Archive for February, 2010

A VIBRANT SEASON

Tuesday, February 23rd, 2010

This winter season has brought vital new energy to the market place.

Hotels, restaurants and airlines are busy, busy and realtors are busier than at any time in the past two years, with lots of sales activity, contracts and scheduled closings.

This renewed activity, in my view, is a result of better buyer confidence, increased tourism business in TCI, and attractive price points.

We are seeing most of our traffic in the $500,000 to $1M range but are now setting markers at 1.5M and beyond as luxury buyers creep back into the market.

A few years ago, I remember driving down the street, and exclaiming to my partner that “TCI is an unstoppable force”. 2009 was a real confidence – shaker, but now that we are well into 2010, I clearly see a better dynamic and psychology, and feel once again that, Turks & Caicos is indeed an unstoppable force that will now re-commence growth at a healthier sustainable pace.

Joe Zahm
President / Broker
Turks & Caicos Sotheby’s International Realty

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GRACE BAY RESORTS SETS NEW FULLY-INCLUSIVE STANDARD IN TURKS AND CAICOS WITH OPENING OF THE VERANDA RESORT ON PROVIDENCIALES

Tuesday, February 2nd, 2010

February 2010

Five Star Fully-Inclusive Resort Features Inspired Caribbean Décor, Two Oceanfront Restaurants and the Only Private Beachfront Cottages in Turks and Caicos

(Providenciales, Turks & Caicos) – Grace Bay Resorts, the company behind the celebrated Grace Bay Club (www.gracebayclub.com) in Turks and Caicos, has once again raised the bar among distinctive resorts in the region with the opening of The Veranda Resort (www.verandatci.com) in Providenciales on February 1, 2010. The five star fully-inclusive 123-room residence-style resort features oversized home-like accommodation in addition to eight private oceanfront cottages, two beachfront dining experiences, unprecedented services and amenities, three separate private pools with one reserved for adults only and breathtaking views of Grace Bay beach at every turn.

“There is a growing demand for value-added product in the luxury marketplace today and we feel The Veranda’s five star fully-inclusive program fills a much needed niche within the luxury sector of Turks and Caicos,” says Nikheel Advani, Chief Operating Officer of Grace Bay Resorts. “We have gathered some of the finest hospitality talent to ensure this property is operated at a five star level. Once a guest steps foot on this property they will recognize the familiar fingerprint of our impeccable service and personalized standards that have come to define the Grace Bay Resorts experience.”

The Veranda is being managed by Grace Bay Resorts, the 15-year old luxury hospitality brand. All 123-units including the eight beachfront cottages are available for private purchase with Turks & Caicos Sotheby’s International Realty. Prices range from USD$335,000 to USD$2,950,000.

“Representing an investment of over $80 million, The Veranda Resort is one of very few new resorts to open in the Caribbean this year,” says Mark Durliat, CEO of Grace Bay Resorts. “The successful completion of this project is further proof that the Turks & Caicos, despite the global economic turndown, remains an attractive destination for foreign investment in the leisure sector.”

FULLY-INCLUSIVE DEFINED
The Veranda Resort’s fully-inclusive concept is redefining the five star travel experience for the new value-conscious traveler seeking a boutique luxury resort experience with all expenses determined upfront. Rates at The Veranda are structured on a per night/per person basis and include all meals, premium beverages, on-site children’s programs and non-motorized water sports. A la carte dining is available at all on-site restaurants in addition to the Bar at Marin and Sky Lounge serving a selection of premium alcohol from Grey Goose vodka to the elite Kim Crawford Pinot Noir from New Zealand. In addition to the aforementioned amenities, guests of The Veranda enjoy added services including concierge and in certain suite categories personal butler service, in-room chef, dining service, pre-arrival provisioning of groceries, shopping and delivery throughout stay, childcare services and daily housekeeping including dry-cleaning and laundry. Added touches for all room categories such as in-room Espresso machines stocked with premium Illy coffee, Sony Playstation 3 Videogame consoles, Egyptian cotton linens, IPod Docking Stations and a selection of Elemis Spa Amenities further reinforce the resort’s five-star status. Guests are encouraged to experience complimentary on-site daily activities including yoga classes, movie nights and sailing, kayaking and beach volleyball.

THE OVERSIZED ROOMS
Perched on 11 acres, The Veranda Resort occupies approximately 800 feet of beachfront along the famed 12-mile-long sugar-white sand of Grace Bay. Inspired by British Caribbean architecture, the vibrant community-style resort is divided into three types of accommodation: the four-storey Veranda House, a collection of 2-storey Veranda Townhouses located along the Veranda’s picturesque walkways, gardens and pools and eight freestanding Beachfront Cottages with private plunge pools and direct beach access. All buildings feature Caribbean chic architectural styles and furnishings inspired by the legendary coastal destinations of Nantucket and Key West. Each residence features flat screen televisions, a BOSE Sound Dock entertainment system, wireless internet and a custom fully-stocked in-room kitchen and bar facilities with stainless steel appliances and full washer/dryer. Each bathroom environment is decadent with marble floors, stone vanities, deep soaking tubs, and glass enclosed rain showers.

The Veranda House is located at the heart of the resort and is comprised of studios (up to 594sqft), one bedroom (up to 956 sqft) and two bedroom (up to 2198sqft) layouts. Perched on the top floor of the Veranda House is a collection of unique two-story loft style two-bedroom residences with entry foyer, master and guest bedrooms, 17 foot ceilings and private balconies that offer stunning views of Grace Bay.

Located along The Veranda’s picturesque walkways, gardens and pools are the multi storey one-, two- and three- bedroom Veranda Townhouses ranging in size from 687 sqft to 2,996 sqft. All residences feature spacious outdoor verandas and viewing decks.

The eight freestanding three- and four-bedroom Beachfront Cottages at The Veranda are surrounded by lush landscaping for privacy and boast direct access to Grace Bay beach. All cottages come equipped with the amenities and services you would expect from a five star resort including: private plunge pools, concierge and butler services, private chef, dining service, pre-arrival provisioning of groceries, shopping and delivery throughout the stay, childcare services, daily housekeeping services, laundry services and much more.

DINING
Marin
At the heart of the property is Marin, the resort’s signature beachfront restaurant and bar perched alongside the Linear Pool and white sand beaches of Grace Bay. Marin provides dramatic ocean views and gourmet cuisine infused with local and Caribbean influences for an unexpected dining experience. Fresh seafood is the primary focus with an extensive wine list of over 120 selections stored within a contemporary glass wine wall. Long sommelier tables decorate the interior space for larger parties, while intimate clusters of beachfront dining provide more private retreats along the shore and pool. Blue glass tiles decorate the adjoining Bar at Marin inspired by Keith Hobb’s neighboring Infiniti Bar at Grace Bay Club, complete with outdoor fireplace and four egg-shaped swinging chairs. The bar will provide an additional 40 seats and serve a collection of Caribbean inspired tapas. Bar service will begin at 11am. Marin boasts 200 seats and will be open for breakfast, lunch and dinner.

Grill Bleu
The perfect setting for a light meal, this alfresco venue overlooks Grace Bay Beach. Boasting the only Tandoori Oven in Turks and Caicos, the menu offers a continental blend of grilled favorites and tropical libations. Contemporary in design, the space seats 100 for breakfast, lunch and dinner. Natural sand colors with bright blue accents keep the focus on the surrounding environment while colorful flavors are prepared in a striking open-air kitchen.

Courtyard Café
Experience homemade favorites including a range of gelato and specialty coffees in an intimate Courtyard setting surrounded by colorful Caribbean fountains and lush tropical gardens. Fresh pastries and sandwiches are made daily in addition to frozen drinks and smoothies. Open for breakfast, lunch and light dinner fare.

RELAXATION
Sabai Spa & Wellness Center
Sitting across a tropical water garden, the new two-story Sabai Spa beckons guests with pampering and wellness programs and an extensive fitness center offering yoga, state-of-the-art equipment, Lit Nova surface tennis court and personal training/nutrition counseling. The Asian-inspired style design incorporates natural elements such as wood and stone, providing a fresh and soothing setting for guests to indulge in the ultimate pampering and beauty services. The eight treatment rooms feature a mix of single and couples rooms as well as separate, secluded private suites. A full menu of Elemis spa services such as massages, facials, body treatments and four manicure/pedicure stations are available to guests in addition to full his/hers facilities with steam rooms, outdoor showers and relaxation areas.

For more information, visit www.verandatci.com or call 877-945-5757.

About The Veranda Resort & Residences
The Veranda is developed by owned Faez Ltd., a Turks & Caicos company controlled by UK entrepreneur Andre Serruys. The property development team consists of Ronald D. Sutherland, president of The Hemisphere Group and Jeffery A. Lee, architect and senior partner of Lee & Astwood Architects. Both have extensive experience with some of the finest resort and residential properties in the Caribbean basin.

About Grace Bay Resorts
Grace Bay Resorts is a boutique developer and operator of high-end, luxury resorts and branded residences, founded from its flagship property Grace Bay Club in Turks and Caicos which opened in 1993. Led by Mark Durliat and Nikheel Advani, the developers and hoteliers behind this renowned resort, and Michael Brewster, Managing Partner of Denver-based SV Capital Partners, Grace Bay Resorts provides development, branding and management for its brand and is expanding its award-winning services into other Caribbean destinations and Latin America, with a target of 10 properties in the next few years.

About Turks & Caicos Sotheby’s International Realty
Turks & Caicos Sotheby’s International Realty is the leading luxury real estate brokerage firm in the Turks and Caicos Islands. Joe Zahm, President of Turks & Caicos Sotheby’s International Realty, and Mark Durliat CEO of Grace Bay Resorts, joined forces in 2003 prior to the launching of the highly successful residential program at Grace Bay Club. This relationship has been a fruitful one, with well over 100M in real estate sales sold at The Villas and the Estate at Grace Bay Club. Mr. Zahm and Nina Siegenthaler, VP of TSCIR, have worked hand in hand with Mr. Durliat’s operating group (led by COO Nikheel Advani) to create a dynamic sales program that has forged a market leadership position in the Turks & Caicos Islands.
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Media Contacts:
Caitlin Austin/Amanda Schinder, Susan Magrino Agency
641 Lexington Avenue, 28th Floor
New York, NY 10022
212.957.3005, Caitlin.Austin#@smapr.com / Amanda.Schinder@smapr.com

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Turks and Caicos to Get $85 Million Loan

Tuesday, February 2nd, 2010

January 18, 2010

The cash flow problems now being experienced by government of the Turks and Caicos Islands will be eased somewhat by the end of the month as the United Kingdom Government has given the green light to secure an $85 million loan from an international lending agency.
The announcement was made by Governor Gordon Wetherell, while speaking at the Advisory Council’s first news conference in Providenciales on Friday, January 9, 2010.

The funds are to go towards evaporating part of government debt.
While the terms and conditions are being finalized between Government and the lending agency, debate of the intended loan is expected to take place in the Consultative Forum on Tuesday, January 12, and will be debated in the form of a Supplementary Appropriation Bill. The Governor said the debate would help in finalizing the loan as well as to iron out any shortfalls in expenditure that may arise before the end of the financial year.

TCI owes millions of dollars to both local and overseas companies and individuals.

Permanent Secretary in the Ministry of Finance and Government’s Chief Economist and member of the Advisory Council, Delton Jones, said so far the terms and the conditions of loan suggested that it would not be expensive to service. He hinted that the local businesses will be priority for the disbursement, saying that such a move could enhance business in the Turks and Caicos Islands.

“We in the Ministry of Finance have been taking stock of the debt that we have, and in some instances we have discussions and agreements with persons to defer those debt on a phased payment basis. A high priority is to settle most a lot of the small debt that we have on island because that will assist businesses that have challenges,” Jones said.

Jones acknowledged that a number of local establishments which had done business with Government went to the bank for loans to do so, and such bank loans were still outstanding, saying that Government would consider paying those companies with the interests charged by the banks.

In the meantime, Governor Wetherell has indicated that the decline in economic standard now being experienced in the Turks and Caicos would continue for sometime until the Government figures out a way to iron out the anomalies it encountered after taking over the reins of power from the local Government.

“The Turks and Caicos, like many other countries around the world are experiencing difficult economic time, and that is just the fact of the current situation, and there is no great point in hiding that. Belt-tightening has been part of the experience for this and other countries, including the UK for sometime. What we have been seeking to do – and it has been a long and an arduous process since August – to try and get the public finances of the TCI back into shape.

“And one of the principle ways to do this has been to negotiate a consolidated loan, which would enable us to – if you like – translate the larger portfolio of unpaid bills which inherited, and which continues to accumulate to some extent, into a loan which in example, would allow us to pay off the smaller creditors that the Government has. And that in itself would be a way of pumping some money back into the economy,” the Governor noted.

Governor Wetherell noted that the first draft of a revenue study that was commissioned in November of last year has been completed and would now be the subject of further consultation with a view to find a more effective mechanism to get more revenues into the kitty, assuring the public that it was not design to burden the populace with taxes.

The Governor said the hardship of the people has not eluded his observation, but since resources have dwindled over the past year, it was difficult to readily address the matter, and since the TCI was out of the UK financial assistance realm, funds from that source would be difficult to acquire.

The Governor pointed out however, that the £5 million donated by the United Kingdom for Hurricane Ike relief effort, is to be spent shortly, as priority areas have been identified towards which to channel the funds.

Vivian Tyson

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“Take it From a Fool Who Knows”

Tuesday, February 2nd, 2010
Joe Zahm

Joe Zahm, President

As a broker and agent, I have always had the following two mantras:

1. Every deal is precious

2. If you’re a seller, be a seller; if you’re a buyer, be a buyer.

On the seller side, this means that if you have a bone fide, qualified purchaser, then do what you can to close the deal, and if you are a buyer, this means to move without delay if you desire a particular property, assuming the price is acceptable. Of course, seller and buyer psychology varies greatly depending on the nature of the market (bull – seller market, bear – buyers market).

Currently we are in a real bear market, so sellers need to “get real” on price. Too many sellers, who really need to sell, talk tough and hold onto an unrealistic dream about the value of their property, only to become desperate (either psychologically, financially or both) and sell their property at an even greater discount than if they had been realistic from the outset. So their dream becomes a nightmare for them, because they did not get real with their price until it was too late.

At some point, many sellers who cannot unload a property (at their desired price) will reach a point where they simply must sell financially. This is a clear-cut signal that price must be reduced to achieve a sale. Others will find that, at some point, the psychological burden of carrying a property outweighs the financial burden. For example, “the pool pump keeps breaking, it never gets fixed properly, and I don’t even use that property any more” is about the hassle and not just the cost. For those psychologically stressed property owners, who have attachments to balance sheet values, which are often inflated, it takes some self-knowledge to finally own up to the fact that the property in question is not bringing either financial or psychological gain into their lives and the question then becomes, “How much of a hit am I willing to take?” And, in the current market the hit is often greater than a simple “haircut”. Losses are tough to take, but we all must take them from time to time in a life that is full of gain and loss. Sometimes, if the ship is weighed down or sinking, some gold has to be thrown overboard to right the ship.

So sellers, take stock, and do some soul searching. If you need to sell, or really want to sell, then you should price to sell. Otherwise, it might be best to just wait out the market, especially if you can enjoy use of your property. On the buyer side, many sellers have already come to the aforementioned realization, and there are some of the best buys in TCI market available since 2003. So my advice would be to make your move on a well priced property to your liking, as those well priced quality properties are already starting to move.

I hope you have enjoyed my first blog. I have learned a lot through 20+ years in the TCI market, and I look forward to sharing what I have learned with you in future blogs as we work together towards a healthier and more vibrant market place.

Take it from a fool who knows…

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