TURKS AND CAICOS
Q2 18 The Agency Turks and Caicos QUA RTER 2 REP ORT
The second quarter of 2018 represented a strong period of growth both for the Turks and Caicos real estate sector and The Agency Turks and Caicos. The highlight of the second quarter was the ribbon-cutting event at Gansevoort Villas by Developer Bruce MacLaren, Premier Honourable Sharlene CartwrightRobinson, Minister of Home Affairs Honourable Delroy Williams and The Agency’s Founder and CEO Mauricio Umansky. We believe this to be a pivotal moment in displaying what The Agency has to offer, from marketing and public relations to pre-development and new development opportunities. Showcasing premier architecture and design, Gansevoort Villas brings an excellent product to the Turks and Caicos market. We are proud to represent this residential offering and honoured to work in collaboration with our colleagues at Sotheby’s.
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THE AGENCY TURKS AND CAICOS // Q2-18 REPORT
T H E P OWER OF C OLLA BORATI ON
gansevoort villas ribbon cutting
Looking forward to the remainder of the summer, we expect further growth as the Turks and Caicos 2018 resurgence continues in full force. There remains a growing demand for real estate product and our aforementioned services. We are thrilled to be at the forefront of the industry in Turks and Caicos and look forward to more exciting news in the coming months.
Trevor Musgrove Managing Partner The Agency Turks and Caicos
The Agency and Gansevoort Villas celebrate the official opening of the with Premier Sharelene Cartwright-Robinson, Minister Delroy Williams, Developer Bruce MacLaren, and The Agency’s Founder and CEO, Mauricio Umansky.
table of contents
CONDOMINIUMS
No. 6
SINGLE-FAMILY HOMES
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THE AGENCY TURKS AND CAICOS // Q2-18 REPORT
OVERALL STATISTICS
No. 8
VACANT LAND
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sneak peak
C O N FI D EN TI A L FI V E- S TA R G R A C E BAY D E V E L O P M E N T Ian Hurdle, Managing Partner of The Agency Turks and Caicos, is excited to announce and proud to represent a new, low-density, seven-story luxury resort on a 5.5-acre site located on Grace Bay Beach, directly west of Coral Gardens. The property will feature 59 hotel rooms and 74 residential units, totaling 170 nightly rental rooms and suites, each featuring modern, contemporary design and breathtaking ocean views. The thoughtfully designed master plan will offer residents and guests dedicated concierge services, exceptional dining at four restaurants and bars; health and wellness amenities at the state-of-the-art indoor fitness studio, outdoor garden yoga studio and full service indoor and outdoor spa. “I am thrilled that the developers have chosen The Agency to exclusively represent sales and market this project, and thankful for this exceptional opportunity,” says Ian. “The development team has recognized our expansive international network and the superior resources we offer with regards to creative and new development support. We look forward to launching this new lifestyle-branded residential offering on the TCREA MLS and working collaboratively with our fellow brokers and agents to sell this exceptional product in record time.”
VIEW LISTING >
Construction on the project is set to begin in late 2018 and will emphasize the use of local contractors, providing employment for Turks and Caicos Islanders during development. Set to open in 2021, the resort will also create a number of positions across many segments in the hospitality industry as the project leaders assemble their five-star service team. “Pairing the built environment and superlative services, the resort is sure to raise the bar for excellence on Grace Bay Beach by many measures. We anticipate announcing the new lifestyle brand in the coming month,” says Co-Managing Director of Vista Development Ltd., Jon Siegel. The Principal Developers, Matt McDonald and Jon Siegel, have decades of experience in successful real estate development in the TCI and United States. They will be working closely with John Fair, an experienced director with a 30-year track record in real estate development as a cofounder of Grace Bay Club Resort in Providenciales, and local businessman Ramez Hakoura.
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THE AGENCY TURKS AND CAICOS // Q2-18 REPORT
“WE LOOK FORWARD TO LAUNCHING THIS NEW LIFESTYLE-BRANDED RESIDENTIAL OFFERING.”
overall statistics T HE PART Y IS J UST BEGINNING The second quarter of 2018 proved that the Turks and Caicos real estate sector is only just beginning its ascent. After an explosive start to the year, nearly $66 million in sales were recorded in Q2, keeping on pace with previous years and further exhibiting the growth of the Turks and Caicos economy. While single-family-home (SFH) sales dominated the early stages of 2018, Q2 saw a balancing with comparable sales for SFH and condominiums with continued strength in land sales. With nearly $196 million in sales currently pending or conditional, this marathon is on pace to continue into the remainder of 2018.
TOTAL NUMBER OF SALES
108
TOTAL SALES VOLUME
$68,578,149 AVE RAGE SALE PRICE
$634,982 M E DI AN SALE PRICE
$312,500 Source: TCREA
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THE AGENCY TURKS AND CAICOS // Q2-18 REPORT
An In terview w ith Th e Agen cy’s Foun der and C EO
single-family homes
FEATURED SIN GLE-FAM ILY H OM ES FOR SALE
S T E PPI N G OFF ON T HE RIGHT FOOT 1.
2.
TOTAL NUMBER OF SALES
15
3.
4.
TOTAL SALES VOLUME
$23,965,500 $1,597,700
5.
AVE RAGE SALE PRICE
M E DI AN SALE PRICE
$917,500 Source: TCREA
1. GANSEVOORT VILL A 5107 | TURTLE TAIL | VIEW LISTING > 2. STARGAZER | BABALUA BEACH | VIEW LISTING > 3. VILL A CITRUS | LEEWARD | VIEW LISTING > 4. TRITON VILL A | LONG BAY | VIEW LISTING > 5. TIP OF THE TAIL VILL A | PROVIDENCIALES | VIEW LISTING >
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THE AGENCY TURKS AND CAICOS // Q2-18 REPORT
After an incredibly aggressive start to 2018, the SFH market softened slightly in Q2. Sales of approximately $23.5 million were recorded with a strong emphasis on homes in excess of $500,000. Only two sales were recorded below this barometer with strong indications that there remains a gap in the market for one or two-bedroom homes priced below $500,000. With the continued expansion of VRBO and AirBnB across the residential sector, this remains an area for profitability. With an average sale price of $1,682,392, it is clear that high-net-worth investors continue to be attracted to Turks and Caicos. However, with only one of those sales representing new construction, this reaffirms that the focus of growth in the construction economy remains in the purchase of land and construction by the owner.
condominiums
FEATURED CON DOM IN IUM S FOR SALE
M OVI N G ON UP
1.
TOTAL NUMBER OF SALES
25
2.
4. 3.
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THE AGENCY TURKS AND CAICOS // Q2-18 REPORT
After two quarters of contraction, the condominium market took a leap in the second quarter of 2018 while maintaining high price points. Nearly $21.5 million in condominium sales were recorded in the period with an average sales price of $894,666. This volume of sales represented almost double the volume recorded in the first quarter of the year. Condominiums remain a comfortable first investment for visitors to Turks and Caicos, and this comfort level is driving more purchasers to developments such as The Alexandra, The Atrium and The Yacht Club.
TOTAL SALES VOLUME
$22,352,000
AVE RAGE SALE PRICE
$894,080
M E DI AN SALE PRICE
$372,000
Source: TCREA
1. 4306 CORAL GARDENS | PROVIDENCIALES | VIEW LISTING > 2. OCEAN CLUB RESORT #9203 | GRACE BAY | VIEW LISTING > 3. PH 1502 GANSEVOORT | GANSEVOORT RESORT | VIEW LISTING > 4. THE YACHT CLUB E4 | TURTLE COVE MARINA | VIEW LISTING >
vacant land
FEATURED VACAN T LAN D FOR SALE
I F YOU BUI LD IT, T HEY WILL COME 1.
2.
3.
TOTAL NUMBER OF SALES
59
4.
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THE AGENCY TURKS AND CAICOS // Q2-18 REPORT
With sales of vacant land exceeding $14 million in Q2, it is evident that everyone wants a piece of Turks and Caicos. Demand for vacant land continues to grow, sparked by an increase in speculated land value, for both single-family and multi-family development. It is clear to see from the available inventory that well-priced homesites are at a premium in Providenciales. Demand for true, unobstructed view sites remains a priority for foreign investors. There remain a number of gems in respect of Long Bay and Blue Mountain properties, and buyers are advised to move swiftly as the market continues to climb.
TOTAL SALES VOLUME
$15,315,650 $259,587
AVE RAG E SALE PRICE
M E DI AN SALE PRICE
$80,000
Source: TCREA
1. PARCEL 40203/32 | BAMBARRA BEACH | VIEW LISTING > 2. LOT 101 | SANDY POINT | VIEW LISTING > 3. PARCEL 1A | EAST CAICOS | VIEW LISTING > 4. LOT 267 LEEWARD L ANDING | LEEWARD | 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 26, 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