A Three-Bedroom Retreat on the Turks and Caicos Beach
This is a three bedroom villa South Caicos island, one of nine inhabited islands and islands in the Turks and Caicos archipelago, is perched behind a 40-metre cliff overlooking the Atlantic Ocean.
Known as the Coral Villa, the Caribbean-inspired home consists of a series of interconnected pavilions with metal roofs. Its 2,020-square-foot interior opens to an additional 2,580-square-foot outdoor living space on a 1.54-acre plot.
Completed in 2019, it is one of nine finished homes (and first resales) in Sailrock Resort’s Peninsula Villas neighborhood, a 770-acre development with 300 home space nestled among native vegetation, unique topographies, and changing shorelines.
“It’s a barefoot luxury lifestyle,” said Michael Bovell, sales representative for Sotheby’s International Realty Turks and Caicos.
The one-story house is reached along an unpaved road, a dirt driveway surrounded by steep stones in front of the house, and a detached one-car garage on one side.
A glass-panelled front door opens to a corridor leading to a central large room with nearly 17-foot-high vaulted ceilings and bare wood and travertine floors. On one side is a kitchen with custom wood cabinetry, white quartz countertops and a central island with wine cooler. Four wooden stools fit under the breakfast bar.
A table with wooden benches on either side anchors the dining area. The living area has matching sofas, a sisal rug and a TV above the wooden sideboard. The house, which can be rented through the resort’s hotel program, is sold furnished.
Large, hurricane-grade glass sliding doors open from the living area to a pergola-covered terrace with wicker-like Janus et Cie furniture, a heated swimming pool, and panoramic ocean views. Another pergola-shaded terrace is at the opposite end of the large room.
Bedrooms occupy pavilions that support the great room. Each has an en suite bathroom with an outdoor shower set in a stone-walled garden. A separate door leads from the bedrooms to private oceanfront terraces.
The two master bedrooms also feature walk-in closets and quartz-lined sinks, sinks with tubs, and Grohe plumbing fixtures in the bathrooms. Each room is air conditioned.
The villa is a five-minute golf cart drive from Sailrock’s Great House. Resort amenities include two restaurants and bars, a spa, a fitness center, an infinity pool, bike paths, and secluded beaches.
The eight-square-mile island of South Caicos, inhabited by about 1,200 people, is famous for its natural harbor, scuba diving, and deep-sea fishing. Cockburn Harbor, about two miles from the house, has restaurants and mom and dad grocery stores. South Caicos Airport, with an international terminal under construction, is 20 minutes from the 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 Turks and Caicos’ powdery-soft white sand beaches and crystal-clear turquoise waters, real estate is sizzling.
Turks and Caicos President Joe Zahm recorded $328 million in sales volume for the islands in the second quarter of 2021, a 105 percent increase over the second quarter of 2020, “as much as the Turks and Caicos would typically do in a very strong year.” and Caicos Sotheby’s International Realty, Turks and Caicos Real Estate Association. residential and commercial Prices rose 26 percent on average.
Combined with the islands’ tax-free status, the security of investing in a British Overseas Territory, and easy access by a three-hour flight from New York, the pandemic fueled the recent blast and wealthy buyers flocked to it.
“Turks and Caicos have figured out how to quickly manage their Covid protocols,” said Mark Durliat, CEO of Grace Bay Resorts, “and it has emerged as a place where people want the second home experience.”
“Quarantine in Paradise.” That’s how Robert Greenwood, partner and manager of Regency-Christie’s International Real Estate, described those who fled to Turks and Caicos. Due to the low population density of the islands, it became “an insurance policy on top of an insurance policy when Covid struck. “We had very good sales during Covid,” Mr Greenwood said.
As of September 3, Turks and Caicos had reported 2,624 Covid-19 cases and 20 deaths from a population of approximately 39,000 during the year. Since September 1, full proof of vaccination was required to enter the area, and agents expect the security measure to put buyers at ease and the market to be bustling.
“Our goal is to be the safest place you can come to,” said Mr Greenwood.
In the second quarter of 2021, 82 single-family homes were sold for an average of $2.31 million, according to the Turks and Caicos Real Estate Association. In the same period of 2020, 45 houses were sold at an average price of 1.85 million dollars. Prices in the condominium market rose 10 percent year over year, with 69 units sold in the second quarter of 2021 for an average price of $1.02 million. A year ago, 30 units sold for an average of $928,600.
Mr. Zahm said that although market-wide activity was strong, “there were more sales than resales in the new development”. The trophy stats have also been upgraded. A nearly five-acre property in Providenciales with a panoramic water front sold for just over $20 million in May.
Robert Cooper, director of 7th Heaven Properties, a brokerage house spanning the Caribbean and the Caribbean, said the significant increase in new development, concentrated predominantly in residential communities, was “in response to high and increasing demand from limited available stock and luxury lifestyle buyers.” Central America. “Combined with its world-class beaches, high-quality lifestyle, proximity to the US and highly attractive tax environment, the Turks and Caicos Islands are one of the region’s premier luxury destinations,” he said.
For his Grace Bay Resorts property, Mr. Durliat said he expects the Capri-like Rock House Resort on Providenciales’ north shore to open in early 2022, with 26 of the 28 homes sold in its first phase. The remaining two-bedroom cottage is asking for $2.25 and $2,025 million, including the use of daybeds on a 130-foot jetty, a Beach Club, and a 100-foot infinity pool on a 25-foot limestone cliff.
Between the islands, prices start at around $500,000 for a two or three bedroom home. Mr Cooper said waterfront homes ranged from $700,000 on the lower end to about $15 million for luxury beachfront homes.
Ian Hurdle, founder and manager of The Agency Real Estate, a luxury brokerage firm, said earlier this year that land sales are imminent for those looking to build island dreams, suffocating architects and builders. Hurdle added that housing and land prices have risen so much that the “really softened” housing market recovered in the first quarter of the year.
Mr Greenwood said 99 percent would return to the “short-term rental” market. Because there is no income tax on the islands, “it’s a great way to have an income generating nest egg on the coast.”
A new Ritz-Carlton Residences on Grace Bay waterfront in Providenciales is scheduled to be completed by October 1, said Walter Gardiner, the property’s director of sales. Walter Gardiner, sales manager of the facility, said 59 of the 60 condominiums in the two 12-story towers will be sold or contracted. Pre-sales for a two-bedroom, 2,200-square-foot condo with ocean views started at $2 million. Mr. Gardiner said the 5,000-square-foot three-bedroom lofts have sold for about $7 million.
Private islands are also available. Water Cay’s 432 acres and 7,000 feet of white sand beach is currently on the market for $49 million.
Who Buys at Turks and Caicos?
“We are recognized as top leaders and industry captains,” Mr Greenwood said, noting that about 85 percent of buyers come 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, Mr. Zahm said: “We definitely see a broader group geographically.”
The percentage of European buyers is low, but “high in dollar terms,” because many have high net worth, Zahm added, adding that Canadians who can’t travel continue to buy virtually.
Mr Greenwood said buyers also come from Panama and South America.
There are no restrictions on real estate ownership by foreigners in Turks and Caicos. Mr Greenwood said the owners are registered in the title deed and the Crown guarantees the ownership. Title insurance is not required.
Mr Hurdle said 50 percent discount mortgages and 5 to 7 percent interest rates are available from three Canadian banks.
Mr Durliat said most properties have a free and clear title.
A lawyer performs the closing; Mr. Zahm said the fee is between 0.5 and 1 percent, depending on the deal.
Languages and Currency
The English; USD
taxes and fees
The homeowner’s association fee for this property is $1,800 per year.
Turks and Caicos have no annual estate tax, inheritance tax or capital gains tax on property sales or ownership, and no income tax on income from property.
Stamp duty fluctuates according to the economy and varies from island to island. In Southern Caicos, the tax is 6.5 percent on properties over $100,000. In Providenciales, the tax is 8 percent on properties between $250,000 and $500,000, and 10 percent when title is transferred on properties over $500,000.
Michael W. Bovell, Sotheby’s International Realty Turks and Caicos, 649-232-1163; turksandcaicossir.com