Coldwell Banker Islands Blog

When is the best time to buy a house? With so many homes on the market and a sluggish market, now might be one of the best times in recent memory to buy a home. While buyers have the advantage in today’s real estate market, they still need to be savvy in order to get the best deal.

Throughout history there have always been business cycles of recession and recovery which correlate to great real estate markets and soft markets. In other words, the direction of economic activity eventually changes so now that the market is down you have to be prepared for the market to recover. Many times in these past cycles, the world economy started to recover well before anyone really realized that the recession was ending.

If you keep a watchful eye on the news even when the statistics show high unemployment and it looks like a vicious downward cycle that will never end, the economy could actually be on its way to recovery. In the Caribbean, we are directly influenced by the world economy and as things get better in the world investors will return to the island and we will get back on track.

I truly believe that Grand Bahama has an opportunity to meet its potential even though we sometimes feel that it will never get ahead. If the Government, The Port Authority and all of the members of the community do their part in being productive and make good decisions things will turnaround. It only takes a small shift to get the magic back in the Magic City. When the world economy begins to rebound, and the projects on the drawing board ^ like the new cruise port, medical tourism, better airlift, attracting more foreign investment through new industry, efforts to attract second home owners, re-opening of Xanadu and Royal Oasis, refurbishment of the International Bazzar, expansion of Ross Univer-sity, new Maritime Univer-sity and more amenities for visitors ^ come to fruition, you will see a dramatic shift in our local economy which directly affects every individual and the real estate market.

So here are some things I urge homebuyers to keep in mind while the market is soft and it is a buyer’s market with a lot of property on the market and good deals all around:

* Don’t try to time the market: when home prices are low, it is very tempting for buyers to wait as long as possible in the hopes that prices will decline even further. This strategy can be detrimental. Once a home is priced to what the current market will bear, buyers will make offers. It is best to make an offer based upon the prices at which similar homes in the market are selling for. In a buyer’s market, there are more opportunities for negotiations, but making an offer is the right step. If you find a great deal on a house that has great future potential if you wait too long you might miss the opportunity and the market may climb and the owner may raise the price. So now is the time.

* Take your time ^ to a degree: the increased supply of homes on the market gives homebuyers a great opportunity to evaluate a variety of properties. However, this does not mean that homebuyers can procrastinate. Don’t be a “wouldof couldof shouldof.” Be a proud owner of a great house at a great price. If you find a great deal go for it.

* Homes are selling: properly priced homes are selling. There is property selling for realistic market prices and buyers are getting great deals that they will be proud of in years to come.

* Watch the mortgage rates: while it is true that mortgage rates have risen over the past few years, the increase has not been so dramatic as to significantly impact a monthly mortgage payment. Be sure to watch the rates and do the math carefully, because changes in mortgage rates are not necessarily cost prohibitive.

* Negotiate on the incentives: Sellers eager to move their homes may offer a variety of incentives such as cars, boats furniture, and other deal sweeteners. Before accepting an incentive, make sure it makes sense.

This is one of those moments in history where a savvy investor has the opportunity to do very well in real estate. I wish you all great success in your real estate hunting. There are many skilled BREA (Bahamas Real Estate Association) agents in Grand Bahama who can help you make your dreams a reality. So call them and get your piece of Paradise!

Be a Real Estate Investor - 10 Important Secrets

When it comes to investing, everybody has certain goals and aspirations. However, we have found that there are certain guidelines every aspiring real estate investor needs to know:

1. Compare Property Values and Rents

Financial statistics only go so far; the best measure of a property’s market value is often the sale prices of nearby properties. The same holds true for area rents. A low price can often be justified by a reasonable rent; renters who can afford a high rent can afford to buy instead, so reasonably priced rent is a need.

2. Be Careful - Tax Laws May Change

Don’t base your tax investment on current tax laws. The tax code is constantly changing, and a good investment is a good investment regardless of the tax code. The right property with the right financing is what you should look for as an investor.

3. Specialize In Something You Know

Start in a market segment you know. Whether you focus on fixer-uppers, foreclosures, starter homes, low-down payment properties, condominiums, or small apartment buildings, you’ll benefit from experience by specializing in one aspect of investment real estate properties.

4. Know The Costs Going In

Know the financial statements inside out. What are operating expenses? What are loan payments? Vacancy costs? Taxes? What does the cash flow statement look like? These are key issues that must be addressed before making a solid investment.

5. Know Where Your Tenants Are Coming From

If the last rent increase was recent, your tenants may be considering a move. If tenants have a short-term lease, they may be living there simply to attract unsuspecting buyers. It is also important to collect the tenants’ security deposits at closing.

6. Assess The Tax Situation

Taxes are an integral part of successful real estate investing, and they often make the difference between a positive cash flow and a negative one. Know the tax situation, and see how it can be manipulated to your advantage. It may be a good idea to consult a tax advisor.

7. Investigate Insurance Coverage

If seller’s coverage is based on lower-than-current replacement value, your insurance cost may increase when you pay a higher purchase price.

8. Confirm Utility Costs

Ask the local utilities to verify recent utility expenses, especially if any of these costs are included in your tenant’s rent.

9. Consult Your Accountant

Taxation is a key element of successful real estate investing, so be sure to find an accountant who is well-versed with the constantly evolving tax code.

10. Inspect

Make sure that you always perform a thorough inspection of the property before buying it. Never, ever buy any property without at least examining the site. In some cases, hiring professional inspectors to examine the structural mechanical system may be a sound investment.

The Bahamas Hotels 2009 brochure is offered at the online travel guide, Caribbean.com (http://www.caribbean.com). The 2009 brochure in PDF format is titled ‘The Bahamas Hotel Guide’ and is available for free download. The online brochure for Bahamas hotels presents an elaborate overview of hotels featured at Caribbean.com for visitors planning a Bahamas vacation. Visit http://www.caribbean.com/pdf/bahamas-hotels-2009.pdf to browse and download the Bahamas Hotels 2009 Brochure.

Caribbean.com features an extensive list of Bahamas hotels, resorts and accommodations available at New Providence Island (Nassau and Paradise Island), Grand Bahama, Abaco and the Bahamas Out Islands. Apart from hotels, the online Caribbean travel and destination guide also provides information about the activities presented in The Bahamas such as eco-adventures, marine encounters and under the sea escapades. Bahamas vacation packages are also offered.

The 2009 Bahamas Hotels guide brochure presents a brief outline of top hotels and resorts such as The Westin at Grand Bahama and The Atlantis resort at Paradise Island. Information in the Bahamas hotels brochure is supported by colored pictures and includes a detailed description of the infrastructure and the facilities available.

The process leading up to making an offer on a home can be a daunting. After you’ve found the right property, you will still need to assess various factors that can impact both the details of your offer and the seller’s willingness to work with you. After you have been prequalified for a loan, and are ready to make an offer on a home, start by getting some information about the seller and their motivation. Ask these directly when you tour the home, or make sure your Coldwell Banker agent gets you the answers. Here are some probing questions:

1. Why are you selling?

In some sense, what you are really asking is, “How motivated are you to sell your home?” Assessing the type of answer you receive to this question will help you and your Realtor structure a potential offer. For instance, if the homeowner has already purchased another property or the family is trying to relocate, you might be dealing with a flexible seller.

2. How much did you pay for your home?

If you don’t want to ask this directly, have your Coldwell Banker agent find out through the tax records. This might seem like privileged information, such statistics are actually public record. Generally speaking, the seller who purchased their home for a low price and built up equity in the property over several years may be more flexible when approached with offers. On the other hand, homeowners who haven’t seen such an increase in their home’s value might be more reluctant to lower their asking price.

After gaining an understanding of how the seller might treat a potential offer, you may want to ask questions about the upkeep of the home and the amenities of the surrounding neighborhood.

3. What types of repairs have been done recently?

If you have specific concerns, like pest treatment or a new roof, be sure and convey these to your Realtor. Homeowners will always be happy to tell you about upgrades that have been made to the home, but you may want to pay attention to what isn’t mentioned. It is important to ask because you will be able to tell if a kitchen or bathroom was remodeled after viewing the home or consulting the disclosure document, but you might miss some smaller issues that could impact the details of your offer.

To further protect yourself against surprise renovation costs in a new home, you may want to verify the age and working condition of all major appliances. If possible, check the service records of important appliances (furnaces, water heaters, etc.) as these often serve as markers of a home’s overall upkeep. You can also try securing a monthly estimate of utility costs; these statistics will not only help you estimate future costs but could potentially highlight unhealthy energy consumption within the home’s infrastructure.

4. What can you tell me about the neighborhood?

Allow the seller to tell you the good and the bad. By asking the seller for their overall impressions of the neighborhood, you will probably learn things about the area that a more specific question might not have yielded. Follow up the seller’s initial response with questions that are important to you and your family. Based on your needs, you could ask questions like the following: Is there any new construction planned in the neighborhood? What are your thoughts about the nearest schools? Are any businesses or schools scheduled to close? How would you describe the neighbors?

The research you conduct with your Coldwell Banker agent prior to making an offer is one of the best ways to ensure that your family finds the right home for the right price. As you approach the offer stage, remember that you are not alone and can work closely with your Coldwell Banker Realtor to learn as much as possible about the property and the details of the buying process. Don’t be afraid to ask for help if you have questions or concerns about a potential offer. Though the process of making an offer on a property may seem stressful, your diligence will pay off when you finally find a house to call home.

The process leading up to making an offer on a home can be a daunting. After you’ve found the right property, you will still need to assess various factors that can impact both the details of your offer and the seller’s willingness to work with you. After you have been prequalified for a loan, and are ready to make an offer on a home, start by getting some information about the seller and their motivation. Ask these directly when you tour the home, or make sure your Coldwell Banker agent gets you the answers. Here are some probing questions:

1. Why are you selling?

In some sense, what you are really asking is, “How motivated are you to sell your home?” Assessing the type of answer you receive to this question will help you and your Realtor structure a potential offer. For instance, if the homeowner has already purchased another property or the family is trying to relocate, you might be dealing with a flexible seller.

2. How much did you pay for your home?

If you don’t want to ask this directly, have your Coldwell Banker agent find out through the tax records. This might seem like privileged information, such statistics are actually public record. Generally speaking, the seller who purchased their home for a low price and built up equity in the property over several years may be more flexible when approached with offers. On the other hand, homeowners who haven’t seen such an increase in their home’s value might be more reluctant to lower their asking price.

After gaining an understanding of how the seller might treat a potential offer, you may want to ask questions about the upkeep of the home and the amenities of the surrounding neighborhood.

3. What types of repairs have been done recently?

If you have specific concerns, like pest treatment or a new roof, be sure and convey these to your Realtor. Homeowners will always be happy to tell you about upgrades that have been made to the home, but you may want to pay attention to what isn’t mentioned. It is important to ask because you will be able to tell if a kitchen or bathroom was remodeled after viewing the home or consulting the disclosure document, but you might miss some smaller issues that could impact the details of your offer.

To further protect yourself against surprise renovation costs in a new home, you may want to verify the age and working condition of all major appliances. If possible, check the service records of important appliances (furnaces, water heaters, etc.) as these often serve as markers of a home’s overall upkeep. You can also try securing a monthly estimate of utility costs; these statistics will not only help you estimate future costs but could potentially highlight unhealthy energy consumption within the home’s infrastructure.

4. What can you tell me about the neighborhood?

Allow the seller to tell you the good and the bad. By asking the seller for their overall impressions of the neighborhood, you will probably learn things about the area that a more specific question might not have yielded. Follow up the seller’s initial response with questions that are important to you and your family. Based on your needs, you could ask questions like the following: Is there any new construction planned in the neighborhood? What are your thoughts about the nearest schools? Are any businesses or schools scheduled to close? How would you describe the neighbors?

The research you conduct with your Coldwell Banker agent prior to making an offer is one of the best ways to ensure that your family finds the right home for the right price. As you approach the offer stage, remember that you are not alone and can work closely with your Coldwell Banker Realtor to learn as much as possible about the property and the details of the buying process. Don’t be afraid to ask for help if you have questions or concerns about a potential offer. Though the process of making an offer on a property may seem stressful, your diligence will pay off when you finally find a house to call home.

The process leading up to making an offer on a home can be a daunting. After you’ve found the right property, you will still need to assess various factors that can impact both the details of your offer and the seller’s willingness to work with you. After you have been prequalified for a loan, and are ready to make an offer on a home, start by getting some information about the seller and their motivation. Ask these directly when you tour the home, or make sure your Coldwell Banker agent gets you the answers. Here are some probing questions:

1. Why are you selling?

In some sense, what you are really asking is, “How motivated are you to sell your home?” Assessing the type of answer you receive to this question will help you and your Realtor structure a potential offer. For instance, if the homeowner has already purchased another property or the family is trying to relocate, you might be dealing with a flexible seller.

2. How much did you pay for your home?

If you don’t want to ask this directly, have your Coldwell Banker agent find out through the tax records. This might seem like privileged information, such statistics are actually public record. Generally speaking, the seller who purchased their home for a low price and built up equity in the property over several years may be more flexible when approached with offers. On the other hand, homeowners who haven’t seen such an increase in their home’s value might be more reluctant to lower their asking price.

After gaining an understanding of how the seller might treat a potential offer, you may want to ask questions about the upkeep of the home and the amenities of the surrounding neighborhood.

3. What types of repairs have been done recently?

If you have specific concerns, like pest treatment or a new roof, be sure and convey these to your Realtor. Homeowners will always be happy to tell you about upgrades that have been made to the home, but you may want to pay attention to what isn’t mentioned. It is important to ask because you will be able to tell if a kitchen or bathroom was remodeled after viewing the home or consulting the disclosure document, but you might miss some smaller issues that could impact the details of your offer.

To further protect yourself against surprise renovation costs in a new home, you may want to verify the age and working condition of all major appliances. If possible, check the service records of important appliances (furnaces, water heaters, etc.) as these often serve as markers of a home’s overall upkeep. You can also try securing a monthly estimate of utility costs; these statistics will not only help you estimate future costs but could potentially highlight unhealthy energy consumption within the home’s infrastructure.

4. What can you tell me about the neighborhood?

Allow the seller to tell you the good and the bad. By asking the seller for their overall impressions of the neighborhood, you will probably learn things about the area that a more specific question might not have yielded. Follow up the seller’s initial response with questions that are important to you and your family. Based on your needs, you could ask questions like the following: Is there any new construction planned in the neighborhood? What are your thoughts about the nearest schools? Are any businesses or schools scheduled to close? How would you describe the neighbors?

The research you conduct with your Coldwell Banker agent prior to making an offer is one of the best ways to ensure that your family finds the right home for the right price. As you approach the offer stage, remember that you are not alone and can work closely with your Coldwell Banker Realtor to learn as much as possible about the property and the details of the buying process. Don’t be afraid to ask for help if you have questions or concerns about a potential offer. Though the process of making an offer on a property may seem stressful, your diligence will pay off when you finally find a house to call home.

The process leading up to making an offer on a home can be a daunting. After you’ve found the right property, you will still need to assess various factors that can impact both the details of your offer and the seller’s willingness to work with you. After you have been prequalified for a loan, and are ready to make an offer on a home, start by getting some information about the seller and their motivation. Ask these directly when you tour the home, or make sure your Coldwell Banker agent gets you the answers. Here are some probing questions:

1. Why are you selling?

In some sense, what you are really asking is, “How motivated are you to sell your home?” Assessing the type of answer you receive to this question will help you and your Realtor structure a potential offer. For instance, if the homeowner has already purchased another property or the family is trying to relocate, you might be dealing with a flexible seller.

2. How much did you pay for your home?

If you don’t want to ask this directly, have your Coldwell Banker agent find out through the tax records. This might seem like privileged information, such statistics are actually public record. Generally speaking, the seller who purchased their home for a low price and built up equity in the property over several years may be more flexible when approached with offers. On the other hand, homeowners who haven’t seen such an increase in their home’s value might be more reluctant to lower their asking price.

After gaining an understanding of how the seller might treat a potential offer, you may want to ask questions about the upkeep of the home and the amenities of the surrounding neighborhood.

3. What types of repairs have been done recently?

If you have specific concerns, like pest treatment or a new roof, be sure and convey these to your Realtor. Homeowners will always be happy to tell you about upgrades that have been made to the home, but you may want to pay attention to what isn’t mentioned. It is important to ask because you will be able to tell if a kitchen or bathroom was remodeled after viewing the home or consulting the disclosure document, but you might miss some smaller issues that could impact the details of your offer.

To further protect yourself against surprise renovation costs in a new home, you may want to verify the age and working condition of all major appliances. If possible, check the service records of important appliances (furnaces, water heaters, etc.) as these often serve as markers of a home’s overall upkeep. You can also try securing a monthly estimate of utility costs; these statistics will not only help you estimate future costs but could potentially highlight unhealthy energy consumption within the home’s infrastructure.

4. What can you tell me about the neighborhood?

Allow the seller to tell you the good and the bad. By asking the seller for their overall impressions of the neighborhood, you will probably learn things about the area that a more specific question might not have yielded. Follow up the seller’s initial response with questions that are important to you and your family. Based on your needs, you could ask questions like the following: Is there any new construction planned in the neighborhood? What are your thoughts about the nearest schools? Are any businesses or schools scheduled to close? How would you describe the neighbors?

The research you conduct with your Coldwell Banker agent prior to making an offer is one of the best ways to ensure that your family finds the right home for the right price. As you approach the offer stage, remember that you are not alone and can work closely with your Coldwell Banker Realtor to learn as much as possible about the property and the details of the buying process. Don’t be afraid to ask for help if you have questions or concerns about a potential offer. Though the process of making an offer on a property may seem stressful, your diligence will pay off when you finally find a house to call home.

A narrow and shaded country lane leads to the delightful 3 villa home. Facing south, each villa is elevated to enjoy the beautiful sea views and the hills of Montpelier Estate. Covered wooden walkways link each individual building, creating privacy and intimacy. Two of the three villas are bedrooms with ensuite bathroom while the third one has a pleasant living area opening up to a large veranda. Furniture and furnishings have been carefully selected by the owners to provide a simple but yet refine lifestyle. 2/3, asking $690,000.

For more information and photos, visit our Coldwell Banker listing page.

The Houston-based Dive Pirates Foundation returned from Cayman Brac earlier this month after successfully completing its mission of certifying 12 adaptive dive students during their open water adventure.

Dive Pirates is a non-profit company of scuba divers that annually sponsors persons with disabilities with training, gear, and a paid trip to Cayman Brac to complete certification. Its vision is to create a community of adaptive divers who will dive and travel in the mainstream world of scuba diving through education and overcoming obstacles.

The recipients included folks who suffered combat injuries, car accicents, or illness. Co-founder Barbara Thompson explains that divers with adaptive students spend the week “diving for someone else” as they teach the skills for certification.

The community of Cayman Brac, spearheaded by Trudy Viers, Manager of Brac Reef Beach Resort, found accommodations and transportation for the Pirates - no small feat, as more than half of the island is still under repairs after Hurricane Paloma hit last November.

Graduates included (courtesy of Examiner.com)

Stanley Vigil ^ paraplegic ^ Albuquerque, NM
Traci Bryan ^ quadriplegic ^ Dallas, TX
Juana Flores ^ quadriplegic ^ Dallas, TX
Alan Bailey ^ quadriplegic ^ Houston, TX
Jake Hipps ^ paraplegic ^ Vietnam veteran ^ Buffalo, NY
Latseen Benson ^ double leg amputee ^ Iraq veteran ^ Houston, TX
Dan Gade ^ leg amputee ^ Iraq veteran ^ Athens, GA
Bonnie Brawner ^ leg amputee ^ San Antonio, TX
Becca Lockhart ^ incompletely formed hands and feet ^ St Petersburg, FL
Albert Garcia ^ arm Amputee ^ San Antonio, TX
Alex Nicholl ^ leg amp ^ Iraq veteran ^ Louisville, KY
Domonic Corradin ^ paraplegic ^ Whitehall, MI

Congratulations to all - we hope you will come back and dive the Cayman Islands again!

Turks and Caicos will host the 38th annual Provo Summer Festival starting Wednesday, July 29 through Aug. 1. The Provo Summer Festival Committee always showcases the culture and talent of our islands.

Claudine Ewing, Director of the Provo Summer Festival Committee, said, “Our line-up of local and international artists are a fitting blend with the local traditions and customs known to the island.”

This year’s Provo Summer Festival will replace the Annual Turks and Caicos Music and Cultural Festival, which is usually scheduled for the same weekend but has been deferred.

“While the Turks and Caicos Music and Cultural Festival (TCMCF) has grown over the past 5 years to be one of the most popular and recognized events within the region, the current economic downturn has forced us to postpone this year’s festival,” explained Honorable Wayne Garland, Minister of Tourism for the Turks and Caicos. “With that said we give the Provo Summer Festival our full support and encourage residents and those traveling to the islands for the annual Music and Cultural Festival to come and enjoy the Provo Summer Festival just the same.”

Visit Turks and Caicos Tourism for a schedule of events, and our local Coldwell Banker office when you are here to discuss real estate opportunities.