TURKS AND CAICOS
Q3 18 The Agency Turks and Caicos QUA RTER 3 REP ORT (FEATURED PROPERTY | TIP OF THE TAIL VILLA)
gansevoort notable sales 1.
1. GANSEVOORT VILLA 5102 SOLD BY NIEVE AND BRENDAN O’NEILL IN COLLABORATION WITH TCR SOTHEBYS VIEW LISTING > 2. GANSEVOORT PENTHOUSE 1502 SOLD BY ELLIOT DAY VIEW LISTING >
While residents and tourists have been enjoying the beautiful beaches of Turks & Caicos, we’ve been busy making waves of our own, representing buyers, sellers and developers across the Islands. From nearly selling out the first phase of Gansevoort Villas Turks + Caicos to securing signature sales at Gansevoort Turks + Caicos Resort, it’s been an eventful third quarter.
3. GANSEVOORT STUDIO 1410 BUYER REPRESENTED BY BRENDAN O’NEILL
The unique collaborative culture that defines The Agency allows us to bring an incredible set of tools to the table, providing our clients with the resources and support they need to accomplish great things. Get ready Turks & Caicos—we’re just heating up!
Trevor Musgrove Managing Partner The Agency Turks and Caicos
3.
2.
No. 1
THE AGENCY TURKS AND CAICOS // Q3-18 REPORT
A SIZ Z LI NG SUM M ER
table of contents
CONDOMINIUMS No.4
GANSEVOORT VILLAS No.5
No.8
SINGLE-FAMILY HOMES No. 6
VACANT LAND
No . 1 0
No. 3
THE AGENCY TURKS AND CAICOS // Q3-18 REPORT
OVERALL STATISTICS
overall statistics WHE N I M E T YOU IN T HE SUMMER
In troducin g Gan sevoort Villas P h ase 2
TOTAL NUMBER OF SALES
72
No. 5
THE AGENCY TURKS AND CAICOS // Q3-18 REPORT
The third quarter of 2018 has seen a shift back to significant sales in both single-family homes and condominiums. Those two sectors pulled away from vacant land sales while the market maintained a very healthy average sales price of $712,133.33. It is evident from the statistics that the luxury sector (homes exceeding $500,000) continues to propel the real estate market with over $38 million in luxury sales. There continues to be a large portion of the luxury market with pending or conditional contracts as properties under construction near completion. As these properties are completed, we expect to see further new construction and purchase opportunities to appear in order to meet the continual increase in demand.
TOTAL SALES VOLUME
$51,273,600 AVE RAGE SALE PRICE
$712,133 M E DI AN SALE PRICE
$285,000 Source: Turks and Caicos Real Estate Association Multiple Listing Service
Following the success of Phase 1, in which only one of seven villas remains available for sale, developer Bruce McLaren is preparing to launch a second collection of five villas in Turtle Tail during the fourth quarter of this year. The Villas in Phase 2 will include the Gansevoort Villas’ signature above-water sundecks and stunning hillside location as well as a truly unique design from renowned Coast Architects. The bespoke villas will showcase a four-bedroom design with the option to add a fifth bedroom as well as a standalone one or two-bedroom hillside cottage and incredible, upper-level infinity pool overlooking breathtaking sea and sky views. The villas will be further enhanced by the Sunset Ridge Bar and Club House, featuring a game room, gym, lap pool and tennis court. These exceptional amenities, coupled with the unrivaled service of Gansevoort Turks + Caicos, will ensure Gansevoort Villas continues to set the standard for luxury villas in the Islands for years to come.
single-family homes
FEATURED SIN GLE-FAM ILY H OM ES FOR SALE
T I M E TO KI CK BACK AND UNWIND
1.
2.
TOTAL NUMBER OF SALES
20
5.
3.
4.
TOTAL SALES VOLUME
$28,574,000 AVE RAGE SALE PRICE
$1,428,700 M E DI AN SALE PRICE
$571,000 Source: Turks and Caicos Real Estate Association Multiple Listing Service
1. STARGAZER | BABALUA BEACH | VIEW LISTING > 2. VILL A CITRUS | LEEWARD | VIEW LISTING > 3. GANSEVOORT VILL A 5107 | TURTLE TAIL | VIEW LISTING > 4. OWL’S NEST | CHALK SOUND | VIEW LISTING > 5. TRITON VILL A | LONG BAY | VIEW LISTING >
No. 7
THE AGENCY TURKS AND CAICOS // Q3-18 REPORT
Q3 of 2018 saw a significant shift in the trend for Single-Family Homes. While SFH sales activity has been dominated by luxury properties in excess of $500,000, Q3 saw a significant number of sales below this price point, with a median sale price of $496,000— almost half of what the market was averaging to date. With only 15 SFH offered for sale in Providenciales for less than $500,000, this flurry of activity over the last three months reflects a need for further development in the area. With the majority of the inventory from the branded villa boom of the last five years now sold, the luxury sector is an area in which we see continued value and room for growth over the coming years.
condominiums
FEATURED CON DOM IN IUM S FOR SALE
S UM M E R RA IN
1.
TOTAL NUMBER OF SALES
20
2.
4. 3.
No. 9
THE AGENCY TURKS AND CAICOS // Q3-18 REPORT
The momentum of the condominium sector continued in Q3 as the recorded sales eclipsed what was already a very strong Q2. With all sales recorded in Q3 being resales of existing condominiums, the Turks and Caicos Real Estate Association has an exceptional opportunity with respect to the announcement of Andaz Turks & Caicos Residences at Grace Bay. This new development and the renewed interest it is bringing, along with established projects like Ritz-Carlton and Turks Cay, should result in continued market growth over the coming years.
TOTAL SALES VOLUME
$21,723,100 AVE RAGE SALE PRICE
$1,086,155 M E DI AN SALE PRICE
$570,000 Source: Turks and Caicos Real Estate Association Multiple Listing Service
1. BLUE HAVEN PENTHOUSE 503 | LEEWARD | VIEW LISTING > 2. CARIBBEAN DIAMOND RESORT C204 | LEEWARD | VIEW LISTING > 3. VILL AS AT GRACE BAY CLUB C201-202 | GRACE BAY | VIEW LISTING > 4. GRACE BAY CLUB 9203 | GRACE BAY | VIEW LISTING >
vacant land
FEATURED VACAN T LAN D FOR SALE
ON AN I S L A ND IN T HE SUN
1.
2.
3.
TOTAL NUMBER OF SALES
34
TOTAL SALES VOLUME
$10,000,500
5.
No. 11
THE AGENCY TURKS AND CAICOS // Q3-18 REPORT
While the number of vacant land sales recorded in Q3 was lower than earlier in the year, the values have continued to rise. While average sales values have risen, there still has not been a recorded vacant land sale in excess of $500,000 in 2018. With a continued flurry of activity in respect to large-scale development, such as Andaz Turks & Caicos Residences at Grace Bay, there remains a growing demand for further development of supporting residential and commercial infrastructure. With a number of promising properties available, the inevitable purchase of a significant development site will serve as an important accelerator in respect to the Turks & Caicos real estate market.
4.
AVE RAGE SALE PRICE
$294,132 M E DI AN SALE PRICE
$85,000 Source: Turks and Caicos Real Estate Association Multiple Listing Service
1. PARCEL 1A | EAST CAICOS | VIEW LISTING > 2. LOT 99 | SANDY POINT | VIEW LISTING > 3. LOT 32 | BAMBARRA BEACH | MIDDLE CAICOS | VIEW LISTING > 4. LOT 454 | COLUMBUS BEACH | AMBERGRIS CAY | VIEW LISTING > 5. LOT 436 | CALICO JACK | AMBERGRIS CAY | VIEW LISTING >
TURKS AND CAICOS
some bring the sizzle. we bring the heat.
your move. THEA GENC YRE. C OM 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 October 24 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