EE NE FR NLI O &
Port Ferdinand - Page 11
Altman Real Estate - Page 13
Apes Hill - Page 17
Endorsed by the Barbados Estate Agents and Valuers Association Inc.
NEWS www.barbadospropertynews.com • June - July 2014 • Issue 93
Natz’ celebrates one year in their new Warrens home - Page 42
Editor’s Comments Welcome to another edition of Barbados Property News. In the old days things went quiet in the property market during the ‘summer’ months, but the world has changed and there is just as much activity now as over the Christmas period. Certainly with Crop Over and CPL (Caribbean Premier League) cricket on the horizon there will be plenty of people visiting the island and that’s great news for hotels, villa owners, retail outlets and real estate agents. We’ve also included our annual Wedding Special in this edition as we know weddings mean first-time property buyers or renters and they will be scanning these pages for a place to live. And of course, many of our readers are existing homeowners and they will be looking for places to buy presents and what better than something for the new home? Barbados Property News highlights properties for sale or rent, property products and property services. We hope you find something to suit your needs either in this hard copy or the electronic copy at www.barbadospropertynews.com which goes all over the world. And the reason we know it goes far and wide is because our international readers tell us! On the Cover: The Natz team: Sitting Pamela Hiles Editor
If you would like to advertise in Barbados Property News call Pam at 228-9122 or 232-0692
- Natalie Manning, Annelise Inniss. Standing - Ann Hunte, Erica Gibbs & Maria Gibbs
Publisher – Hiltop Publications Ltd, 11 Cottage Ridge, St George, Barbados, BB19071 Tel (246) 228-9122, Fax (246) 228-0243 Email: email@example.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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Barbados Property News Feature
Summer Weddings Gift Ideas
Walkerâ€™s World 1. Oval Photo Frame 8x10 - $89.95 2. Wedding keepsake boxes - $69.95 3. Mr.& Mrs.Gift Set with Cutlery $99.95
Carters 1. SabichiCeramic/Acacia Wood Serving Bowl $130.60 2. Spirit SP320 S/Steel Barbecue 3Burner plus Side Burner $2286.99 3. Rocco Silver Ceramic Table Lamp - $201.82
All Prices VAT Inclusive and subject to 10% Discount. 30
1. Kokomo Coverlet Set from $329 2. 15 PC Kitchen Utensil Set - $119.95 3. 7 PC Cuisinart Cookware Set - $399.95
Archerâ€™s Hall 1. Dazzle Leaf Napkin Rings and Hurricane $63.45BDS Vat Incl and Up 2. Wave Design Vase - $47.74 BDS Vat Incl and Up 3. Seashell Embellished Votives - $58.75 BDS Vat Incl
Sort Your Stuff 1. Scoop Magazine Rack (#ML-5667) - $85.40 2. Quad Sorter (#6542) - $165.00 3. Scroll Wine Rack- (#48710) - $110.00
1. Prices: Alabaster Chip & Dip $152 2. Salad Pearl Server $84 3. High Heel Bottle Opener $37 4. Salad Pearl Server $84
Standard Gifts 1. Seaside Candle holder set - $185 2. Round Capiz mirror - $469 3. Green Retro lamp - $159
Designer Decor 1. Elephant garden stool $325.00 2. Green Lantern $75.00 3. Red jar w. lid $ 65.00
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Natz Celebrates First Anniversary of Dream Store You’ve got to give it to Natalie Manning and her team at Natz Home Furnishings. A year ago she decided to take over almost double the space, at a time when most people in retail were thinking about downsizing. Some, including her well known dad Bizzie Williams, thought she was crazy. A year down the line, her spacious new store houses everything from lamps and vases to furniture area rugs and framed prints. A plethora of beautiful accessories to compliment any home. “Our prices are competitive and we get shoppers from all corners of the island,” says Natz. And when you just don’t know what would look good in your home, the interior design team are there to help you! Residential,
commercial – they do it all! For Natalie, personalized service is the key to her success as Jan and Evans Husbands, faithful customers, will testify! “Natalie is just excellent,” enthuses Jan Husbands, “She just wants you to be happy and she won’t suggest anything that she doesn’t think suits you or your home. Her staff are knowledgeable and the merchandise is always up to date.” To celebrate Natz had a cocktail party for some of her faithfuls and has brought in a whole new range for the summer months ahead. Go on over to Natz Home Furnishings in the Williams Industrial Complex, Warrens and be prepared for a feast of choice.
From L to R: Adriana King, Josée Atkinson and Chris Armstrong
Michelle Barber & Sarah Clarke
Christopher Parravicino, Jeremy Gunn & Lynn Williams
Tougher Mortgage Processing on its Way Whatever happens on the international front eventually reaches the Caribbean and while the effects of global recession took their time to penetrate the region, the damage since 2008 has been huge. Small island economies have struggled to come to terms with austerity methods and trying to tax your way out of the problem coupled with high borrowing has certainly not worked in the Barbados economy. It remains to be seen if the government can turn it around amidst widespread criticism of their strategy and performance to date. The damage to the second home market and by association the construction industry has been profound. Second homebuyers virtually disappeared in the early years of recession and although the market is showing signs of recovery, it is a far cry from the halcyon years pre-2008. Less building has meant less supply although in time the delicate balance between supply and demand will produce a more competitive market place. But the cost has been painful with higher unemployment, less work in the pipeline, shorter working hours, and a serious trimming of expenditure. The knock-on effects in the financial sector have been tough. Lenders tightened their terms and conditions, although too late to avoid serious damage and while they have tried to work with delinquency, it was inevitable it would increase in both the commercial and domestic sectors. High provision for bad debt has seriously dented the annual figures for banks in recent times and newspapers are now regularly advertising repossessions and auctions, something of a rarity in Barbados previously. At the same time lenders must lend or their business model dies. And they live with the memory of their huge contribution to global demise, as it was lenders that sparked it off through reckless lending, fabricated assets, tardy regulation and a serious lack of accountability and consequently credibility. At local level only the lenders themselves know how much this impacted their assets, but there is a general feeling that the conservative approach to lending over many years on the island cushioned the blow. Six years later we live in a different world and we’d like to think lessons have been learned. The problems in Barbados were
miniscule compared to what happened in the United States, the UK and Ireland. Our prudent lending and conservatism probably saved our bacon, but the American, UK and Irish taxpayers were not so fortunate as their respective governments had to bail out lenders with billions of taxpayers’ funds. Governments have since kept closer cognizance and involvement in the financial sector, not least as they have a colossal ‘investment’ in it and perhaps to help erase the shocking lack of regulation by government that a number of financial scandals exposed. Against this background the UK’s Financial Conduct Authority has recently ruffled a few feathers in the industry especially with many lenders and prospective borrowers. Its Mortgage Market Review has brought into effect more detailed scrutiny of the mortgage application process and in particular the applicants’ lifestyle and how it might impact on their ability to repay a loan. As we all know there are a number of security checks already in place strengthened by limitations on Loan-to-Value, but the new measures will go a lot deeper into everyday expenditure and include such items as holidays, club memberships, dining-out, car choices and household expenses. There will also be stress tests to assess how the applicant can handle an interest rate increase or change in their circumstances. Some lenders have already adopted more scrutiny, but these measures go far and beyond what has gone before and have already annoyed potential borrowers and lenders. The tighter lender regime will place a lot more value on using Financial Advisors and Mortgage Brokers as they are the experts in the mortgage field and will help applicants get their ducks in line long before they sit down with a potential lender. The new measures have not been adopted in the Caribbean yet, but rest assured local lenders will be watching with considerable interest given the volatility in mortgage lending in recent times. And they won’t be waiting for a government Watchdog to guide them, as they will see it as prudent diligence and better lending going forward. It may not appear so at this stage, but ultimately that helps everyone. Clarence Hiles is a Director in Caribbean Mortgage Services with over 35 years experience in the lending industry. He can be contact at 246-2309215 or by email at Clarence@caribbeanmortgages.com
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† This offer only applies for mortgage applications received from May 3, 2014 to October 31, 2014, and closing prior to January 15, 2015 . This offer only applies to owner/non-owner occupied residential properties. Customers must comply with the Terms and Conditions of the Scotiabank Home Program Campaign and all other applicable Scotiabank products, including the transactional account and automatic debit. If customers do not wish to open a transactional account, they are not eligible to receive this special mortgage incentive program and will only qualify for the existing mortgage Switch or Acquisition rates. This offer does not apply to non-resident customers. Legal Fees covered by Scotiabank only apply to Switch Mortgages. The mortgage payment example illustrated above only applies to switch customers who qualify for our best customer rate. Maximum financing is subject to certain terms and conditions and applicants meeting credit approval. Applicable terms and conditions can vary at any time, at Scotiabank’s sole discretion, without giving any notice. Full terms and conditions are available at the branch and online at barbados.scotiabank.com/home. ™Trademarks of The Bank of Nova Scotia, used under licence (where applicable).
Real Estate News
Real Estate Industry Experiencing Upturn in Market
The President of BEAVA (Barbados Estate Agents and Valuers Association) is optimistic about the industry and feels it is on its way to a brighter future. Suzanne Davis, who heads the umbrella body made her assessment in part, after speaking with several agents who reported industry improvements over the past several months and who reflected her thoughts on the industry as well, as they have been many viewings and improvement in sales. “I feel that the outlook for Barbados is good,” she says, “it shows positive signs of improvement with several investors purchasing hotels across the island such as Sandy Beach, Amaryllis, with the Sandals franchise being introduced here, and we cannot ignore the decision taken to definitely move forward with the Four Seasons project – this development will no doubt make a huge impact on Barbados.” Mrs. Davis made these comments after a recently held meeting with members of her board and qualifying brokers who are the leaders in the real estate industry. The meeting was aimed at discussing challenges and possible solutions in the industry.
She adds that in light of the upswing in the market, the onus was on all prospective vendors and purchasers to do their homework and verify that the agents they used were among the best the industry has to offer. “…they should make sure that the agent with whom they are working, is credible and one who has the qualifications and experience needed to represent them well. They can feel secure that any BEAVA-registered agent has these qualifications.” Mrs. Davis reminds all potential home owners that an absolute advantage of choosing a BEAVA agent is that they can have their property placed on BEAVA’s multi-listing system. “This would give it (the property) immediate exposure to over 125 credible real estate agents,” she says. “In addition, they would have the full network of BEAVA agents attempting to sell their properties whether on the multilisting system or not.” The BEAVA president, who is the managing director of one of the country’s most recognised real estate names, encourages anyone who is practicing on his or her own, to become qualified and join BEAVA, as the association is actively pursuing legislation with various government agencies for both real estate and valuations. This means that once this legislation is passed, only agents who are members of a legislated body would be able to practice real estate and conduct valuations.
Terra Caribbean Releases Seventh Annual Edition of the Red Book BARBADOS (May 8, 2014) – Now in its seventh year, The Red Book continues to provide its readers with an accurate and reliable picture of real estate in Barbados. This free, comprehensive property guide is produced annually by local real estate firm Terra Caribbean and is designed to help its readers as they navigate the Barbados property market. “The challenge each year is to make it better, and by ‘better’ we mean more relevant to you the reader,” said Chief Executive of Terra Caribbean, Andrew Mallalieu. “This year we have added more statistics, more professional articles and we have even done some ‘ancient history’ research.” Renowned architect Larry Warren opened this year’s book in
Real Estate News
fine style with his article on the ‘Evolution of the West Coast’. Andrew Mallalieu spoke very highly of his involvement stating, “Larry’s article is a must-read that I suspect will be referred to by many in years to come. In the past we have profiled developers who have chosen Barbados for investment, but this year we thought it fitting to hear from an architect who has both been affected by the changes and effected the changes.” Senior Marketing Coordinator, Gemma Holder, explained “This year we have further enhanced the publication with even more illustrative charts and bigger, brighter images. Our expanded luxury section by our sister company Bajan Services | Knight Frank showcases some of the most spectacular homes available for sale in Barbados. The publication also features a well-arranged collection of development properties from the south to the west coast, a wide array of residential and commercial sales and rentals across the island and an informative Pink Pages section featuring articles from knowledgeable and experienced professionals in the sector.”
Terra Caribbean Celebrates its Latest RICS Member BARBADOS (June 4, 2014) - Terra Caribbean, the regional real estate services firm, has announced that Symon Clarke has achieved the prestigious Member of the Royal Institution of Chartered Surveyors (MRICS) designation. The Royal Institution of Chartered Surveyors (RICS) is the leading professional organization in the world for land, property, construction and related environmental issues, and membership is only awarded to individuals who demonstrate a high level of competence and are prepared to maintain exemplary standards. Symon who currently holds the position of Manager, Advisory Services, is now the fourth RICS qualified Chartered Valuation Surveyor within the Terra Caribbean team. She follows in the footsteps of Chief Executive, Andrew Mallalieu, Chief Operating Officer, Hayden Hutton and Kameel Khan, a Fellow of the RICS (FRICS) and a Director of Terra Caribbean Trinidad. Chief Executive, Andrew Mallalieu, an RICS member since 2006, spoke proudly about Symon’s achievement, “Symon is a highly driven and ambitious individual and we are all extremely proud of her accomplishment. Her drive and enthusiasm was 54
evident from her start with the company back in 2004 as a member of the Sales team. She quickly transitioned into the Advisory department in 2007 and now successfully manages this department.” “I am proud to be elected a professional member of the RICS and look forward to upholding and maintaining the high standards required of all members. Our Advisory team provides consultancy services including market appraisals, rent reviews and various market analysis reports and as an RICS regulated firm, our valuation reports are fully compliant with the [RICS] Red Book 2014 standards,” asserts Symon. “We are a fully integrated real estate services firm with the depth of expertise necessary to serve local, regional and international clients. At Terra Caribbean, we have a passion for knowledge, hence education and training of our staff is a key component. Our Valuations team is constantly involved in training, both in-house and with recognized institutions such as RICS,” said Mallalieu. Symon, who holds a B.Sc. (Hons) in Tourism Management from The University of the West Indies, and a Diploma in Urban Land Economics from the University of British Columbia, joined Terra Caribbean in 2004.
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