By The Turks and Caicos Sun

Hundreds of jobs will be created in the construction and tourism industry and millions of dollars pumped into the Turks and Caicos Islands economy starting from next year, with news that a development agreement has been reached to re-start the Molasses Reef project on West Caicos.

On Friday December 14th, the Turks and Caicos Islands Government announced the completion of the Development Agreement enabling the recommencement of the Molasses Reef development, a luxury hotel and condominium resort on West Caicos, which has been stalled since 2008. The Development Agreement was completed on the 6th of December while the remaining arrangement necessary for recommencing the project will be completed this week. 

The original project employed 500 people at its peak and expected to create hundreds of jobs on an on-going basis once the hotel was opened; the Government expects similar levels of employment under the new development. The additional phases of the development include luxury villa and condominium developments, which will create further construction work and hospitality industry employment. The investment group expects that hundreds of millions of dollars will be invested in the island over the lifetime of the project.

West Caicos measures 9 square miles and is currently uninhabited. Development of the island began in 2001, but with the credit crisis in 2008 and the collapse of main creditor to the project, the development came to a standstill in the same year. A group of European investors advised by Kew Capital reached agreement with the previous developers, Logwood Development Company, to buy most of their interest in the project, and with the administrator of the original creditor to buy its interest in the land and other assets including the partially built hotel and associated infrastructure.

The project will re-mobilised as soon as practicable and after the new development team has carried out a detailed review of the existing infrastructure and buildings. Subject to this review, the developer looks to start work in 2013 with a view to opening the hotel as soon as possible. 

The Development Agreement, initially signed by Governor Ric Todd on behalf of TCIG , was under negotiation between TCIG, the owners of the development and the new investors for nearly 12 months, and will bring significant benefits to the Government and people of the Turks and Caicos Islands. 

The development is a multi-phased development, which will be a source of construction activity and employment on the island for many years to come. 

Other benefits include enhanced Government revenues through on-going duties, license and other fees, as well as a 25% share of proceeds from the sale of leasehold interests of land located in the southern part of WestCaicos. Also the agreement reached with the new investors yielded the Government $7.6 million including stamp duty, through the completion of land sales that had previously been agreed but not completed. 

The new development team has ambitious plans for making an environmentally sustainable development on West Caicos and will work closely with the various government agencies including the Planning Department and Department of the Environment and Costal Resources among others. A key part of the Development Agreement designates much of the island as a Nature Conservancy, which the project team has undertaken to maintain, preserve and protect. 

His Excellency Ric Todd, the Governor of the Turks & Caicos Islands, commented: "I am glad that the Government and the various parties involved in this transaction have reached a deal that will enable this project to re-start. The project will add to the range of tourism and hospitality offerings, which already makes these islands such a leading tourism destination. This luxury resort development will deliver considerable economic and employment benefits to TCI, and has been very carefully structured so as to preserve the unique environmental and marine heritage of West Caicos. The re-start of the development is a further vote of confidence in TCIand in the current investment policy of the TCIG.”

A spokesman for the investment adviser, Kew Capital said: “We are very pleased to have advised on this investment in TCI. We have worked hard along with the Government to bring it about, and we look forward to the project recommencing with the new development team. The investment reflects our conviction that TCI has a great tourism base and has enormous further tourism potential. We know this project comes with a great deal of responsibility; West Caicos is a beautiful island and we are determined to ensure that the new development is sensitive to its environment and to this end we will work closely with the various Government agencies as well as the newly elected Government.”

  Centrally located Sea Flowers is a canal front inspired Townhouse development located in Turtle Cove.

  Offered at $380,000

  PHOTOGRAPH TAKEN MIDAIR FROM MASTER BEDROOM BALCONY

Sea Flowers is a quiet community that consists of only 24 town homes, and just minutes from the beautiful Grace bay Beach, and the many restaurants surrounding the Marina. he property is beautifully landscaped with a huge central free form swimming pool,Jacuzzi,BBQ area and shaded gazebos

Now on the market is this stunning and unique Town home with upgrades Galore. Spanning over 1,640 square feet, on two separate levels and offers finishes, fixtures, and furnishings usually reserved for some of the islands top resort properties. Further upgrades include surround sound, smoke alarms, security alarms and day/night cameras that show on any channel of the homes televisions. Sea Flowers is conveniently located in the Turtle Cove area, surrounded by shops and restaurants. The Property affords the homeowner a fantastic interior living space with its own private BBQ balcony on the ground floor, and ocean view balcony on the second floor, off the master bedroom. The lower level of the home offers an open plan living space, dining, and grand kitchen. Upper level includes both master and second master each with en suites. A perfect home for the professional who loves boating as the property also comes with dock space right in the marina.

VIRTUAL TOUR:

THE STUNNING WELWYN PENTHOUSE:

This beautiful, impeccably appointed five bedroom Penthouse feels like a private estate with the added benefit of world-class resort management; amenities and services and hassle-free ownership. Impeccable craftsmanship that spans across 5;000 square feet on two separate levels; almost every room takes advantage of exceptional ocean views. No detail overlooked for every inch of this stunning residence, from the gourmet kitchen; majestic vaulted ceiling of the great room; custom moldings; hot tub on the master suite terrace; oversized closets and much more. Owners and guests can indulge at the vast infinity-edged pool; family oriented amenities; gym; full resort services and both fine and casual dining. This Penthouse Property offers a unique Caribbean lifestyle with total luxury just steps from on of the best beaches in the world.

TAKE A TOUR:
Listed at:$2,500,000USD

Recent Real Estate Numbers Show A Strong Increase In Sales.

Regency International Estates - The Exclusive Affiliates of Christie's International Real Estate, continues its responsibility of providing their clients, investors, buyers and sellers, with an in-depth, 3rd Quarter "State of the Market Report" containing current and detailed information on the real estate market 

As noted by Katherine Baryluk, Owner and Broker, "We can see that there is significant movement in high level, prime properties, and impressive forward movement in the islands' key infrastructure. This in contrary to an economic trend that has seen islands in the Caribbean put many important projects on hold. The last few months have translated into a considerable increase in investor confidence, and a desire by significant parties to enter and/or return to the TCI."

Katherine continued, " Property prices are up, sales are up, and tourism has increased, but great value and opportunity still remains.  Our clients are looking for a tangible investment, detaching themselves from thefragility of their own markets, and unknown changes in their political and taxation structures. 

They are providing themselves and their loved ones a legacy purchase, not just a smart investment for the future, but one that can be enjoyed today."

This is the perfect time for buyers to invest in Turks and Caicos real estate.

A NEW BEGINNING

NEW ISSUE

Christie’s International Real Estate is a globally-renowned brand synonymous with luxury and glamour. For over 25 years, our elite clientele have entrusted us with the world’s most prestigious properties. Our experts offer the ultimate in expertise and exclusive access to ensure your luxury real estate experience is successful.

In this issue, we have created a fresh new look that we hope you will enjoy. We have also incorporated real-life stories about the homes, hobbies, and lives of our readers. One writer, designer, and model who knows only too well that home is wherever you choose to make it is India Hicks, who moved from Britain to the Bahamas 16 years ago. Hicks talks about life on an idyllic island, where people walk barefoot and commute by golf cart. She also explains how leaving home means one can experience the joys of then returning home. This issue also highlights vineyard owners who enjoy the benefits of living and working on their properties, while creating award-winning boutique wines. You’ll also read about how New York’s urban park, the High Line, is blazing a trail of residential regeneration through Manhattan’s West Side.

To further inspire you, more than 150 pages of fabulous properties are featured, all waiting to be called "home."

At Christie’s International Real Estate, we pride ourselves on our integrity and trusted expert advice. We have led the field with our stringent standards, passion for beautiful homes, and proven record of success. In a quarter of a century, we have grown to comprise 125 exclusive affiliated brokerages in more then 40 countries. Our unique network combines global vision and reach with local knowledge and expertise, so you can rest assured that, whether you are looking to buy or sell property, there will be a Christie’s International Real Estate Affiliate on hand in your market to make your experience as smooth and efficient as possible.

CLICK HERE TO READ THE NEW ISSUE

The Ultimate In Prime Beachfront Real Estate.

The Turks and Caicos Islands Ultimate Luxury Home.

Watch the show here:

Did you know that there are more than 12,000 private islands in the world? Get away from it all – we're escaping the pressures of everyday life and finding secluded paradise with Private Islands.

Regency International Estates recently invited the crew from WealthTV to come to the Turks and Caicos Islands and shoot the amazing Emerald Cay for its popular Private Island show. It took an entire week to shoot the property, along with second episod featuring all of the TCI's exclusive Private Islands.

Once the show aired it received one of the highest ratings the network has ever received, a true testiment to this one-of-a-kind estates

WealthTV is a 24/7 high definition cable television network devoted to taking viewers on a journey of how wealth is achieved, used and enjoyed. With engaging programming that connects with a high profile audience, WealthTV has broad appeal across age and income demographics while holding a special appeal to the highest income households.  WealthTV is distributed by cable and satellite service providers around the globe.

As for Emerald Cay itself its the result of six years of construction combining pristine natural beauty with state-of-the-art luxury to provide the ultimate tropical hideaway. Accessed via a remote controlled swing bridgeand a Turkish marble driveway, this private island retreat on approximately two acres sits surrounded by turquoise water and white powder beaches.

This estate is without a doubt the most impressive property in the Turks and Caicos Islands, if not the entire Caribbean, and is unparalleled with its million-dollar rooms. A breathtaking rotunda sets the tone foranarray of dazzling living spaces including the three story great room with 45-foot-high cypress ceilings; a three-story library; a sumptuous custom designed master bedroom pavilion; and an award-winning hometheater. This amazing locale also boasts a swing bridge, a tennis court, an 8,000 bottle wine cellar, 10 bedrooms, 11 baths, and approximately 27,000 square feet of living space. 

Watch the show here:

Momentum Continues

The Turks and Caicos continues to gain momentum through the Second Quarter of 2012, something that emerged in 2011, strengthening through Q1 of this year.

We have also seen several substantial sales of tourism/hotel related properties, lending itself to future new development for the TCI.

As Robert Greenwood, Broker and Owner of Regency International Estates, the exclusive affiliates of Christie's International Real Estate says, " We can see that there is significant movement in higher level properties, therefore an increase in confidence and a desire by significant investors to enter the TCI".

Along with new development, there has been significant movement toward the handful of projects that fell foul of the economic downturn, being revitalized and ultimately completed.

Robert also noted, " This is the perfect time for buyers to pull the trigger in the TCI, we are off the bottom and moving in the right direction, a major indicator for any investor. However, we are by no means at the top, with luxury properties offered at reduced prices. If you ever regretted not buying before, then this is the time !".

View State of the Market Report here:

Regency International Estates, Exclusive Affiliates of Christies International Real Estate.

The Turks and Caicos Islands Preeminent Luxury Real Estate Brokerage.

What it is we offer our clients that puts them ahead of the market.

We wanted to provide you with a full overview of Regency International Estates, the Exclusive Affiliates of Christie's International Real Estate. 

Who we are, and what we can do for you, the seller of fine luxury properties in the Turks and Caicos Islands.It has always been our goal to provide information to both buyers and sellers solely based on their needs.

If you would like to achieve the best possible sale price in the shortest possible time, then please consider this to be time well spent.

(Please note: You will see text highlighted in blue, these are hyperlinks to additional, more in-depth information)

Robert Greenwood and Katherine Baryluk, owners and brokers of RIE/CIRE bring with them over 30 years of experience in the Turks and Caicos Islands with significant ties to the community, and more than 20 years of knowledge in all aspects of real estate, development and resort industries. This affords our clients an invaluable advantage through our extensive local knowledge, and the comfort of working with highly trained, professional brokers and agents dedicated to the real estate industry. 

The Turks and Caicos Islands Real Estate market is one primarily made up of "Luxury" second, third, even fourth vacation home properties, with a buyer demographic almost entirely foreign, from locations such as the United States, Canada, Europe and more recently, South & Central American countries.  This very niche market, with its small target audience requires an outreach that is global yet focused, not just hitting our buyers by location, but by targeting the High Net Worth Investor who is ready, willing and able. 

RIE/CIRE focuses on three district marketing sectors, starting with our "Off-Island international program", then our "On-Island and local marketing" , finally outreach focused on "coming to the Island", something we will explain momentarily.

In this day-and-age, few travel without booking their ticket or hotel online, or logging into TripAdvisor to get feedback on a specific resort, restaurant, or excursion, so its easy to understand that one needs a strong global footprint. This fact is further emphasized when looking at the real estate market, where a study from the National Association of Realtors (NAR) indicates that an overwhelming majority (87%) of recent home buyers in the US say they used the internet as an information resource during their home-buying process, and nearly one-third say they first learned about their newly purchased home from an online channel. 

This need for global or "off-island international" exposure is why we are so excited to offer our clients the relationship we have with Christie’s International Real Estate. An invitation-only network only offered to companies with proven records of success in high-value home sales, where its affiliates must also exhibit a commitment to the auction house’s two-century-old tradition of exceptional client service. By cultivating this unique balance of worldwide scope with a personal touch, Christie’s International Real Estate has become a global authority on the effective marketing of fine properties, providing insightful advisory support along with sensitivity and intelligence. Finely tuned marketing services and a commitment to the business philosophy established by Christie’s in 1766 define a brand based on trust, integrity, discretion, and excellence. 

Christie's global internet outreach outperforms the competition in numerous categories, including percentage of high-end properties online, and the depth and reach of our network. This is something that can be seen here in the COMPARATIVE SUMMARY, and the Q1 WEB STATS clearly showing that we offer one of the most powerful opportunities a buyer or seller could hope for. We invite you to explore every aspect of the Christies International Real Estate from Press Releases, News, Great Locations, Significant Sales, and our luxury Turks and Caicos Properties.

Whilst our affiliation with Christies International Real Estate focuses on properties over $1,000,000USD, Regency International Estates acknowledges that there are many luxury properties in the TCI that may not be within this upper price range, but are still significant properties. As such, we provide extensive marketing and services through the Regency International Estates brand, its cutting edge, interactive website that boasts impressive page rankings,  and global internet presence for the local TCI market and beyond. The listings are also exclusively featured on the Robb Report's website in their "Exceptional Properties" viewd by millions. 

Regency International Estates are members of the Turks and Caicos Real Estate Association or TCREA for short,  and as such Real Estate professionals. Our Online Multiple Listing System (MLS) consolidates all listed properties in one location, giving maximum exposure to Sellers and one-stop shopping for Buyers. As your TCREA agent we can represent you in the purchase of any listed property and all major condominium developments. As a fully licensed brokerage in the TCI, and members of TCREA our clients gain valuable access to the Multiple Listing Service (MLS), where all properties are presented to the island's brokerage firms and their working agents. This greatly increases the likelihood that a buyer will be found through the co-operative relationship this system offers. TCREA also runs the island's ONLY Public MLS website, where all brokerages, agents, and properties are displayed for the general public to search, gather information, schedule showings, and ultimately make offers to purchase. And as you will see from the article providing our most current Market Summary, it obviously works.

Whilst these three web portals are among our top online marketing avenues, we like to stay on the cutting edge of the web, and the power it offers in reaching the world. And therefore, employ such Social Media portals for viral opportunity as Facebook (predicting 1 Billion users late 2012), YouTube, Twitter, LinkedIn, Virtual Tours, Pintrest, Blogs, etc.

The world wide web is just that, and we need to capture as many buyers in this web as possible.

Print still remains an important and viable method of advertising. As with the Luxury Christie's Magazine, rich with striking photography, elegant design and engaging descriptions, Christie’s International Real Estate magazine is a publication that many of our traditional, less internet savvy clients prefer.  Printed four times a year, the magazine reaches approximately one million readers annually. A targeted mailing list 

ensures that each issue is sent to individuals of exceptional means, including the world’s wealthiest homeowners, international entrepreneurs, business leaders, and celebrities. Christie’s International Real Estate magazine isavailable at newsstands, fine bookstores, fashionable hotels, private airport lounges, and Affiliate offices across the world. It is also distributed at important Christie’s auctions in cities such as Hong Kong, New York,Dubai, London, Milan, Geneva, and Paris. 

Further publications include the very popular TCREA Magazine, published twice per year with a large "on-island" distribution to a very captive and targeted audience. Again, much like the online MLS, the magazine consolidates all listed properties in one location, giving maximum exposure to Sellers and one-stop shopping for Buyers. Ultimately getting into the hands of almost every potential buyer that visits the Turks and Caicos. Electronic versions are available for each publication.

"Coming to the Island" marketing is an opportunity to take a very different approach by creating articles that educate and inform the reader on certain aspects of the real estate market, investments opportunities, or lifestyle. Indirectly creating a relationship between the reader and the author, or buyer and brokerage. There are several publications that are provided to commercial flights arriving in the TCI daily and explore these opportunities on a seasonal case-by-case basis. We also include the many Private jets that find a hime in the TCI, recently being published in the dedicated on-board flight publication for our associates at Chartright.

We also provide very detailed marketing items such as Property Specific Brochures and Post Cards that are available locally, at our offices and in your property. These marketing tools alert the many potential buyers who may be vacationing to the fact that it is for sale and who to contact.  In depth e- brochures are also available. 

*Please note that we provide all print materials electronically for convenience to our clients abroad. 

Its extremely important to have a strong personal presence and so have located three satellite offices at the Regent Palms, The Shore Club and The Sands, providing brand recognition through our trusted and 

prestigious name. This also allows us convenient locations to meet with prospective buyers and sellers where we can share with them the many benefits of the island and our properties. Most buyers are looking for aresource that can share with them more than just facts and figures, and with over 30 years in the TCI, and hundreds of millions of dollars in real estate transactions, we are able to provide our clients with a wealth of knowledge dating back to the islands very first development, through a deep understanding of every development since. We have found that our thorough and deep understanding of how the Turks and Caicos Islands work through our 3 decades in the TCI, provides great comfort to our buyers and trust from our sellers.

As a part of our knowledge base, we keep our clients up to date with applicable sales data through the creation of our MARKET REPORT. We apply considerable time and resources to analyzing and tracking sales statistics, converting this raw data into a format thats easily understood, then provided our buyers and sellers through our blog.

We extend an invitation to any property owner who is considering selling a property to contact us for a private cosultation.

The Apple of Investors' Eyes

Turks and Caicos Islands Real Estate market heading back up

HINDSIGHT can be illuminating but also very frustrating.

Do you look back and regret not buying Apple stocks when it was a measly $12.50 a share ? Or some other investment that has skyrocketed, leaving you wondering what the heck you was thinking. I know I do !!!

Well,  the same applies to the Turks and Caicos Islands Real Estate Market. With an historical track record of strong ROI,  coupled with a healthy Capital Appreciation, its more than just hindsight, its predetermined. A trend only interrupted by the recent global economic adjustments,  temporarily lowering property values and limiting new buyers to the market.

I can't tell you how many times we've heard our clients say,  "I really wished they had bought back then",  referring to the years prior to 2006. Not so long ago !!!

Well, its that time again,  and with the ongoing strengthening of the TCI's Real Estate Market, we may very well be returning to our clients making the same sad statement.

In a recent post we provided a Full Market Report as produced by Regency International Estates for our many clients, letting the facts speak for themselves. With all data supported by the Turks and Caicos Real Estate Associations (TCREA) own sales figures. 

In todays market we have actually found a NEW buyer demographic, those who are looking for not just an amazing lifestyle, but a safe and secure investment that does not succumb to the fragility of the Stock Market. Real Estate is a tangible asset,  offering great income potential, and in our case, a beginning-of-life-cycle appreciation. All bundled in a Tax Free, Offshore Jurisdiction that is a safe and secure British Territory, with all real estate purchases guaranteed by the British Crown, and for any nationality.

In an upcoming post I want to share with all of you the "pros and cons" of purchasing property in the TCI. I will cover the great investment oppertunities, new projects such as The Shore Club on Long Bay and Babalua Beach Luxury Residences, Tax Benifits, Safety and Securty, Stability, and of course, LIFESTYLE.

"IT'S TIME TO PULL THE TRIGGER, IF NOT NOW...WHEN ?"

To view the Current State Of The Market Report please take a look at our previous post or contact us directly.