Coldwell Banker Islands Blog

We’re pleased to announce our Coldwell Banker agents and staff have reached agreement with our local paper, the Free Press, to write for their business/real estate section. Linda Elrick has published an article on Timing the Market, and Graham Canham on using just one agent for your property searches.

If you are reading this while visiting our islands, the Free Press is distributed to all the resorts, Grace Bay IGA, Saltmills Shopping Plaza on Grace Bay Road, and Provo Airport. Be sure and look for the Coldwell Banker contributor articles under the business section.

So you will feel like you know us, here’s our Christmas Santa photo - happy friendly folks waiting to help you with real estate on Turks and Caicos.

A drinks distributor has announced it has signed an agreement to supply an energy drink and other beverages across The Bahamas, Bermuda, and Turks and Caicos.

Beverage Plus Holdings Corporation has teamed up with FCBBI, an international franchise company to introduce its MC2 Energy Drink to the cruise ship industry, as they have existing relationships with a number of ships that travel in this region.

“This is a great relationship for us as there is a growing demand from these regions in the Caribbean. Our distributor has strong existing relationships with many potential customers in this region as well as a number cruise ship lines where MC2 will be introduced,” said Ron Serota, President & CEO.

Beverage Plus is a leading franchise company in the energy drink industry with offices in Zurich, Switzerland and Las Vegas, Nevada, USA.

The company’s business model is based upon selling distributor or franchise licenses for its products both internationally and within the US.

(resource: NassauGuardian)

In this economy, you need to weigh carefully the benefits of home improvements versus the price you can expect if you sell.

First, estimate your costs to buy a new home. These might include new loan fees, packing, moving and improvements you want to make right away.

Second, estimate your costs to sell your present home. Add up the realtor commission, closing costs, repairs, replacing appliances and/or improvements like carpets.

Third, if you like your neighbors and your location, consider doing some remodeling. You can get exactly the home you want and not risk buyer’s remorse. Estimate the cost of making the most crucial renovations needed for you to stay. Decide what you would like to do and price materials and labor. Call contractors and get estimates. This is especially important if you need to add on extra square footage.

Fourth, make your best effort to include everything it will cost in time and money to sell your home and buy a new place. Then, estimate what you may get for your house and how much cash you will realize that you can put down on a new home. This step is when you need the advice of your Coldwell Banker professional realtor.

Look at what it would cost to move, then what it would cost to remodel. Try to factor in the unknowns of friends, schools, neighbors, and economic conditions. Either way, it’s not an easy decision. Our Coldwell Banker agents can help you understand the market forces which would affect your sale.

Visit TurksandCaicos.TC for details, but here is an overview of all the festivities on the islands during December. We hope you will be here to join us.

12.1 - World Aids Day, Grand Turk, Providenciales. AIDS Coordinator Office 649-946-1675
12.6 - Kiwanis Club Christmas Tree Lighting Ceremony, 6 PM, Downtown Ball Park, Providenciales
TBD - 16th Annual Mini-Triathlon to benefit TCI Red Cross. Darlene @ 946-5802 or 243-8066. Providenciales
Dec - Christmas Tree Lighting. Music, food, Santa. Lester Williams Park, Grand Turk
Dec - House Lighting Competition. Judging 12.21-28. Grand Turk, Providenciales
TBD - TCSPCA Christmas Party, 10 A - 1 PM, Suzie Turn Plaza, Providenciales
TBD - TCIRFU Christmas Party, Rugby Club, Tickets call 231-1947 Providenciales
Dec - Glow worms - check with local tour operators
TBD - Ashcroft School Christmas Fair, Providenciales
TBD - TCFAF Carol Concert & Party, Providenciales
12.19 - Gourmet Safari, Providenciales
TBD - Tyme Bistro Xmas Tree Ornament Competition, 649.946.6977, Salt Cay
12.25 - Christmas, public holiday
12.26 - Boxing Day Scramble, Provo Golf Club
12.26 - Boxing Day, public holiday
12.31 - Old Year’s Night, all churches, all islands
12.31 - New Year’s Eve parties, all islands

That’s quite a list and we are sure there are more not shown here. Enjoy!

In discussions of the country’s most valuable asset, land, Governor Gordon Wetherell noted that the TCI economy suffered significant losses from the unsustainable sale of large tracts of land by the former Government.

He announced, “To address this we have begun work on a new Crown Land Policy. This will be the subject of consultation soon. We are also restoring order to the Crown Land Unit where systems had virtually collapsed. This had resulted in the accumulation of uncollected arrears of over $3m for conditional purchase leases. We have completed an arrears identification exercise and put in place procedures to begin proceedings to recover unpaid arrears - money that the Government could be spending to the benefit of all people in TCI,” he said.

“We are also dealing with the backlog of cases left in the Land Registry and have already processed several hundred applications dating back many years. We have been cleaning the existing database and computerized a significant number of Land Registry records, to speed up access to information and service delivery and to ensure a more accurate assessment of stamp duty,” the Governor added.

(resource: SunTCI)

Whether you just bought a house or you have lived there for a while, the fastest way to increase your home’s value is by making a plan. Never start working on a project without having your resources and your broad picture in mind. Do your homework first and you will fare better if upgrades are made intentionally and not on impulse. Home improvement projects cost about 20 to 25 cents on the dollar. The other 75 to 80 cents spent go directly back into the home through increased value. So many homeowners are remodeling homes in this current market because they can’t sell for the price they want or need.

List the things you want to change and the updates you would like to make. Don’t worry about organization, just write it all down. Take a guess on how long you may want to live in the house. This will affect how much you want to invest in updating or remodeling the property.

Take the list and categorize the projects by how much they may cost, including your time and money. It’s OK to list an outdoor tennis court, but keep your financial picture in mind. Collect pictures of home projects you like and do some research on-line. Once you have a categorized list, prioritize what is “must have” and what is a dream. See if you can find a reasonable balance. Then prioritize the must-haves.

Doing small home improvements can really pay off. Are you torn between improving your home’s decor, versus making upgrades you know will increase your home’s resale value? Many homeowners are surprised to hear that doing a little bit of both will actually pay off.

Start by making two lists — upgrades for your home value and upgrades just for you. Upgrades for your home may consist of replacing old faucets, permanent lighting and doors. Upgrades for you are furniture, artwork and window treatments. Gone is the dartboard approach to picking projects and wondering if what you are doing is really making a difference. With this plan, you will see real progress.

Once you have a plan, talk to your Coldwell banker realtor to see what sort of return those improvements may bring. Some will add considerably more value to your home than others. This is an important step, because a professional realtor will know what is of value in your community.

Almost any realtor will say that the #1 upgrade with the greatest return is the kitchen.
* Do a mini-remodel. Change the paint. It sounds simple, but it works. You can also paint a faux-wood finish onto your cabinets.
*Add a splash of color with a new backsplash. New tile is attractive. Home improvement stores teach classes on this.
*Stainless Steel appliances are popular now - The cold feel and look of steel are a hot ticket item for buyers. *Transition your appliances as they wear out and go with a similar metallic look in your light switches.
*Hang a pot rack with fresh new pots, pans and a hanging wine bottle holder.
*Add a rolling island.

In our next Thursday Tips post, we’ll explore the benefits of remodel vs selling. Stay tuned.

The islands’ first accredited school of medicine will open its doors for classes in January, on the island of Providenciales. This multi-million dollar academic institution, Weston Medical College, is expected to bring a huge boost to the economy.

Local students with an interest in medicine are encouraged to attend and many will be offered full scholarships, and qualified “Belongers” will be given first preference for jobs.

From early 2010 the college will offer pre-med training, medical degrees, nursing programs, and courses in business management, all following a US curriculum.

The $7million school of medicine is currently based at Queen’s Landing in Grace Bay but students will transfer to a 11 acre plot in Long Bay when construction is completed on the sizable campus next year. Until then students will live in the college-based accommodation while staff members will reside in recently acquired apartments in Glass Shack.

Richard Margoles, faculty manager for the new school, said his goal is to make the school “part of the soil of the island.” He added that he would make sure that the students would get involved in the health care of the island by spending time working and studying at the new hospitals.

(resource: TCWeeklyNews)

The Graceway Sports Centre has announced the ground breaking of the Providenciales Squash Court. Since the demolition of the island’s only public squash court last year, the Provo Squash Club have had no where to play. The squash centre will initially include a viewing gallery and an air-conditioned Championship Squash court. Construction is expected to finish by the end of January, 2010.

As the Graceway Sports Centre is supported by the community and private donors, the financing to launch the construction havs been a successful joint effort between the Provo Squash Club, its founding members, and the Graceway Sports Centre. Many local companies and individuals have contributed to making the plan a reality, including: Clive Stanbrook, Rebecca Davies, Gerry Gregg, Rob Ayer, Leslie Watts, Colin Whittingham, KH Capital, EDS and Turquoise Construction.

The game of Squash is a high endurance sport that provides an exceptional cardio vascular workout. In an hour long Squash match a player will burn between 700 to 1000 calories, significantly more than most sports and up to 70% more than any other racket sport. Members of the Squash Club hope to attract new members. In order for the Squash Club to flourish, they need the community support us by way of registering with the Graceway Sports Centre or directly with the Club and coming down to play Squash on a regular basis. A club member stated, “With the completion of the courts in the early part of next year, we hope to provide youth programmes and workshops for young and older players alike.”

(resource: TCI Free Press)

1. Is Real Estate your full-time profession?
2. How many properties have you sold in my neighborhood?
3. How many other sellers are you representing now?
4. Do you have assistants or support staff who would handle my transaction?
5. Is your license in good standing?
6. How many years of experience do you have?
7. Are you a broker?
8. Are you a member of a MLS?
9. What professional organizations do you belong to?
10. How will you network to sell my home?
11. Can you provide names and contact information for 3 references?
12. Do you speak any language other than English?
13. How will your company and the other agents there help sell my property?
14. How well do you know the market you serve?
15. Can you give me a market analysis of sales in my neighborhood and other homes on the market?
16. What is the average Days on Market?
17. What time on market can I expect?
18. Explain what marketing you would do for my home, including on the internet.
19. What will you differently marketing my property than for all of your other listings?
20. How do you use technology, both in marketing and servicing my needs?
21. How do you separate yourself from your competition?
22. Will you hold Open Houses?
23. Will you be present at showings?
24. Will you obtain feedback from showings and share that with me?
25. How often will you communicate with me on your progress in finding a Buyer?
26. What suggestions do you have for staging the property?
27. What suggestions do you have for showing the property?
28. Should my home be sold “As Is”? Why or why not?
29. What input do I have in your advertising?
30. Other than yourself, who is the best agent in this area to sell my home and why?
31. Why should I list with you?
32. At what price do you think my property will sell in the current market?
33. What is your pricing strategy if it doesn’t sell quickly?
34. What is your commission?
35. What services do you provide?
36. What is the term of the listing agreement?
37. What is your cancellation policy?
38. Do you offer a guarantee?
39. Explain the Listing Agreement.
40. What is Dual Agency and your position on this?

You may not get all of these questions asked, but interview more than one realtor when you get ready to list, and be satisfied that the answers of the agent you choose will place your interests first. We feel sure you will find Coldwell Banker offers more services and more knowledge than any other company you will consider.

Our Coldwell Banker office on Turks and Caicos represents many vacation properties, and this is our newest one: Villa Jasmine on Providenciales.

Villa Jasmine is a lovely Mediterranean-style villa where indoors and outdoors meet effortlessly. Jasmine is built on high ground for the maximum amount of privacy and air circulation, which is why the main living area of the house is on the second floor. There is also a tower and rooftop sunning deck with 360° views and great ocean breezes.

Ideally situated on a narrow spit of land, this villa has a pool and is surrounded by the most beautiful colored water. The villa is a short distance to the prestigious Taylor Bay Beach. Priced at $6,300/week.

Visit our Coldwell Banker Vacation Rental page for more details.