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St. Peter’s Bay - Page 23
Apes Hill - Page 25
The Crane - Inside Back Cover
Endorsed by the Barbados Estate Agents and Valuers Association Inc.
BARBADOS PROPERTY
NEWS www.barbadospropertynews.com • October - November 2015 • Issue 101
Archer’s Hall - Page 36
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Editor’s Comments Welcome to Barbados Property News 101st edition. We are delighted to have passed this memorable milestone as it marks over 16 years in promoting Barbados property, property products and services. This could not have happened without the support of our advertisers and to them we say a huge “thank you.” In the wake of Crop Over we now move into the busy tourism season and the experts in the business are predicting a busy season. We know from past experience more tourists means more Pamela Hiles, Editor property sales and rentals so we hope visitors will find the contents of this edition of Barbados Property News helpful and informative. Hard copies are carried all over the world and we know the publication is read all over the world thanks to our electronic copy at www.barbadospropertynews.com Enjoy! Pamela Hiles - Editor
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.
On the Cover: Archer’s Hall at Millhouse
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Tropical Elegance
Feature
- a second Archer’s Hall opens its doors at Millhouse Once was not enough for these two very energetic and ambitious ladies. Having opened the doors of the unique Archer’s Hall Design Centre in Speightstown 12 years ago, they have done the double and opened a spanking new showroom in the popular Mill House and Home Development in Canewood, St Michael. Terri and Monique Archer are sisters-in-law who have become best friends and ideal business partners. You can feel the energy between them and the enthusiasm. Terri is a professional interior designer and Monique has a strong financial and real estate background. Together they make an awesome team. Monique mentions that they have been searching for the ideal second location for a while. “We wanted to be more accessible and showcase more of the incredible lines that we carry and as soon as we discovered this location was an option, the decision was an instant “yes!!”. “This new Archer’s Hall is a game changer”, says Terri Archer. “Almost everything in the space is suitable for outdoor living and many of the pieces are quite eclectic” The ladies admit they had fun with choosing the stock for this particular venture. Some of it is their personal taste that they hope will be loved by their clients. Delicate, intricate light fittings – so unusual they really are quite special, adorn the ceilings. Artwork from all over the world that won’t be found anywhere else on the island is in abundance. Terri and Monique have travelled far and wide to bring the exotic to Barbados. True, some of it is not inexpensive but really unique, handcrafted and quality furnishings rarely are. Both ladies spend a lot of time creating beautiful interiors for villas and properties island-wide. They know that what many people are looking for is tropical elegance in a second home. On another note, the gift end of the stores are being boosted with a host of special, affordable gift items arriving just in time for Christmas! “We have just returned from a purchasing trip where we chose some really exquisite items suitable for gifts – tops, bags, sandals, candles, body products and jewelry – we wanted to give a variety of options and were conscious of offering some reasonable price points,” explains Monique. If that wasn’t all enough to get you into the new store – Open Kitchen, run by Daniel Staffner of Elbow Room in Holetown, will be! Seated on the elegant furniture in a lovely setting, you are treated to a very varied menu from delicious salads and gourmet sandwiches to the most delicious pizza as well as sumptuous daily specials. They are open daily for lunch and Fridays for dinner at the moment. They plan to expand and open three nights in the not too distant future. To round off this exciting experience, the Wine Cave is situated right alongside these ladies. Whether it is a lovely glass of chilled rosé with lunch or maybe a bottle of champagne to celebrate a special occasion, they are happy to make this a reality in a blink of an eye! You really must come and experience this for yourself as there is no better way to check off that Christmas list than in this delightful new Archer’s Hall location!
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The interior of the new Archer’s Hall at Millhouse
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Mortgage Debt
Finance
- Don’t bury your head in the sand Many people see the role of a mortgage broker solely in securing the best package to suit their needs when buying a property. However, while this is the primary role there are other services that are just as important once a good relationship has been established. One of these services relates to mortgage debt and hard times. We live in an era of unprecedented economic adversity in Barbados. Unemployment, crime, taxes and debt have significantly increased in recent times. Mortgage delinquency and foreclosures are higher than ever before and lenders have had to provide for bad debt in their annual Balance Sheet for several years to ensure they paint a realistic picture of their financial health. Provision for bad debt has not been the only backlash of the tough economic downturn since 2007, as lending terms and conditions for new business has been stringent and heavily regulated. It was inevitable that the global recession and its backlash would hit small economies hard. Businesses have closed, workers have lost their jobs and homeowners have either fallen into mortgage debt or been forced out of their homes for default. Debt is a destructive force and financial hardship has many knock-on social effects that undermine everyday life and create additional problems. It takes a lot of courage to face up to debt and accept responsibility, sometimes with little prospect of a positive resolution, but it has to be faced or the problem gets worse. Therefore the first step is to acknowledge the situation and do something about it or seek professional help from either a friend or a professional advisor. It is not an option to bury your head in the sand. Although it may not seem so at the outset there are several options when dealing with mortgage debt. The first step is gather the information that is important (income/debt/assets) and go direct to the lender or a mortgage broker. If the situation is nipped in the bud there are practical options available, but going to the lender when legal proceedings are at an advanced stage removes many of them. Lenders may not appear so, but they are receptive to negotiation, arbitration and problem-solving as your problems become their problems and dealing with debt administration
involves more staff for counselling, administration and legal work. Lenders have five basic options; 1 - They can consolidate debt by adding it to the existing loan and starting a new repayment structure. 2 - They can accept reduced payments to get over a short-term crisis and then clear the arrears over a period when times improve. 3 - They can postpone payments for a period and add them to the debt if there is an improved situation on the horizon. This could be a new job or a forthcoming windfall. 4 - They could accept interest-only payments for a period to reduce the monthly repayment. This means the total amount outstanding remains fixed, but the debt doesn’t increase because the interest payments are being kept up to date. 5 - They can hardball and give the mortgagor an ultimatum to pay or suffer the consequences. This rarely happens without counselling and attempts to rectify the situation, but if the borrower doesn’t make any attempt to resolve the situation then the lender has little choice. The borrower always has the option to re-mortgage with another lender, but where arrears already exist this is unlikely. Pre-2007 taking a customer from another lender was regarded as fair game in the competitive lending industry, but in the current market no lender wants to take over another lender’s bad debt. Cruel as it sounds, many debtors are habitual bad payers and moving from Peter to Paul rarely changes their habits. Another option for the borrower is to return the keys to the lender and vacate the property. This is a Doom’s Day scenario, but it does bring matters to a head. However, it doesn’t remove your financial responsibility because the lender will sell the property as a Forced Sale and if there is still debt they will hold the borrower liable. If there is a Mortgage Indemnity policy in place they will subrogate that liability to the Insurance Company, but be assured, the Insurance Company will also be seeking restitution. These are tough times for many borrowers, but the situation is not as bleak as it appears. Go and see the lender early if you are hitting problems, or seek professional advice if you don’t understand what options are available. Above all do something! Don’t bury your head in the sand. Clarence Hiles is a Mortgage Broker at Caribbean Mortgage Services. He can be contacted by email at clarence@caribbeanmortgages.com or by telephone at 230 9215
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BEAVA News BEAVA Expo in pictures! Real estate and home accessories providers were thrilled to have the chance to expose their products and services to the Barbados public in a beautiful and unique setting of the flagship branch of CIBC First Caribbean at Massy Dome Mall, Warrens. The October 3rd event, sponsored by CIBC First Caribbean, TMR, FLOW and CGI was held in air-conditioned comfort as great natural lighting streamed through the branch's glass walls to land on immaculately designed exhibits by a range of professionals. Exhibitors took up every available space to display products and services about real estate, furniture and interior design, tiling, awnings, residential security, a myriad of air-conditioning
Suzanne Davis, Realtors & President of BEAVA & Michelle Roett
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Real Estate News
systems, home and commercial insurance, solar panelling, jewellery designs, original artwork, specialty wines and the perfect plants, shrubs and trees for your home. Coupled with that, patrons and vendors were treated to informative and engaging afternoon sit-down sessions with attorneys-at-law from Lex Caribbean and Clarke Gittens & Farmer, CIBC First Caribbean and TMR. One agent in particular was thrilled as the business leads she was accumulating increased throughout the day, exclaiming: "Look, look at the number of potential customers I have here from this Expo today, that I fully intend on following up with. This has been great and I will continue to support you (BEAVA)." BEAVA thanks all of the sponsors for coming on board, the members of the media for coverage and all of the vendors, for a job well done!
Michelle Marshall, Altman Real Estate & Brian Puckerin, PCS
BEAVA Expo in pictures!
Real Estate News
Olivia Davis (left) & Linda Williams (right), Apes Hill Development
Paul Alleyne, Alleyne Real Estate
Juliet Hinkson, Altitude Real Estate Services
Russell Corrie, Nature Care
Peggy Kirton (left), ASK Real Estate
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David & Cindy Coombes, Caribbean Island Properties
BEAVA Expo in pictures!
Real Estate News
Diana Marshall (left) & Heather Jubenot (right) from Massy Realty with a customer
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M W O VI OR E U R S EL A w EC C E D BSI N IT w TR O E T EW w. O P T E ca N Y O AI FO r t IC F L S R er B O A s- RO U ND gr C R ov H e. UR co E m
FINAL PHASE ONLY FIVE UNITS LEFT PRICES STARTING AT BDS$425,000
• Land/Construction detached single storey homes • 1,200 sq ft three-bedroom design • Small community of 15 units in quiet cul-de-sac • Plot sizes approx 4,000-4,500 sq ft. • First Phase of 10 units completed and occupied • Located just off Enterprise Road a few minutes drive from Oistins • Up to 100% mortgage facilities available
FOR MORE INFORMATIONEmail-info@carters-grove.com Tel- 230 9215 Or visit website- www.carters-grove.com