TURKS AND CAICOS
Q1 18 The Agency Turks and Caicos QUA RTER 1 REP ORT
A new year, a new market. The Agency Turks and Caicos is very happy to report that following a soft finish to 2017, the Turks and Caicos real estate market has bounced back in the first quarter of 2018 with $60,000,000 recorded in sales between January and March. The increase in sales has been headlined by the single-family home market, which saw a 100% increase in sales from Q4 2017 to Q1 2018. The luxury market has seen significant gains, with 24 sales recorded in excess of $500,000, representing a sales volume of $53,380,496. With a continued increase in air travel from North America, more and more tourists are setting their sights on Turks and Caicos—and the increased exposure is driving sales. The Agency was proud to introduce collaborations with luxury brands such as Petrovian Caviar and market groundbreaking listings such as Stargazer Villa, 4 Kira Isle, and Owl’s Nest. We were also proud to support the Wine Cellar Golf and Fishing Tournament, a pioneering charitable venture in Turks and Caicos. As we settle into 2018, we are confident that the market will continue to strengthen. With a number of signature development projects approaching launch, The Agency is excited to play a major role in the resurgent market.
Trevor Musgrove Managing Partner The Agency Turks and Caicos
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THE AGENCY TURKS AND CAICOS // Q1-18 REPORT
ALWAYS L OOKING F ORWARD
table of contents
CONDOMINIUMS
No. 6
SINGLE-FAMILY HOMES
No.1 0
No. 3
THE AGENCY TURKS AND CAICOS // Q1-18 REPORT
OVERALL STATISTICS
No. 8
VACATION RENTALS VACANT LAND
No.1 2
No. 14
gansevoort villa 5102
4 BE DROOMS | 4.5 BAT HROOMS | 8,260 SQ. FT. | 21, 344 SQ. FT. LOT | PRICE UPON REQU ES T
Caribbean chic with refined finishing, Gansevoort Villa 5102 represents the merger of the sophisticated Gansevoort Turks + Caicos with the privacy of an oceanfront villa.
This open concept four-bedroom residence spans 8,260 square feet, with 5,215 square feet under roof and 3,655 internal square feet. Residents are welcomed by a private courtyard with a covered lounge and pool before entering the villa’s floor-to-ceiling sliding glass doors, which open the villa from the courtyard through the living room, and provide unobstructed views of the Caicos Banks. The oceanfront infinity-edge pool guides residents to a sunken fire pit and lounge, peering out over the cliff’s edge and down to an above-water sun deck. The residence has been equipped with high-end audio and video equipment, including Apple TV and Sonos Stereo, throughout the residence and outdoor living spaces. All enhancements have been considered with a backup generator, 500-gallon propane tank, mosquito control, landscape lighting, irrigation, alarm, and solar-powered pool pumps and heating. Coupled with the villa community’s onsite gym, reception and access to private catering, the residence provides every amenity one would expect of a luxury property and more. Embracing the luxury lifestyle at the heart of the Gansevoort brand, the villa forms part of the Gansevoort rental management program and has access to all facilities at the Gansevoort Turks + Caicos Hotel on Grace Bay. A short on-demand shuttle from the villa to the hotel provides the villa owner and guests access to Stelle and Zest restaurants, the award-winning Exhale Spa and Wellness Center as well as all beach services and equipment. Completed with an immaculate level of detail on the part of the development team, the villa offers the added benefit and security of an established and successful management partner overseeing its rental management program. This, paired with the villa’s worldclass location and unrivaled pedigree, makes for an incredible investment opportunity for those seeking to maintain a trophy property in Turks and Caicos.
No. 5
Signature architecture by internationally renowned design firm Coast Architects is best defined by an immaculate, locally cut, Caicos stone wall and is matched only by the layers of blue and turquoise from the infinity-edged pool, ocean and clear sky.
overall statistics As was anticipated, following a soft finish to 2017, the 2018 market has shown strength that exceeds the comparable quarter 12 months ago. Sales in excess of $60,000,000 have been recorded by the Turks and Caicos Real Estate Association which represents a triumphant and swift return of our bullish market. As anticipated at the end of 2017, the strength of our real estate product, coupled with our planning standards and dogged determination, have seen tourists and investors return to Turks and Caicos in droves. An average sales price in excess of $900,000 speaks to the level of confidence in the Turks and Caicos real estate sector and the bounce back following the tumultuous 2017 hurricane season. Nowhere was this repositioning more apparent than the sale of luxury properties (in excess of $500,000). Sales exceeding $53,000,000 were recorded in the luxury category. We believe that this marks the beginning of an exciting 12 months for Turks and Caicos with a number of large-scale development projects, such as the Ritz Carlton, breaking ground, new inventory will draw continued investment to the Turks and Caicos Islands.
TOTAL NUMBER OF SALES
65
TOTAL SALES VOLUME
$60,473,396 AVE RAGE SALE PRICE
$930,360 M E DI AN SALE PRICE
$280,000 Source: TCREA
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THE AGENCY TURKS AND CAICOS // Q1-18 REPORT
DON ’T CAL L IT A COMEBACK
single-family homes
FEATURED SIN GLE-FAM ILY H OM ES FOR SALE
CARRY ON 1.
2.
TOTAL NUMBER OF SALES
22
TOTAL SALES VOLUME
$38,462,996 $1,748,318
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THE AGENCY TURKS AND CAICOS // Q1-18 REPORT
Single-family home sales drove the Turks and Caicos real estate market in the first quarter of 2018. Sales of $38,462,996 make it by far the leading sector this quarter. $36,000,000 of these sales represent sale prices in excess of $500,000, which indicates a surge in the high-end market. It is clear that a number of transactions that were scheduled before September 2017, or awaiting post-hurricane repairs, carried forward to 2018. With this swift return to a strong market we anticipate even greater levels of inventory will become available in 2018, making single-family homes a burgeoning sector for the remainder of the year.
3.
4.
AVE RAGE SALE PRICE
M E DI AN SALE PRICE
$900,000 Source: TCREA
1. STARGAZER | BABALUA BEACH | VIEW LISTING > 2. OWL’S NEST | CHALK SOUND | VIEW LISTING > 3. KELLY ISLE VILL A | LEEWARD | VIEW LISTING > 4. 4 KIRA ISL A | LEEWARD | VIEW LISTING >
condominiums
FEATURED CON DOM IN IUM FOR SALE
M ORE I S N ’T ALWAYS BET T ER
1.
2.
TOTAL NUMBER OF SALES
14
TOTAL SALES VOLUME
$11,429,400
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THE AGENCY TURKS AND CAICOS // Q1-18 REPORT
While the condominium market has continued its year-on-year contraction with respect to the overall volume of sales, Q1 saw a notable increase in the average sales price per condominium at $816,385—nearly $150,000 greater than the 2017 average. This again speaks to investors returning to Turks and Caicos and their confidence in the luxury product that is available. At the other end of the spectrum, given the increased airlift, particularly with the new addition of Southwest Airlines, more affordable properties, particularly studios and one-bedroom suites, are booming in the vacation rental market, reducing inventory at historic prices. These properties represent an excellent ROI in circumstances where the relevant bylaws permit rental by the owners or outside managers.
3.
4.
AVE RAGE SALE PRICE
$816,386
M E DI AN SALE PRICE
$428,500
Source: TCREA
1. GANSEVOORT | GRACE BAY | VIEW LISTING > 2. CORAL GARDENS 4306 | PROVIDENCIALES | VIEW LISTING > 3. PENTHOUSE YACHT CLUB | TURTLE COVE MARINA | VIEW LISTING > 4. OCEAN CLUB WEST (TBD) | VIEW LISTING >
vacant land
FEATURED VACAN T LAN D FOR SALE
T HE L AN D A HEAD 1.
2.
TOTAL NUMBER OF SALES
28
TOTAL SALES VOLUME
$10,301,000 $367,893
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THE AGENCY TURKS AND CAICOS // Q1-18 REPORT
Vacant land sales continued to flourish in Q1. Sales in excess of $10,000,000 recorded an increase of almost $3,000,000 over 2017. Just as in other sectors, the average price point has also increased year-on-year. The premium placed on undeveloped beachfront and waterfront land in Providenciales continues to point toward greater value in North Caicos and the other outer Islands. With regard to expected activity in North Caicos in Q2 of 2018, we anticipate that investor focus will begin to shift to the Garden Island as developers seek to plant their flag in relatively virgin soil.
3.
4.
AVE RAG E SALE PRICE
M E DI AN SALE PRICE
$88,500
Source: TCREA
1. PARCEL 1A EAST CAICOS | EAST CAICOS CENTRAL | VIEW LISTING > 2. LOT 255 CRAWFISH DRIVE | DISCOVERY BAY | VIEW LISTING > 3. LOT 1 SANDY POINT | NORTH CAICOS | VIEW LISTING > 4. LOT 267 LEEWARD L ANDING | LEEWARD | VIEW LISTING >
vacation rentals F EA T UR ED Vac ati on r e nta l s F OR S A L E
2.
5.
6.
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THE AGENCY TURKS AND CAICOS // Q1-18 REPORT
1.
3.
4.
7.
8.
1. VILL A AWA | LEEWARD | VIEW LISTING >
5. AVALON VILL A | TURTLE COVE | VIEW LISTING >
2. CORAL HOUSE | LEEWARD | VIEW LISTING >
6. THE BEACH HOUSE | GRACE BAY | VIEW LISTING >
3. HAWKSBILL VILL A | LEEWARD | VIEW LISTING >
7. TIP OF THE TAIL VILL A | TURTLE TAIL | VIEW LISTING >
4. LONG BAY BEACH HOUSE | LONG BAY | VIEW LISTING >
8. TRITON VILL A | LONG BAY | VIEW LISTING >
TURKS AND CAICOS
your move.
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 April 10th 2018. 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. A N IND E P E ND E N T LY O W NE D A ND O P E R AT E D L I C E N SE E O F UMR O C O R P