Coldwell Banker Islands Blog

The National Assn of Realtors has released figures that show vacation home sales recovered somewhat in 2009, but investment sales fell off sharply. NAR’s 2010 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2009, shows vacation-home sales rose 7.9 percent to 553,000 last year from 513,000 in 2008, while investment-home sales fell 15.9 percent to 940,000 in 2009 from 1.12 million in 2008.

NAR Chief Economist Lawrence Yun said, “The typical vacation-home buyer is making a lifestyle choice, with 9 out of 10 saying they intend to use the property for vacations or as a family retreat. Investment buyers primarily seek rental income, with 6 in 10 planning to rent to others, although 1 in 5 wants a family member, friend or relative to use the home.” 26 percent of vacation-home buyers and 8 percent of investment buyers intend to use the property as a primary residence in the future.

Similar to 2008, cash factored strongly in the second-home market: three out of 10 vacation-home buyers in 2009 paid cash for their properties, while half of investment buyers paid cash. Fairly similar ratios for each group indicated portfolio diversification or good investment opportunities were factors in the purchase decision.

The typical US vacation-home buyer in 2009 was 46 years old, had a median household income of $87,500, and purchased a property that was a median distance of 348 miles from their primary residence; 34 percent were within 100 miles and 40 percent were more than 500 miles. 3 out of 4 were married couples.

Investment-home buyers last year had a median age of 45, earned $87,200, and bought a home that was relatively close to their primary residence - a median distance of 24 miles. Roughly one in four investment buyers purchased more than one property in 2009.

While these statistics are from buyers in the US, the trends can be carried forward to offshore properties. The Baby Boomers are not just an economic factor in the USA. Demographically, the long-term demand for second homes looks favorable because large numbers of people are in the prime years for buying a second home. “Historically, people become interested in buying a second home in their mid 40s,” Yun said. “The large number of people who are now in their 30s and 40s will dominate the second-home market in the coming decade, with a strong underlying demand, although sales in a given year will vary depending on the economy.”

(resource: RealEstateChannel.com)

The National Assn of Realtors has released figures that show vacation home sales recovered somewhat in 2009, but investment sales fell off sharply. NAR’s 2010 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2009, shows vacation-home sales rose 7.9 percent to 553,000 last year from 513,000 in 2008, while investment-home sales fell 15.9 percent to 940,000 in 2009 from 1.12 million in 2008.

NAR Chief Economist Lawrence Yun said, “The typical vacation-home buyer is making a lifestyle choice, with 9 out of 10 saying they intend to use the property for vacations or as a family retreat. Investment buyers primarily seek rental income, with 6 in 10 planning to rent to others, although 1 in 5 wants a family member, friend or relative to use the home.” 26 percent of vacation-home buyers and 8 percent of investment buyers intend to use the property as a primary residence in the future.

Similar to 2008, cash factored strongly in the second-home market: three out of 10 vacation-home buyers in 2009 paid cash for their properties, while half of investment buyers paid cash. Fairly similar ratios for each group indicated portfolio diversification or good investment opportunities were factors in the purchase decision.

The typical US vacation-home buyer in 2009 was 46 years old, had a median household income of $87,500, and purchased a property that was a median distance of 348 miles from their primary residence; 34 percent were within 100 miles and 40 percent were more than 500 miles. 3 out of 4 were married couples.

Investment-home buyers last year had a median age of 45, earned $87,200, and bought a home that was relatively close to their primary residence - a median distance of 24 miles. Roughly one in four investment buyers purchased more than one property in 2009.

While these statistics are from buyers in the US, the trends can be carried forward to offshore properties. The Baby Boomers are not just an economic factor in the USA. Demographically, the long-term demand for second homes looks favorable because large numbers of people are in the prime years for buying a second home. “Historically, people become interested in buying a second home in their mid 40s,” Yun said. “The large number of people who are now in their 30s and 40s will dominate the second-home market in the coming decade, with a strong underlying demand, although sales in a given year will vary depending on the economy.”

(resource: RealEstateChannel.com)

The National Assn of Realtors has released figures that show vacation home sales recovered somewhat in 2009, but investment sales fell off sharply. NAR’s 2010 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2009, shows vacation-home sales rose 7.9 percent to 553,000 last year from 513,000 in 2008, while investment-home sales fell 15.9 percent to 940,000 in 2009 from 1.12 million in 2008.

NAR Chief Economist Lawrence Yun said, “The typical vacation-home buyer is making a lifestyle choice, with 9 out of 10 saying they intend to use the property for vacations or as a family retreat. Investment buyers primarily seek rental income, with 6 in 10 planning to rent to others, although 1 in 5 wants a family member, friend or relative to use the home.” 26 percent of vacation-home buyers and 8 percent of investment buyers intend to use the property as a primary residence in the future.

Similar to 2008, cash factored strongly in the second-home market: three out of 10 vacation-home buyers in 2009 paid cash for their properties, while half of investment buyers paid cash. Fairly similar ratios for each group indicated portfolio diversification or good investment opportunities were factors in the purchase decision.

The typical US vacation-home buyer in 2009 was 46 years old, had a median household income of $87,500, and purchased a property that was a median distance of 348 miles from their primary residence; 34 percent were within 100 miles and 40 percent were more than 500 miles. 3 out of 4 were married couples.

Investment-home buyers last year had a median age of 45, earned $87,200, and bought a home that was relatively close to their primary residence - a median distance of 24 miles. Roughly one in four investment buyers purchased more than one property in 2009.

While these statistics are from buyers in the US, the trends can be carried forward to offshore properties. The Baby Boomers are not just an economic factor in the USA. Demographically, the long-term demand for second homes looks favorable because large numbers of people are in the prime years for buying a second home. “Historically, people become interested in buying a second home in their mid 40s,” Yun said. “The large number of people who are now in their 30s and 40s will dominate the second-home market in the coming decade, with a strong underlying demand, although sales in a given year will vary depending on the economy.”

(resource: RealEstateChannel.com)

The National Assn of Realtors has released figures that show vacation home sales recovered somewhat in 2009, but investment sales fell off sharply. NAR’s 2010 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2009, shows vacation-home sales rose 7.9 percent to 553,000 last year from 513,000 in 2008, while investment-home sales fell 15.9 percent to 940,000 in 2009 from 1.12 million in 2008.

NAR Chief Economist Lawrence Yun said, “The typical vacation-home buyer is making a lifestyle choice, with 9 out of 10 saying they intend to use the property for vacations or as a family retreat. Investment buyers primarily seek rental income, with 6 in 10 planning to rent to others, although 1 in 5 wants a family member, friend or relative to use the home.” 26 percent of vacation-home buyers and 8 percent of investment buyers intend to use the property as a primary residence in the future.

Similar to 2008, cash factored strongly in the second-home market: three out of 10 vacation-home buyers in 2009 paid cash for their properties, while half of investment buyers paid cash. Fairly similar ratios for each group indicated portfolio diversification or good investment opportunities were factors in the purchase decision.

The typical US vacation-home buyer in 2009 was 46 years old, had a median household income of $87,500, and purchased a property that was a median distance of 348 miles from their primary residence; 34 percent were within 100 miles and 40 percent were more than 500 miles. 3 out of 4 were married couples.

Investment-home buyers last year had a median age of 45, earned $87,200, and bought a home that was relatively close to their primary residence - a median distance of 24 miles. Roughly one in four investment buyers purchased more than one property in 2009.

While these statistics are from buyers in the US, the trends can be carried forward to offshore properties. The Baby Boomers are not just an economic factor in the USA. Demographically, the long-term demand for second homes looks favorable because large numbers of people are in the prime years for buying a second home. “Historically, people become interested in buying a second home in their mid 40s,” Yun said. “The large number of people who are now in their 30s and 40s will dominate the second-home market in the coming decade, with a strong underlying demand, although sales in a given year will vary depending on the economy.”

(resource: RealEstateChannel.com)

From April 3-5, the Cayman Islands will welcome more than 500 athletes from 25 different nations to participate in the prestigious junior athletics’ competition, the 2010 CARIFTA Games.

Over Easter weekend, participants and spectators alike will enjoy the festive atmosphere, scenery of the Cayman Islands, and competitions at the Truman Bodden Sports Complex in George Town, Grand Cayman.

The annual event, sponsored by the Caribbean Free Trade Association (CARIFTA), will be in the Cayman Islands for the first time in fifteen years.

Athletes in two age categories for boys and girls, Under-17 and Under-20, will compete in track and field events including sprint races, hurdles, middle distance track events, jumping and throwing events, and relays.

The CARIFTA Games will also serve as a qualifying meet and springboard for Caribbean nation athletes competing for a spot in the first-ever World Youth Olympic Games in Singapore in August.

For more information, visit Carifta2010.ky.

(resource: TravelAgentCentral.com)

The Turks and Caicos Islands have been nominated for many of the Caribbean 17th World Travel Awards, voted by travel agents worldwide. Winning is a very high achievement in the travel industry, and somewhat like winning an academy award. Here are some of the nominations for the Caribbean awards:

Leading Beach: Grace Bay (Providenciales)
Boutique Hotel : Parrot Cay, Point Grace
Leading Cruise Port
Leading Destination
Leading Family All-Inclusive: Beaches
Leading Honeymoon Destination
Leading Hotel: Parrot Cay, the Somerset
Leading Resort: Grace Bay Club
Leading Spa Resort: Parrot Cay
Leading Suite: Grace Bay Penthouse, Grace Bay Club; Penthouse, Three Bedroom Oceanfront, Regent Palms; Presidential Suite, the Somerset
Leading Tourist Board
Leading Travel Information Website: www.turksandcaicostourism.com

Here are the nominations specifically for Turks and Caicos businesses:

Leading Boutique Hotel:
Amanyara
Le Vele
Parrot Cay
Point Grace
The Meridian Club
The Somerset
Turks & Caicos Club

Leading Hotel:
Beaches Turks & Caicos Resort Villages & Spa
Grace Bay Club
Parrot Cay
Point Grace
The Regent Palms
The Somerset on Grace Bay
The Windmills Plantation

Leadng Resort:
Amanyara
Beaches Turks & Caicos Resort & Spa
Club Med Turkoise
Grace Bay Club
Parrot Cay
The Regent Palms
The Somerset

Leading Spa Resort:
Beaches Turks & Caicos Resort & Spa
Grace Bay Club
Parrot Cay
Point Grace
The Regent Palms

Winning one of these awards will have a steady and significant long-term impact on the business. Congratulations to all of you.

To provide more business and social information for the general public and potential visitors, www.SearchStKitts.com is the Island’s Search Engine and Online Guide. SearchStKitts.com will be a central point for sourcing information specific to the island of St. Kitts and Nevis.

Navigating the site is made easy with its “Where to Eat”, “Where to Stay”, “What to Do”, and “Infotainment” categories that provide an ideal introduction to what the islands have to offer. Site visitors will also appreciate free services such as Classified Listings, Event Calendars, and an informative National Business Guide.

“With the benefits of having an Online Guide in numerous islands, we are able to maximize the regional advertising aspect for all our advertisers and create more marketing potential for each Online Business. At the end of the day, in addition to providing information about the uniqueness and culture of individual islands, our goal is to give businesses the online presence they need to remain competitive, especially in these recessive times,” creator Ken Shipley said.

He and his wife Ellen also have built sites for Antigua, Barbuda, and Montserrat.

In observance of World Water Day 2010, the Virgin Islands Environmental Council announced that the British Virgin Islands will be one of the international locations taking part in the largest worldwide water initiative on record to help combat the global water crisis.

The Dow Live Earth Run for Water will take place April 18, 2010, and consist of a series of 6km run/walks (the average distance many women and children walk everyday to secure water. The run will extend over the course of 24 hours in countries around the world, and feature concerts and water education activities aimed at igniting a tipping point to help solve the water crisis.

The BVI´s Dow Live Earth Run for Water event will take place at 10 a.m. Sunday, April 18, at Long Bay, West End on the island of Tortola. The race will begin at the front lawn of Long Bay Hotel, goes over to Smuggler´s Cove beach and back. It includes a loop around the lower Palm Road in both directions. Entry fee is $10/adult and $5/child.

VIEC coordinator for the run, Noni Georges, stated, “The world water crisis is among the great challenges of our time. But we can all work towards finding solutions. The Dow Live Earth Run for Water event in Tortola will serve as a catalyst to rally the community around the critical issue of water scarcity and empower residents to be part of the solution.”

Aruba has made the finals of many categories in the 17th World Travel Awards, voted by travel agents worldwide.

Some of the awards for which Aruba will be considered in the Caribbean destination are:

Leading Casino Resort: Aruba Marriott, Hyatt Regency Aruba, Radisson Aruba, Renaissance Aruba, Westin Aruba

Leading Cruise Destination and Port

Leading Destination

Leading Family All-Inclusive: Tamarijn Aruba

Leading Honeymoon Destination

Leading Meetings & Conference Hotel: Aruba Marriott, Renaissance Aruba, Westin Aruba

Leading Spa Resort: Aruba Marriott

Leading Tourist Board

Leading Travel Information Website: www.aruba.com

Here are the Leading Hotels nominated:
Aruba Marriott Resort & Stellaris Casino
Hyatt Regency Aruba Resort & Casino
La Cabana All-Suite Beach Resort & Casino
Occidental Grand Aruba
Radisson Aruba Resort & Casino
Renaissance Aruba Resort & Casino
The Boardwalk

and the Leading Resorts:
Aruba Marriott Resort & Stellaris Casino
Bucuti Beach Resort Aruba
Hyatt Regency Aruba Resort & Casino
Radisson Aruba Resort & Casino
Renaissance Aruba Resort & Casino
Tamarijn Aruba
The Westin Aruba Resort

Congratulations to all!

Mailin Sands of Abaco made history when she became the first real estate agent in the Bahamas to capture the full Coldwell Banker Island Affiliates Above and Beyond Award.
Mailin was selected from a list of nominees from the 16 companies in the Atlantic Islands and Caribbean that make up the Island Affiliates group.
She was honoured for her work as a hurricane relief and fire department volunteer, and for community service in her hometown of Man-O-War Cay.
An emergency radio dispatcher for the Marsh Harbour Volunteer Fire Department for about eight years, she is head the Bahamas Real Estate Association (BREA) committee formed to beautify the new fire station under construction. She has helped spearhead a fire safety week in the Abaco primary schools.
Mailin is a stand-by hurricane relief worker. When Hurricane Ike devastated Cat Island in 2008, she collected two truck loads of clothing, books, toys etc from the generous people of Man-O-War for the hurricane victims.
Last Christmas, she organized a dry goods drive for the elderly at the home for the aged on Great Abaco on behalf of the Abaco Chapter of BREA.
Living on a satellite cay can be challenging and Mailin’s encountered many a storm on the boat ride to Marsh Harbour to keep an appointment to show property.
“I don’t know what to say, except I’m honoured. I don’t expect praise or recognition. I’m just happy to play a part in brightening someone’s day, in any way I can. This is very humbling.” she said.
Mike Lightbour, president of Coldwell Banker Lightbourn Realty, said:
“Mailin has consistently gone above and beyond the call of duty to help her clients and fellow citizens.”
Jim Reed, CEO of Coldwell Banker Island Affiliates, agreed.
“Mailin has been a goodwill ambassador for Coldwell Banker Lightbourn Realty and, by extension, Coldwell Banker in general,” he said.