Coldwell Banker Islands Blog

REAL ESTATE DEFINED - A GUIDE TO KEY TERMINOLOGY
Coldwell Banker Real Estate Turks & Caicos Provides Consumers with a ‘Cheat Sheet’ to Understand Common Terms of the Trade…..

July 17, 2010 – Entering into the world of real estate can be very exciting, but often times, understanding the terminology can be complicated. To help consumers better understand real estate terminology, the professionals at Coldwell Banker Real Estate Turks & Caicos have prepared a short summary to assist home buyers and sellers in navigating their way through the housing marketplace. The following is a list of common terms or phrases associated with the real estate process.

1. Appraisal: A home appraisal is a survey of a home by a licensed professional for his or her opinion of the property‘s value (i.e., what a home will likely sell for on the open market). In most cases, an appraisal is done for a bank when a home buyer is applying for a loan for the home. The home appraisal is a detailed report that looks at such items as the condition of the home, the neighborhood and what similar homes in that neighborhood are selling for. An appraisal is not a home inspection. Appraisers only look for major concerns; they do not examine the home’s full condition (i.e., examine the roof, appliances, etc.). An appraisal also differs from a Broker’s Price Opinion (BPO) or Competitive Market Analysis (CMA), which provide an estimate of a home’s value by making comparisons to similar properties in the area and what they were listed and sold for. This is usually done for free by the prospective listing agent.

2. Commission: Commission is the compensation or fee that a real estate agent charges for performing the agreed-upon terms under a brokerage contract. The commission due for a real estate transaction is usually paid from the seller’s funds at closing. The fee is typically calculated as a percentage of the total sales price and commissions vary from market to market. Commission is shared between the listing agent and the agent who represents the buyer; also, agents split their commissions with their brokers.

3. Closing: Closing, or settlement as it sometimes referred to, is the final step in completing a real estate transaction. The closing date, set during the negotiation phase, usually takes place several weeks after an offer is formally accepted. At this time, ownership of the property is transferred to the buyer and any costs incurred by either the buyer or the seller beyond the price of the property itself are paid. These additional expenses are known as closing costs and might include title fees, attorney fees, stamp duty, insurance premiums, etc. Closing typically takes two weeks to 45 days depending on variables such as delays in obtaining documents, clearing title defects, inspection repairs, etc.

4. Existing Home Sales: Existing home sales is an economic indicator of both the number and prices of single-family homes, condos and co-op sales over a one-month period. Each month, the National Association of Realtors (NAR) releases statistics on sales and prices of existing single-family homes for the nation and four regions. The existing home sales report, which includes footnotes on how the numbers are derived, is available at www.realtor.org. For existing home sales information in the Turks and Caicos Island contact us.

5. Home Appreciation: Home appreciation is the increase in value of a property over a period of time. Short-term increases or decreases in value are triggered by factors such as employment rates, interest rates, housing supply, demand, affordability, crime rate, quality of schools in the area and proximity to a city. Additional factors such as upgrading a home can also result in home appreciation. What a home is worth depends on these elements, as they directly impact what a buyer is willing to pay for a particular property. While real estate moves in cycles and home values fluctuate regularly, real estate has consistently appreciated over the long term.

6. Home Equity: Home equity is the value of ownership in a home that represents the current market value of the house — minus any remaining mortgage payments. This growing value is contingent on the property owner paying off the mortgage and the market value of the property appreciating. When a home is purchased, every dollar put towards the down payment is immediately transferred to the equity in the home. This is one of the many reasons why saving for a down payment is so important - a significant down payment helps homeowners build equity more quickly. For example, a home buyer who puts nothing down needs a year of 20 percent appreciation to have as much equity in his property as a buyer who put 20 percent down in a stable market.

7. Home Inspection: Home inspection is a visual inspection of the structure and components of a home by a qualified professional to find items that are not performing correctly or items that are unsafe. A home inspector’s report will review things, such as the condition of the home’s cooling systems, interior plumbing and electrical systems; the roof, attic, and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement, and visible structure. While the inspection is not meant to be a tool for re-negotiations, many times it becomes one. Homebuyers should be sure to make a list of items they think should be addressed and present them to their real estate agent in a timely manner. Often times, the seller will agree to have the problems repaired before closing or accept a new offer that deducts the cost of repairs.

8. Housing Market: The housing market refers to the supply and demand for houses in a particular country or region. Factors that affect the housing market include interest rates, the mortgage industry, economic growth, incomes, unemployment rates and population demographic trends. More specific definitions of “market” include:

• Buyer’s Market: A buyer’s market occurs when demand for homes are very weak and prices do not appreciate as much or in some cases actually drop in certain areas. In a buyer’s market, homebuyers have the opportunity to purchase a home at lower prices.

• Seller’s Market: A seller’s market occurs when demand of for homes is great. In a seller’s market, potential sellers have the opportunity to sell their home at a higher price than in the past due to a limited amount of properties available and a large number of potential buyers demanding them at current prices. Sellers and home owners are also likely to experience higher appreciation in a seller’s market.

• Time on Market: The length of time in which a home is listed for sale is known as “time on market.” On many MLS listing sheets, this is also noted as D.O.M. – Days On Market.

9. Inventory: Housing inventory is the number of existing homes available for sale each month. The most closely watched housing inventory measure is a months’ supply, which measures the latest housing supply in relation to housing demand. A seven to ten month supply is considered a balanced market when in the Islands. A decrease in homes for sale is a sign that the housing market is on its way to recovery, while a large supply of homes still available gives potential buyers more options in choosing the home that best fits their specific needs and wants.

• Sales Associate: A sales associate is a real estate expert who is involved in real estate sales and transactions. Though it is not required to hire an agent when buying or selling a property, the tasks an agent performs can be extremely complex and time-consuming. Therefore, it is in a consumer’s best interest to work with a seasoned real estate professional who can offer invaluable expertise and assistance, as well as insight into the local real estate market and neighborhoods of interest. A sales associate that is hired to sell a home is responsible for marketing the home to potential buyers as well as other agents who are working with buyers. Some specific responsibilities include:

o Assisting the seller in pricing the property appropriately
o Suggesting any necessary repairs to be taken care of prior to listing
o Exposing the property to a maximum number of buyers; arranging showings and providing feedback from prospective buyers
o Explaining all the contingencies, helping the seller to remain objective and make informed decisions based on current trends, market data, and individual needs
o Presenting and negotiating offers on the seller’s behalf
o Following through on the offer to closing.

A sales associate representing a buyer will need to focus on what the buyer’s needs are, establish what amenities the buyer is looking for, what geographical area(s) are being considered, how prepared the potential buyer is to buy and how much he/she is willing to spend. This associate must also have a firm grasp of the surrounding area’s real estate market so that he/she can recommend alternative properties to the buyer. Once the home buying process begins, a sales associate will be responsible for the following:

o Providing an analysis of each property
o Preparing an offer to purchase the property
o Negotiating with the seller, or their sales associate, to obtain an agreement on pricing and terms
o Providing the buyer with an estimate of the costs involved in the transaction and assisting the buyer in contacting the professionals necessary to complete the purchase (mortgage services, and home inspectors, etc).

For more information on real estate we welcome you to contact a Sales Associate with Coldwell Banker Real Estate Turks & Caicos at www.coldwellbankertci.com.

Have you ever eaten Conch? It’s a Turks and Caicos specialty! Conch (pronounced “konk”) is the second best known edible snail; the most popular would be the escargot from Burgundy, France. A popular food in the Caribbean you will find it on most restaurant menus in the region.

The meat inside the shell is entirely edible although most prefer just the white part. It may be eaten raw as in a salad or cooked - Conch fritters, soups, chowder or gumbo being the most popular. Conch Salad is a typical dish served throughout the Turks and Caicos Islands, there is even a restaurant that specializes in Conch appropriately named Da Conch Shack located on the beach in Blue Hills. Dining at picnic tables set in the sand, where the staff collects the fresh Conch from the water’s edge and serves a terrific Rum Punch. Dress is casual and bathing-suit & cover-ups and shorts & t-shirts are the norm when visiting for lunch or a late afternoon snack.

The Conch is a plant eater and may live as long as 25 years. The shell has a cream colored exterior with shades of pink inside making it a desirable souvenir for tourists and residents. It is found in many gift shops and may be used as a decoration, planter or you may see ones carved into serving bowl sets, cups and other small items.

The Conch Festival, held in Blue Hills each November, is an annual Turks and Caicos event where local chefs from the island restaurants participate in a cook-off. The best of the best Conch recipes are presented, cooked and served to the public. This is one of the most popular events during the year, the dates for 2010 are November 6th and 7th – so mark your calendars. The 2009 winners were as follows:
2009 Grand Champion – Bay Bistro
Best Conch Chowder – Salt Mills Diner in Grace Bay
Best Specialty Conch – Conch Burger at Seaside Restaurant Ocean Club East

Although there are hundreds of Conch Salad recipes, here is a basic one – add and delete ingredients as you wish:

1.5 lbs raw conch meat pounded and diced
½ an English cucumber, chopped
10 limes, squeezed
5 lemons, squeezed
1 large tomato, chopped
1 green pepper, chopped
1 celery stalk, diced
1 large onion, chopped
salt and pepper
Dash of cayenne pepper or hot sauce
Combine all ingredients except the last, marinate for at least 4-5 hours in the fridge (may be made a day ahead and kept in the fridge overnight), add a dash of cayenne pepper or hot sauce just prior to serving.

Conch Salad - A Turks and Caicos favorite.

www.coldwellbankertci.com

The Seven Stars Resort on Grace Bay Beach - Featuring 3 seven-storey oceanfront buildings this 113 suite condo and resort-hotel has plenty to offer guests visiting the Turks and Caicos Islands. Accommodations range from junior suites (48) to five bedroom penthouses with spectacular beach, pool, resort and ocean views.

The name Seven Stars is taken from the Seven Stars (or Seven Sisters) of the Pleiades, a storied constellation that, in Greek mythology, represents the seven daughters of the god Atlas and goddess Pleione. This group of stars is among the nearest to the Earth of all open clusters and is thought to be the best known and most visible to the naked eye. The resort developer named the resort Seven Stars as it was said that nowhere do the Pleiades shine as brightly as over the Turks and Caicos Islands.

Hotel guests are pampered and receive exceptional service - continental breakfast (complimentary), twice-daily housekeeping, the resort has a dedicated Resort Concierge and Activities Director, numerous Children’s Programs, Yoga and Pilates are available - plus a full spa (in-room treatments as well), private shopping services, complimentary shuttle to the Provo Golf Club, internet connections available in all the suites and wi-fi internet at poolside, customized diving lessons as well as private sailing lessons can be arranged during your visit.

Centered at the beachfront of this resort is the swimming pool with an eye-catching mosaic design. This property features the Island’s only heated salt-water pool, the cabanas have ocean views, pool attendants with plenty of towels and umbrellas make your stay at this resort relaxing and effortless.

Three restaurants are located on-site for your convenience, The Sand Dollar – serving breakfast, lunch, drinks and snacks; The Terrace – serving dinner, and The Deck where you can enjoy a cocktail along with their special Island tapas. Evening music is provided several nights during week.

Indoor and outdoor meeting and function spaces are available at this Grace Bay Beach hotel, accommodating up to 200 people. A varied menu and entertainment options (audio/visual equipment) make this a perfect conference or wedding destination in the Turks and Caicos Islands. For group or event bookings we recommend you contact the hotel directly.

Whether a romantic summer getaway, friends or couples looking for a glamorous setting and upscale resort atmosphere, or families looking to spend some quality time relaxing pool or beachside – this property is a perfect destination. Summer rates and specials available from just $350 US per night (plus tax) through September 6th, 2010.

Coldwell Banker Real Estate Turks and Caicos has just completed a sale at the Seven Stars Resort Turks and Caicos, closing was June 2010, contact selling agent Linda Elrick at lindaelrick@coldwellbankertci.com for details.

www.coldwellbankertci.com

7 Reasons to Own Your Home

1. Tax breaks. Usually these favor homeowners. Check with a local Coldwell Banker to discuss tax advantages of home ownership.

2. Appreciation. Real estate has long-term, stable growth in value, not withstanding the recent market fluctuations.

3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan.

5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years. However, keep in mind that property taxes and insurance costs will probably increase.

6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a chance to develop and enjoy a sense of community.

Come visit our Coldwell Banker office and discuss your home buying opportunities with one of our experienced agents.

Salt Cay, Grand Turk, South Caicos and the surrounding cays is one of only 41 sites competing in the bid to be awarded World Heritage status by UNESCO. The British Government will be submitting their shortlist and the Salt Islands in the Turks and Caicos have forwarded their application to the UK to join the 890 properties of “outstanding universal value” including 689 cultural, 176 natural and 25 mixed properties in 148 States Parties.

The World Heritage Committee will consider requests for the inscription of new sites on UNESCO’s World Heritage List when it meets for its 34th session in Brazil from July 25 – August 3.

Ethlyn Gibbs-Williams, Executive Director of the National Trust confirmed that an application was forwarded almost 10 years ago for Salt Cay but that bid did not make the UK’s shortlist. The Weekly News reported that Ms. Gibbs-Williams made the following statement regarding the current application, “This time we included more of the country (Salt Cay, Grand Turk, South Caicos and the surrounding cays in that area), emphasizing its cultural and historic value along with the habitat it provides for a range of migratory birds. Salt Cay also has the largest population of heather, the Turks and Caicos national flower. If the Salt Islands were to become a World Heritage Site, it would award them far more protection and really give the country recognition.”

Looking for the “wow factor” Britain’s Tourism and Heritage Minister, John Penrose, released the list of requests for recognition noting that each of the sites on the list “have a cultural resonance that makes them real contenders to sit alongside the Pyramids and Red Square in this most distinguished of gatherings.”

UNESCO is the United Nations Educational, Scientific and Cultural Organization, a specialized agency of the United Nations established in November 1945. Its purpose is to contribute to “peace and security” by promoting international collaboration through education, science and culture in order to further universal respect for justice, the rule of law, and the human rights along with fundamental freedoms proclaimed in the UN Charter. UNESCO is based in Paris France and as of October 2009 has 193 Member States and seven Associated Members.

Current sites on the World Heritage List include: The Great Barrier Reef and Fraser Island both in Australia; the Historic District of Old Quebec in Canada; the Colonial City of Santo Domingo in the Dominican Republic; National History Park – Citadel, Sans Souci, Ramiers in Haiti; Venice and its Lagoon in Italy; New Zealand Sub-Antarctic Islands; Brimstone Hill Fortress National Park in Saint Kitts and Nevis; the Tower of London in the UK and many more. For a full list please visit the UNESCO website.

Article provided courtesy of Coldwell Banker Real Estate Turks and Caicos

Chalk Sound National Park is located on the south side of the island of Providenciales (Provo for short) in the Turks and Caicos Islands.

Quiet and peaceful, this area is home to water and beachfront properties set along the Chalk Sound National Park and the pretty blue ocean. Large residential parcels in this area allow for bigger homes and additional privacy from neighboring properties.

Graham Canham, Sales Associate with Coldwell Banker Real Estate Turks and Caicos has recently listed a two-story residence set on 2 lots in the Chalk Sound area. With beachfront access this home is perfect for families looking for a waterfront home with plenty of privacy and space under the $1 Million dollar mark.

Visit our website at Coldwell Banker Real Estate Turks and Caicos for additional information or visit our Real Estate Blog and Newsletter for the TCI.

Chalk Sound National Park is located on the south side of the island of Providenciales (Provo for short) in the Turks and Caicos Islands.

Quiet and peaceful, this area is home to water and beachfront properties set along the Chalk Sound National Park and the pretty blue ocean. Large residential parcels in this area allow for bigger homes and additional privacy from neighboring properties.

Graham Canham, Sales Associate with Coldwell Banker Real Estate Turks and Caicos has recently listed a two-story residence set on 2 lots in the Chalk Sound area. With beachfront access this home is perfect for families looking for a waterfront home with plenty of privacy and space under the $1 Million dollar mark.

Visit our website at Coldwell Banker Real Estate Turks and Caicos for additional information or visit our Real Estate Blog and Newsletter for the TCI.

The International Academy of the Visual Arts has named Coldwell Banker On Location, the brand’s YouTube channel, a recipient of this year’s Communicator Awards for Creative Excellence in the real estate website category. The category honors the best site for the sale or rental of residential or commercial property.

“We were the first national real estate brand to add streaming video to our website. Today, our agents across the globe have posted more than 15,000 videos to our On Location channel,” said Mike Fischer, chief marketing officer for Coldwell Banker Real Estate LLC. “The most exciting part of On Location is that we have only just begun—there’s a lot more to come.”

On Location has been rated among the top 10 most-viewed brand channels on YouTube. This April, just 11 months after launching On Location, Coldwell Banker announced it had received over 1 million views. The site was launched in May 2009 and was produced in collaboration with FD Kinesis.

“Home buyers would much rather see a home than only read about it,” Fischer said. “Our On Location videos empower them to get a feel for a home, a community or a real estate professional that they could not get from photos or a text description alone. Equally important are the home sellers who are now expecting video to be a part of marketing their property.”

With thousands of entries received from across the United States and around the world, the Communicator Awards is one of the largest and most competitive awards program honoring the creative excellence for communications professionals. The Communicator Awards are judged and overseen by the International Academy of the Visual Arts, an invitation-only body consisting of top-tier professionals from acclaimed media, advertising and marketing firms.

(source: RisMedia.com)

Going Green in the Turks and Caicos…..Incorporating eco-friendly measures in homes has moved beyond installing energy efficient appliances and swapping out incandescent light bulbs for compact fluorescents – going green is giving home sellers a competitive advantage. With luxury condos touting eco-friendly features like rain water recycling, and home builders incorporating energy saving features into new homes, it’s no wonder real estate professionals say more and more home buyers are asking about “green homes.” In the end, small changes to a home can help the environment and help a property stand out among the competition.

“It makes sense on a number of levels to incorporate green principles into a home and many consumers are surprised at just how easy it is to do so,” said Graham Canham, Sales Associate for Coldwell Banker Real Estate Turks and Caicos. “Not only is it great for the environment but homeowners are looking at ‘going green’ as an opportunity to have their island home stand out from the crowd.”

The following are eight tips from the professionals at Coldwell Banker Real Estate Turks and Caicos, that outline how to make homes sustainable, energy- and cost-efficient now, and appealing to eco-conscious homebuyers:

1. A Ray of Light: South-facing windows provide more natural daylight making a home more bright and cheery. Drawing shades during key daylight hours during the summer can help cut down on air conditioning needs.

2. Green Gardening: Sustainable landscaping is becoming all the rage to eco-conscious homeowners. Planting native plants, vegetation and shade trees strategically around a yard can keep a home cool during the summer. Native vegetation thrives in its preferred environment without requiring excess water.

3. Switch to Green Power: The use of renewable energy in a home, such as solar, wind, water or geothermal, greatly helps reduce pollution. However, installing solar panels or wind generators property can be cost-prohibitive for some.

4. Dial it Back: Lowering the settings on water heaters, refrigerators, dishwashers and laundry machines reduces the amount of energy required to maintain the temperature. Installing low-flow sink faucets and shower heads also lessens water consumption.

5. Reuse Rain: Recycling rain water for gardening is another great way to conserve. For example, a water collection system under drains can catch the water and then reuse it for watering landscapes. Most houses in the Turks and Caicos Islands are built with large cisterns under the home itself.

6. Less Lawn does More: Eliminate as much of the lawn as possible and plant native bushes, flowers, etc. Depending upon a number of factors (including the climate of the region), homeowners can simply cut back on the amount of space that they have to mow to promote energy conservation in lawn care.

7. Turn Old into New: Refurbish the home’s existing materials when remodeling instead of buying new ones (cabinets, tiles, flooring). If brand new appliances are required, homeowners should make sure they are energy-efficient, and should consider donating their old appliances to be recycled or reused.

8. Insulation is Key: Insulating cold-water pipes will prevent them from dripping condensation, and insulating hot-water pipes will prevent costly heat loss and save on energy bill.

Make mine with lionfish…
Mother’s Pizza kicked off their newest pizza variety, and it is causing quite a roar! The Lionfish Pizza is the latest addition to the menu of this favorite local eatery, and ordering a slice can satisfy your taste buds while helping the environment.
The Department of Environment and Coastal Resources has asked local restaurants to support its efforts to eradicate the Turks and Caicos waters of this frisky fish, and Mothers Pizza has jumped on board.
So head downtown to Mother’s Pizza in July to try this wild and unique Turks and Caicos pizza.

World Cup Fever…
If your goal is to catch the latest soccer match, cheer on your favorite team. Although the TCI does not have a team in the world’s largest sporting match, World Cup fever has scored in the TCI. You can catch the games at all your favorite spots, including Grill Rouge, Bagatelle and Somewhere on the Beach.
Semifinal games are scheduled for July 7-8 at 2:30 p.m. The game for third place will be on Saturday, July 10, at 2:30 p.m.
Don’t miss the final game Sunday, July 11, at 2:30 p.m. which will determine who holds the coveted title of the world’s best football team for the next four years.

Eco Sea Swim…
“Racers clear your goggles!” And get ready for the first Turks and Caicos open water swim tournament.
The one-mile swimming race along the shores of Grace Bay will take place for the first time on July 10. The swim is scheduled to begin and end at the beach access between Club Med and Ocean Club at the Flamingo Cafe.
The event will also feature a 100-yard children’s Sea-Swim.
Enjoy a day at the beach with fun, food and prizes. For more information, click here.

Summer BBQ on the beach
Don’t miss the best party in town on the beach. Somewhere Cafe and Lounge is celebrating summer at its Ultimate Beach Party on Sunday, July 18. Relax all day long on the beach in front of the Coral Gardens Resort on famous Grace Bay beach. The party will feature all the favorites you’re used to from Somewhere, including good music, great food and a relaxing atmosphere right on the beach.
The party will start off relaxed with soft rock by Sally Greenwood in the morning. Afternoons will be filled with the upbeat sounds of Dallas and Nino, a live DJ and percussionist blend, a mixture of reggae and chilled out house music.
As the sun sets on the beach, Stanley “Rhasta” Roots will keep things grooving with his reggae and R&B beats.
Of course a beach party would not be complete without a barbecue. Next to the usual mouth watering Mexican dishes, BBQ hamburgers and hot dogs will also be on the menu alongside drink specials.

Rotary Foundation Scramble - Provo Golf Club
With a shotgun start at 1:30 p.m., the Provo Golf Club will play host to the Rotary Foundation Scramble.
The tournament which will help raise funds for the Rotary Club of Providenciales community fund, will take place on July 25. The amateur friendly tournament will be played in a scramble format with the highlight of a $50,000 hole in one contest.
Sign up at the golf course or contact Lester Foreman ( lester.forman@gmail.com ) or 331-6300.

There are plenty of things to do in July in the Turks and Caicos Islands….

Reprinted article from TCIEnews, courtesy of Coldwell Banker Real Estate Turks and Caicos.