Real Estate Blog

As we are into the holiday season with family, friends, co workers getting together to celebrate the season; we also look back on the past year and look forward to the upcoming year. From the ERA TEAM to all of you we wish you the best of the season and a healthy, happy, prosperous 2016. Thank you all for your support. We look forward to seeing old and new customers and clients in the upcoming year. Indications are that it will be a good one.

The ERA TEAM 

Turks and Caicos is made up of 8 islands and 40 cays. Each island has its own charm and each appeals to a select group of people. All of TCI share the bountiful sunny days, cooling trade winds and award winning beaches. Providenciales is the most developed of the Island and, as such, has been the focus of ost real estate activity. There have been tremendous advances in the infrastructure and services offered over the last 15 years. Forming a chairn and spread over 100 miles are the out islands - West Caicos,the only island west of Providenciales. Going east and south in order are North Caicos, Middle Caicos, East Caicos, South Caicos and Grand Turks.Cays (tiny islands) that are inhabitited are Pine Cay, Parrot Cay ,Salt Cay and Ambrigris Cay - Parrot Cay being the most famous for hosting the rich and the famous. Grand Turk is the capital fo teh Turks and Caicos; our Government sits here and this is the only island that hosts cruise ships.  There are several small hotels and many historic locations. Salt Cay is best known for whale watching February through April. The garden island is North Caicos with its lush vegetation, some farming and is laid back with a rural feeling. South Caicos is the country's fishing centre and one of the original centers of commerce. There is on going development with Sailrock South Caicos building homes and currently The Great House, a intimate boutique hotel. Middle Caicos is  great for exploring "the caves". There are high bluffs and beautiful inlets. North and Middle are connected with a causeway.  All island (and some cays) have their own airstrips. North and South can be accessesd by regular ferry service. There is something and somewhere for everyone. ERA Coralie Properties are here to help you find the place that is perfect for you. 

Many people that visit the shores of Turks and Caicos are unaware that the islands have been inhabited possibly, since 750 AD by Taino Indians visited seasonally. The first Europeans to view the islands where the Spanish in 1512. The islands passed from Spanish to French to British control between 16th and 18th centuries, but none of the three powers ever established settlements during the time.  From about 1690 to 1720, pirates hid in the Cays of the Turks and Caicos Islands attacking Spanish treasure galleons en-route to Spain. The islands were not fully colonized until 1680, when salt rakers from Bermuda built the first permanent settlement on Grand Turk and neighbouring Salt Cay. In the late 1780's the agricultural industy sprung up in the islands when Lyalists arrived after teh American Revolution. This is evidenced by the historical locations of Wad's Green Plantation on North Caicos adn Cheshire Hall Plantation on Providenciales. 

Fast forward to 1966 when the first real estate developers arrived in Turks and Caicos Islands. The Seven Dwarfs as they are known were offered a substantial amount of land in return for developing teh island of Providenciales with roadways, an airstrip, a dock and surveying the land for future development. A small hotel, Third Turtle Inn, soon followed which then lead to the tourism growth. That's our beginning.

August 2015 has been a hot month - and not just temperature related. Real estate sales have continued on a steady pace throughout the month. Visitor numbers are higher than previous years and a perentage of those visitors are in Turks and Caicos specifically to purchase propert. A number of resorts and restuarants are closing soon for their annual maintenance but those that remain open will continue to have good numbers. Our market continue to show strong growth from second quarter into our third quarter.  Over the first two quarters, the overall market is up  27.7% in dollar volume YTD. Sold listings are up 15% and oveall average price is up  approximatly 10%. A new sector of Turks and Caicos market is "Managed Villa Properties"; these are private villas that are managed by resort management. Development is on the rise for these types of investment property with the attraction of being managed by professionals and yet being a private villa in a secure, gated property and greater demand by vacationers that want high end accomodation, privacy with all the amenities of hotel/condo such as conceirege, private chefs, maid service etc. 

These are very exciting times for real estate in the Turks and Caicos. Prices are still reasonable, our inventory is good and the future looks excellent. If you are planning to visit ERA Coralie Properties Ltd. sales associates look forward to helping you with your real estate needs.

A recent market study " The Survey of Affluence and Wealth in America" found tht the Turks and Caicos ranked third on the wish list of planned vacation destinations for American wealthy.   It was reported that Turks and Caicos ranked above all other non-US Caribbean destinations, aside from Bahamas. The Turks and Caicos Islands have focused on marketing efforts on postioning itself as a "high-end" destination, putting itself inline to be of interest to affluent American market, effectively those with a greater amount of disposable income. However it is well understood that just because there is wealth, it does not mean that it is spent freely. Most, if not all, investors are very savvy with their investments. They want to know that when they invest that the investment will be secure now and in the future. Many want their investments to have immediate pay back- they purchase in a resort or villa that focuses on vacation rentals. While the property is bringing in a yearly income that helps to pay expenses and often has a net return, the property is also increasing in value. Going forward it is expected that Turks and Caicos real estate value will increase on a steady, even course. As demand increases for vacation rentals, rates will also increase. Turks and Caicos takes pride in a high end, low density location. There are no traffice jams,  there is no beach congestion, walking about is easy and safe. Restaurants are exceptional, service is great and always striving to be improved as demands dictate. TCI has two private jet facilities and both are exceptionally busy. Turks and Caicos has become a premier location for kite boarding. We, at ERA Coralie Properties, are proud to be involved in the growth and activity of Turks and Caicos. Let us help you find the property that is your DREAM.

The Turks and Caicos Islands recently were voted the BEST Island by Trip Advisor. The island of Providenciales is 21 miles long and 7 miles wide at its widest. Providenciales is the main tourist destinaiton of TCI.  The outer islands, although less populated have beauty, beaches and lovely people. West Caicos is as its name suggests West of Providenciales. It is scheduled for development in a large scales. North Caicos is known for its large Flamingo population and being close to Parrot Cay Resort where many VIP chose to holiday. North development is beginning to show signs of revival after a number of years of a slow economy. Middle Caicos is next door to North with a causeway joining the two islands. Middle is quiet and quaint. East Caicos is unpopulated at present. South Caicos is has an excellent future with ongoing development by CMK with The Peninsula, Bell Sound and East Bay. One can still purchase property at a very reasonable rate with surity that future growth will give good ROI. South is also is the main fishery in TCI.  Grand Turk is the Capital of Turks and Caicos Islands. It is where our government sits and the Governor resides. Grand Turks also hosts the cruise ships with almost a million visitors a year from this industy. These are the main islands, there are many more smaller Cays, some that are inhabited and growing, some are not populated.All main islands, other than east Caicos, have air strips and are regularly serviced by local airlines from Providenciales. There is also daily ferry service to South Caicos and North Caicos.All islands welcome visitors and each have their own local flair with restuarants and entertainments.When you visit Turks and Caicos Islands, come with an open mind to a different experience with lovely people. You will most likely fall in love on your visit. ERA Coralie Properties are experienced and knowledgeable about all TCI and love to share with you. See you soon

2014 showed a 95% gain (dollar volume of sales) over previous years due to some high value purchase being recorded. 2015 first quarter has seen a shift of high end properties to medium to high end. In dollar terms this means that sales logged in 2014  were $2,000.000 - $13,000.000. There were sales in lesser price brackets but the high end dominated sales.We are now seeing sales from $400,000 up  in condos and homes. We have also seen 100%  increase in closing on land sales, over last year, in the first five months of 2015. Land sales start at around $50,000.  So I would say we are in full economic recovery. It is lovely to be able to show and sell properties that have been on the market for a very long time. Our vendors are happy. Our buyers are happy.  Prices have stabalized and are starting to nudge up slightly. I believe we will hold through the summer with increases starting before season this fall - November/December. Building starts are up in homes and villas. However no large condo/hotel projects have started construction as yet - these should begin in early 2016. 

Rental properties are scarce with rental rates increasing so it is expected that the apartment market will start to move - with existing apartment buildings on the market and new starts by developers that see more demand for long term rentals within the next year or so. 

As we continue to prosper our inventory will decrease and demand will increase in all sectors. 

ERA Coralie Properties Ltd. TEAM are available to help you sell or purchase. Give us a call.

 

You are going to be seeing the heading for the next year in many marketing materials; it is because we are proud of the title given us as travellers' choice number one island by Trip Advisor.

Many years of effort by resorts and businesses- listening to our guests, changing, evolving, always pushing forward and now we honoured with this presitigous title.

This Blog will share with you the many acivities available when you visit Turks and Caicos Islands.

Not only one but two "deals" were signed between Government and developers this last week. 

The performance of the Turks and Caicos economy in the third quarter of 2014 was describe as buillish, according to a article posted by Thrus and Caicos Governnor's office. 

The Turks and Caicos Islands have seen an impressive recovery over the last 18 months with an increase of sales over 100%in dollar value.

We are often asked about the process of purchasing property in Turks and Caicos Islands. 95%of our clients and customers are foreigners, coming from all parts of the globe so for many the process is quite different than their home country.

The economic climate of the Turks and Caicos is definitly see positive signs of improvement. Throughout 2014 we have seen sales increase  considerably year to date, especially in the condo sector. It has been interesting to watch the movement of sales sectors.

November 2014 - another year almost gone! What an exciting year it has been for Turks and Caicos. Tourists numbers are up, the economy is improving and for those of us in the real estate industry have had a better sales year than we have had in several years.

Real Estate in the Turks and Caicos Islands is much improved. The Q3 market update companirng 2013 with 2014 YTD shows significant changes. 

In 2006 Grand Turk Cruise Centre opened to cruise ships - in the eight years since the opening, passenger numbers visiting our shores have tripled. In 2006  300,000 passengers visited Grand Turk, in 2014 over 1 million passengers and 400,000 crew members will have visited.

August - typically the start of a quiet few months for real esate in Turks and Caicos. This year, however,we continue business as usual - possibly we are busier now than we were in March and April.  

There has been a significant increase in tourist arrvals for Turks and Caicos; overall tourism arrivals grew by 41% in the first quarter of 2014, that equates to and increase of 104,437 visitors over the same time last year. The United States...

Economics can be described as a condition of a country as regards to material prosperity.

Commerce can be desribed as and exchange of merchandise or servies: buying and selling.

Publicity for the Turks and Caicos certainly has been varied over the last number of years. Of course we all know that bad news travels 100 mph faster than good news;

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