Turks and Caicos Islands Real Estate Market Report Third Quarter 2014 (YTD)
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Long Bay, Providenciales
Turks and Caicos Real Estate Market 2014 /Q3 Year to Date Comparative Report
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We have now completed the Q3-2014 State of the Market Report, and are happy to bring this important information to our clients and customers. Remaining informed as to how the real estate market is progressing, with solid comparative data from previous years, is critical to making informed decisions. An invaluable tool for anyone looking to buy, sell, or just starting the process.
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Our group analyzes data derived from the Turks and Caicos Real Estate Association’s (TCREA) MLS, a proprietary members only database, distilling all property sales data into a format that is easily accessible and quickly understandable. We hope that it will prove to be of great interest and we always welcome questions about the real estate market in TCI - the Caribbean’s premier destination.
Single Family Homes Q3/2014! Cumulative Summary
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! Major Notes for Q3 2014: ! •
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TCI has enjoyed a 99 % increase in its Single Family Home & Villa Market ‘Dollar Volume Sales’ 2014 year to date over the same period in 2013. Single Family Home & Villa Market continues to lead through the 3rd Quarter of 2014. We have experienced a 13% increase in condo sales for the same period 2013. 86% of sales in this category are above $1M Average Days on the Market: 368
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Both Single Family Homes/Villas and Condos in the $1M + range continue to do well, with homes and villas leading the way with a very strong increase. Highlighted by the sale by this firm of the luxurious Saadet Beachfront Estate Home, and done so in a record three month listing period. Condos, whilst not as strong as Homes/Villas, show continued growth, something that is expected given the significant increases seen year on year from 2009. Statistics displayed in this graph is based on the Turks and Caicos Real Estate Association MLS Data. Regency International Estates cannot warrant accuracy.
All information compiled in this format is the exclusive property of Regency International Estates.
www.THETurksandCaicos.com
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Whilst the ‘Undeveloped Land’ sector appears to have dipped in Q3, its important to note that in 2013, several high value Commercial (Hotel/Tourism) Beachfront parcels sold. As a result, the market inflated significantly, giving an overall appearance of high dollar volume sales for the entire category.
Undeveloped Land Sales Q3/2014! Cumulative Summary
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When these high value parcels are removed from the equation, we can see that sales defined as single unit properties remain steady, with no major fluctuation either way.
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We noted in our last report that 2013 enjoyed some of the islands most significant Commercial Hotel/Tourism Zoned sales seen in many years. With Regency Christie’s International Real Estate introducing several overseas developers to the Turks and Caicos Islands, with new projects being planed through 2014/2015.
Statistics displayed in this graph is based on the Turks and Caicos Real Estate Association MLS Data. Regency International Estates cannot warrant accuracy.
All information compiled in this format is the exclusive property of Regency International Estates.
www.THETurksandCaicos.com
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Since this time we have progressed significantly, providing valuable input to the developers we have introduced. Imparting a great deal of critical information from historical sales data, sales projections, the increase in tourist numbers and potential new flights planed for the Turks and Caicos Islands. All of these aspects help us move the product and “Brand’ that is the Turks and Caicos Islands forward and into a new development phase.
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Also worth noting in this section of the report is the recent amendment to the Development Manual, with immediate effect, an increase in the maximum building height to 12 stores per 5 acre plot. This is a significant change and one that will require a more in-depth understanding once the facts have been circulated and understood. The last time the Development Manual was amended in such a way was some 10 years ago, when the building height increased to seven stores to accommodate the Seven Stars Development.
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We understand the need to attract new development and look forward to reviewing the full document when available.
The Condo/Resort market in the Turks and Caicos Islands remains one of the most important sectors of the real estate market. Whilst not as robust through the third quarter as the Home/Villa Market, it certainly shows steady, consistent growth year on year.
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We can see from our sales statistics for the 3rd Quarter of 2014, there has been an almost 30% reduction in new listings entering the market and a 20% increase in units sold, with an accompanying dollar value increase of 13%.
Condo Sales Q3/2014! Cumulative Summary
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Another important factor worth pointing out is the reduction in days on the market from 364 to 323, a 11.31% decrease. Whilst minimal, any acceleration in sales process certainly shows an increased demand for well priced properties. We certainly hope that as we proceed through the 4th Quarter of 2014, and what is our ‘busy season’ in the real estate industry, this trend will continue, along with increases in unit and dollar volume of sales.
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Given that our jurisdiction is a predominately high value destination, it is important to include information that shows sales for properties in each sector that are at or above the $1M range. Statistics displayed in this graph is based on the Turks and Caicos Real Estate Association MLS Data. Regency International Estates cannot warrant accuracy.
All information compiled in this format is the exclusive property of Regency International Estates.
Condo Sales $1M + Q3/2014! Cumulative Summary
www.THETurksandCaicos.com
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In the case of Condo/Resort properties, we see that 67% of these properties sold fall into this category. A great indicator that investor confidence is strong for each of our most important developments across the TCI.
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The Shore Club, the TCI’s newest development continues toward completion and is a true addition to the inventory found on our amazing shores.
Statistics displayed in this graph is based on the Turks and Caicos Real Estate Association MLS Data. Regency International Estates cannot warrant accuracy.
All information compiled in this format is the exclusive property of Regency International Estates.
www.THETurksandCaicos.com
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Total MLS Sales By Category-Q3/2014 Based on Dollar Volume-Cumulative Single Family Home
Condo
Land
Commercial
Other
Statistics displayed in this graph is based on the Turks and Caicos Real Estate Association MLS Data. Regency International Estates cannot warrant accuracy.
All information compiled in this format is the exclusive property of Regency International Estates.
www.THETurksandCaicos.com
As of this writing, there is $65,475,500 (list price) in pending sales stored in the TCREA MLS database. This is a significant volume of real estate transactions that substantiates our confident outlook, and that will certainly boost the real estate market throughout the remainder of 2014.
! The breakdown by category as follows: ! •
Homes/Villa: 69%
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Condos:20%
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Undeveloped Land:9%
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Other:2%
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Total Condition/Pending Based on Dollar Volume-Cumulative
Single Family Home
Condo
Land
Other
We are proud to assist our valued clients and customers with their real estate needs. Regency Christie’s International Real Estate Statistics displayed in this graph is based on the Turks and Caicos Real Estate Association MLS Data. Regency International Estates cannot warrant accuracy.
All information compiledand in this format is the exclusive property bringing of Regency International strives to clearly define the world of luxury real estate through global outreach professionalism, you Estates.
the finest properties www.THETurksandCaicos.com available in the Turks & Caicos Islands.
Arguably one of the most stunning Penthouse properties located at one of the Turks and Caicos Islands most beautiful Condo Resorts, fronting one of the worlds best beaches. Most certainly a magnificent combination and one that is now being offered for sale. At 3791 sq. ft this Grand Penthouse suite has 3 sizable bedrooms each with ensuite bathrooms and private balconies. The suite enjoys a superior 1198 ft of outdoor living space, all designed to maximize stunning beach, ocean and Sunset views. The Penthouse is impeccably designed and finished with the very best of finishes and fitted with top of the line VIKING appliances and Kholer fixtures. The unit comes fully furnished in a style befitting your classic Caribbean retreat. This beautiful Penthouse at the Regent Palms offers the discerning investor more than just an amazing vacation home, but a whole host of first class services and amenities combined with income potential when not in residence. The Regent Palms operates as a high end 5 Star resort allowing owners to take advantage of rental income whilst not in residence. Contact robert@tcibrokers.com or +1.649.432.7653 - View Details HERE
The Team
O U R C O M PA N Y & O U R P R I N C I P L E S
k atherine baryluk
robert greenwood
walter gardiner
Katherine@tcibrokers.com . 649 244-1151 .
Robert@tcibrokers.com . 649 432-7653 .
Walter@tcibrokers.com . 649 231-6461 .
w w w. T h e T u r k s a n d C a i c o s . c o m
Christie’s International Real Estate is an affiliate network, by invitation only, to the world’s most proven and qualified real estate specialists. Regency International Estates is the exclusive affiliate for the Turks and Caicos Islands providing unparalleled knowledge, trust and confidence to our clients. Our goal is to provide exceptional service and a complete understanding of offshore investments. With over 30 years of experience in the Turks and Caicos and our team of brokers from all over the world, we are able to communicate with clients from various points of view. We work directly with developers, architects, attorneys, and banks to ensure our clients have the best supporting team of professionals available in the market. We don’t believe in “Island Time” when it comes to our clients.
k yle smith
trevor musgrove
anna luk acs
thor n capron
Kyle@tcibrokers.com . 649 441-1984 .
Trevor@tcibrokers.com . 649 431-7653 .
Anna@tcibrokers.com . 649 331-7653 .
Thorn@tcibrokers.com . 649 431-4071 .
carolina m alcolm
ian hurdle
Carolina@tcibrokers.com . 649 231-4461 .
Ian@tcibrokers.com . 649 441-1152 .
noriette cherry
john ward
julien m ar ziou
. 649 331-4519 .
John@tcibrokers.com . 649 441-3497 .
Julien@tcibrokers.com . 649 244-1134 .
T 649 441 1151
E Info@Tcibrokers.com