House Hunt in Turks and Caicos: Outdoor Solitude and Ocean Front
A three bedroom retreat on the coast of the Turks and Caicos Islands
This three bedroom Villa is set back from a 40-foot bluff overlooking the Atlantic Ocean on South Caicos Island, one of nine inhabited islands and cays in the Turks and Caicos Archipelago.
Known as Coral Villa, the Caribbean-inspired home features a series of interconnected pavilions with metal roofs. Its 2,020 square foot interior opens to an additional 2,580 square feet of outdoor living space on 1.54 acres of land.
Completed in 2019, this is one of nine finished homes (and first resale) in the Peninsula Villas area of Sailrock Resort, a 770-acre development with 300 homes set amidst natural vegetation, unique topographies and varied shorelines.
“It’s a barefoot luxury lifestyle,” said Michael Bovell, a sales representative at Sotheby’s International Realty Turks and Caicos, which owns the list.
The single storey house is accessed along an unpaved road to a dirt driveway bordered at the front of the house by steep stones, with a separate garage for one car to one side.
A glassed-in front door opens into a hallway leading to a large central room with vaulted ceilings of nearly 17 feet, exposed wood and travertine floors. On one side is a kitchen with custom wood cabinetry, white quartz countertops, and a center island with a wine cooler. Four wooden stools fit under the breakfast bar.
A table with wooden benches on each side anchors the dining area. The living room has matching sofas, a sisal rug and a TV on a wooden sideboard. The house, which can be rented as part of the resort’s hotel program, is sold furnished.
Large hurricane-resistant sliding glass doors open from the living room to a pergola-covered patio with Janus et Cie wicker furniture, a heated swimming pool and panoramic ocean views. Another terrace shaded by a pergola is located opposite the great room.
The bedrooms occupy the pavilions surrounding the great hall. Each has a private bathroom with an outdoor shower inside a stone-walled garden. A separate door leads from the bedrooms to the private oceanfront terraces.
The two master bedrooms also have walk-in closets and quartz vanities, sinks and Grohe plumbing fixtures in the bathrooms. Each bedroom is air conditioned.
The villa is a five minute golf cart ride from Sailrock’s Big House. Resort facilities include two restaurants and bars, a spa, fitness center, infinity pool, bike paths, and secluded beaches.
The eight square mile South Caicos Island, with about 1,200 inhabitants, is known for its natural harbor, scuba diving and deep sea fishing. Cockburn Harbor, about two miles from the house, has restaurants and family grocery stores. South Caicos Airport, with an international terminal under construction, is 20 minutes from Sailrock. The flight to Providenciales, the largest of the Turks and Caicos Islands, takes 25 minutes; the ferry takes 90 minutes.
Beyond the serenity of the white, powdery sand beaches of the Turks and Caicos Islands and the crystal-clear turquoise waters, the real estate sizzles.
In the second quarter of 2021, the Islands recorded a sales volume of $ 328 million, a peak of 105% from the second quarter of 2020, and “as much as the Turks and Caicos Islands generally would in a very busy year. strong, ”said Joe Zahm, president of Turks. and Caicos Sotheby’s International Realty, citing data from Turks and Caicos Islands Real Estate Association. Residential and commercial prices have increased by an average of 26 percent.
Along with the islands’ fiscal neutrality status, the security of investing in UK overseas territory, and easy access via a three-hour flight from New York City, the pandemic has fueled the recent boom, with affluent buyers arriving. en masse.
“Turks and Caicos figured out how to quickly manage Covid protocols,” said Mark Durliat, general manager of Grace Bay Resorts, emerging “as a place where people want their second home experience”.
“Quarantined in Heaven.” This is how Robert Greenwood, partner and director of Regency-Christie’s International Real Estate, described those who decamped to the Turks and Caicos Islands. Due to the islands’ low population density, when Covid hit, “it became an insurance policy in addition to an insurance policy. We had very good sales during Covid, ”said Mr. Greenwood.
As of September 3, the Turks and Caicos Islands had reported 2,624 Covid-19 cases and 20 deaths, out of a population of around 39,000 year-round. As of September 1, full proof of vaccination is required to enter the territory, and officers expect the security measure to keep buyers comfortable and the market buzzing.
“Our goal is to be the safest place you can go,” said Greenwood.
In the second quarter of 2021, 82 single-family homes sold for an average price of $ 2.31 million, according to the Turks and Caicos Real Estate Association. During the same period in 2020, 45 homes sold for an average price of $ 1.85 million. In the condominium market, prices were up 10% year-on-year, with 69 units sold in the second quarter of 2021, at an average price of $ 1.02 million. A year earlier, 30 units were selling for an average of $ 928,600.
While activity has been robust across the market, there has been “more sales in new developments than in resales,” Zahm said. The properties of the trophy have also skyrocketed. In Providenciales, a nearly five-acre property with a panoramic waterfront frontage sold in May for just over $ 20 million.
The significant increase in new developments, heavily concentrated in residential resort communities, is “in response to limited existing stock and the high and growing demand from luxury lifestyle buyers,” said Robert Cooper, director of 7th Heaven Properties, a brokerage house covering the Caribbean and Central America. With its “world-class beaches, high-quality lifestyle, proximity to the United States, and very attractive tax environment, the Turks and Caicos Islands are one of the region’s premier high-end destinations”, did he declare.
The Capri-like Rock House Resort on the north shore of Providenciales is slated to open in early 2022, with 26 of the 28 homes sold in its first phase, Mr Durliat said of the Grace Bay Resorts property. The remaining two two-bedroom cottages are asking for $ 2.25 and $ 2.025 million, including the use of daybeds on a 130-foot pier, a beach club, and a 100-foot infinity pool on a limestone cliff of 25 feet.
Across the islands, prices start around $ 500,000 for a two or three bedroom house. Waterfront homes range from $ 700,000 at the bottom of the ladder to around $ 15 million for luxury oceanfront homes, Cooper said.
Earlier this year, land sales exploded for those looking to build dream islands, overwhelming architects and builders, said Ian Hurdle, founder and director of The Agency Real Estate, a luxury brokerage house. House and land prices rose so much that the condominium market, which “had become very weak”, rebounded in the first quarter of the year, added Hurdle.
Condominiums range from $ 250,000 to $ 9 million, said Greenwood, 99% of which are returning to the short-term rental market. Without income tax on the islands, “this is a great way to have an offshore nest egg that generates income.”
A new Ritz-Carlton Residences on Grace Bay Beach in Providenciales is slated for completion by October 1, with 59 of 60 condominium units in two 12-story towers sold or under contract, said Walter Gardiner, sales manager of the complex. Presales started at $ 2 million for a two-bedroom, 2,200-square-foot condo with an ocean view. The three-bedroom penthouses with 5,000 square feet sold for around $ 7 million, Mr. Gardiner said.
Private islands are also available. Water Cay’s 432 acres and 7,000 feet of white sand beach are currently on the market for $ 49 million.
Who buys in the Turks and Caicos Islands
“We’re well known to A-listers and captains of industry,” Greenwood said, noting that about 85 percent of buyers are from the United States.
In recent years, the “geographic footprint” has expanded from traditional East Coast Gateway markets to Los Angeles, Houston, Dallas and Miami, Zahm said, “We are clearly seeing a larger group. geographically wide.
The percentage of European buyers is low, but because many have high net worth, “in dollar terms it is high,” Zahm said, adding that Canadians, unable to travel, continue to shop virtually. .
Buyers are also from Panama and South America, Greenwood said.
There are no restrictions on foreign ownership of real estate in the Turks and Caicos Islands. The owners are listed on the title and the Crown guarantees the property, Greenwood said. Title insurance is not necessary.
Mortgages with a 50 percent discount and interest rates of 5 to 7 percent are available from three Canadian banks, Mr. Hurdle said.
Most of the property is freehold, with free and clear title, said Durliat.
A lawyer takes care of the fence; the fee is 0.5 to 1 percent, depending on the deal, Zahm said.
Languages and currency
English; US dollar
Taxes and fees
The owners association fee on this property is $ 1,800 per year.
Turks and Caicos does not have annual property taxes, inheritance or capital gains taxes on sales or real estate ownership, or income tax on income generated from the property .
Stamp duty fluctuates with the economy and varies from island to island. In South Caicos, the duty is 6.5 percent on properties over $ 100,000. In Providenciales, the duty is 8% on properties between $ 250,000 and $ 500,000, and 10% when title is transferred to properties over $ 500,000.
Michael W. Bovell, Sotheby’s International Realty Turks and Caicos, 649-232-1163; turksandcaicossir.com
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