Coldwell Banker Islands Blog

Whether you’re ready to settle into your first home or looking to buy your fifth; are moving cross-country or cross-town, it’s smart to identify which attributes of a new home are most important to you. Be sure to sit down with your real estate agent and discuss your needs and wants for your new house. Here are five topics to think about when buying a home:

1) What You Can’t Live Without
Our lifestyle choices are often reflected in the homes we buy. Are you a motorcycle fanatic? If so, a roomy garage would be important to you. Have a big family? You’ll likely need to buy a home with at least four bedrooms. Perhaps you or your spouse is a gourmet cook. In that case, a well-designed kitchen could be a must for you. Before your real estate agent begins a home buying search for you, he or she will want to know which home attributes you can’t live without.

2) Schools and Family Needs
The quality of school systems has long been of importance to home-buying families. If you have children or are thinking about having children in your new home, you’ll want to discuss school information and statistics with your real estate agent. Not only is it important to consider the location of your home relative to area schools, but you’ll also want to think about the quality and diversity of local school offerings. Your real estate agent can provide statistics and information about both public and private schools in all the neighborhoods in which you’re considering buying a home.

3) Commuting
With our island lifestyle, commuting isn’t much of an issue, but even some type of commute can detract from a home-buyer’s quality of life and the time he or she gets to spend at home. If having little or no commute to work is important to you, convey this to your real estate agent.

4) Community Details
Whether you hope to live in a vibrant urban neighborhood, or a charming country town, the demographics, details and community statistics of a particular area are almost as important a consideration when buying a home as the details of the house itself. Do you want to live in the thick of the action? Prefer to get away from it all? If a particular aspect of a community is important to you—like a defined downtown area —be sure to tell your real estate agent so that he or she can keep this consideration at the forefront of your home search. We are all familiar with the amenities of every location on our island, so just let us know what’s important.

5) Budget
Of course, the most rigid constraint of a home-buying search is typically the buyer’s budget. Defining budget parameters quickly and early focuses a home search to a particular segment of the market. However, with the creative lending solutions available today, budget constraints are not as rigid as they once were or as many home-buyers assume them to be. Many innovative mortgage options are now available to both first-time and veteran home-buyers. Before beginning a home search, you should get preapproved for the amount of a mortgage – then you and your realtor can be realistic in your home search.

Coldwell Banker Lightbourn President Mike Lightbourn on Jan. 29th told a large group of investors that the Bahamas real state market was brisk until last year, but prices are now adjusting to more realistic levels. Speaking to members of FreedomFest at the flagship Atlantis resort on Paradise Island, Mr. Lightbourn ‘guesstimated’ that prices have probably dropped by 10 percent from “what they should have been” a year ago. FreedomFest is described as the world’s largest annual gathering of free minds. Mr. Lightbourn said worldwide events obviously affected the local market.
He said that as the Bahamas MLS service was only introduced last year, it is difficult to present at this point statistical figures as to price reductions and so on. “We have had a long period of time where over-priced listings dominated the market and I would suggest that last year many price reductions were actually bringing prices down to where they should have been in the first place,” he said.
His ‘guesstimate’ of a 10 percent drop in prices from what they should have been one year ago applies to the high end market.
He said that for the lower end, generally under $500,000, the market has held “fairly firm” and “sales are relatively brisk.” Mr. Lightbourn also noted that due to its close proximity to the United States, the Bahamas is a very popular stop-off point for US visitors who comprise approximately 90 percent of our tourists. Approximately 70 percent of our tourists come by cruise ships and visit many islands throughout the archipelago. Approximately 70 percent of the country’s GDP is derived from tourism and related industries. The financial sector accounts for approximately 20 percent of the economy and the remainder is miscellaneous.
Since the world downturn, Mr. Lightbourn said the country’s tourism figures have gone down somewhere - in the region of six-eight percent – “which to me is a remarkably small decrease considering all the factors. We have had job layoffs as have other countries, including 10 percent of the work force at Atlantis. Government revenues are down by probably percent”. “The long and the short of it is that we are doing better than I personally expected considering all the exterior influences. However, we will have to wait and see what happens down the road later this year,” Mr. Lightbourn said.

According to Fractional Life, Wyndham Hotels has just announced a Fractional Ownership opportunity on Grand Cayman.

The 170-room Ramada Grand Caymanian Beach Club and Resort is adjacent to the North Sounds Club golf course on the waters of the Grand Cayman North Sound Lagoon. Other amenities include an on-site restaurant, lighted tennis court, beach volleyball, freshwater pool, hot tubs, and water activities such as scuba diving and deep sea fishing.

There will be studio, 1 and 2-bedroom suites with full kitchen and laundry facilities in-suite. For additional information visit www.caribbeanresidenceclubs.com and read the full announcement here in Fractional Life.

This blog starts a weekly series of posts on getting to know the Cayman Islands. Why should you visit? Why should you invest in real estate in the Cayman Islands? Why and how could you move to the Cayman Islands? Over the next few weeks, we’ll try to give you the basic information and links to answer those questions.

Many thanks to Cayman Islands for its resources.

Where are the Cayman Islands? In the western Caribbean, the 3 islands of the Caymans, a British Overseas Territory, are 480 miles south of Miami, 150 miles south of Cuba, and 180 miles NW of Jamaica. The islands are Grand Cayman, Cayman Brac, and Little Cayman, which cover about 100 sq miles.

What currency is used in the Caymans? The Cayman Islands has its own currency, first issued in 1972, whose basic unit is the dollar, issued in notes with denominations of CI$100, 50, 25, 10, 5 and 1 and coins valued at 25 cents, 10, 5 and 1 cent. The CI dollar has a fixed exchange rate with the US dollar of CI$1.00 equals US$1.25. Or, the US dollar equals CI $.80. There is no need for visitors to exchange their US dollars into local currency. The US dollar is accepted throughout the islands at a rate of CI 80 cents. Major credit cards and travellers checks are widely accepted.

What time zone is used in the Cayman Islands? The Caymans are in the same zone as EST, or 5 hours behind Greenwich Mean Time. Daylight savings is not observed.

What language is most widely used in the Cayman Islands? The main language is English. There are other minor languages as well, such as Spanish, and many uses of Caribbean slang words.

What medical services are available in the Caymans? The government of the Cayman Islands’ Health Services Complex is located in George Town, Grand Cayman. It boasts modern equipment and facilities, in addition to an increased number of highly trained personnel. A 24 hour hyperbaric decompression chamber is available for divers and an air ambulance service for other emergencies. is also a private hospital - Chrissie Tomlinson Memorial - in George Town, as well as a number of other private facilities that offer a variety of professional medical services. In Cayman Brac, there is a government hospital - Faith Hospital.

When is the best time to visit the Caymans? The Atlantic Hurricane season starts June 1 and ends officially on November 30. However, the Caribbean is a large region and most storms have shown a tendency to veer to the Northwest (towards the US Mainland) long before reaching the far Western Caribbean area. Consequently, the Cayman Islands have often been spared the full wrath of devastating hurricanes. The summer or "rainy" season runs generally from mid-May through October, and the average temperature in the winter is 75 F and 85 F in the summer.

Will my cell phone work in the Cayman Islands? As with the other Caribbean Islands, you’ll need a SIM card for your GSM worldphone.

Is there internet service in the Caymans? There are several providers, WiFi hot spots, and internet cafes on Grand Cayman and Cayman Brac.

You can see from these basic facts that the Cayman Islands are modern, comfortable, and ready for your visit. Check our blog next week for a post on the history of the Caymans.

This blog starts a weekly series of posts on getting to know Grand Bahama. Why should you visit? Why should you invest in real estate in Grand Bahama? Why and how could you move to Grand Bahama? Over the next few weeks, we’ll try to give you the basic information and links to answer those questions.

Many thanks to Bahamas.com for their resources.

Where is Grand Bahama? The island is 55 miles east of the Florida coast, 96 miles long from east to west; 17 miles across at its widest point with a population of about 50,000.

What currency is used on Grand Bahama? The Bahamas’ unit of currency is the Bahamian dollar ($B) which is based on the U.S. dollar. One Bahamian dollar equals 100 Bahamian cents (pennies). As the Bahamian and U.S. dollars are equivalent (1 $B = 1 $US), residents or visitors may spend either Bahamian or U.S. dollars in the Bahamas. Outside the Bahamas, Bahamian money is not too valuable (trading at times at nearly half its face value), except as a popular collector item, so make sure to get rid of all your Bahamian dollars before you leave.

What time zone is observed in Grand Bahama? All the islands use EST, and they do observe daylight savings time, which starts March 8, 2009.

Which language is most widely used in the Bahamas? The main language is English, with some colorful native terms, and there is no official 2nd language. Visit the Bahamas Guide for popular slang words.

What medical facilities are available on Grand Bahama? The Rand Memorial Hospital, located in Freeport, serves as a primary health care centre for the island. Grand Bahama has all the advanced medical facilities one would expect in a modern city with clinics and hospitals. It also contains state-of-the-art treatment centers.

When is the best time to visit Grand Bahama? In September through May, the temperature on the Island averages 70 to 75 degrees Fahrenheit; the rest of the year is warmer, with temperatures between 80 and 85 degrees. Nighttime temperatures are generally cooler by 5-7 degrees.

Will my cell phone work in Grand Bahama? According to Bahamas Travel Info, you can purchase a a “Cybercell” Bahamas Prepaid SIM Card from BTC (The Bahamas Telecommunications Company). The SIM card, together with a tri-band unlocked GSM cell phone, will allow you to have a local cell phone number for the Bahamas while paying local rates - no roaming charges and no service contract. Many shops will unlock your US cell phone for a small fee and without much of a wait

About 75% of US cell phone plans have roaming in Grand Bahama. Most foreign cell phone service plans will not usually work within The Bahamas.

Is there Internet service on Grand Bahama? The Bahamas government monopoly and regulation of the telephone communications sector, effectively granted a monopoly to the government-owned and controlled BaTelCo. With the introduction of broadband competitors, like Cable Bahamas, the situation has improved drastically for Internet users.

You can see from these basic facts that the Grand Bahama is a modern island ready for your visit. Check our blog next week for a post on the history of Grand Bahama.

This blog starts a weekly series of posts on getting to know the islands of St. Kitts and Nevis. Why should you visit? Why should you invest in real estate in either St. Kitts or Nevis? Why and how could you move to St. Kitts or Nevis Islands? Over the next few weeks, we’ll try to give you the basic information and links to answer those questions.

Many thanks to Explore St. Kitts for their resources.

Where are St. Kitts and Nevis Islands? The Federation of St. Kitts and Nevis lies near the top of the Caribbean’s Lesser Antilles archipelago, about 200 miles south of Puerto Rico, and west of Antigua. They are approximately 1200 miles from Miami, 1600 miles from New York, and 45 minutes by plane from Puerto Rico the the US Virgin Islands. The islands are connected by ferry or a short plane ride. St. Kitts is the larger, 69 sq miles, and Nevis is 36 sq miles.

What currency is used on St. Kitts and Nevis? St. Kitts is the home of the Eastern Caribbean Central Bank and the Eastern Caribbean Stock Exchange. Currency is the Eastern Caribbean Dollar (XCD$). U.S. bills are accepted by most stores and businesses and change is given in E.C. currency. U.S. coins are not accepted. Recent exchange rate (should be verified) was $1.00 USD = $2.70 XCD.

What time zone is used in St. Kitts and Nevis? Atlantic Standard Time throughout the year. 4 hours behind Greenwich Mean Time. Daylight Saving Time is not observed.

What medical services are available on either St. Kitts or Nevis? Modern ambulatory services are available and there are specialists in most fields of medicine. A brand new state of the art hospital was opened in 2003 on St. Kitts. St. Kitts and Nevis have doctors on call at hotels and a 24-hour Emergency Department. Recompression chambers are available by air ambulance at nearby Saba and in St. Thomas.

When is the best time to visit St. Kitts and Nevis? According to FishNevis, the days average about 84 F., tempered by the steady Northeasterly breezes, and the nights around 73 degrees F. Rain is short-lived, and hurricane season June 1-Nov. 30.

Will my cell phone work on St. Kitts or Nevis? There are cell phone services covering Saint Kitts and Nevis together. The main provider is Cable and Wireless serving 17,000 customers. Roaming charges can be high; you might want a local SIM card.

Is there internet service on St. Kitts and Nevis? ISDN, Cable, DSL are offered by Cable & Wireless. Internet services are available at all of the hotels, as well as from an Internet Cafe on St. Kitts.

You can see from these basic facts that St. Kitts and Nevis offer the conveniences you expect for a visit. Check our blog next week for a post on the history of St. Kitts and Nevis.

This blog starts a weekly series of posts on getting to know the BVI. Why should you visit? Why should you invest in real estate in the British Virgin Islands? Why and how could you move to BVI? Over the next few weeks, we’ll try to give you the basic information and links to answer those questions.

Many thanks to Virgin Islands Tourism Information for resources.

Where are the British Virgin Islands? Comprised of 36 islands in the Caribbean (16 of which are inhabited), they lie about 80 kilo meters 960 miles) east of Puerto Rico, north of the Leeward Islands, and adjacent to the U.S. Virgin Islands. Principal islands are Tortola, Virgin Gorda, Anegada and Jost Van Dyke: Tortola, 54 square kilo meters (21 square miles); Anegada, 39 square kilo meters (15 square miles); Virgin Gorda, 21 square kilo meters (8 square miles) - total land area is 59 sq miles (153 sq km).

What currency is used in BVI? The U.S. dollar is the currency of the BVI. American Express, Diners Club, Visa and MasterCard are accepted in most establishments, but not all. On all checks and traveler’s checks there is a 10 cent stamp duty.

What time zone does BVI use? BVI is in Atlantic Standard time, 4 hours behind Greenwich Mean Time, and does not observe daylight savings.

What languages are spoken in the BVI? The people of The British Virgin Islands have their roots in Africa, but their culture is firmly Caribbean. The families of many BVIslanders have been here for generations. But The BVI has also been infused with people from many other islands and countries, and whose presence has turned the islands into a Caribbean and global melting pot. English is the official language, and many Creole languages are spoken.

What medical services are available in BVI? According to Traveling & Living Overseas, There is only one hospital in the BVI and medical facilities are limited. Complex medical problems are frequently referred to hospitals in the US Virgin Islands, Puerto Rico, or the mainland USA. The dengue mosquito is found in BVI, and there is no hyperbaric chamber there - patients requiring treatment for decompression illness are transferred to St John, US Virgin Islands.

What is the best time to visit the British Virgin Islands? The territory experiences a sub-tropical climate with a diurnal temperature range of 77-85 degrees F (25-29 degrees C). As a result of its position in the North East Trade Winds belt, temperature usually drops 10 degress F (6 degrees C) at night. The Trade Winds blow at a constant speed for most of the year except during the hurricane season, from June to September, when the territory is exposed to tropical storm force winds of up to 100 miles per hour (161 km per hour) or greater. The wettest months are from September to December with February to April, the driest.

Will my cell phone work in the BVI? Here’s advice from eHow: Make sure that your cell phone charger has the correct plug for the British Virgin Islands. The British Virgin Islands uses the same plugs as the United States. Utilize a transformer that can handle 115 volts, which is the voltage used in the British Virgin Islands, when charging your cell phone. Your cell phone will likely fry if you do not use the correct transformer. Speak to your cell phone provider to make sure that they offer phone coverage in the British Virgin Islands. You may need to purchase a SIM card. US cell phones usually work north of Tortola (especially on Jost Van Dyke), with at least reasonable roaming rates, due to the closeness to USVI cell towers on St. Thomas

Is there Internet service in BVI? BBW Exchange lists Wireless World as the i-net provider. There are WiFi hot spots. Visit Internet Access in the BVI.

You can see from these basic facts that the British Virgin Islands are modern islands ready for your visit. Check our blog next week for a post on the history of the BVI.

This blog starts a weekly series of posts on getting to know the Bahamas. Why should you visit? Why should you invest in real estate in the Bahamas? Why and how could you move to Bahama? Over the next few weeks, we’ll try to give you the basic information and links to answer those questions.

Many thanks to BahamasGuide.com and Travel.State.Gov for help with these facts and figures.

Where are the Bahamas?
The islands that make up the Bahamas are about 100 miles off the coast of Florida, 20 minutes by plane, or a few hours by ship. The main islands are Grand Bahama, New Providence-Paradise Island, and the larger Out Islands of Abacos, Acklins-Crooked Island, Andros, Berry Islands, Bimini, Cat Island, Eleuthera-Harbour Island, Exumas, Inaqua, Long Island, Mayaquana, and Rum Cay-San Salvador.

Nassau, the capital, on New Providence, is connected to Paradise Island by 2 bridges. The total land area of the Bahamas is 10,070 sq km, slightly smaller than Connecticut.

What currency is used in the Bahamas?
The Bahamas’ unit of currency is the Bahamian dollar ($B) which is based on the U.S. dollar. One Bahamian dollar equals 100 Bahamian cents (pennies). As the Bahamian and U.S. dollars are equivalent (1 $B = 1 $US), residents or visitors may spend either Bahamian or U.S. dollars in the Bahamas. Outside the Bahamas, Bahamian money is not too valuable (trading at times at nearly half its face value), except as a popular collector item, so make sure to get rid of all your Bahamian dollars before you leave.

What time zone is used in the Bahamas?
All the islands use EST, and they do observe daylight savings time, which starts March 8, 2009.

Which language is most widely used in the Bahamas?
The main language is English, with some colorful native terms, and there is no official 2nd language. Visit the Bahamas Guide for popular slang words.

What medical services are available in the Bahamas?
High-quality medical care is generally available, but expensive, in Nassau and Freeport. Medical care is limited outside of Nassau and Freeport. Bahamian doctors and hospitals do not usually accept U.S. medical insurance policies and typically expect immediate cash payment for professional services. It is the patient’s responsibility to seek reimbursement later from their insurance companies. Serious health problems requiring hospitalization and/or medical evacuation to the United States can cost thousands of dollars. Persons with serious or life-threatening conditions who wish to return to U.S. medical facilities for treatment normally must be airlifted.

When is the best time to visit the Bahamas?According to PlacesOnline, the best time to visit the Bahamas is from March to July as the weather becomes too hot after July. The calm, relaxing weather of late spring and early summer is ideal for outdoor activities. The period from January to February is quite cold.

Will my cell phone work iin the Bahamas? According to Bahamas Travel Info, you can purchase a a “Cybercell” Bahamas Prepaid SIM Card from BTC (The Bahamas Telecommunications Company). The SIM card, together with a tri-band unlocked GSM cell phone, will allow you to have a local cell phone number for the Bahamas while paying local rates - no roaming charges and no service contract. Many shops will unlock your US cell phone for a small fee and without much of a wait

About 75% of US cell phone plans have roaming in Nassau and Grand Bahama. Fewer are operational in the Family Islands. Most other foreign cell phone service plans will not usually work within The Bahamas.

How’s the internet service in the Bahamas?The Bahamas government monopoly and regulation of the telephone communications sector, effectively granted a monopoly to the government-owned and controlled BaTelCo. With the introduction of broadband competitors, like Cable Bahamas, the situation has improved drastically for Internet users.

You can see from these basic facts that the Bahamian Islands are modern and want you to visit. Check our blog next week for a post on the history of the Bahama.

Not every real estate company is fortunate enough to have their own Marketing Department dedicated to the Caribbean Islands like Coldwell Banker Real Estate Turks & Caicos does.

As a key member of the Coldwell Banker Island Affiliates group, Heather Goodman - Marketing Director, leads the Caribbean and Atlantic offices to new heights with innovative marketing plans designed to showcase island listings to qualified purchasers worldwide.

The following is an article that was recently written by Heather for our Island Affiliates Website.

Affluent Homeowners Focus on Location, Location, Location

“Homeowners at the highest end of the real estate market still have a dream house in mind and location does play a factor in where some call home, according to the 2008 Coldwell Banker Previews International Luxury Survey. Twenty-seven percent of the people surveyed responded that their dream home was on an island.

The survey revealed that about half of the affluent homeowners surveyed (48 percent) own at least one secondary residence. Most of these properties are located in beach areas (45 percent). For those who own second homes, significantly more men than women cited that the primary purpose of the residence was a retirement property (17 percent vs 8 percent).

The survey was conducted online by the independent market research firm, ICR, in April 2008 and commissioned by Coldwell Banker Previews International, the exclusive Coldwell Banker service dedicated to luxury real estate.

In 2007, the Coldwell Banker system participated in more than 25,000 transaction sides of homes priced at $1 Million or more in that year, a total sales volume of $46.6 Billion.”

When listing your property with Coldwell Banker Turks & Caicos you receive individual attention from not only your Sales Associate and the local office, but from an established and experienced Marketing Department that specializes in marketing island properties to buyers in all parts of the world.

For additional information on listing your island property in the Turks & Caicos Islands contact us at reception@coldwellbankertci.com or visit our website at www.coldwellbankertci.com

Coldwell Banker - we never stop moving….

Located on prime Bahamas real estate, this luxury 3 bed, 3 bath, ground floor condo in Nassau has magnificent sea views. Only 15 minutes from the international airport, it is conveniently situated in the private enclave of Caves Point. It has a gym, outdoor BBQ and entertaining facilities, wooden sun decks, a dock with gazebo, three state of the art swimming pools and 24 hour security. Stroll across the street and enjoy the shops and restaurants of Caves Village.