Miami-Dade Response to Apartment Building Collapse in Barbados August 2007.
Barbados Property News August September 2012
60
BARBADOS www.barbadospropertynews.com • August 2012 - September 2012 • Issue 82 Endorsed by the Barbados Estate Agents and Valuers Association Inc. Valley View - Page 28 Alleyne Real Estate- Page 11 Island Villas - Page 31 St. Peter’s Bay - Page 27 PROPERTY NEWS FREE & ONLINE
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Barbados Property Magazine
Transcript of Barbados Property News August September 2012
BARBADOS
www.barbadospropertynews.com • August 2012 - September 2012 • Issue 82
Endorsed by the Barbados Estate Agents and Valuers Association Inc. Valley View - Page 28
Alleyne Real Estate- Page 11
Island Villas - Page 31
St. Peter’s Bay - Page 27
PROPERTYNEWS
FREE&
ONLINE
7
B187393-bed / 2.5-bath home - large patioSale Price: BDS $590,000
B228742-bed / 2-bath apt. - on beach frontSale Price: BDS $1,100,000
B238933-bed / 2.5-bath house w/ a 2- bed apt.Sale Price: BDS $795,000
B189634-bed / 3.5 bath home - centrally locatedSale Price: BDS $960,000
B198113-bed / 2.5-bath townhouse - plunge pool Sale Price: BDS $1,375,000
B2364719,060 sq. ft. parcel w/ golf & sea viewsSale Price: BDS $580,000
B2351185,091 sq. ft. land lot w/ mature treesSale Price: BDS $2,000,000
B236246-bed / 5.5-bath house - self-contained apt. Sale Price: BDS $2,495,000
Looking to buy, sell or rent?We have these and many more properties available, just visit:
www.terracaribbean.com
To arrange a viewing or for sales information:Tel: (246) 434-9000 | E-mail:[email protected] | Rentals | Advisory | Property Management | Holiday Rentals
We Know Barbados
Atlantic Park, St. Philip Rendezvous, Christ Church Warrens, St. Thomas
Worthing, Christ Church
Apes Hill Club, St. James Sion Hill, St. James
Residental Land Lots
Porters, St. James Prior Park, St. James
Sargeant Park Lot 9, St. PhilipB23961 4,400 sq. ft. BDS $95,000
Carlton Lot, St. JamesB23798 16,460 sq. ft. BDS $180,000
Fairwind Lane Lot 160, Christ ChurchB23704 7,208 sq. ft. BDS $185,000
Mount Standfast Lot 1, St. JamesB23503 18,028 sq. ft. BDS $370,000
8
It’s Crop Over Season in Barbados and we welcome thousands of visitorsto the island and many Returning Nationals for a series of social events thatare very special in the life of Barbados. Many Barbadians plan their holidaysaround the festival and either leave early to return early or take them afterKadooment Day. We belong to the early birds culture and have just returnedfrom the UK where rainy weather and pre-Olympics mania dominated ourtrip. During our visit we watched a television programme called “A Place inthe Sun” which featured a prospective UK lady buyer looking at severalproperties on the island with a budgetequivalent to BDS$500,000. It was great tosee the island showcased to such a huge TVaudience and also to see the options madeavailable by the programme producers and
their local real estate contacts. Contrary to perception the reality is thatthere are bargains out there and you can buy quality property within amodest price range. However, one negative was the absence of mortgagefunding information. It seemed strange that the selection process wentinto such detail to find the ideal property only to find out at the end of theprogramme the prospective UK buyer did not have the funds available tomake 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 propertyowners appear complacent about the risk, we only have to look at thedreadful experiences in Haiti, Grenada, Jamaica and St. Lucia in the pastdecade to realize the threat is real. Pamela Hiles - Editor
Editor’s Comments
If you would like to advertise in Barbados Property Newscall Pam at 228-9122 or 232-0692
Publisher – Hiltop Publications Ltd,11 Cottage Ridge, St George, Barbados,BB19071Tel (246) 228-9122, Fax (246) 228-0243Email: sportingb@caribsurf.comwww.sportingbarbados.comwww.barbadospropertynews.comwww.caribbeanpropertymag.comwww.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 thispublication have been deemed accurate at thetime of going to print. The views expressed aseditorial are those of the Editor unless statedotherwise. No part of this publication may bereproduced without the consent of thepermission of Hiltop Publications Ltd.
On the cover: Valley View
Located in the heart of picturesque St. Thomas, Valley View is a homeowners's dream. This lovelyneighbourhood is the perfect choice for anyone seeking a complete turnkey property solution withoutthe hassle or timely delays often experienced when building yourself. Considered to be one of the mostcompelling offers on the property market today, Valley View is situated adjacent to the desirableCountryside neighbourhood, featuring 37 beautiful three-bedroom homes set in a cool, convenientlocation with striking views of the countryside. Enjoy the best of both worlds. A family friendlycommunity with a country feel and all the conveniences of urban life as Valley View is only ten minutesaway from the Warrens business area.
There are five Gillespie & Steel designs to choose from, with each carrying a spacious open-planliving and dining area. Featuring fine details and a modern Barbadian flair, these properties are availablewith attractive furniture and financing packages so you can step into a complete home in an attractiveneighbourhood 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 nocomplicated 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 Mondayto Friday or Saturday if necessary. Our team will even visit your home or office and all transactions are guaranteed to close within 60days.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 orcomplete 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:
[email protected]. Visit www.terracaribbean.com
28
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38
The Hurricane Season is uponus and we are all watching theweather reports and hoping thatthis year’s season does not have toomuch in store for Barbados and theCaribbean. But even thoughinsurance companies and localgovernment agencies say it everyyear, how prepared are our citizensat the start of the hurricane season?If we’re to judge by the way thesupermarkets and the hardwarestores fill to capacity the momenta storm threatens, we’d have to saythat the answer is that we are not asprepared 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 thatcomes with being prepared, you should promise yourself that this seasonis 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 CoverageBefore the start of the season, you should review your insurance policy
to ensure that your property, contents and vehicles are adequatelycovered. If you own a business, you should similarly review that policyor those policies as well. If you do not have insurance, now is the timeto put this in place. The investment in the premium is well worth thecoverage that will be provided. You should also have your property andcontents valued independently to ensure that they are adequatelycovered. Be sure to choose an insurance company, like United, whichhas a track record for prompt and compassionate response in times ofcatastrophe and an AM Best Rating of A-Excellent which ensures thatthey are financially strong enough to pay your claims as required. It’simportant to note too, that as a Caribbean-wide insurance company,United gives special discounts to clients whose homes are constructedor retrofitted to resist hazards.
Know Your Emergency SheltersAs 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 hotelor a shelter. You should also have a plan for how you will evacuate yourhome and get to these other locations. Be sure to identify who you willcall to advise that you have evacuated to a shelter, so that you havesomeone 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
Hurricane Season is here -Is your Hurricane PreparednessPlan in place?
Carl Norris
week or two after a storm or hurricane. Note that the more food andwater and other items you have the better off you will be in the event ofan emergency. This will put you in a position to assist family and friendsif 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 policyin a safe place. Be sure too to have the basics available - a first aid kit,kitchen utensils and supplies, personal care items and medication foryou and especially for babies, small children and the elderly. Batteryoperated devices such as radios and flashlights and the batteries to keepthem running are also important for your kit. Keep cash and fuel onhand as ATMs will most likely not be operational after a hurricane andthis 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 toalternate accommodation before, during or after a hurricane. Nothingcauses more distress than not being able to reach your loved ones duringor after a hurricane. Be sure to charge your phones and other electronicdevices such as computers which will allow you to communicate. Inaddition to this, whether it’s just to communicate with your familymembers 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 numberand the emergency contact details for at least two of the local radiostation’s personnel to get a message out over the airwaves if required.
Clean up the area around your Home or BusinessDebris around your home or business can become a dangerous
missile during a hurricane. Tree branches close to windows which seemharmless during a gentle breeze, can become deadly with hurricane-forcewinds. Identify these and remove them today. Involve the Barbados Lightand Power in the removal of braches which are close to power lines.Secure your vehicle and ensure there is nothing around it which couldlead to its being damaged. Your car may be an important lifeline if youneed to evacuate your location quickly during or after a hurricane.
Emergency Services - keep their numbers handyFinally, 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. Oneimportant number you should have if you are a United client is ouremergency hotline number: 230-4997.
By taking these simple actions today, you can put a plan in place whichmakes you significantly more prepared for the eventuality of a hurricane,and allows you to provide better protection for your family, mostimportantly, 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 teamat United, is ready and willing to assist you. You’re in Safe Hands withUnited.
BCQS International becomesthe first RICS regulated firmin the Americas
BCQS International, the leading Property and DevelopmentConsultancy of its kind in the Caribbean region and Latin Americaannounced today they are the first firm to be registered andRegulated by RICS in the Americas with respect to the newlycreated Valuers Registration Scheme. The scheme was created inresponse to recent financial crises and the demand from variousstakeholders 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 inland, property and construction. RICS Regulation monitors,guides and assists members and firms to comply with rules,regulations and ethical standards. RICS review and investigatecomplaints they receive about Members and/or regulated Firmsand, where appropriate, take disciplinary action in cases whereMembers and/or regulated Firms fall short of the standardsexpected of them.When asked about the importance of registration to BCQS
International, Managing Director, Liam Day said, "BCQSInternational is extremely proud to be the first firm Regulated byRICS in the Americas. This RICS Regulation confirmationdemonstrates our commitment to providing clients withunrivaled levels of expertise and will reinforce the widespread
perception that BCQS is the service provider most committed tothe 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 thefirst registered firm Regulated by RICS in the Americas.”Continuing, “This designation is an important milestone forBCQS, especially in today’s recession hit property market inBarbados where more people, governments, banks andcommercial organisations demand greater certainty that properstandards are being followed when carrying outvaluations/appraisals”.Steven Gould, Global Director of Regulation, RICS, "I am very
pleased to register BCQS International as the first firm in theAmericas to be Regulated by RICS. By signing up to regulation byRICS, BCQS demonstrate their commitment to the higheststandards, to operating in a professional and ethical manner, andare open to independent scrutiny. Clients and the general publiccan take confidence from the mark 'Regulated by RICS' as anassurance 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 ofthe system is driven by the five rules of better regulation. Theseare proportionality, accountability, consistency, targeting andtransparency. By following the rules of conduct, monitored byRICS Regulation, BCQS can provide further confidence andreassurance to their clients that they have adopted the higheststandards of professional dealings.
BCQS International AnnouncesDirector Appointment
BCQS International, the leadingProperty and DevelopmentConsultancy of its kind in theCaribbean region and LatinAmerica announced today thepromotion of Associate Director,James Hunt to the position ofDirector, based in the BCQS BritishVirgin Islands office.“James has been a key member
of the BCQS team, and we aredelighted to recognise his efforts,success and commitment to a highquality professional service”, saidDirector, Ben Butler in announcing
the appointment. “James’ wealth of experience and understanding ofthe industry, as well as his extensive knowledge of all aspects of thedevelopment process, will help ensure we build on the success andreputation we have already achieved across the region.” James has fifteen years experience providing professional quantity
surveying, cost management and project management services. Havingworked in a variety of countries around the world, he is able to offer aunique combination of local experience and expertise, with some of the'best practice' principles currently being adopted in the UK. Combined
James Hunt
with a cross-sector client base, he is able to apply this knowledge andtransfer these skills, to both public and private sector projects, tailoringhis advice as required. James specialises in tailored cost planning, bespoke procurement
strategies, value management, contract formulation, strategic costreporting and development financial management. He has beeninvolved with a number of high profile projects with BCQS throughoutthe Caribbean region, including New Peebles Hospital, BVI, NeckerIsland, BVI, Moskito Island, BVI, Amanyara Resort, TCI and CamanaBay, 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 toexcellence and exceptional client service, BCQS has earned a leadershipposition in the field of property and development consultancy acrossthe entire Caribbean region and I look forward to ensuring we maintainthis 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 wasresponsible for cost management services on a number of high-profileprojects. Furthermore, James holds a Bachelor of Science (Honours)Degree in Quantity Surveying from Leeds Metropolitan University, UKand is an elected Professional Member of the Royal Institution ofChartered Surveyors.
48
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.
Good Time to BuyYour Piece of The Rock
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53
In an effort to continuously improve theservices provided by local real estateprofessionals, the Barbados Estate Agentand Valuers Association (BEAVA) nowprovides a Multi-Listing Service (MLS) foruse by its members. This service makesthe search for properties much more
efficient as it provides an extremely convenient databaseallowing agents to know what is on the market at any givenmoment. The MLS acts as a big warehouse of real estateinventory and is extremely beneficial to its users as it providescomprehensive information.But, how does the MLS really benefit sellers? Well, imagine thatyour property now becomes exposed to multiple agents at thetouch of a button. You now have a powerful sales force workingon your behalf which will show your property to all qualifiedbuyers in your property’s price range. Exposure to a larger poolof prospective purchasers now increases the demand for yourproperty and increases the chances of it being sold in a fastertime.So, how does the system really work? BEAVA’s members can listtheir properties, inputting as much information as possible as
regards the property’s age, number of rooms, constructionfeatures, location, square footage, price etc. At a glance, agentscan quickly compare and contrast similar properties and providetheir clients with thorough information on what is available. Thesales prices of any properties sold must also be recorded,making this database provide invaluable information for valuerswithin the association. It will help agents to educate their sellerson whether or not they are positioned correctly within the marketor 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 theauthorization from the seller to market their property on theMLS. Then the other agents can work through the listing agentto see the property. If a sale is achieved, the listing agent willsplit his commission with the cooperating agent.The MLS is also available for the public both locally andinternationally so that clients can see all the properties in oneplace. BEAVA’s members are eagerly signing up for this servicewhich will certainly enhance the profile of the real estate industryin Barbados.
Mrs. Cherita O’dell - Marketing Committee Chairperson (BEAVA)
BEAVA NewsHow does the Multi-ListingService Work?
Prices starting atBDS$ 346,000
Carter’s Grove at Enterprise,
just a few minutes from Oistins
New ten home developmentin quiet cul-de-sac
Three bedroom detached properties
Plots 4,000 to 6,000 sq ft.
Special mortgage packages available
Four properties already under construction.
Two nearing completion, two reserved and
four available to purchase.
For more information call 230 9215
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