Barbados Property News August September 2012 by Hiltop Publications Ltd

EE NE FR NLI O &

Alleyne Real Estate- Page 11

Island Villas - Page 31

St. Peter’s Bay - Page 27

BARBADOS PROPERTY

NEWS www.barbadospropertynews.com • August 2012 - September 2012 • Issue 82

Endorsed by the Barbados Estate Agents and Valuers Association Inc.

Valley View - Page 28

We Know Barbados

Atlantic Park, St. Philip

Rendezvous, Christ Church

Warrens, St. Thomas

B18739 3-bed / 2.5-bath home - large patio Sale Price: BDS $590,000

B23893 3-bed / 2.5-bath house w/ a 2- bed apt. Sale Price: BDS $795,000

B18963 4-bed / 3.5 bath home - centrally located Sale Price: BDS $960,000

Worthing, Christ Church

Porters, St. James

Prior Park, St. James

B22874 2-bed / 2-bath apt. - on beach front Sale Price: BDS $1,100,000

B19811 3-bed / 2.5-bath townhouse - plunge pool Sale Price: BDS $1,375,000

B23624 6-bed / 5.5-bath house - self-contained apt. Sale Price: BDS $2,495,000 Residental Land Lots

Sargeant Park Lot 9, St. Philip B23961 4,400 sq. ft. BDS $95,000 Carlton Lot, St. James B23798 16,460 sq. ft. BDS $180,000 Apes Hill Club, St. James

Sion Hill, St. James

B23647 19,060 sq. ft. parcel w/ golf & sea views Sale Price: BDS $580,000

B23511 85,091 sq. ft. land lot w/ mature trees Sale Price: BDS $2,000,000

Fairwind Lane Lot 160, Christ Church B23704 7,208 sq. ft. BDS $185,000 Mount Standfast Lot 1, St. James B23503 18,028 sq. ft. BDS $370,000

Looking to buy, sell or rent? We have these and many more properties available, just visit: 7 www.terracaribbean.com

Editor’s Comments It’s Crop Over Season in Barbados and we welcome thousands of visitors to the island and many Returning Nationals for a series of social events that are very special in the life of Barbados. Many Barbadians plan their holidays around the festival and either leave early to return early or take them after Kadooment Day. We belong to the early birds culture and have just returned from the UK where rainy weather and pre-Olympics mania dominated our trip. During our visit we watched a television programme called “A Place in the Sun” which featured a prospective UK lady buyer looking at several properties on the island with a budget equivalent to BDS$500,000. It was great to see the island showcased to such a huge TV audience and also to see the options made available by the programme producers and their local real estate contacts. Contrary to perception the reality is that there are bargains out there and you can buy quality property within a modest price range. However, one negative was the absence of mortgage funding information. It seemed strange that the selection process went into such detail to find the ideal property only to find out at the end of the programme the prospective UK buyer did not have the funds available to make the purchase and still needed a mortgage. Did someone say the cart before the horse? In this edition we feature the Hurricane Season and while many property owners appear complacent about the risk, we only have to look at the dreadful experiences in Haiti, Grenada, Jamaica and St. Lucia in the past On the cover: Valley View decade to realize the threat is real. Pamela Hiles - 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, 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.

ALTMAN R E A L

E S T A T E

A Homeownerâ&#x20AC;&#x2122;s Dream Located in the heart of picturesque St. Thomas, Valley View is a homeowners's dream. This lovely neighbourhood is the perfect choice for anyone seeking a complete turnkey property solution without the hassle or timely delays often experienced when building yourself. Considered to be one of the most compelling offers on the property market today, Valley View is situated adjacent to the desirable Countryside neighbourhood, featuring 37 beautiful three-bedroom homes set in a cool, convenient location with striking views of the countryside. Enjoy the best of both worlds. A family friendly community with a country feel and all the conveniences of urban life as Valley View is only ten minutes away from the Warrens business area. There are five Gillespie & Steel designs to choose from, with each carrying a spacious open-plan living and dining area. Featuring fine details and a modern Barbadian flair, these properties are available with attractive furniture and financing packages so you can step into a complete home in an attractive neighbourhood for as little at BDS $37,000 down. Prices for house and land start at BDS $722,000 and 95% financing is offered with an interest rate of under 6%. Lot sizes range from 5,500 to 14,800 square feet and there is no complicated land title or shared land ownership. Valuation fees have also been waived. The purchase process is simple, convenient and efficient. Valley View's in-house team will pre-qualify you for your loan and send all required information to your bank of choice. All meetings can be arranged at your convenience between 8am and 5pm Monday to Friday or Saturday if necessary. Our team will even visit your home or office and all transactions are guaranteed to close within 60 days. Valley View has completed homes giving you the ability to move in as soon as you choose the one that is right for you and your family. Construction of the homes is fully funded by the developer therefore cash is not required for purchasers to start, progress or complete the project. Ten houses have already been finished and construction on the remaining houses is well underway. These exquisite homes are ready and waiting for you to move in. Come take a closer look at our three fully-furnished show homes. Valley View will be right for you. For more information about this property and to arrange a viewing please call 421-HOME (4663) or email: infobb@terracaribbean.com. Visit www.terracaribbean.com

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Hurricane Season is here Is your Hurricane Preparedness Plan in place? The Hurricane Season is upon us and we are all watching the weather reports and hoping that this year’s season does not have too much in store for Barbados and the Caribbean. But even though insurance companies and local government agencies say it every year, how prepared are our citizens at the start of the hurricane season? If we’re to judge by the way the supermarkets and the hardware stores fill to capacity the moment a storm threatens, we’d have to say that the answer is that we are not as Carl Norris prepared as we should be. But it’s so easy to put a plan in place for the season. And, when you think of the peace of mind that comes with being prepared, you should promise yourself that this season is the one when you’ll finally have a plan in place to protect your property, your business and ultimately, your family. So, take these easy steps and put your plan in place today.

Insurance Coverage Before the start of the season, you should review your insurance policy to ensure that your property, contents and vehicles are adequately covered. If you own a business, you should similarly review that policy or those policies as well. If you do not have insurance, now is the time to put this in place. The investment in the premium is well worth the coverage that will be provided. You should also have your property and contents valued independently to ensure that they are adequately covered. Be sure to choose an insurance company, like United, which has a track record for prompt and compassionate response in times of catastrophe and an AM Best Rating of A-Excellent which ensures that they are financially strong enough to pay your claims as required. It’s important to note too, that as a Caribbean-wide insurance company, United gives special discounts to clients whose homes are constructed or retrofitted to resist hazards.

Know Your Emergency Shelters As strong as your home may be, you never know if you are at risk of losing your roof or a significant portion of your house during a hurricane. You should be prepared to either take shelter at family, friends, a hotel or a shelter. You should also have a plan for how you will evacuate your home and get to these other locations. Be sure to identify who you will call to advise that you have evacuated to a shelter, so that you have someone who knows where you are located in the event of a hurricane.

Pack an Emergency Supply Kit today Shop now to stock up on all the items you’ll need to survive during and after a storm. You should include provisions to carry you through a

week or two after a storm or hurricane. Note that the more food and water and other items you have the better off you will be in the event of an emergency. This will put you in a position to assist family and friends if needed. Remember to print hard copies of any documents you’ll need and store these in a Ziploc bag. Remember to also keep your insurance policy in a safe place. Be sure too to have the basics available - a first aid kit, kitchen utensils and supplies, personal care items and medication for you and especially for babies, small children and the elderly. Battery operated devices such as radios and flashlights and the batteries to keep them running are also important for your kit. Keep cash and fuel on hand as ATMs will most likely not be operational after a hurricane and this will also be the case for gas stations.

Develop an Emergency Communication Plan You should determine now how you will get in contact with members of your family who may not reside with you or who may have to move to alternate accommodation before, during or after a hurricane. Nothing causes more distress than not being able to reach your loved ones during or after a hurricane. Be sure to charge your phones and other electronic devices such as computers which will allow you to communicate. In addition to this, whether it’s just to communicate with your family members or you own a business and need to get a message to your staff, the radio can be a very useful tool. Be sure to have the telephone number and the emergency contact details for at least two of the local radio station’s personnel to get a message out over the airwaves if required.

Clean up the area around your Home or Business Debris around your home or business can become a dangerous missile during a hurricane. Tree branches close to windows which seem harmless during a gentle breeze, can become deadly with hurricane-force winds. Identify these and remove them today. Involve the Barbados Light and Power in the removal of braches which are close to power lines. Secure your vehicle and ensure there is nothing around it which could lead to its being damaged. Your car may be an important lifeline if you need to evacuate your location quickly during or after a hurricane.

Emergency Services - keep their numbers handy Finally, keep all numbers for emergency services close to hand so that you can be in contact with the right people in a moment’s notice. One important number you should have if you are a United client is our emergency hotline number: 230-4997. By taking these simple actions today, you can put a plan in place which makes you significantly more prepared for the eventuality of a hurricane, and allows you to provide better protection for your family, most importantly, as well as your prized possessions. If you’re a United client and your property sustains damage during a hurricane or storm, rest assured that the experienced and capable team at United, is ready and willing to assist you. You’re in Safe Hands with United.

Hurricane, Security & Sun Protection

BCQS International becomes the first RICS regulated firm in the Americas BCQS International, the leading Property and Development Consultancy of its kind in the Caribbean region and Latin America announced today they are the first firm to be registered and Regulated by RICS in the Americas with respect to the newly created Valuers Registration Scheme. The scheme was created in response to recent financial crises and the demand from various stakeholders to improve the quality and consistency of valuations. RICS (Royal Institution of Chartered Surveyors) is the world's leading professional body for qualifications and standards in land, property and construction. RICS Regulation monitors, guides and assists members and firms to comply with rules, regulations and ethical standards. RICS review and investigate complaints they receive about Members and/or regulated Firms and, where appropriate, take disciplinary action in cases where Members and/or regulated Firms fall short of the standards expected of them. When asked about the importance of registration to BCQS International, Managing Director, Liam Day said, "BCQS International is extremely proud to be the first firm Regulated by RICS in the Americas. This RICS Regulation confirmation demonstrates our commitment to providing clients with unrivaled levels of expertise and will reinforce the widespread

perception that BCQS is the service provider most committed to the highest standards of professionalism and quality service.” Sanjay Amin, Director for BCQS International and Chairman of RICS Caribbean states, “We are delighted and honoured to be the first registered firm Regulated by RICS in the Americas.” Continuing, “This designation is an important milestone for BCQS, especially in today’s recession hit property market in Barbados where more people, governments, banks and commercial organisations demand greater certainty that proper standards are being followed when carrying out valuations/appraisals”. Steven Gould, Global Director of Regulation, RICS, "I am very pleased to register BCQS International as the first firm in the Americas to be Regulated by RICS. By signing up to regulation by RICS, BCQS demonstrate their commitment to the highest standards, to operating in a professional and ethical manner, and are open to independent scrutiny. Clients and the general public can take confidence from the mark 'Regulated by RICS' as an assurance of quality for firms providing surveying services." RICS encourages members to register their firms and to publicise them as being 'Regulated by RICS'. The framework of the system is driven by the five rules of better regulation. These are proportionality, accountability, consistency, targeting and transparency. By following the rules of conduct, monitored by RICS Regulation, BCQS can provide further confidence and reassurance to their clients that they have adopted the highest standards of professional dealings.

BCQS International Announces Director Appointment BCQS International, the leading and Development Property Consultancy of its kind in the Caribbean region and Latin America announced today the promotion of Associate Director, James Hunt to the position of Director, based in the BCQS British Virgin Islands office. “James has been a key member of the BCQS team, and we are delighted to recognise his efforts, success and commitment to a high quality professional service”, said James Hunt Director, Ben Butler in announcing the appointment. “James’ wealth of experience and understanding of the industry, as well as his extensive knowledge of all aspects of the development process, will help ensure we build on the success and reputation we have already achieved across the region.” James has fifteen years experience providing professional quantity surveying, cost management and project management services. Having worked in a variety of countries around the world, he is able to offer a unique combination of local experience and expertise, with some of the 'best practice' principles currently being adopted in the UK. Combined

with a cross-sector client base, he is able to apply this knowledge and transfer these skills, to both public and private sector projects, tailoring his advice as required. James specialises in tailored cost planning, bespoke procurement strategies, value management, contract formulation, strategic cost reporting and development financial management. He has been involved with a number of high profile projects with BCQS throughout the Caribbean region, including New Peebles Hospital, BVI, Necker Island, BVI, Moskito Island, BVI, Amanyara Resort, TCI and Camana Bay, Cayman Islands. “I am excited about my new role and the additional responsibility that will come along with it,” says James. “Due to our commitment to excellence and exceptional client service, BCQS has earned a leadership position in the field of property and development consultancy across the entire Caribbean region and I look forward to ensuring we maintain this high level of service as the company expands.” Prior to joining BCQS, James worked for Northcroft, a UK based construction consultancy. He worked as an Associate Director and was responsible for cost management services on a number of high-profile projects. Furthermore, James holds a Bachelor of Science (Honours) Degree in Quantity Surveying from Leeds Metropolitan University, UK and is an elected Professional Member of the Royal Institution of Chartered Surveyors.

Good Time to Buy Your Piece of The Rock The month of August is second only to December as the most popular time for returning Barbados Nationals to come back to their homeland. The lure of CropOver and the plethora of social events before and after Kadooment Day makes it a lovely time to visit and of course, there’s plenty of time to reminisce and reflect on what you are missing. Barbados may have its economic challenges in recent times, but overall the quality and pace of life is still attractive. They say “far away fields are green” and in many cases they are, but over the past five years the green has turned to grey in many overseas locations and the lure of a more permanent return to sunny climes grows bigger by the year. If that’s in your thinking then there has never been a better time to buy! The soft property market and the general drop in property values has created a new real estate culture in Barbados and vendors have finally accepted life will not be the same for many years. The pre-2007 meteoric rise in property values, especially new second home beachfront properties, has long since disappeared, and the bursting condo market fuelled by overseas investors is largely a thing of the past. And not just in Barbados, but all across the wider Caribbean region with few exceptions. In its wake is a competitive and realistic market place where better value for money is all around and vendors are prepared to negotiate on price. Of course, this is a generalization and each owner is entitled to sell on their terms, but the smart vendors

have moved with the times and their “bird in the hand” philosophy makes good business sense in the current real estate climate. This is great news for aspiring property owners, especially local buyers and Returning Nationals, who have always felt hard done by with the heavy concentration by developers on luring overseas investors. That market remains, albeit in modest terms compared to the halcyon years pre-2007, but local buyers can now identify properties within their price range as the changing market bottoms out and finds a new pricing structure. That may well have happened in the past 12 months so good advice for first-time buyers is to buy now as the first signs of recovery will start at the bottom end and prices will inevitably move up. There is a myth that the first-time buyers’ market is saturated with newly-wed young couples, but this is perception rather than reality. The first-time buyers’ market embraces many aspiring property owners home and abroad and the bulk of them will be looking for properties in the $200-500,000 price range because that is what they can afford. Mortgages are available up to 95% and with some careful management of funds buying a new home is now within the reach of more and more people, including Returning Nationals who can borrow up to 75% despite their overseas domicile. Mortgage interest rates are in and around 6%, which means a loan of $300,000 over 25 years requires a monthly repayment of $1,933 per month. Start thinking now by searching the pages of Barbados Property News and on www.barbadospropertynews.com and secure your piece of the Rock and your home for the future.

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BEAVA News How does the Multi-Listing Service Work? In an effort to continuously improve the services provided by local real estate professionals, the Barbados Estate Agent and Valuers Association (BEAVA) now provides a Multi-Listing Service (MLS) for use by its members. This service makes the search for properties much more efficient as it provides an extremely convenient database allowing agents to know what is on the market at any given moment. The MLS acts as a big warehouse of real estate inventory and is extremely beneficial to its users as it provides comprehensive information. But, how does the MLS really benefit sellers? Well, imagine that your property now becomes exposed to multiple agents at the touch of a button. You now have a powerful sales force working on your behalf which will show your property to all qualified buyers in your property’s price range. Exposure to a larger pool of prospective purchasers now increases the demand for your property and increases the chances of it being sold in a faster time. So, how does the system really work? BEAVA’s members can list their properties, inputting as much information as possible as

regards the property’s age, number of rooms, construction features, location, square footage, price etc. At a glance, agents can quickly compare and contrast similar properties and provide their clients with thorough information on what is available. The sales prices of any properties sold must also be recorded, making this database provide invaluable information for valuers within the association. It will help agents to educate their sellers on whether or not they are positioned correctly within the market or if their pricing may need to be adjusted. A maximum of 3 listing agents, each known as the seller’s agent, can represent each property. They have to secure the authorization from the seller to market their property on the MLS. Then the other agents can work through the listing agent to see the property. If a sale is achieved, the listing agent will split his commission with the cooperating agent. The MLS is also available for the public both locally and internationally so that clients can see all the properties in one place. BEAVA’s members are eagerly signing up for this service which will certainly enhance the profile of the real estate industry in Barbados. Mrs. Cherita O’dell - Marketing Committee Chairperson (BEAVA)

W G NOLLIN SE

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