Coldwell Banker Islands Blog

Cayman’s first movie to be shot since the setting up of the Cayman Islands Film Commission is edging closer to reality.

Discussions to finalise the financing of the film, a crime thriller, are being held this week in Cayman and Los Angeles, and if all goes according to plan, the film could be shooting here by autumn.

Filmmaker and actor John Shea, who starred as Lex Luther in the 1990s Superman TV series, Lois and Clark, and also featured as Adam in the TV show Mutant X, wrote the screenplay for the as^yet^titled movie and will direct it. He described the movie as an "international detective thriller".

Mr. Shea said the movie had been in development for two^and^a^half years, and he and his production partner in Hollywood were about to begin casting when he was approached by the Cayman Islands Film Commission. If financing for the movie can be put in place soon, Mr. Shea predicts that filming will begin in autumn, with a five^to^six^week shooting schedule. The film should be completed by the end of the year, he said.

Read more at CayCompass.

According to HotelsMag, “A home owners’ investment group has announced their purchase of Seven Stars Resort on Providenciales in the Turks and Caicos Islands. Concurrently, they appointed EOS Hotel Management Company, led by Eoin O’Sullivan, to operate and manage Seven Stars.

“In a highly unique and fast-moving deal, SS Investor Group Ltd., which is comprised solely of 50 home owners at the resort, agreed and completed the purchase of the Seven Stars operating company along with all their commercial assets and remaining 12 condominiums, as well as commercial lands along Grace Bay Road and the nearby Sunflower Apartment complex.”

Seven Stars is located in the middle of the white sand of twelve-mile Grace Bay Beach, a jewel of the Caribbean and especially the Turks and Caicos Islands. O’Sullivan said, “With the support of the resort’s superb staff, it is our intention to bring the resort to five-star luxury within the next few months.” Seven Stars consists of 120 accommodations ranging from studios to four bedroom penthouses. Courtyards, fountains and lush tropical gardens give way to magnificent ocean views. Restaurants, a swimming pool, tennis courts and a spa/fitness facility are among the resort’s features.

Read the full article at HotelsMag.com.

0.58 Acre (25,427 square feet)
Located on the south-eastern side of the island, the land is situated in an area called Gingerland and faces the sea towards Saddle Hill, Long Point and Charlestown. It slopes gently and there is still evidence of the land being used for sugar cane plantations through stone walls delimiting two levels. Asking $70,000.

View more photos and details on our Coldwell Banker Listing page.

This week, BahamaIslandInfo ran an article about 2nd home buyers in the Bahamas, basically saying the government is supporting them and developments to attract this market segment. The introduce a new company, Barefoot Locations, which helps coordinate rentals, deals with utilities and maintenance, makes arrangements for repairs and monitoring, and general property management services for non-resident owners.

“People come to the Bahamas to live, to vacation, to retire and to invest. Some are leaving behind tax regimes and others are looking for new investment opportunities. The Bahamas offers a warm climate, a stable government, most technical standards of North America (e.g. electrical), and is in convenient close proximity to millions of people.

“Kerzner spent over $200 million to build nearly 500 vacation homes on Paradise Island targeting second-home buyers. Ginn Sur Mer is intended to attract thousands of second home buyers to its 2,000 acre site in Western Grand Bahama. Abaco boasts hundreds of homes owned by second home expatriates.

“Our government recognises the importance of second home buyers, even creating an investment incentive offering residency to anyone investing half a million dollars into a home in the Bahamas…

“Many second home buyers have a few challenges to meet when they own a home or condo in the Bahamas. Their property (and vehicles and/or boats) need to be checked regularly. Maintenance needs to be carried out. Tenants need attention. Utility and maintenance bills need paying and checking. And when they are returning to the island for their short- or long-term visits they often need help stocking the cupboards and reactivating services that may have been dormant in their absence.”

So Barefoot Locations was re-launched. Read about their services and the importance of 2nd home buyers on BahamaIslandsInfo.

Stunning Agape Cottages home in Tortola listed at $1,390,000.

Visit our Coldwell Banker listing page for photos.

Two storey hillside home just steps from the Atlantic Ocean beach. Panoramic views abound at this colonial style home. Consisting of over 3,400 s.f. of living area, this house has everything imaginable including a outdoor hot tub, solar heating system, back up generator,and a separate guest area with its’ own kitchen.
Asking $1,900,000

Read more details on our Coldwell Banker listing page.

This magnificent and impressive house, build in a very high quality and with a most stunning design, is one of the largest and most spectacular houses built on the island. Surrounded with gardens in tropical landscaping, it includes various fountains, a pond with exotic fishes, a huge 150 sqm covered terrace with large dining and lounge area, a covered bar in the pool area, a large lagoon style swimming pool surrounded by sun terraces, a large hot & cold water Jacuzzi with air blower and jet massage nozzles, a separate kid’s Jacuzzi with jet and blower and an exterior shower with hot & cold water, good for any kind of entertainment activities. Asking $2,900,000.

Read more on our Coldwell Banker listing page.

AMENDMENTS TO THE REAL PROPERTY TAX ACT
The government has announced it will amend Bahamas real estate laws to reduce the property tax burden on certain properties and to encourage the development of foreign-owned vacant land.
The amendments are also geared to improve collections.
Government proposes to:
• Write off the outstanding surcharge on owner-occupied homes following an increase in the exemption level on homes to $100,000 in 1994 and, in 2004, on properties valued at or below $250,000.
All outstanding taxes are to be paid within six months from the date the Act is amended. After this, a surcharge will be applied at a rate of 5 per cent per year on outstanding balances;
• The three-rate structure on owner-occupied properties will be replaced by a two-rate structure: a rate of 1 per cent on properties valued up to $7.5 million over the exemption of $250,000 and, for properties in excess of $7.5 million, a rate of 0.25 per cent on the value in excess of $7.5 million;
• The tax on vacant foreign-owned real property valued up to $7,000 will be $100. Properties over $7,000 will pay a rate of 1.5 per cent;
• Owner occupied property will be automatically exempt except in cases of foreign home owners where the 9 month occupancy period will continue to apply

Remodeling a home starts with a dream. A gourmet kitchen! Skylights! A gigantic walk-in closet! But, the dream may turn into a nightmare if you don’t plan ahead. Buying a home will arguably become your most important financial investment, as well as a major emotional investment. And, remodeling that home can make it better suited to your lifestyle and increase the house value. However, the remodeling process can seem overwhelming at times. If you’re buying a home that you plan to remodel, here are some issues to consider.

1) It’s always important to make home improvements to satisfy your needs and desires, not just to raise the house value. After all, you’re the one who will be living in the home and enjoying the improvements. However, if you’re making improvements in order to increase the resale value of the house, be careful not to overdo it. It is possible to add too much house value in relation to the other homes in your area, and can be difficult to recover these improvement costs when you sell the home. Also, some expensive choices, like particular fixtures or flooring, may actually make your home more difficult to sell. Talk with your Coldwell Banker® real estate professional about your remodel plans before putting on your work gloves.

2) While the specifics of the home you are buying will determine your remodel plans, certain improvement projects have historically provided high ROI’s, or Return On Investments. According to Remodeling Magazine, improving the quality of a kitchen - whether upgrading appliances, changing the layout, counters and cabinetry, or simply painting and swapping out drawer pulls - provides the highest ROI of any remodel project. Also, remodeling or adding a bathroom is a proven way to increase house value.

3) Before you purchase a house with the intention of remodeling and raising the home value, be sure to investigate the zoning restrictions and environmental regulations. Many older homes come with zoning restrictions, including pre-determined setbacks from property lines, limits on roof height, etc. If the home is on a municipal historic register, regulations will likely be even more stringent in order to preserve the house’s historic character. If the home you are buying is in an environmentally sensitive area - adjacent to wetlands or protected open space, for example - or contains a significant natural resource, additional regulations may limit your remodel plans. Such regulations can impede on house size, paving, grading soil, cutting down trees and removing native plants.

4) Your real estate agent can help you determine zoning and environmental regulations and determine if you have the correct permits to begin any home improvement project. In most parts of the world, a legal permit is required before you make structural changes to your home. The building permit and associated inspections and approvals can provide assurance that the remodeling project meets local building codes and safety regulations. If you live in a historic district this process may also provide assurance that exterior changes to your home are in keeping with neighborhood guidelines.

5) Lastly, before buying a home that requires a remodel, be aware that some problems simply can’t be fixed. Whether the desired improvement is prohibited by local regulations, or can’t be undertaken with your budget or timeframe, it’s important to recognize the limitations of your home’s potential.

Contact our experienced Coldwell Banker agents to discuss your plans.

Remodeling a home starts with a dream. A gourmet kitchen! Skylights! A gigantic walk-in closet! But, the dream may turn into a nightmare if you don’t plan ahead. Buying a home will arguably become your most important financial investment, as well as a major emotional investment. And, remodeling that home can make it better suited to your lifestyle and increase the house value. However, the remodeling process can seem overwhelming at times. If you’re buying a home that you plan to remodel, here are some issues to consider.

1) It’s always important to make home improvements to satisfy your needs and desires, not just to raise the house value. After all, you’re the one who will be living in the home and enjoying the improvements. However, if you’re making improvements in order to increase the resale value of the house, be careful not to overdo it. It is possible to add too much house value in relation to the other homes in your area, and can be difficult to recover these improvement costs when you sell the home. Also, some expensive choices, like particular fixtures or flooring, may actually make your home more difficult to sell. Talk with your Coldwell Banker® real estate professional about your remodel plans before putting on your work gloves.

2) While the specifics of the home you are buying will determine your remodel plans, certain improvement projects have historically provided high ROI’s, or Return On Investments. According to Remodeling Magazine, improving the quality of a kitchen — whether upgrading appliances, changing the layout, counters and cabinetry, or simply painting and swapping out drawer pulls — provides the highest ROI of any remodel project. Also, remodeling or adding a bathroom is a proven way to increase house value.

3) Before you purchase a house with the intention of remodeling and raising the home value, be sure to investigate the zoning restrictions and environmental regulations. Many older homes come with zoning restrictions, including pre-determined setbacks from property lines, limits on roof height, etc. If the home is on a municipal historic register, regulations will likely be even more stringent in order to preserve the house’s historic character. If the home you are buying is in an environmentally sensitive area — adjacent to wetlands or protected open space, for example — or contains a significant natural resource, additional regulations may limit your remodel plans. Such regulations can impede on house size, paving, grading soil, cutting down trees and removing native plants.

4) Your real estate agent can help you determine zoning and environmental regulations and determine if you have the correct permits to begin any home improvement project. In most parts of the world, a legal permit is required before you make structural changes to your home. The building permit and associated inspections and approvals can provide assurance that the remodeling project meets local building codes and safety regulations. If you live in a historic district this process may also provide assurance that exterior changes to your home are in keeping with neighborhood guidelines.

5) Lastly, before buying a home that requires a remodel, be aware that some problems simply can’t be fixed. Whether the desired improvement is prohibited by local regulations, or can’t be undertaken with your budget or timeframe, it’s important to recognize the limitations of your home’s potential.

Contact our experienced Coldwell Banker agents to discuss your plans.