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THE AGENCY TURKS & CAICOS Q2 2020 REPORT

THE AGENCY TURKS & CAICOS Q2 2020 REPORT


Notable Sales

THE AGENCY TURKS & CAICOS Q2 2020 REPORT

CONDOMINIUM – BIANCA SANDS PENTHOUSE

LAND – LONG BAY BEACH

SFH – LONG BAY HOUSE

NEW DEVELOPMENT – THE HIDEAWAY AT RIDGEVIEW


Table of Contents 01 Windermere

03

Coconut Grove

07 Kelly Isle & Single Family Home Stats

11 Somerset Cottage 3 & Condominium Stats

15 Wymara 5112 and Vacant Land Stats

Closing

NO. 3

17


THE AGENCY TURKS & CAICOS Q2 2020 REPORT


A Changing World SEAN O'NEILL MANAGING DIRECTOR THE AGENCY TURKS & CAICOS

Mauricio Umansky once said that one of the keys to the success of The Agency was its birth during the digital age, timing that helped foster the company’s ability to pivot and adjust quickly. The last four months have shown our strength as a company to do just that. Globally, the question was asked—what do real estate agents do if we cannot leave our homes to show properties? At The Agency Turks & Caicos, we were prepared to weather the storm through our use of high-end virtual tours and beautifully presented digital media campaigns. Through the storm, we flourished.

As you will see from the market statistics, the Turks & Caicos market performed very well despite borders being closed for the entire second quarter. It is clear that the reduction of Stamp Duty by the Turks & Caicos Government helped ensure that properties already under contract closed and encouraged prospective purchasers to make offers to close on others. We are grateful to have worked with our fellow real estate professionals on the Islands, keeping the dialogue clear, calm and concise, reaffirming why Turks & Caicos is the premier real estate destination in the Caribbean. We want to reiterate our thanks to the public and private sector employees who have kept us safe during this period. Your hard work has set an example for both our region and the world. We also send our condolences to those who have been ill and have lost loved ones over the last three months, many of whom we know personally. In closing, we remain optimistic. Turks & Caicos is a special place, and throughout our history, we have remained strong and steadfast. The current circumstances have shown that those who can move or travel are doing so, and we are well placed to provide a safe haven that so many crave for themselves and their loved ones.

NO. 2

Circumstances like these challenge the core of an organization. At The Agency, we sharpened our pencils and got to work reaching out to owners, prospects and fellow agents to find the opportunities and service our listings. We have been lucky to be surrounded by such an excellent team of local professionals, creative and PR experts, and the agents and brokers across The Agency’s global offices. As a result of this collaboration, we have come out stronger and further enhanced our communication with the offices that help serve our clients’ needs, whether for real estate or vacation rentals.


THE AGENCY TURKS & CAICOS Q2 2020 REPORT


Built On A Dream The Turks & Caicos Islands have been a destination for those seeking an escape since the first Lucayan Indians found their way to our shore. Since the start of commercial development on the islands, we have seen people continue to flock here in search of their private hideaway. Never has this desire to escape been greater than in 2020. Despite international travel restrictions our demand remained high, with a 23% increase in the average sales price compared to 2019, albeit with 27% less sales. The people who choose to visit Turks & Caicos remain loyal, and thanks in part to the Stamp Duty reduction introduced by the Turks & Caicos Government, we were able to capture that interest in the height of a global pandemic. Many deals remain on the table, pending the resumption of international travel and further information about the possible extension of the Stamp Duty reduction.

NO. 4

Q2 2020

Q2 2019

Total Number of Sales

73

Total Number of Sales

100

Total Volume

$84,450,359.00

Total Volume

$89,036,500.00

Average

$1,156,854.23

Average

$890,365.00

Median

$420,000.00

Median

$360,000.00

Luxury Market

Q2 2020

Q2 2019

Total Number of Sales

21

Total Number of Sales

17

Total Volume

$66,525,000.00

Total Volume

$61,356,500.00

Average

$3,167,857.14

Average

$3,609,205.88

Median

$2,150,000.00

Median

$2,325,000.00

(Source: The Turks and Caicos Real Estate Association Multiple Listing Service)


THE AGENCY TURKS & CAICOS Q2 2020 REPORT

SINGLE-FAM


NO. 6

MILY HOMES


THE AGENCY TURKS & CAICOS Q2 2020 REPORT


Islands In The Sun The single-family home market, particularly the luxury home sector, buoyed the real estate market in Q2. In many ways, this is not surprising. People around the world now put a premium on space. You can live in the nicest apartment in a city, but when you have been there for a few weeks, you appreciate the space a beachfront villa can offer. People are also now realizing that they can work remotely far more easily than they thought, permitting a shift from urban centers to lifestyle destinations such as Turks & Caicos. The United States is experiencing a shift from urban centers to suburban communities, and we feel that this movement will expand to Turks & Caicos throughout 2020.

NO. 8

Single-Family Home 2020

Single-Family Home 2019

Total Number of Sales

22

Total Number of Sales

30

Total Volume

$46,123,000.00

Total Volume

$58,630,500.00

Average

$2,096,500.00

Average

$1,954,350.00

Median

$1,027,500.00

Median

$675,000.00

Luxury Market

Single-Family Home 2020

Single-Family Home 2019

Total Number of Sales

11

Total Number of Sales

11

Total Volume

$40,805,000.00

Total Volume

$50,010,500.00

Average

$3,709,545.45

Average

$4,546,409.09

Median

$2,300,000.00

Median

$2,400,000.00

(Source: The Turks and Caicos Real Estate Association Multiple Listing Service)


THE AGENCY TURKS & CAICOS Q2 2020 REPORT

CONDOM


NO. 10

MINIUMS


THE AGENCY TURKS & CAICOS Q2 2020 REPORT


A Smooth Transition Condo life offers a simple transition for those looking to make a move or buyers seeking a managed, hassle-free real estate investment. These factors have featured in the robust condo market in Q2. The higher end of the market continues to drive the sector with an increase in sales volume for properties over $1M. We continue to see significant inquiries by those wishing to visit and potentially purchase a condominium, as those who have divested themselves from the stock market seek a more stable investment in the medium to long term.

NO. 12

Condominiums 2020

Condominiums 2019

Total Number of Sales

12

Total Number of Sales

20

Total Volume

$11,865,000.00

Total Volume

$14,379,000.00

Average

$988,750.00

Average

$718,950.00

Median

$777,500.00

Median

$442,500.00

Luxury $1M+

Condominiums 2020

Condominiums 2019

Total Number of Sales

5

Total Number of Sales

4

Total Volume

$8,195,000.00

Total Volume

$7,246,000.00

Average

$1,639,000.00

Average

$1,811,500.00

Median

$1,495,000.00

Median

$1,395,000.00

(Source: The Turks and Caicos Real Estate Association Multiple Listing Service)


THE AGENCY TURKS & CAICOS Q2 2020 REPORT

VACANT


NO. 14

T LAND


If This Isn’t Heaven It’s Pretty Close

THE AGENCY TURKS & CAICOS Q2 2020 REPORT

It is hard to beat an afternoon on the beaches of Turks & Caicos. This is a sentiment clearly shared by investors as they accumulate land across the islands. Consistent increases in value, no annual property tax and the ability to complete your dream property are all considerations for land purchasers in Turks & Caicos. As development continues, prime beachfront real estate inventory is diminishing, while two more significant land sales on Long Bay Beach show the demand for these properties continues to grow.

Vacant Land 2020

Vacant Land 2019

Total Number of Sales

34

Total Number of Sales

44

Total Volume

$16,145,859.00

Total Volume

$13,927,000.00

Average

$474,878.21

Average

$316,522.73

Median

$238,578.00

Median

$163,500.00

Luxury $1M+

Vacant Land 2020

Vacant Land 2019

Total Number of Sales

4

Total Number of Sales

2

Total Volume

$9,025,000.00

Total Volume

$4,100,000.00

Average

$2,256,250.00

Average

$2,050,000.00

Median

$2,362,500.00

Median

$2,050,000.00

(Source: The Turks and Caicos Real Estate Association Multiple Listing Service)


NO. 16


THE AGENCY TURKS & CAICOS Q2 2020 REPORT

Your Move. T HE A GE NC Y R E .T C

DISCLAIMER: While all reasonable effort is made to ensure the information in this publication is current The Agency Turks and Caicos does not warrant the accuracy or completeness of the data and information contained in this publication and to the full extent not prohibited by law excludes all or any loss or damage arising in connection with the data and information contained in this publication. The property sales data is compiled using information provided by the Turks and Caicos Real Estate Association effective July 14, 2020. Any person using or relying upon such information does so on the basis that The Agency Turks and Caicos accepts no responsibility or liability whatsoever for any errors, faults, defects or omissions in the information supplied. AN INDEPENDENTLY OWNED AND OPERATED FRANCHISEE OF THE AGENCY REAL ESTATE FRANCHISING, LLC

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