TURKS AND CAICOS
Turks and CaicoS 2017 MARKET REPORT
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
THE AGENCY TURKS AND CAICOS 2017 MARKET REPORT
table of contents
the agency THE AGENC Y OV E RV IEW No. 4
THE AGENC Y C REAT E S No. 6
OUR TECH N OLOGY No. 8
the agency turks and caicos market report No. 12
OVERALL S TAT I S T I C S No. 14
NOTABLE S A LE S No. 16
SINGLE-FA MI LY HOMES No. 18
CONDOM INI UMS No. 20
VACANT LA N D No. 22
INVESTM E N T A N D MULT I- RES IDE N C E O P P O RT U N I T I E S No. 24
M EET THE T E A M No. 26
No. 3
TURKS AND C A I C OS OV ERV IEW
THE AGENCY TURKS AND CAICOS 2017 MARKET REPORT
6 15 289 $11 billion YE ARS IN BUSINE SS
OF F ICE S
AGE NTS
S A LES V O LU ME S IN C E IN C EP TI O N
the overview
No. 5
T H E P OW E R O F C O L L A B O R AT I O N Behind each one of us is the expertise and knowledge of the entire team. And we know luxury. So much so, our average agent sales volume in 2016 was $17 million, and our total sales volume soared to $11 billion in six years. A little proof that we really do it all – last year, 75% of our transactions were under $3 million, and our median transaction was $1,575,000. Bottom line, it’s all in our wheelhouse.
THE AGENCY TURKS AND CAICOS 2017 MARKET REPORT
the agency creates MA S T ER F U L D E S I G N M E E T S P OW E RFUL STORYTELLI NG
How does The Agency Creates work for you? Our team is a group of 30 experts in their field. Our services include:
GRAP HIC DE SIGN WEB DE VE L OPM E NT PROD UCTION COORDINATI O N ADVE RTISING BRANDING COPYWRITING VI DEOGRAPHY & PHOTOGR A P H Y MARKE TING STRATE GY REPORTING & ANALYTICS
No. 7
The Agency’s in-house creative team excels in the art of branding luxury properties, having marketed some of the most iconic properties in the world. As a full-service agency, The Agency Creates (TAC) has branded more than $4 billion in real estate, from Beverly Hills to Los Cabos, Santa Barbara to Park City. TAC tailors its strategies to meet the needs of each individual client, creating powerful brands that strike the perfect balance between beauty and substance.
THE AGENCY TURKS AND CAICOS 2017 MARKET REPORT
our technology
No. 9
C O N N EC T I N G P E O P L E T H R O U G H TEC HNOLOGY The Agency has led the advancement of real estate technology, devising and developing a fully-integrated Client Relationship Management System - AgencyConnect. This custom-built system allows us to seamlessly communicate amongst each other and with our clients to anticipate market trends and opportunities. Together with our website, we have placed our collective technology, power, and knowledge into the hands of our clients. It’s innovation inspired by human interaction.
THE AGENCY TURKS AND CAICOS 2017 MARKET REPORT
The Agency Turks and Caicos 2017 MARKET REPORT
No. 11
THE AGENCY TURKS AND CAICOS 2017 MARKET REPORT
open for business September 7, 2017 is a date that will long resonate with the Turks and Caicos Islands. As the Category 5 Hurricane Irma passed our shores, we braced ourselves for that long night and what we would find at first light.
L O O K I N G F O R WA R D Having had time to reflect and repair we now look forward to 2018. Despite the challenges faced last year the Turks and Caicos Real Estate sector remained strong with 300 sales recorded by the Turks and Caicos Real Estate Association (TCREA) representing $216,582,920 in inventory. The luxury real estate market was particularly strong. 104 sales in excess of $500,000 were recorded, reinforcing the strength of Turks and Caicos’ high-end sector. With over $150,000,000 in inventory listed by TCREA as conditional or pending, we look forward to a strong start to 2018. The Agency is excited to move forward, anchored by new listings such as Triton Villa and Penthouse 1502 at the Gansevoort. Now is truly a time to be excited for the Turks and Caicos Islands. TREVOR MUSGROVE MANAGING PARTNER THE AGENCY TURKS AND CAICOS
No. 13
What we found in the days and weeks that passed is a resilience and community spirit that represents the backbone of these islands. Residents from all walks of life coming together to help those in need and ensuring that life returns to normal as quickly as possible. We are blessed that the high standards set by our Planning Department and utility providers ensured that the widespread damage that was suffered by our brothers and sisters in other parts of the Caribbean was not mirrored here. Nowhere was our resilience more evident than in the reopening of the first hotel on the islands a mere two days after Irma passed.
it’s been a strong year
THE AGENCY TURKS AND CAICOS 2017 MARKET REPORT
overall statistics For all the challenges that Turks and Caicos faced in 2017, it is clear from the sales statistics (and remember, the numbers don’t lie) that our product remains in high demand. Despite a soft finish to 2017, the total number of sales was almost identical to the previous two years. While limited new inventory has been made available over the last 12 months in the condominium sector, median sales prices in respect to vacant land (residential and unzoned) and single-family homes have increased, speaking to the continued uplift of the economy as a whole. With 93 properties currently listed as either conditional or pending with TCREA, it is our assessment that the market is in a strong position to make even greater strides in 2018.
TOTAL NUMBER OF SALES
TOTAL SALES VOLUME
$216,582,920 $721,943.07 AVE R AGE SALE PRICE
M E DIAN SALE PRICE
$275,500 Source: TCREA
No. 15
300
THE AGENCY TURKS AND CAICOS 2017 MARKET REPORT
notable sales
Mothershouse Providenciales
Mothershouse, designed by award-winning architect Ron Shaw, is the perfect blend of ‘Hollywood Hills’ and ‘Toes in the sand’, a truly unique Caribbean experience. The villa is constructed and finished to the highest standards and the views are breathtaking.
stats
h igh l igh ts
bedrooms 7
style Villa
Designed by award-winning architect Ron Shaw
bathrooms 6
square feet 7,649
Triple edged infinity pool
year built 2011
lot size 180,774
Views of the entire Grace Bay Beach coastline Yoga deck Sold for $7,625,000
No. 17
Jasper House Chalk Sound Chalk Sound
This exquisite, well-appointed oceanfront residence is in an idyllic setting overlooking Sapodilla Bay and is surrounded by beautiful, colorful gardens. Experience stunning sunsets, swim in the crystal clear ocean, kayak, paddle board or swim in the 42-foot lap pool.
stats
h igh l igh ts
bedrooms 3
style Colonial
11-foot by 42-foot lap pool
bathrooms 3
square feet 4,562
Overlooking Sapodilla Bay
year built 2013
lot size 29,620
Oceanfront residence British West Indies Colonial style Sold for $2,600,000
THE AGENCY TURKS AND CAICOS 2017 MARKET REPORT
single-family homes The continued growth of the Turks and Caicos economy was most evident in the single-family home market where the median sale price rose from $520,000 in 2016 to $787,500 in 2017. An identifiable opportunity in the market for developers remains 4+ bedroom homes which are not subject to rental management programs. Educated purchasers are increasingly seeking independence and the higher potential returns this gives them. It is evident from increasing rental costs that the inventory in singlefamily homes is limited and those people residing on Island and looking for a longterm family home, coupled with those seeking to purchase investment properties, are directing the market. This, in conjunction with increases in the vacant land market, indicate that the residential sector is poised for continued growth in 2018.
TOTAL NUMBER OF SALES
66
TOTAL SALES VOLUME
$102,985,206 $1,560,381.91 AVE RAGE SALE PRICE
M E DI AN SALE PRICE
$787,500 Source: TCREA
F E A TU RE D S ING L E - FA MILY HO ME S F O R S A L E 1.
3.
1. TIP OF THE TAIL VILLA | JUBA SALINA | VIEW LISTING > 2. TRITON VILLA | LONG BAY HILLS | VIEW LISTING > 3. 18 KELLY ISLE CLOSE | LEEWARD | VIEW LISTING >
No. 19
2.
condominiums
THE AGENCY TURKS AND CAICOS 2017 MARKET REPORT
Condominiums remain a bread and butter investment in Turks and Caicos. The overall condominium market contracted in 2017, which is not surprising given many of the repairs that have been conducted since September, however this allows for increased value going forward. In representing buyers and sellers in the condominium market, it is clear to The Agency that buyers seeking a medium- to longterm investment see these improvements as having a significant benefit at the time of purchase. In addition, Turks and Caicos condominiums as a whole held up exceptionally well given the challenges faced in 2017. It is our belief that this will stand to the sector in years to come.
TOTAL NUMBER OF SALES
74
TOTAL SALES VOLUME
$63,923,715
AVE RAGE SALE PRICE
$863,833.99
M E DI AN SALE PRICE
$485,000
Source: TCREA
F E A TU R ED CO ND O MINIUM F O R S A L E 1.
1. 4306 CORAL GARDENS | THE BIGHT & THOMAS STUBBS | VIEW LISTING > 2. PH 1502 GANSEVOORT | THE BIGHT & THOMAS STUBBS | VIEW LISTING >
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2.
THE AGENCY TURKS AND CAICOS 2017 MARKET REPORT
vacant land It is clear from the sales of vacant land (residential and unzoned) in 2017 that people still want to come here and live the dream of building and living in the Islands. Those of us that have been lucky enough to call TCI home know there is no better place to live. The median sale price increased on vacant land sales from $74,000 to $117,500 which speaks to improved consumer knowledge (familiarity with TCI product) in terms of investing in land that offers either water frontage, access or elevation with ocean views. Investment in a piece of land that offers one of these features has a direct correlation to lifestyle, rent-ability and the all-important return on investment. This also speaks to continued activity in the construction sector and the new inventory that will likely come to the market in the next 12-18 months. Looking forward, we can very much see increased developer confidence in North Caicos and ‘true’ beachfront sales increasing on that Island accordingly.
TOTAL NUMBER OF SALES
136
TOTAL SALES VOLUME
$41,090,499 $302,136.02
AVE RAGE SALE PRICE
M E DI AN SALE PRICE
$117,500
Source: TCREA
F E A TU RE D VA CA NT L A ND F O R S A L E 1.
2.
No. 23
3.
4.
1. EAST CAICOS 1A | EAST CAICOS CENTRAL | VIEW LISTING > 2. EAST CAICOS 1B | EAST CAICOS CENTRAL | VIEW LISTING > 3. BAMBARRA BEACH | MIDDLE CAICOS | VIEW LISTING > 4. LOT 99 - SANDY POINT | NORTH CAICOS | VIEW LISTING >
THE AGENCY TURKS AND CAICOS 2017 MARKET REPORT
1.
investment and multiresidence opportunities 1. THE YACHT CLUB | TURTLE COVE | VIEW LISTING > 2. SUNVIEW HOMES | THE BIGHT & THOMAS STUBBS | VIEW LISTING > 3. WINDMILLS PL AZA | GRAND TURK | VIEW LISTING >
2.
3.
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THE AGENCY TURKS AND CAICOS 2017 MARKET REPORT
meet the team
TREVOR MUSGROVE
Trevor.Musgrove@TheAgencyRE.TC 649.231.4336 | Managing Partner
IAN HURDLE
Ian.Hurdle@TheAgencyRE.TC 649.332.2618 | Managing Partner
No. 27
RAYMONDSON AZEMARD
Ray.Azemard@TheAgencyRE.TC 649.441.7618 | Agent
NIEVE ONEILL
Nieve.ONeill@TheAgencyRE.TC 649.431.4890 | Agent
SCOTT SUTHERLAND
Scott.Sutherland@TheAgencyRE.TC 649.331.0527 | Agent
BRENDAN ONEILL
Brendan.ONeill@TheAgencyRE.TC 649.232.5190 | Agent
BRENDON WILLIAMS
Brendon.Williams@TheAgencyRE.TC 649.241.7968 | Agent
ELLIOT DAY
Elliot.Day@TheAgencyRE.TC 649.232.7400 | Agent
your move.
TURKS AND CAICOS
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 January 8th 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.