Coldwell Banker Islands Blog

The home-buying process can be daunting, particularly for the first-timer. Liz Pulliam Weston with MSN Real Estate suggests the following timeline as an ideal one for someone purchasing their first home. Of course the steps can be accomplished in far less time, particularly if you employ trusted industry experts for advice.

As soon as possible (Ms. Pulliam Weston suggests one year)…
Obtain a copy of your credit report. In the US, the three major credit bureaus, Equifax, Experian and TransUnion offer free credit reports. You should scan the report for errors: accounts that aren’t yours and other mistakes will negatively impact your credit and may cause you to pay higher interest rates. Errors and mistakes can usually be dealt with and usually without assistance from an attorney. If you are outside the US in a country without a formal credit tracking system contact a local lender and ask them if you have doubts about your ability to finance a home purchase. Lenders can have vastly different opinions about late payments, repossessions and bankruptcies depending largely upon how badly they want to make the loan.

Improve your credit rating.
In the US most mortgage lenders use the FICO credit scoring formula. For $50 you can buy your FICO score for all 3 credit reporting agencies at MyFico.com. In the US or not, you can improve your credit standing by avoiding late payments, pay down credit cards and don’t open or close any new accounts while you’re in the market for a mortgage.

Deal with your debt.
Eradicate high interest “toxic” loans: credit card balances and pay-day loans because they are indicators you are living beyond your means. Low interest debt such as student loans or auto loans generally won’t present an obstacle.

Save, save, save.
You will have more financing options the more money you have to put down. 5% is minimum but 10% is better and if you can demonstrate that you saved this money on your own over a period of time, so much the better. Don’t show up at the mortgage lender’s office flush with a cash infusion from Uncle Bob. That doesn’t show character. But if you can accumulate the down payment over a period of time by avoiding eating out, dropping your cable TV subscription or other, that does.

Put your bills on automatic.
Use on-line bill paying and the recurring payment feature. Better yet, consider using automatic debt payments so that the bill is paid directly from your checking account. A single late payment can harm your chances of getting the loan to purchase your dream home.

Next Week: 6 months out

The Somerset on Grace Bay Beach Turks & Caicos Islands

FLINTWICK SOMERSET RESIDENCE ON GRACE BAY BEACH

Make no mistake - this is possibly the best value five star luxury condominium suite available in the Caribbean! This recently built amazing property consists of 4300 sq ft and is an absolute pleasure to show.

Upon entry you’ll feel the ambience generated by the large open living area and tasteful West Indies themed furnishings.

Somerset Flintwick suite features 3 bedrooms and 3 1/2 bathrooms, master suite with large ensuite (marble floors in bathrooms), spacious and well appointed lounge & dining areas.

The gourmet kitchen has the finest appliances and fixtures and features granite countertops.

This residence offers outdoor entertaining at its finest, enjoy the spacious wrap-around terraced patio area which is only a few steps to the resort pool and white sand of Grace Bay beach and features your own private hot tub.

The Somerset has an amazing lap pool which flows into the beach front infinity edge pool. The resort offers casual poolside dining, or the highly regarded O’Soleil restaurant.

If you are interested in the best of luxury condo living this property is not to be missed.

Investment information may be obtained from listing agent.

Showings by appointment only.

Steve Allen, Sales Associate
Coldwell Banker Real Estate Turks & Caicos

(649) 232-1200
steveallen@coldwellbankertci.com
www.coldwellbankertci.com
MLS #0811066

Housing prices in the Bahamas grew by three percent for the 12 month period ending in October, according to the Central Bank of the Bahamas.
Bahamas real estate agents are currently experiencing a softening in the sector. But the local real estate market, particularly in Nassau, held steady until recently.
However, many overpriced real estate listings in the Bahamas have adjusted to more realistic levels.
The second home market in the islands of Abaco and Exuma has weakened over the year as a result of the U.S. housing crisis and global meltdown. Bahamas real estate professionals feel the last quarter of the year will show a downturn.

Breakfast at Tiffany’s benefit at the Ritz-Carlton attracted about 200 donors for the annual Cayman Islands Cancer Society fundraiser.

On Cayman Brac, one Christmas tradition centres around the Lions Clubs Santa Claus riding through the island on Christmas Day delivering gifts to the children. It is also customary for the club members to visit the homes of the elderly and personally deliver gifts to them before Christmas Day.

The Rotary Club of Grand Cayman’s annual Christmas Tree lighting was held in Celebrations Square in George Town Dec. 1. The lighting has been an annual event of the Rotary Club for 43 years.

Barnes Dance Academy Ltd, in collaboration with Hopscotch Studios and Celebrations, hosted its 4th Annual Community Christmas Parade on Dec 6 in Heroes Square, downtown George Town.

Cayman Islands Crisis Center will receive proceeds from the sale of Christmas ornaments at their Enchanted Christmas Store in the Mirco Centre. The ornaments are available in Flame Red and Velvet Green.

We could go on - but you can see the variety of fun and worthwhile events throughout the Caymans this time of year!

The islands host many holiday events. Here are just a few:

Dec. 6 - TCSPCA Christmas Party in the Suzie Turn Plaza, Pony Rides and meet Santa Claus.
Dec. 6 - TCIRFU Christmas Party, Door Prize Raffle, Tequila Shots Buffet.
Dec. 7 - Ashcroft School Annual Christmas Fair, Crafts, Games, Prizes, Bouncy Castles, Bake Sale, Photos with Santa, Face Painting, Food and Drinks.
Dec. 13 - Annual TCFAF FREE Christmas Carol Concert & Trim the Tree Party
Dec. 14 - Kiwanis Club Annual Christmas Tree Lighting Ceremony, across the way from TCI Bank Limited downtown ball park, lights, gifts, decorated trees, choir and bands, and a visit with Santa. Providenciales
Dec. 19-21 - Turks Caicos Gourmet Safari 2008. Providenciales
Dec. 24 - Island Thyme Bistro Annual Xmas Tree Ornament Competition. Prizes will be given for the best handmade ornament in each category. For additional information contact Island Thyme Bistro on Salt Cay. Phone/Fax: 649.946.6977.
Dec. 26 - Boxing Day Scramble, Provo Golf Club

Enjoy!

The holiday season always brings reminders that good will and sharing can be found in our community.

The Salvation Army of St. Kitts is in the middle of its major fund-raising effort, the Christmas Kettle drive. The monies are used to supply food hampers to those in need, and to address community needs as they arise, such as dealing with the aftermath of disasters. The kettles will be ringing until Dec. 24.

During the tree-lighting ceremony Dec. 8, Premier Joseph Parry reminded us that this is the season for togetherness, peace, and tranquility.

‘Tis the season to reach out to each other, Perry urged.

More than 50 chlidren stood in line to see Santa Claus during Christmas on Main Street Saturday afternoon. The two-day event attracted thousands of people who turned out for shopping and entertainment.

The Sir Olva Georges Plaza was transformed into a food market on Dec. 5 & 6, as vendors gathered, selling traditional staples such as salt fish, ground provisions, rice and peas, and local drinks, during the annual Christmas on Main Street celebration.

In the Folk Museum, the Annual Christmas Bake-Off competition was held.

On Sunday, in Road Town, primary school choirs gave the children’s Christmas Concert.

In Lavity Stoutt Community College, 6 musical ensembles entertained a packed house at the Paraquita Bay Campus.

You can see there are plenty of events to enjoy at Christmas in BVI!

A real estate development in Nassau, Bahamas, has thumbed its nose at the weakening economy, reserving 20 percent of its units within two weeks of soft sales.
Palm Cay, the latest gated real estate community in Nassau, says it already has $25 million invested in buying the Bahamas real estate. It plans to spend another $30-$40 million in development.
Located at the eastern end of the island, Palm Bay is to feature a 194-slip marina, 350 townhouses and 88 family homes, as well as a beachfront clubhouse and tennis courts.
For further information, give us a call or shoot an email our way. Our team of friendly and professional real estate agents is here to help you!

Very attractive opportunity on Jellico Quay in Governor’s Harbour. See it here. Three bed, 3 bath on 110 ft. canal frontage. Rare opportunity to own a canal front home in Governor’s Harbour. Attractive layout. This home is perfect for the local executive or yachtsman looking for a retirement home. Dock in place. Easy access to Cayman’s North Sound play ground. This home is in need of cosmetic repairs from Hurricane Ivan including dry wall repairs and furniture replacement. A great opportunity to customize to your own taste.

Leading Bahamian law firm Higgs and Johnson has merged with Trumen Bodden of the Cayman Islands, heralding an historic merger in both financial jurisdictions.
Higgs and Johnson is a leader in Bahamas real estate work. For 60 years it’s represented local and international financial service providers, top real estate developers and private clientele.
Its Real Estate Group is split into two specialty areas: Bahamas Real Estate Financing and Related Security and Bahamas Real Estate Development (Hotel Community & Subdivision).
Truman Bodden has extensive experience in all aspects of real estate transactions in the Cayman Islands - from simple real estate transactions to larger scale complex commercial matters dealing with condos, hotels and office developments. It’s been associated with some of the major real estate commercial developments in the Cayman Islands.

The merger was prompted by business synergies available between the Bahamas and the Cayman Islands as leading financial centres and the opportunity to offer clients complementary services across jurisdictions.