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TCI Charts near $141 Million in Sales for 2022 Quarter One

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TCI Real Estate Continues to Soar Above The Clouds

 

#TurksandCaicos, May 12, 2022 – 2022 TURKS & CAICOS REAL ESTATE – 1st QUARTER YEAR-TO-DATE COMPARISON – Turks & Caicos Real Estate continues to soar as 2022 is shaping up to be another strong year with buyer demand remaining solid in a fast-paced market with a lot of moving targets.

Competition for desired properties is high with many listing agents managing multiple offers and off market properties selling without coming to market. Buyers know what they want, and sales agents are digging deep to find an appropriate investment or vacation home for their clients and customers. Construction throughout Providenciales, even without large scale vertical development, at this time, is at an all-time high with new homes coming out of the ground in all community areas and stretching to the out islands.

The biggest issue for builders and developers is trying to contain ever increasing construction costs hit hard by supply chain and inflationary issues.

In the forefront with new construction is the implementation of renewable energy which seems to be a top selling feature for new developments on island.  Notable developers are on board with Renu Energy TCI, a renewable energy company that has also experience tremendous growth over the past three years with the installation of solar panels, tesla power walls and electric vehicles and accessories. Fortis TCI has also been at work transforming the TCI energy landscape with the introduction of solar power programs to take advantage of this ample resource, C.O.R.E (Customer Owned Renewable Energy) and U.O.R.E. (Utility Owned Renewable Energy), with the latter program contracting several companies.

The EV and charging station pilot project which was introduced in 2018 has started to catch on with several electric cars in use throughout and charging stations popping up across the island.  Leading the way in energy efficiency and various forms of renewable energy in Turks & Caicos was Green Revolution which was established in 2011.

Since their formation the company has completed many projects both residential and commercial in scale, throughout the region. These projects are saving residents of the Caribbean hundreds of thousands of dollars each year. With sustainability on peoples’ minds and in the news, we are proud that our country has embraced the importance of these initiatives and developed a plan for our beautiful by nature islands.

The recent signing of the TCI Climate Change Charter which took place on Earth Day this past Friday, April 22nd during the 1st Annual Climate Change Summit entitled “Only One Earth – Invest In Our Planet”, the private and public sectors came together to take action with this roadmap as a guide to help protect and safeguard our environmental assets.

As for the 1stQ real estate market stats, while 2021 was led by Single Family home sales, this first quarter of 2022 was led by the sale of existing condominiums, where the sales volume increased by 61.53% with an average of only 162 days on market.

The Overall Market finished a shade up over last years’ Q1 with $140,909,800 in total sales.

Essentially “The Covid” sparked a run-on of single-family homes in 2021 followed by a run-on of condominiums this past quarter. Now though, with restricted existing inventory in both the condominium and single-family home segments, New Development inventory will come to the forefront.

This is illustrated by the whopping $307,642,451 in Pending (Under Contract) sales and another $262,442,750 in Conditional sales, which is largely driven by sales such as South Bank and Rock House, which is set to open May 1st.

Soon-to-launch projects include The Point at South Bank, an ultra–luxury 17-unit landmark building to tie a bow on the hugely popular Southbank by Windward Development which set a TCI sales record in 2021.

Point Grace by Grace Bay Resorts will also soon be launching its next phase between Point Grace and Le Vele.

Add these to the projected summer construction start of The Club Residences at Beach Enclave Long Bay, and other exciting pipeline projects in early design stages, and it paints a picture of TCI continuing as the forerunner in Caribbean for dynamic and diverse new real estate inventory – from luxury Grace Bay condominiums to luxury beach front buildings and residences. We will be in touch as these new projects come on stream. T

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Bahamas News

GBPA invests $1.1 million in major road infrastructure improvements for city of Freeport

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#TheBahamas, May 20, 2022 – The Grand Bahama Port Authority, Limited (GBPA) will commence its $1.1 million road resurfacing project in Freeport, Grand Bahama on Sunday, May 22, 2022 beginning with the Fishing Hole Road, and West Atlantic and Adventures Way roundabout.

“Our City Maintenance and Management section is excited to begin this important initiative to resurface roadways within Freeport,” said Troy McIntosh, GBPA Deputy Director of Building and Development Services.  “Our city has been through many challenging storm events which did catastrophic damage to infrastructure around the island, including our roads.

“But our community is resilient, and we are seeing a positive shift in the economic tide,” continued McIntosh. “Excitement for future opportunities and anticipation of new investments is palpable through the city, so we knew this was the ideal time to start this aspect of Freeport’s much-needed makeover to which GBPA is fully committed.”

Roadworks are scheduled for main thoroughfares and a number of residential roads.  These areas include the Fishing Hole Road, West Atlantic and Adventures Way roundabout, West Atlantic Drive at Rayvin Mall roundabout, Beach Way Drive, Bahama Reef Boulevard, Pioneers Way, Waterfall Drive, Tarrytown Street and Grand Bahama Highway.  “We selected these locations using our Road Rating System, which allows inspectors to assess the condition and rideability of our roads on an annual basis,” added Mr. McIntosh.

The GBPA roadworks project went out to bid in December 2020.  In March 2022, the bid was awarded to Bahamas Hot Mix (BHM), who specializes in heavy civil engineering projects including major highways.

“We ask motorists to drive with due care and attention while roadwork is underway,” Mr. McIntosh advised.  Flagmen and temporary traffic lights will be in position to direct traffic.  Please obey the speed limit and posted signs to help ensure the safety of all motorists and crews as they conduct work.  Delays are expected as there will be partial lane closures in some areas.”

The initial phase of road resurfacing is scheduled to be completed at the end of June 2022.  For the latest updates and information on redirected travel routes, residents can follow any of the Grand Bahama Port Authority’s social media sites or visit its website at www.gbpa.com.

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Caribbean News

RTCIPF Marine Branch and USCG Working Together in Keeping Our Borders Secure

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#TurksandCaicos, May 20, 2022 – During the afternoon of Wednesday 19th May 2022, a call was made to the RTCIPF Marine Operations Centre via VHF radio that a suspicious vessel was sighted around 35 miles south east of Providenciales. The operator immediately updated colleagues within the Royal Turks and Caicos Marine Branch who made their way to the location and with the support of a US Coast Guard (USCG) plane, safely intercepted an overloaded vessel carrying irregular migrants.

Following delicate coordination and the stabilization of the boat which was unsafe, severely overcrowded and none of the occupants was wearing life vests, the RTCIPF marine unit was joined by a second RTCIPF Marine crew and a third vessel crewed with TCI Regiment and Tactical Unit officers to support the delicate operation.

The vessel was carefully offloaded at sea to ensure the safety of the occupants after which, the boat was towed to South Dock where it arrived around 10:30pm with a total of 110 persons (84 males and 24 females and 2 juveniles) who were then taken into custody by the Immigration Department.

Superintendent Martyn Ball said, “Once again working with partners we have safely intercepted another vessel that was overcrowded, unsafe, risking the lives of those on board. This demonstrates the professionalism and dedication of the RTCIPF Marine Unit, working together with colleagues in the Marine Operations Centre, USCG, TCI Regiment, TCI Immigration and the RTCIPF Tactical Unit to save lives and keep our borders here in the Turks and Caicos safe.  In the last couple of months around 768 individuals on 8 dangerous vessels have been intercepted which is testament to the professionalism of our teams here in the TCI and I am very grateful to the passing vessel who raised the alarm.  I would appeal to anyone if you have any information relating to such activity that you call Crimes Stoppers free and anonymously on 1-800-8477 (TIPS) not only will you be saving lives but also supporting our national security here in the Turks and Caicos Islands.”

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Education

Ten Selected for the TCREA Real Estate Mentorship Program

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#TurksandCaicos, May 20, 2022 – Since the official announcement of the Turks & Caicos Real Estate Association’s High School Mentorship Program, ten mentees have been selected for the inaugural group and will begin their journey on the road to embracing the fundamentals of the real estate field this month.

TCREA Ambassador and Director of the mentorship program, Mr. Trevor Musgrove, shared how pleased the committee was to have received thirty applications for the program, “We extended the opportunity to high schoolers and young college students aged 13-17.  Initially, the invitation for applications was shared only with Providenciales students because of the logistical challenge to accommodate in-person sessions with sister island students, as all our committee members are based in Providenciales.

Luckily, once the Ministry of Education came on board and endorsed the program, Honourable Rachel Taylor immediately encouraged us to extend the mentorship opportunity to all islands, pledging her Ministry’s commitment to handling the necessary authorizations and cost to ensure successful applicants outside of Provo would be able travel here as needed,” said Musgrove.

 The successful applicants and their respective schools are as follows:

·     Clement Howell High – Dashawn Brooks, Alyssa Callum

·      Raymond Gardiner High – Olique Stubbs, Lewis Walkin, Jr.

·      Precious Treasures – Aniyah Bovie

·      Maranatha Academy – Shamya Missick

·      British West Indies Collegiate – Pavla Lalakova, Andino Parker

·      Louise Garland Thomas High – Abnise Noel, Antoine Gedeon

Musgrove said they were pleased to have had applicants from North Caicos and were hopeful to have students from Grand Turk and South Caicos among the group, however no applications were received from those islands.

On Tuesday, May 10th the final group came together for a virtual meet-up and briefing, where they were formally introduced to the program’s mentors and were given an overview of what to expect in the coming months.

The teens will receive a monthly educational module over the next six months and will be provided 1-2 weeks to internalize the information. They will then enjoy a monthly in-person session with their mentors where they will put their real estate acumen to the test in interactive sessions, field trips, and more.

Program mentor Manfred Smith of Sotheby’s Turks & Caicos shared his elation for the program’s momentum thus far, “We are excited about providing this opportunity to introduce high school students to the real estate industry.  From the initial feedback, the students are also very keen to learn, which makes it rewarding for all as we contribute to the development of tomorrow’s professionals.”

Smith says the program also demonstrates TCREA’s continued commitment as good corporate citizens in the rapidly growing country.  The committee hopes that the mentees would grasp all that they can as they continue their educational pursuits.

The program’s Facebook page, @tcreamentors, is live and will document the group’s journey as they move through the program’s phases.  Along with Musgrove and Smith, the community can get to know more about the other committee members: Blair MacPherson of REMAX; Nina Siegenthaler of Sotheby’s; Vernica Delancy and Dedra Gray of Keller Williams; and Sean O’neill, of The Agency through the social media page as well.

At the end of the program, the students will sit a mock real estate license exam and will enjoy a retreat for a fun and memorable close-out. 

It is TCREA’s hope that this initiative will garner an interest and appreciation for the industry among high-schoolers and will act as springboard to the development of the next generation of local real estate professionals in these islands.

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