barbados property news oct/nov 2014
DESCRIPTION
Real Estate Sales, Rentals and Services in BarbadosTRANSCRIPT
Port St. Charles Yacht Club - Page 21
BARBADOS
www.barbadospropertynews.com • October - November 2014 • Issue 95
Endorsed by theBarbados Estate Agents andValuers Association Inc.
Royal Westmoreland - Page 30
Boarded Hall Green - Page 27
Realtors - Page 32
PROPERTYNEWS
FREE& ONLINE
As we move into the last quarter of the year many business analysts arestarting to compare 2014 with 2013 and evaluate our current economicposition against this time last year. There are many benchmarks that canbe used although most people in everyday business remain reluctant tolook far beyond the current after seven yearsof uncertainty. Every business is different, butthere is no substitute for experience and moreand more people in the real estate businessare confirming things are better than thistime last year. The last quarter of the year can be a highly
productive time for many businesses and if green shoots arestarting to appear across various sectors then things are positivegoing into this crucial period. We certainly have the productswithin the real estate industry and the market is hot with purchaseand rental bargains. There’s never been a better time to buy or torent in Barbados so we hope though the pages of BarbadosProperty News and our electronic copy onwww.barbadospropertynews.com you find the property, theproperty product or the property service that meets your needs.Pamela HilesEditor
Editor’s Comments
If you would like to advertise in Barbados Property Newscall Pam at 228-9122 or 232-0692
Publisher – Hiltop Publications Ltd,11 Cottage Ridge, St George, Barbados,BB19071Tel (246) 228-9122, Fax (246) 228-0243Email: sportingb@caribsurf.comwww.sportingbarbados.comwww.barbadospropertynews.comwww.caribbeanpropertymag.comwww.caribbeanmortgageservices.com
Editor/Advertising – Pamela L Hiles
Design and Art Direction – 809
Distribution – Hiltop Publications Ltd,Brian’s Print Brokerage
Printing – Coles Printery
The Material and editorial contained in thispublication have been deemed accurate at thetime of going to print. The views expressed aseditorial are those of the Editor unless statedotherwise. No part of this publication may bereproduced without the consent of thepermission of Hiltop Publications Ltd.
On the Cover:Royal Westmoreland
This 3-bed cottage features a covered deck overlooking the tranquil West Coast. This home is highlighted by a paved sun terrace, plunge pool and surrounded by immaculate gardens. Sale Price: US $2,690,000
Little Good Harbour House, St. Peter
Set in exclusive Royal Westmoreland, this private 4-bed residence offers a pool, Jacuzzi, gazebo and superb views of the ocean and fairway. Tropical gardens enhance the villa. Sale Price: US $4,950,000
Messel House, St. James
POOLSIDE RESIDENCES
Specialising in luxury properties for sale and rent in BarbadosContact one of our experienced sales agents:T: (246) 422 2618 | E: [email protected]
Plantation Cottage #3, St. James
Set amidst lush greenery, this attractive 3-bed townhouse is well-appointed. This split-level home features a pool and wooden deck, with West Coast beaches and amenities nearby. Sale Price: US $475,000
Bimshire House & Little Bimshire, St. James
Bimshire House and its charming cottage offer generous living space with a patio and wet bar opening onto a pool terrace. This 6-bed property is enhanced by a mature orchard.Sale Price: US $1,200,000
Newton House, Battaleys, St. Peter BB26094, Barbados W.I.
Beautifully landscaped gardens and amazing ocean views are enjoyed from the patio of this cozy 1-bed condo. On-site amenities include a shared pool, restaurant and gym. Sale Price: US $600,000
Our portfolio ranges from expansive villas to modern beachfront residences
www.bajanservices.com
Glitter Bay Estate 305, St. James
Villas On The Beach 403, St. James
This luxurious 3-bed penthouse is situated in Holetown. With exceptional sea views and a lagoon-styled resort pool, this condo is complemented by landscaped gardens.Sale Price: US $1,750,000
Ideally positioned at Commodore Point, this 5-bed villa at the renowned Port St. Charles marina, is designed to the highest standard. It offers a 100 ft. berth and private beach access. Sale Price: US $8,950,000
Port St. Charles 180 - Petit Bateau, St. Peter
Merlin Bay, St. James
OCEANFRONT RETREATS
These beachfront 3-bed Mediterranean-styled townhouses boast intimate balconies with private plunge pools. The large, communal pool’s wide deck leads to private beach access. Sale Price From: US $1,300,000 - $1,400,000
©2014 Wolseley. All rights reserved.
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�St James, Barbados: Launched inresponse to feedback from regularrental guests at RoyalWestmoreland, the estate hasintroduced its newest ownershipoption. �Having found that manyrepeat visitors who love the RoyalWestmoreland lifestyle but whosimply can’t commit the time atthis point in their lives for full
ownership; there is now a shared ownership program allowingfor the purchase of a beautiful, standalone luxury villa withmembership in the Royal Westmoreland Club. The sharedownership may be traded into full ownership at any time. �RoyalWestmoreland is building five elegant fully furnished four-bedroom villas, the Royal Palm Villas, due for completion inwinter 2015, which come replete with daily housekeeping, a largeprivate swimming pool, lush landscaping, sweeping terraces andcontemporary furnishings throughout. �The shared ownershipprogram allows for purchasers to own just the time they intendto stay at the resort. The property is held freehold/deeded in athird party trust and ownership shares in the villas are fullytransferable, sellable and willable. �Owners who are unable tovisit the resort during the time period purchased need not worry.
Royal Westmoreland has created an internal exchange programto allow the storing and movement of time that provides thebenefit of year-round access to multiple size residences.�For thetimes when a trip to Barbados is not in the plans, the Royal PalmVillas have been accepted into a prestigious affiliation withPreferred Residences - www.preferredresidences.com.
Ownership also entitles the purchaser to a two yearmembership with www.preferredgolf.com allowing access tosome of the best golf courses in the world. �Prices in season arefor 4 weeks of time ranging from US$129,700 to $431,500 andout of season for 2 weeks of time, from US$50,800 toUS$307,400. �Royal Westmoreland is a 700 acre exclusive golf,beach and spa estate located in St. James on the prestigious westcoast of Barbados. Royal Westmoreland's unique range ofprivate villas, townhouses and apartments are designed for anylifestyle and available for both home ownership and holidayrentals. �Five-star amenities include the championship golfcourse and pro shop, beach club, world class gym and pools,three diverse restaurants, children's facilities, tennis courts andspa. �Developed in 1994, the estate was purchased in 2004 byUK-based Pure Leisure Group who have grown it into one of themost prestigious, well-managed properties in the world.�Forfurther information, visit www.royalwestmoreland.com
Royal Westmoreland launchesits newest ownership option
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Innovative full serviceagency Red Advertisingand Marketing Ltdrecently went ‘Green’causing a stir in theRockley area. Red is thefirst agency in the regionto install a Photo Voltaicsystem at it’s offices inGolf Club Road. The26.37KWp system which
utilises 97 solar panels was outfitted and installed byWilliams Solar. Managing Director Jevan Jutagir is proud as can be!“Now, we not only generate our own clean andrenewable energy, but we also produce excess powerwhich can be put back into the national grid. It’s asmall but significant contribution to reducing ourcollective dependence on fossil fuels and their multiplenegative effects like global warming, pollution and useof scarce foreign currency,” said Jutagir. Come October, Red will go back to Red again but thisground breaking exercise will carry on with the help ofexpert service and help of Williams Solar, choosen fortheir use of first grade components and good trackrecord. Well done Red, leading the way yet again.
Red Goes Green Real Estate News
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Paul Altman, Owner and Managing Director of Altman RealEstate takes a moment to pose for BPN in front of the LimegroveAltman office. Mr Altman is delighted to have the magnificentFour Winds on the Platinum Coast as his Signature property.This and many other properties can be views onwww.altmanbarbados.com
Caught Off Guard!
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F I S S U R E S /
V O I D F I L L I N G C I V I L
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BEAVA NewsReal Estate News
throughout the seminar especially when they touched on theimportance of having a lease stamped and recorded/registered.If this was not done, rent could not be lawfully set off againstassessable income under the Income Tax Act. If a landlordgenerated, let’s say over $BDS80,000.00 annually from a rentedproperty, he or she is required to register with the VATDepartment. However if a lease is for a period of 25 years ormore, the landlord is not required to register with the VATDepartment as such leases are VAT exempt.The hours-long afternoon workshop was well attended andBEAVA remains encouraged by the turnout of members and theiractive participation there. It was preceded by a presentation bysponsor, TMR Sales and Service Ltd’s Peter Thompson, who alsofielded questions on how to get the most economic value fromair-conditioning units.BEAVA’s next module is scheduled for early in the first quarterof 2015.
BEAVA AGM SET FOR EARLY DECEMBERMark your calendar. Save the date!The Annual General Meeting (AGM) of Barbados Estate Agentsand Valuers Association (BEAVA) is scheduled for the afternoonof December 04th, 2014. Time and place will be announced.
BEAVA MODULESEMINARANOTHER SUCCESSMembers of Barbados Estate
Agents and Valuers Association(BEAVA) are still talking about theriveting presentation from twoattorneys at last September’sseminar held at Barbados YachtClub.Clarke Gittens Farmer’s Creig
Kinch and Melanie Garrett-Bailey, guests of BEAVA, laid down allthe facts on leases and guided members, who in turn can guidetheir clients, on the importance of registering long term rentalagreements. It should be noted that it is the responsibility ofproperty owners to seek attorney advice on matters pertainingto taxes and recording/registering a lease. Agents, brokers and valuers were told of the legal requirements(which must be met by their clients) to ensure the effectivenessand validity of leases. They were reminded of the necessary stepstaken with regard to: registering/recording a lease; stamp dutypayment; property transfer tax and land tax.Kinch and Garrett-Bailey were peppered with questions
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We live in an electronic era wherebreaking news is instant and as aresult there are many people inmarketing who would have youbelieve magazines and newspapersare on their deathbed. In addition toits speed they point out the amazingreach of the Internet, its low cost, itsand the increasing numbers that areattracted to this medium throughtelephones as much as computers,
large public screens and strategically placed monitors in officesand shops. And some tell us in 20 years time everything will bedone on telephone or tablets and newsagents, publishing houses,magazines and print agencies will disappear. They repeatedly tellus thousands of hits are registered on popular websites and swellour heads with potential sales that might ensue. It sounds too good to be true and of course it is too good to betrue.The great Digital versus Print debate is ongoing and inconclusiveand while diehard exponents on both side of the debate will arguepassionately for their cause most of the middle ground can seethe merit of multichannel and a place for both. Marketing and advertising go hand in hand in the modern world,but there is one subtle difference. The former is what you have todo to promote your business and if you don’t then your businessmight well crumble. The latter is an option to support marketing,but it comes at a cost and when times are tough it is often themedium that suffers most. It is certainly ironic that manycompanies go to great lengths to trim their advertising budgetsbefore non-productive fixed costs and create more problems whentheir revenue drops yet their fixed costs remain. And in the midstof these tough austerity decisions Mr. Internet is a welcome optionwith almost insatiable market penetration and low costs. It soundslike a marketing dream and therein lies the fallacy.The Internet is a tremendous marketing tool if used correctly. Ithas amazing reach and cannot be equalled in relaying breakingnews at rapid speed all over the world. It can also generate salesin particular fields, but there’s a big difference between beaming
news all over the world and closing sales from websites and socialmedia. Many people still love the hard copy and there’s a certaincomfort in carrying a newspaper or a favourite magazine home toread. Reading hard copy as opposed to reading a screen is still thepreferred option of most people and is much more relaxing. Somesurveys claim readers will spend 30 minutes reading a printedmagazine, but only three minutes reading a digital copy. They alsohave statistics that dispel the myth that more people read online,but in reality if the Internet started at a negligible base theninevitably its numbers will grow every year. That said, there is nodenying that newspaper sales and advertising revenue aredropping, but they are mainly in the breaking news market. Incontrast there are more magazines on newsagents’ racks thesedays that ever before and people love them. Interestingly bigDigital publishers like Politico, Pitchfork and Pando are going backto print, a medium they were supposed to replace. The underlyingelement in this debate is that print has a physicality that digitalhas not and customers are more comfortable with it. At the end of the day when hard decisions have to be made themarketing cake should include all forms of promotion and manyexperts are now seeing the merit in digital marketing being alignedto print to get the best of both worlds. After all, you could havethe best website in the world, but if nobody knows about it then itcould be a well-kept secret and a lost opportunity. Worse still, youmight be expecting customers from multiple hits, but they maynot be significant browsers and spending only limited time on thesite. The business that relies totally on website marketing has aflawed business model and when the leads and sales don’tmaterialize then it will be back to the drawing board if it surviveslong enough to identify and consider change. We should embrace the electronic age and make the most ofwhat it offers, but we should not allow its protagonists tobrainwash us into thinking it is the answer to all our marketingneeds. Thankfully most of us are not brain-dead and can stilldecide what we like and what we want. Clarence Hiles is a local businessman with extensive experiencein banking, real estate, journalism and sport. He is currently theEditor of Caribbean Property Magazine and Managing Director ofCaribbean Mortgage Services.
Digital versus Print:Don’t be brainwashed!
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B A H A M A S B A R B A D O S B R A Z I L B V I C A Y M A N I S L A N D S G U Y A N A J A M A I C A S T L U C I A T R I N I D A D & T O B A G O T U R K S & C A I C O S
PROPERTY AND DEVELOPMENT CONSULTANTS
CHARTERED QUANTITY SURVEYORS
PROJECT AND CONSTRUCTION MANAGEMENT
REAL ESTATE VALUERS AND APPRAISERS
52
1 Capita Financial is growingrapidly in the Barbados FinancialServices market place. What is thebackground to the company?
While CAPITA - as it is now known- is relatively new to the landscape,the operation has been around fora number of years. The companywas originally incorporated in May
1984 as the Caribbean Commercial Trust Company Limited andhas been through a number of transitions since then. Today we are known as CAPITA FINANCIAL Services Inc. andcan boast of a dynamic and innovative team with years ofexperience in the provision of financial services. We are also backed by a strong parent; Barbados Public WorkersCo-operative Credit Union Limited is Barbados' largest CreditUnion with assets in excess of USD$450 million.
2 There is always a place for a new provider in this field. Whatdoes Capita offer that is different and have you a specific market?
CAPITA FINANCIAL is a full service provider of financialsolutions operating in the islands of Barbados and St. Lucia. Itis a very nimble company, always working to ensure that thecustomer’s experience with us is convenient, easy and satisfying.Our primary areas of business include financing for residentialand commercial real estate, vehicle purchase and leasing andhome equity loans. On the investment side, CAPITA offers fixeddeposits at competitive rates. Additional services that includestock brokerage, insurance brokerage and Trustee servicescomplete the range of services offered.Our clients are wide-ranging and include, private individuals,Insurance Companies, Credit Unions, Government StatutoryCorporations and Institutional Investors.
3 With specific reference to lending, Capita offers a 100%mortgage facility. This is particularly attractive to first-timebuyers trying to get on the property ladder, but unable to meetall the initial set-up costs. What is your business strategy in thissector?
Home and property ownership is a goal of the averageCaribbean person. We have a long successful history in providingfinancing in this area. Our 100% product helps us to assistpeople to achieve this goal. Our strategy is simple; makeproperty ownership affordable while taking a very calculated riskin relation to who we lend to. We also recognize that propertyvalues in Barbados and most of the region are relatively stable.The other end of the spectrum is managing our depositorrelationships and strategic partnerships to keep fundingavailable.
4 Are there plans afoot to develop new products and move intoother financial services sectors?
Yes, definitely. Without giving too much away at this stage I willsay that we are currently expanding our insurance brokerageportfolio and are also looking to get into one or two new areasof financial services. We are working with all stakeholdersincluding our regulators in this process.We have also attracted investor interest from a few institutionsin other Caribbean territories and we will be pursuingrelationships in this regard.Our future looks good.
Paul Maxwell holds a Bachelor of Science Degree in Economics &Accounting (Hons) from the University of the West Indies. He hasalso been awarded the Diploma in Credit Union Management fromthe University of Wisconsin. He is a certified Credit Union Director(CCUE) by the Credit Union Executive Society through the LondonSchool of Economics. He is a former President of the Barbados Public Workers Co-
operative Credit Union Limited and a Past President of the BarbadosCo-operative Credit Union League Ltd. Paul is currently theChairman of the Audit Committee of the Caribbean Confederationof Credit Unions Ltd. and a Director of the Barbados StockExchange.Prior to joining Capita Financial in September 2010, he worked atCable & Wireless in various Finance capacities.Paul can be contacted at [email protected]
Capita Financialis a breath of Fresh Air
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MOCO CONTAINER STORAGECrane & Equipment Ltd. introduces MOCO Container Storage.This new service answers the call from many homeowners whoneed storage for their extra household furnishings when movingor downsizing. Businesses that find themselves with extra stockand supplies needing to be stored SAFELY also find the solutionwith MOCO.
WHAT IS THE DIFFERENCE WITH MOCO?A MOCO Container will be delivered to your residence or businessplace. You can take your time packing it, and MOCO will thencollect the container and STORE IT SECURELY for you at theirLower Estate facility.In addition to the storage aspect, MOCO is supplying “MOVE-INREADY” modular offices and homes. This innovation is not justfor commercial use but for private dwellings as well. Thesemodules are ideal for small businesses with limited spendingpower and for those looking to save on living arrangements.
These “move-in- ready” units come complete with utilities, air-conditioning and office furniture. You may also choose from shellunits that can be outfitted to your special requirements and design.Units range from 160 sqft to 320 sqft. Special modifications canbe done to accommodate combining two units to offer wider
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FINAL PHASE ONLY FIVE UNITS LEFTPRICES STARTING AT BDS$425,000
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