THE AGENCY TURKS & CAICOS Q2 2019 REPORT
THE AGENCY TURKS & CAICOS Q2 2019 REPORT
THE AGENCY TURKS & CAICOS Q2 2019 REPORT
Table of Contents
02 Patience and Persistence Pay Off
04 Record-Breaking Sales
06 OneNine Longbay
08 Single-Family Homes
12 Condominiums
16 Vacant Land
20 Triton Luxury Villa Sale
Two vital skills for any realtor are patience and persistence. These tenets are even more essential when advising purchasers and sellers who are in a different country. It is with great pleasure that The Agency Turks & Caicos completed the sale of Triton Luxury Villa in Long Bay for a record-breaking $11,500,000 in Q2 2019. Patience, persistence and the power of The Agency helped secure this signature listing and later, helped guide both the seller and the buyer through the transaction process. Having celebrated this sale, we now turn our attention to another fundamental skill we as realtors must cultivate—consistency. Having launched our newest signature Long Bay Development, OneNine Longbay, as well as the exclusive listing for Upper East Side Estate in Leeward, we continue to break new ground in Turks & Caicos, representing some of its finest properties while having lots of fun along the way.
TR EVO R MU SG R OVE Managing Partner
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THE AGENCY TURKS & CAICOS Q2 2019 REPORT
Patience and Persistence Pay Off
Record-Breaking Sales
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THE AGENCY TURKS & CAICOS Q2 2019 REPORT
Q2 2019 was one for the record books. Following the sale of Triton Luxury Villa—which marked the largest since 2015—we want to congratulate our colleagues at Sotheby's on the sale of Prince’s former house in Turtle Tail. The total Turks & Caicos sales volume of $84,440,500 in Q2 is even more impressive when you consider that there were 25% fewer sales this quarter than in Q2, 2018, while both average and median sales prices continue to increase. When you dive into the statistics, it remains clear that the $750,000-$1,000,000 market remains a price point that is underrepresented, with only six recorded sales in this sector of the market.
Q2 2019
Q2 2018
Total Number of Sales
88
Total Number of Sales
112
Total Volume
$84,440,500
Total Volume
$73,628,449
Average
$959,551.14
Average
$657,396.87
Median
$382,500
Median
$317,500
Over $1M
Over $1M
Total Number of Sales
16
Total Number of Sales
18
Total Volume
$59,006,500
Total Volume
$48,091,666
Average
$3,687,906.25
Average
$2,671,759.22
Median
$1,927,000
Median
$2,380,000
WYMARA VILLA 5109 | PROVIDENCIALES | $5,250,000 MLS #1900428
(Source: The Turks and Caicos Real Estate Association Multiple Listing Service)
OneNine Longbay
Local developer TDMG has teamed up with visionary owners to create OneNine Longbay, a collection of eight luxury villas on the shore of this stunning area of Providenciales. OneNine Longbay—named after its position as number 19 on this stretch of road under development—comprises four three-bedroom, beachfront villas and a four four-bedroom villas set slightly back from the beach. As well as being the epitome of contemporary style and design, OneNine Longbay was envisioned to capture and enhance its natural surroundings. The owners behind the development said: “OneNine Longbay will exude peace and serenity. It’s an away-from-it-all boutique retreat where the emphasis is on the natural and the organic elements of the property. The villas will harmonize with their surroundings, which feature lush and unusual vegetation.” From the developer: “OneNine Longbay is all about laidback luxury. We have a responsibility to the owners and this lovely location to create something that enhances the setting they have chosen. It is a responsibility we take very seriously, which is why we are so proud of OneNine Longbay and our role in its creation.” Long Bay is among the most beautiful and tranquil areas of the Turks & Caicos island of Providenciales. The three-mile beach on the southeast coast is renowned for its calm ocean setting, gentle breezes and incredible sand dunes. It is amidst this amazing natural landscape that OneNine Longbay will sit, melding perfectly with its exceptional surroundings. The team responsible for creating this tranquil offering is no stranger to turning dreams into reality and has engaged the leading architects at COAST, local luxury developers TDMG and property management specialist TKCA.
IAN HURDLE IAN.HURDLE@THE AGENCYRE.COM 649.332.2612
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THE AGENCY TURKS & CAICOS Q2 2019 REPORT
O N E N I N E L O N GBAY SET TO RA I SE THE BA R W I T H E M P H ASI S ON LA IDBA C K LUXURY
THE AGENCY TURKS & CAICOS Q2 2019 REPORT
SINGLE-FAMILY HOMES
Luxury is Attention To Detail, Originality, Exclusivity and Above All, Quality Single-family home sales drove the market in Q2 2019, garnering 67% of the market’s total sales volume. The luxury single-family home sector accounted for $47,660,500 in total sales volume. The Turks & Caicos luxury real estate market has been the driving force for many years and it continues to steer the market as a whole. Our beautiful beaches, proximity to the United States and Canada, and the convenience of no currency controls make visiting and purchasing in Turks & Caicos appealing to those seeking barefoot luxury only an hour-and-a-half to three hours away from home.
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THE AGENCY TURKS & CAICOS Q2 2019 REPORT
At the other end of the market, there remains an opportunity for affordable homes, with only 11 sales under $500,000 recorded in Q2. The public and private sector should come together to ensure that the opportunity of homeownership is spread amongst the broader community, therefore easing the pressure on the rental market.
Q2 2019
Q2 2018
Total Number of Sales
29
Total Number of Sales
15
Total Volume
$56,280,500
Total Volume
$23,965,500
Average
$1,940,706.90
Average
$1,597,700
Median
$650,000
Median
$917,500
Over $1M
Over $1M
Total Number of Sales
10
Total Number of Sales
7
Total Volume
$47,660,500
Total Volume
$19,825,000
Average
$4,766,050
Average
$2,832,142.86
Median
$2,562,500
Median
$2,050,000
TREEHAUS | PROVIDENCIALES | $1,295,000 (Source: The Turks and Caicos Real Estate Association Multiple Listing Service)
MLS #1900498
THE AGENCY TURKS & CAICOS Q2 2019 REPORT
CONDOMINIUMS
Long Hot Summer
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THE AGENCY TURKS & CAICOS Q2 2019 REPORT
Condominium sales slowed coming into the summer, which is not unusual. Average and median prices remain high, but the lower number of sales and lower sales volume remains indicative of continued good returns on rental income and the lack of new inventory. A hotbed of activity was reported at The Alexandra Resort, which saw six sales in Q2—the number of sales recorded in the previous 21 months combined. We expect to see condominiums follow a consistent path for the remainder of 2019, as the total number of sales is just four behind last year's total recorded sales.
Q2 2019
Q2 2018
Total Number of Sales
19
Total Number of Sales
25
Total Volume
$13,854,000
Total Volume
$22,352,000
Average
$729,157.89
Average
$894,080
Median
$440,000
Median
$372,000
Over $1M
Over $1M
Total Number of Sales
4
Total Number of Sales
6
Total Volume
$7,246,000
Total Volume
$14,875,000
Average
$1,811,500
Average
$2,479,166.67
Median
$1,395,000
Median
$2,495,000
2 TURQUOISE RIDGE | PROVIDENCIALES | $350,000 MLS #1800627
(Source: The Turks and Caicos Real Estate Association Multiple Listing Service)
THE AGENCY TURKS & CAICOS Q2 2019 REPORT
VACANT LAND
Long Bay Thrives
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THE AGENCY TURKS & CAICOS Q2 2019 REPORT
Long Bay continues to see increased activity as purchasers seek to snap up valuable beachfront property or homesites with beach access. Of the 27 vacant land sales recorded in Q2, 33% were recorded in Long Bay, representing 60% of the sales volume at $5,900,000. There remains significant value in Long Bay, particularly for people seeking to construct a home and an adjacent rental property. As supply continues to diminish, expect to see prices increase, particularly near the Long Bay Beach Drive beach access and along Seasage Road.
Q2 2019
Q2 2018
Total Number of Sales
27
Total Number of Sales
62
Total Volume
$9,817,000.00
Total Volume
$20,090,950
Average
$363,592.59
Average
$324,047.58
Median
$145,000.00
Median
$82,500
Over $1M
Over $1M
Total Number of Sales
2
Total Number of Sales
3
Total Volume
$4,100,000
Total Volume
$10,125,000
Average
$2,050,000
Average
$3,375,000
Median
$2,050,000
Median
$3,050,000
EAST CAICOS 1A & 1B | EAST CAICOS CENTRAL | $24,955,000 (Source: The Turks and Caicos Real Estate Association Multiple Listing Service)
MLS #1700657 | MLS # 1700658
Triton Luxury Villa Ian Hurdle, managing partner of The Agency’s Turks & Caicos office, has broken yet another real estate record—this time, selling Triton Luxury Villa - 203 Long Bay Beach Drive for $11.5 million, making it Long Bay’s highest ever property sale and the highest sale on the scenic 17-mile-long island of Providenciales since 2015. Ian brokered both sides of the marquee deal for the seven-bedroom, six-bath, 12,757-square-foot home, fondly known as Triton Villa, which was also the seventhlargest recorded sale in the history of Providenciales and Ian’s second record sale in two years—he previously sold the Ron Shaw-designed Mothershouse on Provo’s Cherokee Road in 2017 for $7.625 million. Triton Luxury Villa offers the utmost privacy, located on two lush acres along the southern end of Long Bay’s three-mile beach, two miles from any nearby hotels or commercial developments. The sale is another example of Long Bay’s growing prestige in the Turks & Caicos market. The area was largely made famous by the recent debut of the Shore Club Turks and Caicos, one of the Caribbean’s leading luxury resorts, featuring spacious bayside villas, a full-service spa and more than 100 oceanview rooms. The market in Turks & Caicos continues to hold strong. In the second quarter, the area saw $85 million in closed transactions. And Ian predicts steady, upward trends in the near future. The Bahamas, the Caymans and the Turks & Caicos islands are all roaring in terms of real estate sales because of a huge increase in tourism this season,” Ian recently told the Sun Sentinel’s City & Shore magazine. Clients are flocking to the region, motivated to invest in secondary properties. “People are looking for opportunities to have a vacation home that provides a little profit.” This,Ian explains, is why branded residences associated with a hotel project—where the unit can be put into the hotel’s rental pool—are in high demand.
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THE AGENCY TURKS & CAICOS Q2 2019 REPORT
SOL D F OR $11,500,000
THE AGENCY TURKS & CAICOS Q2 2019 REPORT
Your Move. T HE A GE NC Y.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 9, 2019. 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