Coldwell Banker Islands Blog

The Somerset Resort located on the award-winning Turks & Caicos Grace Bay Beach is one of the recipients of the 16th World Travel Awards. The already award-winning resort walked away with ‘Caribbean’s Leading Suite’ and ‘Turks & Caicos Leading Hotel’ at the ceremony which was held in London on November 8th 2009. This was the 2nd consecutive year the Presidential Suite at the Resort has won the award.

The awards which were described by the Wall Street Journal as the ‘Oscars’ of the global travel and tourism industry, recognizes the very best of the travel industry and is one of the few travel awards that is voted for by travel professionals from 183,000 travel agencies, tour and transport companies and tourism organizations in over 160 countries across the globe.

The underlining principles of the World Travel Award is to drive standards of customer satisfaction and increase the level of sustainable travel industry business. There were 13 hotel/resort awards within the Caribbean regional category this year.

(resource: AnguillaNews)

1. Be picky, but don’t be unrealistic. There is no perfect home.

2. Do your homework before you start looking. Decide specifically what features you want and which are most important to you.

3. Get your finances in order. Review your credit report and be sure you have enough money to cover your downpayment and your closing costs.

4. Don’t wait to get a loan. Talk to a lender and get prequalified - better pre-approved - for a mortgage before you start looking.

5. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion.

6. Decide when you could move. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area?

7. Think long-term. Are you looking for a starter house with the idea of moving up in a few years or do you hope to stay in this home longer? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that suit you best.

8. Don’t let yourself be “house poor”. If you max yourself out to buy the biggest home you can afford, you’ll have no money left for maintenance or decoration or to save money for other financial goals.

9. Don’t be naïve. Insist on a home inspection and, if possible, get a warranty from the seller to cover defects within one year.

10. Get help. Consider hiring a Coldwell Banker Realtor as a buyer’s representative. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. And often, buyer’s reps are paid out of the seller’s commission payment.

Contact our Coldwell Banker office to talk about buying opportunities.

Jim Gillespie, President & CEO of Coldwell Banker Real Estate LLC, started in real estate in 1975, in Hinsdale, IL. He had been working as a youth program director for a La Grange, IL YMCA and a tennis partner there talked him into trying real estate. He told Gillespie he would work a lot of evenings and weekends, make more money in real estate, and be helping people with one of the most expensive transactions they will ever make: buying a house.

He remembers the sense of helping, of providing a service, from the first transaction where he listed a home he had sold previously. A couple bought the home in Hinsdale in 1975, then the husband got transferred in late 1976, and they had to sell. But they made money on the home. When the couple thanked him, it gave him a good feeling to know that he helped them out.

The CEO learned over the years to listen, and read through the lines. Here is an example. “I was just sitting in the office, and this couple called in on a house they had seen. I showed them about nine or 10 homes during the course of three appointments. As we looked at these homes, I tried to listen to everything they said to me and each other and observe them closely to see what they liked and disliked. They demanded a home with a two-car attached garage.

“Eventually, this one property came on the market. I went on a broker’s tour. As soon as I got inside the house, I knew the couple would love it. So I called them and met them at the house. They fell in love with the house as soon as they went inside. The funny thing was that when we were walking back to the car to sign the contract, we all noticed that the house had a carport. But by that time, they didn’t even care.

“Now, I had heard, around the office, this little saying: “Buyers are liars.” And by the end of this transaction, I understood what that meant. Buyers are not necessarily liars; they just don’t always know what they want. This transaction taught me that.”

Gillespie’s people skills earned him over $1M in his first 6 months in the business, Rookie of the Year, and a promotion after 6 months to Office Manager.

When asked by Realtor.org what he adapted from those first sales, he answered, “I learned that you need to listen to your customers and pay attention to how they react when you are showing different homes. Practitioners need to remember what the client likes and dislikes. This transaction also gave me confidence that I knew what I was doing and would be good in the real estate business.”

Our goal for 2010 here at Coldwell Banker is to provide outstanding customer service in every way to everyone who comes through our doors. Our wishes for a Happy New Year to all.

The Government of St Kitts and Nevis has granted a waiver of the Import Duty and Consumption Tax on the importation of raw materials which are used in the manufacture of ice cream.

Dr the Hon Timothy Harris, Minister of Finance, International Trade, Industry, Commerce and Consumer Affairs, convinced the Cabinet of the importance of the indigenous ice cream manufacturing sector to the economy; the challenges that it faces; and the need to adopt a fiscal policy to incentivise and stimulate the growth of ice cream manufacturing in St Kitts and Nevis.

The waiver will be in effect for 36 months, starting January, 2010, and apply to manufacturers and delivery vans. Harris said that the measures will assist local ice cream manufacturers in achieving expanded production quantities through the utilization of inactive capacity, that several local ice cream manufacturing plants presently possess.

On Dec. 29, the signing of the new treaty of the Organization of Eastern Caribbean States (OECS, that will establish a single economy among group members, will be held on St Kitts. The agreement will define the structure and functioning of the economic union between the nine members of the organization, and will help identify the steps towards its final establishment, which is scheduled for June, 2010.

The treaty will allow for the free movement of services, people, goods and capital throughout the area of the 9 countries. It will also facilitate action in the fields of justice, foreign affairs, public administration, cooperation and management of human and natural resources.

Created in 1981 to promote regional cooperation and economic integration, OECS is made up of these countries: Antigua and Barbuda, Dominica, Grenada, St. Vincent and the Grenadines, Montserrat, Anguila, British Virgin Islands, St. Lucia, and St. Kitts and Nevis.

Happy Holidays and Happy New Year from the Associates at Coldwell Banker. This card was from our Curacao affiliate, but expresses the thoughts of all of us.

The traditions of the indigenous folklore groups will once again be on display this carnival season, thanks to the support of community-minded companies and partners of the Ministry of Culture.

The St. Kitts-based Embassy of the Republic of China (Taiwan) has generously donated to the festivities for folklore groups such as the masquerade, clown, bull and moko-jumbies. The monies will be used to “make sure that the folklore [acts] have the best possible costuming and music and generally get ready for performing their traditional cultural roles in our festival, ” said Minister of State responsible for culture, Honourable Richard Skerritt. All the groups welcome additional financial assistance.

The Christophe Harbour Development Company, N. Brisbane and Associates, and Kelsick, Wilkin and Ferdinand have all also made donations specifically to support the folklore traditions.

Fifteen folklore groups are registered to participate in the St. Kitts and Nevis National Carnival 2009/2010. They will be primarily showcased during the December 29 and 30 Folklore Avenue Extravaganza on Fort Street. Groups will also perform in various communities throughout the season and will remain a highlight of the Grand Parade on New Year’s Day, and Last Lap on January 2. The Folklore Academy of St. Kitts and Nevis, which features children between the ages of 5-12, will be among the new acts performing this year.

St. Kitts - Nevis will be the first organisation of the Eastern Caribbean States (OECS) territory to be part of the OPAAL video documentary filming.

The OECS Protected Areas and Associated Livelihoods project (OPAAL) is an initiative by which participating countries have made significant commitments to protecting their countries’ resources. The participants have signed into international conventions and issued policy statements regarding recent environmental programs.

At present, video material is being collected by All Biz Ltd., a film company based in St. Lucia, which will create the documentary based on OPAAL sites and other protected areas.

The SKN Federation’s OPAAL Demonstration Site is the Central Forest Reserve National Park, the mountain above the 1,000 feet contour in the centre of St. Kitts. All Biz Ltd. visited St. Kitts during the week of December 07 and filmed the uses and activities in the protected area, interactions between users, livelihoods and community benefits, biodiversity values, and negative human interference to the environment.

Similar footage will be collected by All Biz from the rest of the six OECS Territories that participate in the OPAAL initiative. As such, Antigua and Barbuda, Dominica, Grenada, St. Vincent and the Grenadines, and St. Lucia are included in the regional filming tour. In addition to the full video documentary which All Biz is contracted by the OECS Secretariat to produce by March 2010, a shorter version will be prepared for airing on the St. Kitts Visitor Channel.

Read more at SKNVibes.com.

According to the Office of Prime Minister Hon. Dr. Denzil L. Douglas, there are increasing signs that the local business sector continues to have confidence in the St. Kitts and Nevis economy.

In a recent survey published by the Department of Management Studies at the Cave Hill campus of the University of the West Indies (UWI), Barbados and St. Kitts-Nevis have the most optimistic investment outlook over the next 12 months. St. Kitts, Nevis, and Barbados numbers are the most optimistic about employment prospects over the next six months.

The report noted that despite the much publicised economic slowdown of the last year, the majority of companies in St. Kitts and Nevis, Grenada and Dominica reported unchanged or improved financial performance over the last six months.

The majority of companies in all countries polled, within the OECS, expect financial performance to improve within a year. “All industries, except for public utilities, expect financial performance to improve within a year, but the slump is expected to continue for another six months in the crucial construction, and tourism sectors,” the survey found.

In terms of the global economic outlook, the majority of companies in all countries expects the global economy to improve over the next six months, with companies in Barbados and St. Lucia being the most optimistic, while those in St. Vincent and Dominica the least optimistic.

Marc Roth of Business Week recently wrote, “If You Don’t Buy a House Now, You’re Stupid or Broke. Interest rates are at historic lows but cyclical trends suggest they will soon rise. Home buyers may never see such a chance again.”

Now is when prices worldwide are at their lowest in years.

Now is when inventory is at the highest rate in years.

Now is when rates are historically low, the lowest recorded in nearly 40 years.

Many call this confluence of buying factors the change of a lifetime. It is, at least, the once-in-a-generation opportunity.

Roth explains that the most important driving force of this buyers jackpot is the low interest rate. He says, “The most important lesson is to understand the actual financial impact the rate has on the cost of purchasing and paying off a home. Every quarter-point change in interest rates is equivalent to approximately $6,000 for every $100,000 borrowed over the course of a 30-year fixed. While different in each region, for the sake of simplicity, let’s assume that the average person is putting $40,000 down and borrowing $200,000 to pay the price of a typical home nationwide. Thus, over the course of the life of the loan, each quarter-point move up in interest rates will cost that buyer $12,000.

“As the global economy stabilizes, it is reasonable for us to see 30-year fixed rates climb to 6% within the near future and probably to a range of 7% to 8% when the economy is humming again. If every quarter of a point is worth $12,000 per $200,000 borrowed, then each point is worth almost $50,000.

“Let’s put that into perspective. You have a good stable job. You would like to own a $240,000 home. However, even though home prices have steadied, you may be thinking you can get another $5,000 or $10,000 discount if you wait. Or you may be waiting for the news to tell you the economy is “more stable” and it’s safe to get back in the pool. In exchange for what you may think is prudence, you will risk paying $50,000 more per point in interest rate changes between now and the time you decide you are ready to buy.

“If you are someone who is looking to buy or upgrade in the $350,000-to-$800,000 home price range, and many people out there are, then you’re borrowing $300,000 to $600,000. At 7%, the $300,000 loan will cost just under $150,000 more over the lifetime, and the $600,000 loan an additional $300,000, if rates move up just 2% before you pull the trigger.

“What I’m trying to impress upon everyone is that if you are planning on being a homeowner now and/or in the foreseeable future, or if you are looking to move your family into a bigger home, then pay more attention to the interest rates than the price of the home. If you have a steady job, good credit, and the down payment, then you really are being offered the gift of a lifetime.”

Stop in our Coldwell Banker office and let’s talk about your options, and your buying opportunity of a generation.