples of sustainability. They have all embraced the education and ideas that I have brought to them, seen the opportunity and in turn started to grow their businesses. I have worked to create a network of individual companies whose services both support and compliment each other. I have also worked with the Future trees program to plant trees locally to offset the co2 emissions of bringing all these goods to the island. This is a program that companies can use to offset the co2 emissions of travel, power consumption or importation of goods. They look great coming up the highway and are an example of what an idea and action can accomplish. When facing a problem as large as global climate change it is easy to get overwhelmed and feel like your actions don’t matter. Start small, take a reusable bag to the store, start recycling, plant a little kitchen garden, turn the light off when you leave a room… …..That’s how I started and this is where these small steps have led me. For any questions on green living tips check us out at ecostructure Barbados on Facebook. 35
Minister Kellman opens Palm Court
The Minister of Industry, Small Business and Rural Development the Hon. Denis Kellman MP officially opened the impressive Townhouse development Palm Court at Prior Park St James. The opening was attended by a guest list that included real estate agents, lawyers, local business people and members of the media. The Blessing was given by Pastor Beverley KnightSealy. Minister Kellman congratulated developer Julian Garbett on his enterprise and in particular his use of local workers, businesses and products. He gave a witty and informative speech on topical matters and highlighted many of the advantages of using local products and businesses. He also complimented the developer on the quality of the new homes and felt the owners will be very happy in their new environment. Palm Court is an impressive townhouse gated community in a quiet Cul-de-Sac in the Prior Park area close to a wide range of amenities and services. The two and three bedroom units are superbly finished and new buyers can virtually walk into their new home as the development is complete. There are 12 townhouses with ground floor and upstairs and prices range from BDS$819,000 to $899,000 depending on size. The spacious units vary in size from 1,835 sq ft to 1,920 sq ft. One of the major features of Palm Court is the site plan as the six buildings are strategically placed to provide plenty of space 36
for car parking, gardens and recreation. This has created a peaceful and relaxing ambience in a popular residential area close to Warrens, the University of the West Indies, Queenâ€™s College and the highway at Redmans. Attractive mortgage facilities are available for both local residents and non-residents, as this impressive development will appeal to many potential buyers. For more details contact Virginia Cuke at 228 3785 or by email email@example.com You can also visit the website at www.palmcourtbarbados.com
Los Micos, Micos, St James Jam es
FOR FOR SALE SALE
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FOR FOR S SALE ALE
Neils, St Mi chael Neils, Michael
FOR SALE SALE FOR
Large 2.5 bath detached house approx. Large 5 bed 2. 5 bat h det ached hous e on appr ox. 2 n need of m inor rrepair. epair. C lose tto minor Close o acres of land acres land iin US$ US$ 6 645,000 45,000 links. transport tr ansport links.
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SH SHARA, ARA, St George G e o rg e
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Large 2.5 traditional Barbadian arbadian ccoral o ra l L arge 3 bed 2. 5 bath bath tr aditional B house, basement, asement, g garage, a ra g e , stone h ouse, with with llarge a rg e b stone entertainment pat io, on 69, 957sqfft of lland. entertainment patio, 69,957sqft and. Stunning east east coast coast views. views. Stunning US US$ $9 950,000 50,000 Church Bishops Lodge, Lodge, Ch rist Church Bishops Christ
FOR SALE SALE FOR
(Opposite (O p p o s ite S Stt James Jam es P Parish arish C Church) hurch)
Single 2,900sqfft luxury villa, lla, 3 bed, 3. 3.5 5 bat bath h Single sstorey torey 2,900sqft luxury vi with with p pool, ool, llocated ocated iin n qui quiet et and br breezy eezy D Durants urants overlooking overlooking gol golff ccourse. ourse. US$1,200,000 US$1,200,000
Gurland James SALE Gurland Hse, Hse, Sandy Sandy Lane, St St Ja mes FOR FOR SALE
Vuemont, St Peter Peter FO RS ALE / LONG LONG RENTAL RENTAL Vuemont, FOR SALE
Single Single sstorey, torey, 3 bed bed 2 2.5 .5 b bath, a th , d detached etached hous house ew with ith glorious views, separate studio apt gl orious vi ews, pool and se parate st u d io / a pt on 2 acres mature land. ac res of ma ture la nd. US$ US$ 1 1,300,000 ,3 0 0 ,0 0 0
andy L ane vvilla illa h as 4 bed 5 bat h This luxury Sandy Lane has bed,, 4. 4.5 bath Thi s lu x u ry S acres overlooking golff ccourse mature lland and o verlooking gol ourse on 2 ac res of mature gym, salt sea. IIncludes n c lu d e s a g ym, games games room, room, sa lt water w a te r & sea. pool,, ffish beach US$4,500,000 $4,500,000 pool ish pond, beac h ccabana. abana. US
ached vi lla in g ated Modern bed, bath detached villa gated Modern 3 b ed, 2 bat h det ennis ccourt. ourt. community pool,, ttennis community with with ccommunal ommunal pool Gym, stunning stunning ccountry ountry & ssea ea vviews. iews. Gym,
L Land and for for Sale Sale
IInvestment nvestment Properties Properties for for Sale Sale
Long Long Term Term Rentals Rentals
Redmans Redmans Vi Village llage oppos opposite ite gas sstation, tation, m e s, 7, 7,151sqft 151sqft St Ja James, US$144,000 875sqfft, quiet We lches Terrace, Terrace, 11, Welches 11,875sqft, quiet road, road, US $155,000 Thom as St Thomas US$155,000 et cul-desac, Westport, 30, 000sqft, qui Westport, 30,000sqft, quiet cul-de-sac, US $300,000 Jam es St James US$300,000 Co ral Cliff, Cliff, 23,000sqft-overlooking 23,000sqft-over overlooking w est Coral west Co ast and and P SC, S P e te r, US $400,000 Coast PSC, Stt Peter, US$400,000 Va rious llots ots ffor or ssale ale iin n St Pe ter & St G e o rg e Various Peter George
Rendezvous Rendezvous Ri Ridge, dge, Block Block o off 4 x 2 bed bed apts apts Church US $ 450, 0,000 Christ Christ Church US$ 450,000 C re es st, Block Block o bed apartment. apartment. Sunset Crest, Sunset off 5 x 2 bed 00,000 US$ 900, Jam es St James US$ 900,000 -bath hous e & vviews ie w s Large 5 bed 5 Large 5-bath house US $1,975,000 G e o rg e St George US$1,975,000 5-bath, co mmunal pool Porters, 3 bed 2. Porters, 2.5-bath, communal pool,, 2 sea, gated, g a te d , S James US$ US$ 600, 00,000 mi n ffrom rom sea, min Stt James 600,000 villa 4 b ed, 4 bat h, Pr iv a t e Mo unt Standfast, Standfast, villa Mount bed, bath, Private ea views, views, St St James, James, US $1,300,000 pool pool,, ssea US$1,300,000
Penthouse, great panoramic sea 5 bed P enthouse, gr eat llocation, ocation, panor amic se a views, high-end private private vi ews, hi gh-end ffinishing, inishing, pr ivate pool, pool, p rivate elevator gardens. US$1,300,000 $1,300,000 el evator and llush ush gar dens. US Villa Vi lla Victoria, Victoria, St Peter Peter
FO RS ALE FOR SALE
Ch Church urch Point, Point, Holetown, Holetown, St St James. Jam es.
US US$ $ 392,500 392,500
US US$1,300 $1,300 per per m month onth
Southern Southern Heights Heights s 2 bed 1 bath bath gr ground ound ffloor loor apt f/f, Christ apt.. f/f, Christ Church Church US$ US$ 650 Pr ospects, 2 bed, 2. 5 bath Prospects, 2.5 bath ccondo, ondo, sshared hared pool sea views, views, 1 m inute tto pool,, sea minute beach, o beac h, ff/f. /f. St JJames am es US$2,500 US $2,500 Su gar Hi ll, 2 bed, 2 bat Sugar Hill, bath, tennis, com pool, h, te nnis, co mp o o l, f/f, St St James Jam es US$3,500 US $3,500 S andy Lane, 4 bed 4. 5 bat Sandy 4.5 bath, Gym, pool, h, Gy m, p ool, ssea ea views, US$7,500 vi ews, cabana, cabana, f/f, St JJames am es US$7,500 Un/f Un n/f = Unfurnished Unfurnished
F/f F/f = Fully Fully Furnished Furn n is h e d
Property Property Sales Sales / Holiday Holiday Re Rentals ntals / Long Term Term Rentals Rentals / Property Property Management Management / Appraisals Appraisals / Consultancy Consultancy
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Election Fever Could Boost Home Ownership There’s nothing like an election to bring out all the pros and cons on virtually every aspect of government. As Barbados braces itself for the first election in five years, the smart electorate will have a chance to review past performance against the promises made and evaluate what each party offers for the future. Unfortunately the not-so-smart electorate will vote with party blinkers along traditional lines irrespective of performance and abdicate a wonderful opportunity to have their say. It doesn’t come often, but when you get the chance to vote it should be done on the basis of constructive analysis, not blind devotion to a party. Barbados has two labour parties driven by personalities as opposed to different ideologies. In simple terms their policies should be similar given their core values, but in practice they are different because they are in opposition. Wouldn’t it be an impressive and visionary political model if in times of recession both parties aligned with each other for the common good and committed to a joint approach in the national interest? Surely this could reap huge benefits? Politics is a fickle world, but it does have a bearing on home ownership and the betterment of the people. Government has a huge responsibility to administer the wheels of administration across many sectors, but if you ask any Barbadian what is at the top of their Wish List then it is most likely to be home ownership. Most people aspire to own a piece of the Rock and as a consequence politicians, political parties and civil servants should be doing everything within their power to help the process. There are many areas where a government could help home ownershipThey could build more houses and rent them out to low-income families at nominal rates.
They could assist first-time buyers with tax breaks on interest paid on mortgages and discounts on land tax in the early years of ownership. They could break the monopoly lawyers have on legal fees and make it an open market like most professional services. They could instruct the Central Bank of Barbados to work closer with lenders on improving terms and conditions for the firsttime buyer. Key areas are the provision of higher Loan-to-Values and the scaling down of the punitive mortgage indemnity insurance premiums. Special terms should be offered to firsttime buyers. The biggest deterrent to home ownership in Barbados are the initial costs. Assuming everyone needs to borrow to buy this involves a heavy outlay. It doesn’t matter what age you enter the property ladder, you must have the funds to meet the deposit, the legal costs and the mortgage costs. Even with a 100% mortgage the legal and set-up costs can still be prohibitive and a deal-breaker. We need to reduce these costs and provide access to funds that will assist people in buying their homes. In an ideal world market forces would drive down costs as businesses compete with each other to woo customers. But it doesn’t happen to the extent it should in Barbados and in respect of legal fees it will never happen without government action. And who is government? The people you elect every five years control government. The same people who are ranting and raving at their opponents, but missing the bigger picture. If a politician wants your vote make sure they offer something tangible in return because you may not see them again for another five years! Clarence Hiles is a Director of Caribbean Mortgage Services and Editor of Caribbean Property Magazine. He can be contacted at 230 9215 or by email at Clarence@caribbeanmortgages.com
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Real Estate News PCS Appointment Property Consultancy Services (PCS), one of Barbados’ leading property consulting firms, today announced the appointment of Mr. Curtis Pounder (MSc. MRICS) as Senior Valuer and Real Estate Consultant. Mr. Pounder will head the Property Valuation team as well as lead the roll-out of the company’s industry research publications. In making the appointment, Terry Hanton, Managing Director of Property Consulting Services, commented, “There has been a quantum change in the importance placed on valuers’ opinions since the 2008 property-led recession. Lending agencies, auditors and company directors have become acutely aware of their responsibilities in regard to the values they place on property assets and the need for more robust compliance with international valuation standards. Curtis brings a wealth of international experience, which will strengthen PCS’ position as an industry leader and facilitate our expansion in the region.” Mr. Pounder, a Barbadian who has studied and worked in the UK, brings over eleven years of experience to Property Consultancy Services. Prior to his recent relocation to Barbados, he was employed as Chartered Surveyor for Clifford Dann LLP, a property consulting firm in the South of England. He has also served as a committee member of the Commonwealth Association of Surveying and Land Economy (CASLE) Europe region, where he was able to advance his interest in the progression of the valuation profession in developing countries.
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BEAVA Inc. to focus on Rebranding for 2013
Barbados Estate Agents and Valuers Association Inc. (BEAVA) President Suzanne Davis is looking forward to her next term as she and the newly elected team follow the mandate of the membership to execute a re-branding exercise for the association. Davis, Head of Realtors Real Estate Limited, vocalised her goals shortly after being re-elected at BEAVA’s Annual General Meeting on the afternoon of 1 February, at the Courtyard by Marriot. She was quick to praise the out-going executive committee for its hard work and dedication during an extremely challenging and busy 2012, but admitted that more still needed to be accomplished over the next term or two, especially in regard to securing legislation for the real estate body and leading the rebranding exercise which the association needs at this time. “I am very proud of the work that was done by the outgoing executive committee of BEAVA this past year,” Davis said. “It was an extremely busy one with regards to change in BEAVA, the main change being the implementation of a Multi Listing System (MLS) here in Barbados. “It was clear at the AGM that the membership wishes BEAVA to continue to move forward (more aggressively with its marketing strategy) and with this in mind, the newly elected board was mandated to educate the public on the benefits of the Multi Listing System as it is a relatively new concept here. We were also mandated to “brand” this BEAVA Multi Listing System and market it in such a way that BEAVA and MLS are seen as one entity.” In essence, BEAVA and the MLS will be advertised and subsequently interpreted by the buying public, as the most ideal
place to look for all its real estate needs, whether it be on its website or in branded newspaper and magazine advertising. BEAVA’s goal is to let property seekers both here and abroad see the benefits of using its MLS as a fantastic representation of properties of the most reputable realtors on the island. To this end as well, the association will host a few marketing initiatives, including a series of seminars (the first of which was held last November) for the public. Addditionally BEAVA will facilitate for its members, refresher courses in various aspects of the real estate industry so that the public can be confident that when they choose a member of BEAVA to represent them, they would do so in the comfort of having only the best in the industry working on their behalf. Over the next several weeks members will be informed of other initiatives planned to kick-start this marketing thrust and BEAVA is also leaning on members to volunteer their time and effort to serve on various committees, including fundraising/event planning and marketing. The President is joined on the executive committee by Sonia Field, her Vice-President of A.M Realty Services, who was reelected unopposed, Honorary Secretary Alkins Kirton of A.N. Kirton Inc., also re-elected unopposed and newly elected Treasurer, Tania Wardle of Port Ferdinand who took over the reigns from Arthur Ramsay, who did not seek re-election. Other members of the board are George Ramsay (Ramsay Real Estate), David Coombes (Caribbean Island Properties), Paul Alleyne (Alleyne Real Estate), Cherita O’Dell (Million Dollar Homes) Pooka Yhap (Altman Real Estate) and Hayden Hutton (Terra Caribbean).
Blue Sky Luxury Launched
Bajan Services Ltd. announced it has launched a new brand dedicated solely to its well-established luxury holiday rentals business. The website www.blueskyluxury.com went live on the 29th November and showcases it’s 100 strong exclusive portfolio of ‘best in class’ villas and apartments. Judith Wilcox, Business Development Manager said; “Villa and apartment rentals are the fastest growing segment of the accommodation sector. We wanted to ensure that Blue Sky Luxury embraced the best and highest standards of the hospitality industry and also set the benchmark as a market leader in the marketing, distribution and delivery of service in our holiday home portfolio. Over 120 ‘Best in class’ homes have been carefully curated, assessed and classified to ensure guests are easily able to find the perfect match for their holiday needs allowing Blue Sky Luxury to offer 130,000 room nights for rent per year – even more than Barbados’ largest hotel. “The quality classification into Flagship, Luxury, Classic and
Real Estate News
Essential is an industry first and the multi-dimensional assessment of our inventory ensures visitors to our website are able to search by the features that are most valuable to them. For example, if you are looking for a Beachfront, Family Friendly villa with a Fabulous Pool you can refine your search by these specific criteria; if Perfect Privacy and Stunning Sunsets are your idea of a perfect holiday- just click and view your options with these features –the possibilities are endless. Of course we’ve also kept the traditional search criteria such as number of rooms required and price, but significantly, we’ve also improved the ability to search by preferred dates ensuring a seamless, user friendly and intuitive interactive experience for visitors to www.blueskyluxury.com The evolution of the internet has made it easier than ever for villa and apartment room inventory to become more widely available and Blue Sky Luxury represents the cutting edge of professionalism, innovation and excellence in this field in every respect.”
W G NOLLIN SE
Carter’s Grove Two Units left at BDS$405,000 each
• Three bedroom homes on lots of over 5,000 sq ft • Small community of ten units in quiet cul-de-sac • Located just off Enterprise Road a few minutes drive from Oistins fishing village • Up to 100% mortgages available • Five units sold and two completed • Three units reserved and only two available for purchase
For more information call 230 9215
Barbados Property Magazine