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Alleyne Real Estate - Page 10
Apes Hill - Page 19
Ron Karp Realty - Page 68
BARBADOS PROPERTY
NEWS www.barbadospropertynews.com • December - January 2015 • Issue 96
Endorsed by the Barbados Estate Agents and Valuers Association Inc.
Port Ferdinand - Page 15
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Editor’s Comments It should be the time of the year when we set aside major business decisions and reflect on the meaning of Christmas and the message therein with family and friends. However, that’s never been the way in Barbados and although the season of goodwill is very much part of our social culture many property owners plan refurbishment and renovations pre the festive season. Other people think of the year ahead and the prospect of moving to a new home while some visitors will fall in love with our island and carefully investigate the pages of Barbados Property News in search of a second home. Some returning nationals will do likewise with Above: Pamela Hiles, Editor with perhaps a plan for the future to retire in their homeland. Gael Alluard on the opening of Although our laidback lifestyle suggests otherwise, there’s plenty Ashley Furniture Homestore happening over the festive season, especially in the property world. And that includes Christmas shopping as many of our retail advertisers have excellent stores and a wide selection of options. It’s brave to expand your business in tough times so special congratulations to Standard and Ashley Furniture Homestore who have opened impressive new stores. The new branch of the well-established Standard brand is at Wildey while the new Ashley Furniture Homestore is prominently located close to the ABC Highway at the Bussa Roundabout. Whatever you are looking for we hope you will find it in the pages of this festive edition of Barbados Property News. We would also like to thank our advertisers for all their support during 2014 and wish them and our readers a Happy Christmas and a prosperous 2015. Pamela Hiles On the Cover: Port Ferdinand Editor
If you would like to advertise in Barbados Property News call Pam at 228-9122 or 232-0692
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.
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Standard opens new Store in Wildey
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The Hon Donville Inniss, Minister of Industry, International Business, Commerce and Small Business Development was proud to open the state of the art Standard store in Wildey next to MQI. Standard first opened in Barbados in 1955 and it was a wonderful moment for Ansal McCal’s Nicholas Mouttet and Standard CEO Katrina Newton when the ribbon was cut and the new store was announced open after only six weeks of preparation. Filled with furniture, appliances and special display areas, this store has entered the modern era and delivered what shoppers of today in Barbados are demanding.
Above from left to right: Standard CEO Katrina Newton, Ansal McCal’s Nicholas Mouttet & The Hon Donville Inniss, Minister of Industry, International Business, Commerce and Small Business Development
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Eddo 4. Bamboo Lamp $840.00 5. Vase $243.00 6. Baskets sm $106.00
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Christmas Gift Ideas! Gajah 1. Red Gladiolus Artificial Flower $22 each 2. Wine Glass with Tiny Gem stem $44 each or Champagne Flute with TIny Gem Stem - $44 each 3. Glitter Tapered Metallic Candle $23 pair
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Natz 4. Water Colour Effect Mirror Box $128.95 (73785) 5. Hexagon Mirror Inlay 3 Drawer Chest $1,879.60 (SF2183) 6. Classic Clear Crystal Table Lamp $394.50 (L21285)
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Have Lenders Lost Their Apetite For Lending? Perhaps it had to happen in the wake of global and local lending scandals, and higher delinquency levels, but the tighter controls, intensive scrutiny and longer processing time might suggest lenders have lost some of their appetite for lending. Given that lending is where lenders make their money this should only be a shortterm strategy, but despite the advertising and public statements by several leading lenders, the experience at grassroots suggests otherwise. Let’s be honest-processing loans, especially mortgages, has always been a nightmare in Barbados and the time taken to make elementary lending decisions has been excessive. Why a customer has to wait weeks, even months, for a decision that could be made in minutes is difficult to comprehend in an electronic age when so much information is available at the flick of a button. Many lending houses in developed countries offer a Mortgage Certificate within hours of receiving the application, all of course subject to verifications and formal documentation. Sadly, we seem to be moving in the other direction. Processing takes longer with the bigger lenders, and it now appears to take just as long with the smaller lenders despite claims to the contrary. Approvals with some lenders are being diverted to adjudicators off island in lending centres, many lending officers are less proactive and don’t fight for the business, and some of them have become disillusioned by staff cuts, changes in lending policies and an overall drop in company morale. It all points to a gloomy picture and the problem is exacerbated by the fact that the entire lending process takes too long and that means other businesses are affected. At least one peripheral lender prefers to lend on cars not houses, which is a sad reflection on the strength of real estate or perhaps to be more accurate, on the lack of efficiencies within the industry especially the buying and selling process.
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Finance
Unfortunately there’s nobody willing to take up the mantle and effect change. Government is preoccupied trying to sort out the national economy and seemingly oblivious to the benefits of stimulating the mortgage market and subsequently the property and construction industries. The time taken to convey in Barbados is abominable, but achieving change in the legal industry is complex and virtually impossible. Ironically, Paul Doyle at the Crane Resort has a solution as their properties are sold within a trust company structure and the business is conducted off island with transaction time one afternoon! Obviously there is no mortgage involved but that’s still very impressive. This timeframe is impossible to achieve using traditional conveyancing procedures, but if the lending industry is ever to become more efficient then it has to take the initiative from within. This means a more proactive user-friendly approach to processing, more use of experienced mortgage brokers who can pre-vet and do much of the lending legwork, quick approvals and turnaround times, pay for the valuation reports and get them within two days, and only use lawyers that deliver expediency and efficiency. There was a time when lenders were raising the bar in their industry and introducing higher standards with both products and processing, but it seems their appetite has waned in the past 12 months. Competition should provide a natural medium for better products and processing, but this has also waned and as a result the lending market has become stale and depressed. It needs kickstarted and if it doesn’t come from within then perhaps BEAVA, the voice of local estate agents should meet with the lenders. We have endured a soft property market for seven years so now is the time to stimulate it and lending is a vital component of that process. Sorry to be so negative at this happy time of the year, but as everyone knows in Barbados, business grinds to a halt in December so let’s not expect too much too soon. In the meantime Happy Christmas and best wishes for 2015. Clarence Hiles
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Real Estate Conference The Royal Institution of Chartered Surveyors (RICS) successfully staged the largest real estate conference hosted in Barbados in over a decade between October 21 and 22, 2014 at the Hilton Barbados. The conference, hosted for the third year in collaboration with the International Property Tax Institute, brought together over 130 property and construction professionals from across the Americas, and as far away as Europe and Africa, to discuss trends and best practice in property development. Held under the theme: “Managing Risks in Real Estate and Construction”, the event featured truly interactive panel sessions and offered participants distinct cross-border networking opportunities with senior professionals and potential business partners. RICS Caribbean Board Chair, Mr. Sanjay Amin, said of the conference: “The RICS is a global institution that promotes and enforces the highest professional qualifications and standards in the development of land, real estate, construction and infrastructure. In Barbados and the Caribbean at large, valuing commercial and residential properties in recent times has become extremely challenging. Therefore, this conference served as the perfect forum to share with, and receive feedback from our members on initiatives being undertaken by regulators in the Caribbean and multilateral lending agencies, such as the International Monetary Fund, that will have an impact on not only the way we do business, but also our clients and financial institutions.”
Above: Mr. Sanjay Amin (centre), Chair of the RICS Caribbean Board with Ms. Lorella Paterson, RICS Americas Head of Development and Members Services (left) and Ms. Carmel Haynes, RICS Caribbean Member Services Support Coordinator.
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Orans Celebrate Business Longevity It was a night to remember at the historic Crane Residential Resort on Saturday, October 11th as over 200 specially invited guests joined the Oran family in celebrating the silver and golden anniversaries of Sheraton Mall and Oran Ltd. Hosted by founder Marshall Oran, along with son Scott and daughter-in-law Sharon, ‘honouring relationships’ was the theme of the night. Each company’s corporate partners were acknowledged and thanked for their respective contributions to the ongoing success of the two companies while several members of management and staff were present to share in the prestigious milestones.
Above left: Sir Trevor Carmichael and Sharon Oran • Above: From left to right: Arel, Scott, Sharon, Justin and Marshall Oran
Boarded Hall Green Launched
The Hon. Chistopher Sinckler MP, Minister of Finance (above far left) did the honours and officially opened the new Boarded Hall Development recently. Situated near the roundabout in Boarded Hall in St George, this new development from entrepreneurs Tony Hoyos (above far right) and Colin Brewer is
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Real Estate News
a modern gated community overlooking the St George Valley. Studio, one, two bedrooms and townhouses are all on offer with a communal swimming pool and facilities. Centrally located with splendid views, sales have been going well and is already home to some. Contact bhgbarbados@gmail.com for more information.
Real Estate News
Agents View Villa Bonita
Alleyne Real Estate recently held an open evening for agents at the marvelous Villa Bonita. This home was recently completed and is a shining example of the very best in luxury beachfront property available on Barbados’ Platinum Coast. Sitting on an elevated position in Prospect Bay, St. James, this newly constructed six bedroom, five and a half bathroom luxury villa is simply stunning. Offering over 9,200 square feet of living space, Villa Bonita is truly elegant with a sleek, luxurious
ambiance highlighted by the highest quality Italian fixtures and fittings and gorgeous white marble tiles throughout. The proximity to the water is unique and very few west coast homes can boast such fantastic vistas from almost every room. Villa Bonita is the definition of west coast luxury and a home that any family will truly love and enjoy. For more information contact: sales@jalbarbados.com or visit www.jalbarbados.com
Crane launches new private Luxury Residences The Crane officially launched their new luxury Private Residences at the Crane! This new ownership option will allow buyers to actually call a piece of the beautiful resort their home. Two buildings with over 90 spacious two and three bedroom apartments are set to be built behind buildings 4 and 5 with Chris deCaires & Clarence Hiles sea views and garden views. Private residence owners will be immediately part of an established luxury resort community with completed world-class amentities and servives. For more information contact property@craneresorts.com
Real Estate News
Patrick Nehaul and Paul Doyle 55
BEAVA News Veteran realtor Suzanne Davis was returned for a second consecutive term to head the industry's umbrella body, Barbados Estate Agents and Valuers Association (BEAVA). She was reelected unopposed at the annual general meeting held this past December 04, 2014 at Savannah Hotel. She will be ably assisted by Vice President George Ramsey, Secretary Alkins Kirton, Treasurer Sonia Field and ordinary members, Pooka Yhap, David Coombes, Paul Alleyne, Curtis Pounder and Rae Stollmeyer. Mrs Davis bade farewell to board members Tania Wallace, Cherita O'dell and Hayden Hutton who did not seek re-election and thanked each one, including those who returned to serve, for their sterling contribution over the past years.
Real Estate News
She now looks to a new year which she is excited to embrace as there has been an "upswing in the real estate industry and we are hoping for a very successful winter". "We expect to have a lot of visitors," she tells Barbados Property News, "and with the world economy improving we can surely expect a fantastic winter, in fact we are starting to see the effects of it already." She adds that next year will see, among other projects, a continuation of the educational seminars that BEAVA has been successfully hosting throughout 2014 and will keep members apprised of plans to give BEAVA a larger presence locally. "I also wish to take this opportunity to wish members and their families a Merry Christmas and Prosperous New Year."
Above: Returning President Suzanne Davis (front at centre) flanked by board members: (front left to right, Curtis Pounder, Pooka Yhap, Rae Stollmeyer, Alkins Kirton. (Back L-R) George Ramsey, Paul Alleyne, David Coombes
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Ashley Furniture opens in Haggatt Hall Minister of Industry, International Business, Commerce and Small Business Development, the Hon. Donville Inniss MP (left) officially opened the impressive new Ashley Furniture Homestore at Haggatt Hall with a large number of dignitaries and patrons in attendance including the United States Ambassador to Barbados Dr. Larry Palmer. Ashley is one of the biggest furniture manufacturing names in the United States and continues its expansion across the world with this joint enterprise with local entrepreneurs Luis Carrillo and Gael Alluard of Dwellings fame. The store, the 545th international one, offers a magnificent display of high quality furniture designs and lifestyle products and is certain to be a big hit with local customers as the quality is high and the prices are keen. One thing is certain-seeing is believing so a visit to the Homestore is essential.
Dwellings hosts Shoppers evening
Dwellings held their annual Christmas preview evening for loyal shoppers at the end of October. The store is filled with tempting decorations and gifts for everyone this Christmas. Whether it’s something small like a candle or a kitchen appliance or a more substancial piece like a new dining room suite or bed, you’ll find
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Above: Helpful staff at Ashley Furniture
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it all at the beautiful Dwellings. Pictured are some of the patrons enjoying the early bargains. There is still plenty to buy at Dwellings so head on down to Mill House and Home for that special gift.
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Natz comes alive with Christmas
Natz Home Furnishings had specially invited guests to view their Christmas goodies recently. As always, innovative Christmas decorations and accessories were on display. The store is filled with a variety of ideas for that difficult person, including jewellery. Among the guests were local businessmen Bizzy Williams and
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Evans Husbands, representatives from Altman Real Estate and Realtors and management and staff from First Citizens Bank. Stop into Natz in the Williams Industrial Park in Warrens and get your home ready for Christmas! Above far right: Natalie Manning of Natz with guests
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