Barbados Property News - August September 2019

EE NE FR NLI O &

Luxe - Inside Front Cover

Harmony Hall Green - Page 35

Ron Karp Realty - Page 40

BARBADOS PROPERTY

NEWS www.barbadospropertynews.com • August - September 2019 • Issue 124

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Endorsed by the Barbados Estate Agents and Valuers Association Inc.

Inch Marlow, Christ Church - Massy Realty - Page 19

P L AY Y O U R C A R D S R I G H T LY W D NE STE LI

FOR SALE De Gully, Westmoreland, St. James 4 Bed, 4.5 Bath Luxury Home Floor Area: 5,381 sq.ft.

US $3,495,000

FOR SALE Casa de Flores, Carlton View Est., St. James 6 Bed, 5 Bath Luxury Home Floor Area: 5,740 sq.ft.

US $2,500,000

FOR SALE St. Peter’s Bay 101, St. Peter 3 Bed, 3 Bath Beachfront Apartment Floor Area: 2,700 sq.ft.

US $1,650,000

FOR SALE Aisling, Dairy Meadows, St. James 4 Bed, 4 Bath Home Floor Area: 3,821 sq.ft.

US $1,195,000

LY NT D CE UCE E R ED R

FOR SALE Humming Bird, Mullins Bay, St. Peter 4 Bed, 4 Bath Townhouse Floor Area: 2,670 sq.ft.

US $1,025,000

FOR SALE Hillview F121, Sugar Hill, St. James 3 Bed, 2 Bath Townhouse US $605,000

FOR SALE Blue Moon, Colleton Gardens, St. Peter 4 Bed, 4.5 Bath Home Floor Area: 2,727 sq.ft.

US $575,000

FOR SALE Villa 96, Holetown, St. James 4 Bed, 4.5 Bath Home Floor Area: 3,000 sq.ft.

US $895,000

LY NT D CE CE RE EDU R

FOR SALE Mullins Terrace 20, St. Peter 4 Bed, 2 Bath Home Floor Area: 2,266 sq.ft.

US $450,000

LAND FOR SALE Welches Terrace 104, St. James 8,717 sq.ft.

US $102,500.

LAND FOR SALE Heywoods Lots 30 & 31, St. Peter 17,989 sq.ft. of Residential Land US $175,000

FOR RENT Villa Ravello, Ocean Drive, St. Peter 4 Bed, 4.5 Bath Home Floor Area: 4,300 sq.ft.

US $6,500 per month

FOR RENT Hazeley, Gibbs, St. Peter 3 Bed, 2.5 Bath Home Land Area: 1.5 Acres US $2,500 per month

FOR RENT 14 Welches Terrace, St. Thomas 4 Bed, 3.5 Bath Home US $1,750 per month

LAND FOR SALE Land at Roach Village, St. George 3,897.64 sq.ft – 5,307.73 sq.ft.

Prices starting from US $37,500

www.alleynerealestate.com Contact our experienced agents today.

Weston, St. James BB24032, Barbados W. I. Tel: (246) 432 1159 Fax: (246) 432 2733 Email: sales@jalbarbados.com

Editor’s Comments It’s summer time in the Northern Hemisphere and for Barbados that means Crop Over, lovely days on the beach, staycations on the island and locals generally enjoying the paradise we live on. Unfortunately it also means the start of the hurricane season.

It was only two years ago that deadly storms ravaged many islands in the region. Many of us don’t want to be reminded but it’s important to remember that it’s the reality of the Caribbean and although Barbados has been lucky, it doesn’t mean it can’t be us next. With this in mind we should be prepared! We are repeatedly told this but I wonder how many of us do it?

Thanks to Edward Childs for his follow up Pamela Hiles, Editor article on how Tortola is moving on two years later. A very positive view of how human begins can spring back from disaster.

But on a more positive note, there are beautiful properties on the island to have an amazing summer holiday . Get away from the heat onto one of our glorious beaches. You can rent a Villa and bring the entire extended family or just have a break in one of our apartment hotels or all inclusives.

I recently did this at Cobblers Cove and it was truly special. They have a terrific summer rate on and if you value peace and quiet (no TV’s in the rooms), great food and service and a get away from it all, this might be somewhere you would consider!

On the Cover: Inch Marlow, Christ

Publisher – Hiltop Publications Ltd, 11 Cottage Ridge, St George, Barbados, BB19071 Tel (246) 228-9122, Fax (246) 228-0243 Email: sportingb@caribsurf.com www.sportingbarbados.com www.barbadospropertynews.com www.caribbeanpropertymag.com www.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 this publication have been deemed accurate at the time of going to print. The views expressed as editorial are those of the Editor unless stated otherwise. No part of this publication may be reproduced without the consent of the permission of Hiltop Publications Ltd.

Church - Massy Realty

Barbados is just paradise! Enjoy every moment!

If you would like to advertise in Barbados Property News call Pam at 228-9122 or 232-0692

Port St. Charles is many things, but essentially we’re unique.

Port St. Charles is an exquisite residential marina with a charming lagoon...

Whether you decide to enjoy a meal at the Yacht Club Restaurant, lounge at the Sunset Pool with a delicious beverage, pamper yourself at the beauty salon or keep fit in the gym, everyone agrees that Port St. Charles is a completely unique experience.

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BVI Property Market Post Irma

Feature

Edward Childs shows how the market can recover after a devastating hurricane.

by Edward Childs, Smiths Gore, Tortola In the nearly two years since Hurricane Irma struck the BVI on 6 September 2017, there has been a sense of rebirth in the islands as homes are rebuilt, tourists return and businesses start to flourish. The physical signs of the hurricane are now fast receding and the promises of the next high season should see tourist arrivals in the yachting and cruiseship sectors return to near normal levels. There is still work to be completed in the over-night tourist sector, but the re-opening of Little Dix Bay on Virgin Gorda at the end of the year should do much to boost the Virgin Gorda economy in the post Irma era.

Leading the recovery is the RDA (Recovery and Development Agency) which was established by legislation in the aftermath of the hurricane with the passing of the Virgin Islands Recovery and Development Agency Act, 2018. The RDA has a

mandate to lead the recovery for five years, working in partnership with the Government “to implement the programmes and projects set out in the Recovery to Development Plan that will return the Territory to normality in the short term, and lay the foundations for greater resilience and sustainability in the future.� Already, the RDA has arranged for a multitude of contracts to be awarded including the clearance of debris from the high school, re-building the perimeter wall around the A.O. Shirley sports ground, re-building the police barracks on Virgin Gorda and the repairs to the Jost Van Dyke government administration building.

The real estate market in the BVI has been active in the nearly two years following Hurricane Irma, boosted by the many damaged properties owned by overseas investors who opted to sell as is rather than attempting to rebuild under challenging conditions when contractors and materials were scarce. Chart 1 shows how the number of sales per quarter increased although the median sale value fell reflecting the damaged nature of the homes being sold. Between Q4 2017 and Q1 2019, a total of 72 properties had been sold at a total sales volume of $44M, averaging $611,000 per sale. Of these sales, approximately 60% were below $500,000 in value.

The increase in the number of homes sold reflected the desire of owners to quickly exit from their investment as properties which were not water-tight would deteriorate further. This desire was matched by local investors who were keen to capitalize on the opportunities this market opened up, to acquire real estate at a discounted rate, albeit in damaged condition, and at an affordable price. Chart 2 shows how the 22

BVI Property Market Post Irma

Feature

post Irma real estate market has been dominated by Belonger (and BV Islander) investors. Even the Non-Belonger purchasers have tended to be people residing in the BVI rather than overseas purchasers making a purchase in the BVI for the first time.

As we move past the second anniversary of Hurricane Irma, we are mindful that there remains work to be done in the BVI to improve infrastructure and in particular the resiliency of the islands to the impacts of climate change. It is encouraging to see the BVI tourism industry improving each year and that the real estate market has remained active through this initial recovery period. With overnight tourists returning to the BVI, we expect to see the real estate market move away from the sale of damaged houses and return to more normal market conditions and the sale of undamaged homes starting to dominate the market. Already in 2019, we have seen increased enquiries from overseas investors seeking a holiday home with some enquiries for damaged property but many more just normal enquiries for a home in the sun.

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Feature

Trident Tips Prepare for the worst, to avoid the worst.

Scan and make copies of essential documents.

While it is important to keep original documents in an airtight container it is wise to also have extra print and digital copies of ID’s, passports and insurance documents.

Include young children by giving them a card with their name, address, contacts of immediate family members and pertinent medical information. Let them know they can share this with police or emergency personnel.

Pack a bag.

When disaster strikes, you may have to leave your home quickly! Pack a small bag of clothing and essential items for each member of the household. Keep these in an area near an access point like a door or window.

Keep some cash & Fill your gas tank - You will likely be unable to get to a working ATM machine or gas station immediately after a hurricane.

Stay connected - Charge your cell phones, invest in an additional battery pack and wireless charger. Ensure you have adequate batteries to sustain a battery-operated radio for several days.

Have a plan! Discuss what you will do if utilities are disconnected, the house is damaged, or in the event you must seek shelter elsewhere. Ensure that everyone in the house knows where the emergency supplies are kept as well as the location of the nearest shelter.

Ensure you are adequately covered.

Does your insurance policy cover the current replacement value of your home and its contents? If not, you are under insured. If the replacement cost of your property is higher than the sum insured amount you provided; this difference is the amount by which your property will be underinsured.

Consequently, in the event of a loss, the amount received from your insurer, will not be enough to pay for the full value of the loss. Give your Trident Insurance a call to discuss your coverage and policy features.

Protecting Barbadian Homes & Businesses for over 50 years

Feature

For over 50 years, Oran Ltd has been manufacturing superior aluminum and UPVC products that have protected Barbadian homes and businesses alike. Your biggest investment is never more vulnerable than during the months of the hurricane season but Oran Limited is helping Barbadians get disaster ready with specials on select Hurricane products and answers to your most asked questions about hurricane protection.

1. What should every home owner know about hurricane protection in an attempt to keep their home as safe as possible?

The basic rule is that the building envelope should remain secure to ensure the safety of the family and eliminate the likelihood of water and wind damage to the inside and contents of the home. The 3 areas that are most vulnerable in creating breaches in the building are the roof, windows and doors.

Home owners should be cautious to avoid preventative measures that are not established such as using tape on window glass. Invest in hurricane protection products that are reliable and tested.

2. Who is most at risk from hurricane damage?

All buildings are susceptible to damage from flooding and high winds. The high winds can create updrafts that may lift the roof. High winds are also capable to catapult objects into glass windows and doors. Objects could be things like coconuts from a neighbour’s tree or roof tiles that can be blown off. Objects like these are known to have originated from hundreds of feet away.

3. How can people improve the protection of homes?

Professional building practices and using good quality materials will minimize the likelihood of damage to your building. In regards to roofs - tying down rafters to structural beams, using hurricane straps and securing roof sheets to rafters are some of the basics. It costs no more to do this the right way, than the wrong way when these procedures are disregarded. In regards to windows and doors it is important to follow established manufacturers guidelines for their proper installation. Laminated glass installed in your window and door frames adds hurricane protection in addition to safety and security. In the event that the glass breaks, it will still be held together by the PVB (polyvinyl butyral) film between the panes.

4. Will hurricane protection ruin the look of the home?

To the contrary. Passive forms of protection, such is impact rated windows and doors, look better than regular products because they have more robust frames and are generally very high quality.

In fact Shutter systems such as bahama shutters have been used to complement the aesthetics of home design. Similarly roller shutters are designed to blend in with the look of most houses and with a bit of foresight in design can even be hidden completely using bulk heads and recesses into walls for guiderails. In addition these products add value to the home by offering resistance to break ins & increasing energy efficiency & sound insulation.

5. Is it going to be expensive?

Like most things in life there is a cost involved, secondary products will add more cost along with benefits. Using laminated glass will add very little costs but this is marginal when considered against the possible cost of damages to home and personal effects that would take place if a window opening is compromised. There is also the factor of safety to consider, because ultimately these systems keep you safe inside your home.

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Barbados Valuers Council - Placing trust at the forefront of our work In the last twelve months Barbadians have witnessed a paradigm shift in the governance of our country and a razor sharp focus on the innovation needed to transform our economy. As a property owning democracy the engagement of the property sector in the creation and distribution of income and wealth to all sectors of the population is paramount. The sector is the largest driver of Foreign Direct Investment in our economy and is critical to our Balance of Payments.

In most countries property represents the largest component of wealth and this is especially so in Barbados which has fledgling equity markets and few opportunities for residents to invest in liquid assets.

The role of the property valuer in a vibrant property sector is critical to the trust of all of the stakeholders – buyers, sellers, banks, insurance companies, auditors, investors and the public.

That trust must be earned and the user of valuations is entitled to expect a high degree of professionalism, ethical conduct, research, and valuation reports which are grounded in solid evidence. We don’t have an accessible central repository of transaction data in Barbados and where information is scarce disinformation prevails.

At the Barbados Valuers Council we are striving to earn the trust which valuation users and the public deserve. So lets break that down; Firstly, we are striving to admit academically trained valuers.

Our admission criteria only permit those with an internationally

BEAVA

recognized valuation qualification to be admitted to our highest category, that of Professional Valuer. We have admitted 38 members and of those 18 are designated Professional Valuers.

This is the only valuer classification permitted to value commercial properties, those properties which are usually valued based on their income potential. Our other categories of membership are Residential Valuer, Student Valuer and Trainee Valuer.

Secondly, we require our members to undertake at least 20 hours of continuing professional development each year.

Thirdly, from this year onward we will be requiring our members to carry professional indemnity insurance.

Finally we will discipline members who do not meet our code of conduct.

It is only in these ways that we can consider ourselves to be a profession and to hold the respect of our valuation users.

Our thrust over the coming months will be not just to demand professionalism from our members but also to create a paradigm shift in the availability of transaction evidence to our members so that they can form their opinions based on verifiable, up to date information. This will involve interaction with all of the stakeholders in the property sector including the banks, attorneys and most importantly the government which records the majority of transactions in Barbados.

We are a fledgling body but we are making big steps towards earning trust from the public.

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34

Dacia, Golf Club Road, Rockley Christ Church, Barbados T (246) 436 7440 karpreal@karpeal.com www.karpreal.com

Barbados...

We call this home.

Maxwell, Christ Church

Chancery Lane, Christ Church

Rockley, Christ Church

Unfurnished 3 bdrm, 2 b/r house in ideal central location offering open plan living areas and enclosed grounds within walking distance of beaches.

Well-maintained 3 bdrm, 3 b/r home in quiet cul-de-sac offering spacious rooms, vaulted ceilings, separate living areas within minutes drive of Oistin amenities.

Spacious 3 bdrm, 2.5 b/r townhouse overlooking the golf course offering open plan living areas and air conditioned bedrooms in highly desirable neighborhood within walking distance of beaches.

(RHOU21774)

(RHOU33001)

BDS$450,000.00

(RTOW31205)

BDS$650,000.00

BDS$750,000.00

Newton Terrace, Christ Church

Taitt Hill, St. George

Hastings, Christ Church

Well-maintained, spacious 4 bdrm, 2.5 b/r family home in established neighborhood offering open plan living, nice finishes, entertaining spaces on enclosed grounds.

Single storey 4 bdrm, 3 b/r family home with detached 2 bdrm, 1 b/r cottage on a large elevated lot with countryside and coastline views offering open plan living areas and nice finishes.

Three bdrm, 3 b/r penthouse apartment in gated community offering open plan living, shared pool and gardens across from South Coast Boardwalk. Great investment opportunity.

BDS$950,000.00

BDS$1,400,000.00

(RHOU34366)

(RHOU35083)

BDS$750,000.00

(RAPA30776)

Durants, Christ Church

Wellhouse, St. Philip

Maxwell, Christ Church

Immaculate 4 bdrm, 3 b/r Spanish style home with open plan living, nice finishes, vaulted ceilings, covered poolside entertainment area in desirable neighborhood.

Beautiful 2 bdrm, 2 b/r family home with stunning sea views offering spacious rooms, chef’s kitchen, covered entertaining areas, double garage, basement and plunge pool.

Recently built, fully furnished 3 bdrm, 3 b/r luxury condo with fabulous sea views, open plan living areas, quality finishes, AC throughout and large patio overlooking shared pool area.�

(RHOU34543)

BDS$1,400,000.00

(RHOU34977)

BDS$1,450,000.00

(RCON35226)

BDS$1,600,000.00

SALES | RENTALS | PROPERTY MANAGEMENT | HOLIDAY RENTALS Land sizes are approximate. E&OE

Bellevue Plantation & Polo Club, Waterford, St. Michael Wonderful, historic “Bellevue Plantation & Polo Club” offers a total of 12 en-suite bedrooms in the main house and cottage with approximately 30 acres of land, inclusive of 15 acres which are leased to the present owner. There is also a large swimming pool with open terrace located to the eastern side of the main house and set within lovely grounds.

This charming residence (circa 1735) has been recently refurbished and upgraded to high standards while maintaining the old world features of an early traditional estate house. It features spacious rooms, large modern kitchen and bathrooms and a light and airy floor plan with large covered terraces and other function areas. The property also has been recently extended and now includes a professionally built polo field which is kept lovely and green by an irrigation system fed from a 150 ft. well on the property.

This charming and unique boutique hotel offers guests the option of full property buy outs with private chef and concierge team along with amenities such as airport transfers,

horseback riding, welcome drinks upon arrival, cafe, gym, nature trails and 2 lakes.

The property can accommodate very large events with parking for approximately 2,000 cars and is the preferred venue on the island for hosting large functions such as music shows, weddings, birthday celebrations, corporate and spiritual retreats as well as other large party events.

This property offers excellent potential to be used as a private residence or as an already well-established income producing investment.

BDS$10,000,000.00 T (246) 436 7440 • karpreal@karpeal.com • www.karpreal.com