Barbados Property News Feb March 2012

EE NE FR NLI O &

Palm Court - Pages 42 & 43

Harry Manning - Page 39

Vuemont - Pages 40 & 41

BARBADOS PROPERTY

NEWS www.barbadospropertynews.com • Feb 2012 - Mar 2012 • Issue 79

Endorsed by the Barbados Estate Agents and Valuers Association Inc.

St. Peter’s Bay Pages 20-23

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ALTMAN R E A L

E S T A T E

Editor’s Comments We are already well into another year and it seems as if it will be just as challenging as the past few years. Speculative predictions of a quick end to the global meltdown have finally disappeared, so tightening belts and better efficiencies will continue to be the order of the day in 2012.

Income controls expenditure when times get tough and hard decisions have to be made. Inevitably in business these involve advertising, so we appreciate the support of our advertisers and we trust you will give them your support as Barbados Property News fills a marketing medium in local real estate like no other. We publish 8,000 copies six times a year and we distribute to over 320 outlets on island. We also have an electronic version that goes all over the world. Our magazine is free and it has a clear focus on property sales, rentals, products and services. People love it and all copies are taken up every edition.

Barbados has some beautiful property and whether you are a local buyer or a visitor thinking of retiring or buying a second home, we have a wonderful range of real estate to consider. We have also a lovely climate, sand, sea and sunshine to die for, and a multitude of attributes that you only appreciate when you return to the island from overseas.

It is a genuine Caribbean paradise.

Pamela Hiles On the cover: St. Peter’s Bay Editor

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

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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, 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.

FOR SALE

Dairy Meadows, Holders, St. James

John’s Plain, Holders, St. James

Rowans Park, St. George

Well designed 3-bed property in desirable neighbourhood - BDS$1,600,000

Large 4/5 bed family home with swimming pool BDS$1,400,000

Spacious 4-bed family home in quiet cul-de-sac BDS$1,200,000

Long Bay, St. Philip

Content at Cattlewash, St. Joseph

Buttals, St. George

Beautifully renovated 3-bed home with swimming pool - BDS$995,000

Seaside home and lots with sea views Starting at BDS$360,000

Breezy, elevated lot with lovely country views BDS$299,000

FOR RENT

Fort George Heights, St. Michael Executive home, beautifully furnished and finished with 2-bed apt & pool - BDS$16,000

‘Hammock’, Atlantic Shores, Ch Ch ‘The Edge’, Ft. George Heights, St. Michael Ocean front 4-bed executive home with swimming pool - BDS$9,500

Contemporary 4-bed property with pool & views to south coast - BDS$8,500

Reef Crescent, Atlantic Shores, Ch Ch

Cottage, St. George

Rock Dundo, St. Michael

Spacious, modern 3-bed townhouse enclosed with plunge pool - BDS$4,000

Charming 3-bed property with enclosed patio and lovely views - BDS$3,750

Recently built contemporary 2/3 bed property with studio apt - BDS$3,500

LAND

Dairy Meadows, St. James - 11,790 sqft - $460,000 Content Cot, St. Philip - 16,296 sqft - BDS$375,000

Haggatt Hall, St. George - 14,857 sqft - $350,000 Colleton Gardens, St. Peter - 9,246 sqft - BDS$235,000 Southern Heights, Christ Church - 7,472 sqft – BDS$210,000

Visit our website www.cipcaribbean.com • Tel: (246) 424-6633 • Email: info@cipcaribbean.com

Life is For Living at Saint Peter’s Bay Barbados Ideally situated at the heart of the Barbados Riviera, on a particularly beautiful stretch of the northern west coast, Saint Peter’s Bay offers breathtaking beachfront homes.

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 ocean, which is particularly blue and crystal clear in this area. Saint Peter’s Bay is the epitome of idyllic Caribbean scenery and lifestyle.

In addition to a luxurious home in an extraordinarily beautiful location, Saint Peter’s Bay also offers a number of extremely attractive incentives as part of their purchase package, including membership of the exclusive Port St. Charles Yacht Club. The Yacht Club provides casual dining seven days a week and Saint Peter’s Bay owners can enjoy travelling by water-taxi to and from the club, as well as to Historic Speightstown or other places along the coast. Serious boating enthusiasts will also be delighted to discover that a select number of berths at the soon to be completed Port Ferdinand luxury marina will be made available to Saint Peter’s Bay owners. Another development should make golfers very excited indeed. Ownership will now carry the privilege of purchasing a golf playing card at the exclusive Apes Hill Club located just 10 minutes drive away.

‘Life is for living’ is the everyday mantra at Saint Peter’s Bay and every step is taken to ensure that all residents and guests - couples, friends and families alike - are given every opportunity to derive maximum enjoyment from each day they are here.

The natural beauty of the spacious 4-acre area of beachfront land has been enhanced with colourful gardens, skilfully 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 find some shade during the day and to watch the sun set in the evening or to enjoy an evening barbecue with other residents. Sun loungers can be placed on the beach upon request and there are a number of kayaks and paddle boards available for use. Other general facilities at Saint Peter’s Bay include the Waves Beauty Salon, Fitness Centre, concierge services, on-site security and property management.

For many of the existing owners, what is most rewarding about their home-away-from-home is that it inspires so many lifetime memories for them, especially when spending quality time with their families.

Whether it be as simple as riding on the water-taxi to go out for lunch; as enchanting as swimming with the turtles or discovering one nesting on the beach; or as sensationally memorable as spotting whales cavorting offshore as happened to residents recently, Saint Peter’s Bay can provide it all.

Life at Saint Peter’s Bay is now in full swing and so prospective

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owners can get a genuine hands-on feel for the quality of Saint Peter’s Bay by spending some time actually relaxing in the apartments themselves, personally soaking up the peaceful ambiance of discrete elegance and refined tropical living.

Saint Peter’s Bay represents a rare opportunity for the discerning investor to purchase a quality home on one of the finest beaches in Barbados, secure in the knowledge that the developers are committed to maintaining this property as one of the Caribbean’s premier residential communities.

The developers of Saint Peter’s Bay continue to invest in Barbados, especially in the north-west coast of the island now known as the Barbados Riviera. They believe this area holds a unique charm that appeals to property investors and home owners alike, due to its beauty, lifestyle and strong community spirit. Well known businessman and property developer Bjorn Bjerkhamn is the catalyst behind the vision that is Saint Peter’s Bay and his team is refining a master plan for the Barbados Riviera which will provide a mix of luxury developments and complimentary amenities and services in the area while ensuring that its signature Barbadian charm is retained. Projects in the works include the ultra luxury Palazzate, Port Ferdinand Marina, and the development of additional attractive amenities and services in Historic Speightstown to complement these nearby projects. This creates real potential for a future increase in property values at Saint Peter's Bay and assures a pleasant local environment well into the future. Saint Peter’s Bay represents an attractive investment for multiple reasons.

Barbados is a wonderful place to enjoy life to the full. Saint Peter’s Bay is a wonderful place to enjoy Barbados.

For further information please contact: (Tel) 1 246 419-9601 (Fax) 1 246 419-9606 Email: info@stpetersbaybarbados.com Website: www.stpetersbaybarbados.com

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B s S ...

ENT L L E EXC TAL REN NS R RETU 5%

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Located on the popular Dover Beach, these stylish, well-appointed 2 & 3-bedroom apartments offer striking ocean views and excellent rental returns.

• Enjoy beachfront living close to St. Lawrence Gap • Nightlife, shopping and fine dining are all within easy reach • An extremely viable opportunity for your enjoyment ... and investment!

Prices from: US $700,000 • (2) show units open For a viewing or more information please call: (246) 434-9000 or visit www.terracaribbean.com

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• • • • • •

Palm Court is very special First impressions of the new Palm Court development at Prior Park are that it is tastefully snuggled in a residential area barely 500 yards from Redman’s Roundabout yet it could be in the middle of rural Barbados. The developers have done well to capture a private and peaceful ambience at a strategic location close to Warrens, The ABC Highway, the University of the West Indies and the West Coast.

The two and three bedroom townhouses have many exceptional features, but once again first impressions are lasting and in these superbly finished properties it is the open plan culture of the units that creates the feeling of space, cool air and an easy living lifestyle. The properties will appeal to both local buyers and to overseas investors as they offer such a wide range of options and features at attractive prices.

There are only 12 units in the development which is almost complete.

There are lots of special features and optional extras so visit the showhouse either by appointment or on Saturday mornings from 10-30am.

For more details call Virginia Cuke at 417 6507 or 831 2551. You can also email to info@palmcourtbarbados.com or visit the website www.palmcourtbarbados.com

Hurricane, Security & Sun Protection

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And there’s more!

Regular customers of Mary-Ann Williams will be delighted that she has extended her retail outlets by opening a new interior design and furnishings store in Sunset Crest in Holetown. The new store will compliment the Speightstown store and is prominently placed just opposite CIBC First Caribbean Bank and 100 yards from the Cave Shepherd West Coast outlet.

Lady Williams has a great flair for Caribbean design and furnishings and has decorated a number of beautiful homes on the West Coast.

Her stores stock a multitude of furnishings and accessories including candles, glass, candleholders, silk flowers and orchids, tapestry shoes, canvas shoes, prints, furniture, rugs, lamps, bedspreads, polo clothing and virtually every item needed to complete the interior design service. The stores also stock the exclusive Sia French brand of household accessories, plus lamps, prints and rugs from the US. The new store will also open on Saturdays, while on weekdays both stores are open 10am-4pm. The Speightstown store is located in the Caspian Building, which is the last building on the right as you drive along the scenic Speightstown Coastal Road heading north out of town.

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Is it still a buyer’s market?

Clarence Hiles looks at the current real estate market and evaluates the pros and cons of buying today.

I was recently asked, “What is a buyer’s market” and “How does that help local and overseas buyers”. It seems obvious that when the market is soft then prices come down, and consequently that benefits prospective purchasers irrespective of whether they are resident or non resident. However, all that glitters is not gold, and looking deeper into the Barbados real estate market it would be inaccurate to say prices have come down across the board. Perhaps it is a lack of verification that stops us from quoting figures as the paucity of sales in most sectors makes it virtually impossible to generalize. Asking prices are irrelevant in this scenario, as they have no real bearing on reality. Owners and developers can ask what they like, but the litmus test is the selling price and these figures are loosely publicised. But times are changing, and despite a traditional culture of inflexibility on asking prices, many local owners are now coming to the reality that some asking prices are not realistic in the current market and they are prepared to negotiate.

And therein lies the trademark of a “Buyer’s market”-the presence of negotiation as owners drop their price to entice a prospective buyer to purchase.

This has certainly helped prospective buyers, but perhaps not across the board. Sales at the top end of the market are normally least affected by recession, as owners are generally affluent enough to ride the crisis and make financial decisions without dependence on getting their asking price. Some sales have taken place in the past 12 months in this sector and the buyers have benefitted from a discounted asking price.

There is also the delicate issue of supply and demand, and the availability of a surplus of condo properties at present also offers the opportunity to get a bargain price. This won’t last forever, as few new condo units have been built in the past 18 months,

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so at some stage the imbalance will rectify itself. Just when it a moot point, as nobody has the answer when it comes to a timeframe for the end of global recession. It is said that “Recession ends when people start spending again” so we wait with bated breath for the overseas buyers to return to the island in numbers. They will certainly get value for money in the current climate.

The bulk of local buyers are in the middle and lower sector of the market and while there has been some room for negotiation depending on the vendor’s enthusiasm to sell, evidence of lower pricing is mixed and not dependable. Suffice to say in the BDS500-900,000 price range there is likely to be some concession, but below $500,000 market values are holding their own and may even be increasing. This may also help the buyer, because the skill in buying is getting the best price and if prices are increasing then get in now as the opportunity may have gone before you get round to buying. First-time buyers in particular need to weigh up their options as properties in the $250-450,000 price range are scarce and using the supply and demand principle they are unlikely to sit around for long. An owner may concede a little to expedite a sale, but in reality more people are looking to buy in this sector than sell.

Like everything in life it is different strokes for different folks on the property ladder, but starting out in life you need to get on it to improve your lot so the best time to buy is now. But wouldn’t it be nice if lenders, lawyers, vendors and governments combined to provide a much more inexpensive purchasing package? Everyone wants to own a home, but the costs to buy still remain outrageously high in Barbados and when it is your first step on the ladder that’s tough.

Clarence Hiles Editor

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MLS - The Best Way Forward The Multiple Listing Service (MLS) may be new to Barbados but it is a system that has been widely used and accepted for decades across the United States and North America and to a much lesser extent, the United Kingdom and other countries including some in the Caribbean, namely Jamaica and The Bahamas. And, almost all properties sold in those territories are done so through an MLS. For more than five decades, the MLS® system has been the primary marketplace connecting buyers and sellers of real estate in the United States. The first multiple listing service in the US originated more than 100 years ago.

The Barbados Estate Agents and Valuers Association (BEAVA) recently held four seminars at Coconut Court Hotel for agents across the island who heard what MLS is and isn’t, and what it can do for them. The sessions were conducted by Sarah Reynolds, Product Manager with Canadian company, Realty Server International, host of the MLS software for BEAVA. What is MLS? According to the Wikipedia Encyclopedia, “A multiple listing service (MLS, also multiple listing system or multiple listings service) is a suite of services that enables real estate brokers to establish contractual offers of compensation (among brokers), facilitates cooperation with other broker participants, accumulates and disseminates information to enable appraisals, and is a facility for the orderly correlation and dissemination of listing information to better serve brokers’ clients, customers and the public.”

Wayne Berthin, partner at Realty Server International describes it best: “MLS listings are simply exclusive listings with cooperation, where the cooperation has been formalised and institutionalised.”

A multiple listing service's database and software is used by real estate brokers , representing sellers under a listing contract to widely share information about properties with other brokers who may represent potential buyers or wish to cooperate with a seller's broker in finding a buyer for the property or asset. The listing data stored in a multiple listing service's database is the proprietary information of the broker who has obtained a listing agreement with a property's seller.

In the real estate industry, there are three major kinds of property

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listings: open listings, exclusive listings and multiple listings.

Open Listings is the term applied where homeowners allow their properties to be listed openly with many agents; Exclusive Listings occur when an owner agrees to give only one agent the rights to sell their property; Multiple Listings as the name suggests, incorporates the first and second type of listing. It requires that a homeowner lists with one agent and it guarantees that agent’s rights to the commission of the home sale if sold before the listing expiration.

The caveat is that unlike an exclusive listing, the multiple listing ensures great market exposure as every BEAVA agent who is signed up for MLS would now have the right to sell that home and share in the commission.

Under the Barbados MLS system, an MLS listing starts as a signed exclusive contract between an agent and their client, which is then entered into the MLS System database (domiciled at BEAVA’s office).

Once entered, that listing is automatically available to all agents who are BEAVA MLS members. Under the contractual terms of the MLS, all BEAVA MLS AGENTS are guaranteed to earn a portion of the commission on the sale of the property if they find the buyer.

What are some of the benefits of MLS? The primary purpose of an MLS is to provide a facility to publish a "unilateral offer of compensation" by a listing broker, to other broker participants in that MLS. In other words, the commission rate that is offered by the listing broker is published within the MLS to other cooperating brokers. This offer of compensation is considered a contractual obligation, however it can be negotiated between the listing broker and the broker representing the buyer. Since the commission for a transaction as well as the property features are contained in the MLS system, it is in the best interests of the broker participants (and thereby the public) to maintain accurate and timely data.

Therefore, the MLS System ensures that there are no grey areas attached to the payment of commission upon the sale of a property.

What advantages does a multiple listing service offer to the consumer?

As sellers, consumers can expose their properties to thousands of potential buyers they would otherwise never reach. As buyers, they enjoy the benefit of instant access to listings that match specified criteria, beyond price range and location. Perhaps a consumer would like to see all homes available with four bedrooms, two patios and an enclosed garage, or another may wish to see homes in a certain parish or close to to the beach.. This service has saved everyone involved in real estate transactions - buyers, sellers and their agents - time and legwork sorting through the large volumes of properties on the market.

Another thing the listings offer is the advantage of timeliness for they are updated frequently and display new properties coming on the market, thereby making information more up-to-the-minute.

BEAVA is going to meet its obligation head on to inform and educate all parties about the use and benefits of the MLS. We will continue with a few more seminars, including one for the consumer, at a date that will be announced over the next several weeks.

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Bajan Services Kicks off the New Year in Style

Real Estate News

Bajan Services Ltd. hosted a special event for its holiday rental guests and property owners. Hosted in conjunction with Concierge partner Trident Wines, the event was held at Trident’s brand new retail store at Timothy Oulton. Authentic Sicilian cuisine was provided compliments the fabulous Gianluca cafÊ. Judging by the smiles, a fantastic time was had by all.

Managing Director of Terra Caribbean Andrew Mallalieu (right) also joined the festivities. Standing to his right are property owners Clinton and Eileen Dunmore and their guests Mr. and Mrs. Jones.

Holiday rental guests Mr. and Mrs. Airton sharing a moment with Business Development Manager Judith Wilcox.

Sales Agent Sam Mahon (right) and his wife Dianne Mahon enjoying the company of property owner Steve Morrison.

All smiles! From L-R: Property Managers Ann-Marie Worme & Amanda Beck, Guest Relations Representative Nicole Tempro-Parris, Property Manager Zoe Willis and Concierge Representative Tracia Burrowes.

Lucky winners! Mr. Jones won a magnum of champagne compliments Trident Wines for the closest guess to the number of corks in a large bottle.

His wife received a small bottle of wine, also compliments Trident, for the guess that was farthest away.

The Bajan Services team fully supported the event! From L-R: Sales Agent Nicole Gibson, Marketing Executive Marita Greenidge and Villa Rental Administrative Assistant Shari Marshall

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W G NOLLIN SE

Carter’s Grove Carter’s Grove at Enterprise, just a few minutes from Oistins New ten home development in quiet cul-de-sac Two and three bedroom options

Prices starting at BDS$ 326,000 for detached home and land Plots 4,000 to 6,000 sq ft.

Special mortgage packages available Four properties already under construction, two reserved and four available to purchase.

For more information call 253 2592 or 230 9215

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