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Turks & Caicos Islands : Autumn Realty Report from Forbes, Forbes & Forbes Ltd.
TCI has a new governor is place, government problems are being tackled, and hurricane season is almost over! This report focused on property opportunities in North and Middle Caicos, in context of the overall realty market in Turks & Caicos Islands.
Turks & Caicos Islands
AUTUMN 2011 REALTY REPORT
It is already November, hurricane season is almost over, and the resorts are kicking into gear for a great 2011-2012 tourist season. TCI has a new governor in place and the serious problems are being addressed. Civil service housekeeping and health care spending are hot topics! Let us be glad as this tiny country moves slowly forward, and hope that the criminal cases soon to come do not rock our little world too much.
Hurricane Irene in August indeed left her mark on TCI, but no major fatalities or damages – for which we are all very grateful. Providenciales took the brunt of the storm, and recovered swiftly but for those on North and Middle Caicos the causeway continues to deteriorate. It remains, however, eminently driveable!! In a very optimistic sign, the new Governor actually made a visit to Middle Caicos within a month of arriving and personally asked for a list of priorities and concerns from the local residents- who left no doubt that the causeway was the number one priority!!
Slowly, the beauty, lifestyle and potential of North and Middle Caicos are emerging into view. Even the Turks & Caicos Tourist Board has finally recognized that North and Middle Caicos exist and need promoting, so a grand plan to increase visibility for the ``Sister Islands`` is afoot. This bodes well for some new focused business development, and hopefully for homes and/or cottages to be built for families coming to join the island communities as full or part time residents. The day trip traffic is really growing with more special island events, and with more hotels/tour operators putting together special excursions for their guests. Survey results showed that over 50% of day trip visitors had planned to visit North-Middle for the day prior to arriving in TCI!
As far as real estate, given the somewhat steadier atmosphere in TCI the realty market is actually coming alive again. Property sales have increased in 2011 well over 2010 levels in Providenciales, with smaller improvement on North and Middle Caicos. While too many high priced listings remain active throughout TCI, what is drawing attention are the sensible bargains to be had – listings with sales in mind, not grandiose dreams left from 2007. Clients coming to look for property do not want to bother with protracted negotiations when the listing price is too inflated, they’d rather focus on the properties truly ready to sell. Finding the right asking price is the key to both good sales and good purchases in today’s realty market.
Forbes, Forbes & Forbes is itself proud to announce that a great property listed in Conch Bar sold in September at only 10% discount to asking price. And hopefully this is the beginning of a wave of purchases as clients bring offers forward – so many clients have been looking this past two years, researching comparables, sorting out finances, investigating builders! It continues to be a buyers’ market, and this is fine for encouraging confidence in buyers that the price they finally choose to pay is sensible.
Middle Caicos :
On Middle Caicos, 55 properties are listed for sale with TCREA. This is an impressive number but nearly 30 of those listings pertain to lots within two subdivision developments in the central area of the island- where overpriced lots have languished now for three years. The Bambarra beach area has seven beachfront lots for sale, and four lots on the second tier – all with a wide variety of asking prices! Huge acreages for sale in Bambarra beach and in Lorimers area, for development purposes, have astronomical asking prices. The most balanced prices available are at Blue Horizon, where five lots are for sale.
Forbes, Forbes & Forbes is delighted to promote their private listings across the island of Middle Caicos with well grounded and sensible asking prices in place, including: a prime lot at Blue Horizon, a cosy Bambarra beach cottage, a spectacular lot at Platico Point, a fine Bambarra beachfront lot and an exceptional opportunity at Eastwind Development on Wild Cow Run.
The Eastwind Development opportunity is not to be missed by those searching for a beautiful beach, a peaceful environment and a fantastic bargain on Middle Caicos. Until March 2012, all who purchase a beachfront lot will receive a roadside lot directly opposite for an incredible combined price. The purchase offer is over two acres of land, one beachfront lot with 100 feet of frontage plus one roadside lot – all for just $ 229,000.00. The land is located at the far eastern end of Middle Caicos, with an open view to the reef, facing across to Joe Grants Cay, just minutes from the glorious Windward Passage. This is a very different and compelling location, bold and bright. The developers want to see homes built, and are offering this great chance to savvy buyers. To complement this great offer, FF&F Ltd has arranged for a discount with a local builder for those beginning construction in 2012. This is truly an outstanding chance to build a spectacular retreat with lifelong surety of a pristine environment.
For North Caicos the situation is somewhat different with a much larger range of homes and properties available, but the issue of asking price remains a very valid concern for buyers. Of the twelve residential properties listed, four are over one million dollars, and two just under - a phenomenal amount of money for homes on an isolated island with limited amenities. In contrast, condo asking prices on North Caicos are cheap, with rental potential very good. The vacant land parcels for sale on North Caicos range from plots in interior subdivisions for under $50,000 to several larger acreages near Bellefield landing and Kew at $50-$100,000 acre, to lots near / on the water from $165,000 in Bottle Creek to $750,000 at Pumpkin Bluff! Overall prices in North Caicos remain high in relative value compared to Provo, but the smaller population and quieter lifestyle of North Caicos are quality attractions. Sales in North Caicos have been few but steady throughout the year, and with the vast array of properties available any buyer can happily take a good look!
Forbes, Forbes & Forbes Ltd. is very pleased to offer a special new listing on Bottle Creek, North Caicos : waterfront on the creek spectacular views across Bottle Creek to the East Bay Islands Reserve. This property is just over 1 ½ acres, with nearly 200 ft. of waterfront, a shared road easement in place and power to the site for $ 300,000.00. Whether purchased as a spectacular private estate or for a small development, this site offers protected dock areas, easy construction for boat ramps, prevailing wind breezes, rich soil pockets for gardens and elevation to offer views at all levels. Interest in rental accommodation on North Caicos grows steadily, and ecotourism will flourish : kayaking, sailing, fishing, hiking, bicycling all begin here. At this special price, the owners are very serious about selling, so visit soon.
In Closing :
The Forbes, Forbes & Forbes Ltd. Realty Reports are a free service from our firm to keep you informed about real estate on North and Middle Caicos in context of a general TCI overview. We welcome you to share it with others, and look forward to your comments and questions. Please refer to our website www.forbesrealtytci.com for more information on the island and our listings. Contact us anytime via telephone on 1-649-231-4884 or via email to forbesrealty@
Please note that we specialize in property research, including generational land claims for all islands across TCI and would be happy to assist you with any land enquiries you may have. For property sales on Middle Caicos and North Caicos we offer the most knowledgeable service available in Turks & Caicos Islands.
Visit our dedicated website for the exclusive private island of Pine Cay www.pinecayrealty.com
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Forbes, Forbes & Forbes Ltd. is a small boutique realty brokerage in the Turks & Caicos Islands, providing highly focused property development, acquisition and research services to buyers or sellers, particularly for Pine Cay, North and Middle Caicos.