Coldwell Banker Islands Blog

This is one of the questions a real estate agent is asked when first speaking with homeowners about listing their home for sale. Who is going to buy my house and when?

Excellent question - let’s talk about your home, is it ready to go on the market in the next couple of days. Is it picture, virtual tour and video ready, and are you ready to move if an offer is presented and accepted? How is the “curb appeal”? When the agent arrives to first view the home what do they see, and more importantly what would a buyer’s first impression of your home be? Is the front yard neat, tidy and well kept; address clear and well presented; paint, siding, roof, windows and trim all fresh and in good repair; does the yard and home appear welcoming and invite us to open the front door? As we compare the home to others on the street, as well as other homes for sale in the immediate area, where does it fit?

Once inside is the paint fresh, the rugs and floors clean, and has unnecessary clutter been removed. Does the layout of the furniture make the most of each room; are all the light fixtures and appliances in good working order? Make sure your real estate agent is aware of any upgrades and changes to the home that would add value - a new roof, addition to the home, double glazed windows, upgraded wiring, new appliances, plus any energy efficient changes.

How is the title - is it clear? Do you have mortgages or assignment of rents, liens, easements, strata or homeowner restrictions registered? Can they be cleared easily at closing? Is there anything registered on title that would deter a potential buyer or stall a closing? Most agents and brokers will ask you to sign a disclosure form and listing agreement plus provide documents such as occupancy certificate and a copy of the title. Discuss with your agent how and when any open houses are to be held, establish showing times that are convenient for you and your family, as well as mention how much notice will be required to present the home to potential buyers.

What is the motivation to sell your home – a corporate transfer, move from the area or island, the home is too large or small for your current needs, retirement or a change in lifestyle? Have you already purchased another home and is there a possibility that you will be moving prior to selling this one?

Pricing your home correctly in any market will make a difference in how long it takes to sell. Make sure your real estate agent has provided you with all the relevant SOLD information, details, stats and comparables in your market. Ask questions about recent properties that have sold in your area. Compare the property to your home and consider that owners motivation as well as the market conditions at the time of the sale. Establish realistic pricing and imagine you are a buyer looking at homes in your neighborhood or area; would you buy your home?

Ensure you fully understand the terms contained in the listing agreement and how your agent plans to market and sell your home. What does your agent offer that will reach clients looking for homes in your area and price range, attract attention and create excitement so they view your home. Establish how often you should expect to hear from them and the method of communication to be used. Discussing these things up-front will ease the selling process and hopefully address all concerns and questions before your home is on the market.

Remember, you only need to find one buyer for your house. Make sure your agent is informed about your home and property so they can represent you and the property well - taking the offer all the way to the closing table.

Coldwell Banker Real Estate Turks & Caicos, www.coldwellbankertci.com

Living in the tropics provides you with the luxury of living inside as well as out. An added bonus when listing your Turks and Caicos Islands home would be to have something that similar properties for sale do not offer. Why not create an outdoor living space? After all, purchasers look for the extras that make a home stand out from the rest.

The outdoors is the most versatile part of your property and for a relatively small investment can add a certain touch that may attract more calls on your listing, bring an offer sooner or even sell your home.

Outdoor living spaces come in all shapes and sizes. The bells and whistles to accessorize and decorate are endless and the style, look and feel of this space adds a personal touch and feel to the property. First, consider the area and size of your outdoor living space and then decide on a budget, you are now on your way to designing your own garden get-a-way.

Flagstone paths are an easy way to cover spotty areas where grass is worn or patchy. Loose gravel and flat stones make great pathways that lead you from your home to this comfortable outdoor seating area. Staged wooden planters or large container pots with planted shrubs and trees fill large open spaces, provide privacy and act as a sound buffer.

Wooden benches, concrete seating, or tables and chairs provide the basics and a starting place when first arranging the area to establishing size and style. Some additions to the basics would be an outdoor fire-pit, bbq area, outdoor garden shower, hammock or outdoor bar. Flooring could be a wooden deck, concrete slab, large paving stones, gravel or even grass.

Sides and roofing can also be added – trellis framing for the sides or roof, tiki-hut style grass roof, canopy or tents, and umbrellas may be something to consider as they provide shade during the daytime. Weather resistant fabric or mosquito netting can be draped over the roof areas, down one or more sides, to the ground to enclose the area adding texture and color and to soften the hardscape. Waterproof and weather-resistant fabrics are usually necessary for seating cushions, sofas, chairs, chaise lounges, throw pillows, rugs and draperies.

Hanging baskets of flowers, birdhouses, lanterns on free standing hooks or hung from tree limbs, and inexpensive solar garden lights add a personal touch to the space.

Hang a mirror to add a bit of glamour, decorate the tables with candles, shells from the beach and other items from the beach or your home.

Make it as simple, or as elegant as you wish.

Outdoor living spaces in the Turks and Caicos Islands, your home away from home.

www.coldwellbankertci.com

Affordability has never been better for homeowners looking to refinance or purchase a new home. Recent drops in interest rates brought the average rate for a 30 year fixed loan (in the US) down to 4.69 percent this past week. Freddie Mac also noted that the rates for 5 and 15 year mortgages also hit lows. The last time rates were cheaper than today was during the 1950’s when term loans were typically available for only 20-25 year periods.

Over the past two months mortgage rates have continued to fall slightly as investors were concerned with the overall economy and Europe’s debt crisis. Cash has been moving into Treasury Bonds and the demand has caused the Treasury yields to fall, mortgage rates track these yields.

With job stability, a good credit history and a 25% downpayment new homeowners can take advantage of locking into low rates at this time. Refinancing is also an option for many who are seeing current mortgage terms expire (at higher rates) or have floating and/or open mortgages that can be converted to fixed financing during the term.

Information on current mortgage rates can be found at your local bank. For information on borrowing rates in the Turks and Caicos Islands contact one of our Real Estate Agents at www.coldwellbankertci.com, we can put you in touch with Mortgage Officers at any of our local banks for current mortgage rates, terms on financing and policies in the TCI.

www.coldwellbankertci.com

ASK any Bahamian real estate agent what the biggest pest is in the industry and they’ll tell you straight ^ termites.

This is particularly true where there are wooden houses, mainly in some of the Bahamas out islands. Homes constructed of the original pine from the Bahamas island of Abaco are termite resistant although newer sections, unless properly treated, may have these uninvited guests.

It’s been estimated that termites cause $5 billion in property damage every year in the U.S. That has the potential to make them more of a threat to homeowners than flood, wind, or even fire (depending on the area of the country).

Data isn’t available in the Bahamas real estate industry, but agents have seen prices drop, significantly in some cases, because of termite damage.

Termites thrive in warm climates, such as ours. All it takes is the right combination of warmth, food and moisture to invite a termite infestation.

As a homeowner in the Bahamas, you can protect your real estate investment against these insidious pests. Contact your exterminator at the first sign of termites. We have a number of reliable exterminators to choose from.

As a purchaser, you would be well advised to seek a separate termite inspection.

Older homes, in particular, may be at risk because of the possibility of cracked foundations. However, we want to stress that a lot of older homes have been well maintained and treated to prevent termites from moving in.

Even new homes could be potential targets if the builders did not correctly perform termite pretreatments or use treated lumber.

If you are a homeowner, ask about a termite inspection and treatment programme. Purchasers should get an inspection. If you have any doubts about inspections, ask your Bahamas real estate agent for advice.

On June 23, 2010 Coldwell Banker Real Estate LLC officially launched the new version of its website www.coldwellbanker.com, which has been in beta form since December 2009. Wholly re-thought and re-designed, the site features optimizations that completely alter and enhance the experience of searching for a home online.

Michael Fischer, Chief Marketing Officer for Coldwell Banker Real Estate LLC said, “The Internet is often the first stop for potential home buyers and sellers, so it is our goal to make the online home-searching process as enjoyable and efficient as possible. For the new site we looked at search functionality across various websites including retail and music and continuously asked ourselves, ‘Why not in Real Estate?’ As a result, we have created exciting new ways to search for homes and real estate agents.”

The site includes several new features such as: BlueScape Search - a visually driven real estate search platform to help “dreamers” find just that, the home of their dreams. Search options are no longer limited to number of bedrooms and bathrooms, or zip codes, landscape scenery images are shown instead. BlueScape search was recently named as a finalist in the Inman News Innovator Award, Web Services Category.

Enhanced keyword capabilities have been added to the general real estate search functions, viewers can easily narrow down the properties that interest them. Broad terms (ie. modern or colonial) can be entered to more specific and standard search keywords such as “pool”, “dock” or “boat slip”.

A new “You May Also Like” feature has been added which offers additional homes that may be of interest to the users, the results are based on a range of characteristics from properties that consumers select under “preferred”.

The Coldwell Banker On Location YouTube Channel, which has featured more than 13,000 videos posted by its real estate agents and 1.3 million video views in just over a one year period, integrates video into the real estate search.

The Beta site was launched and tested and users were asked to provide feedback and comments. Coldwell Banker continued making improvements to the test site until it was optimized to its greatest potential. Development of the site was a collaborative effort by Coldwell Banker interactive agency partners, FD Kinesis and Bootstrap Software, Inc.

Visit the Coldwell Banker Real Estate Website and let us know what you think www.coldwellbanker.com - our email is reception@coldwellbankertci.com, we’d like to hear from you.

This article is provided by Coldwell Banker Real Estate Turks & Caicos, official Press Release issued by Coldwell Banker June 23, 2010.

Coldwell Banker - We Never Stop Moving……

LOCATION! The St. Kitts Babe - a classy “Caribbean Southern Lady” offers boundless joie de vivre “pure joy”, southern charm, gracious hospitality and romantic comfortable Kittitian living in a prime, unique Frigate Bay golf course location. The Babe has two separate complete levels, both featuring 1 bedroom, 1 bath, kitchen, living and dining room area. The villa also has a private plunge pool along with many first class amenities. This 2226 sq. ft. living space is situated on .1678 acre (7,311.16 sq ft) with a beautiful enclosed tropical garden and magnificent unobstructed ocean views. Furnishings, accessories, china, Crystal, linens and artwork are negotiable. Why settle for less, when you can have the best! The Babe, true to her namesake, is definitely “one of a kind” and awaits the most unique, discerning, savvy investor who desires and appreciates the best! Asking $675,000.

Visit our Coldwell Banker Listing page for more information.

“The annual Highland Spring HIHO event starts today in BVI, with an racing fleet to include stand-up paddling (SUP), a new popular sport which involves racers paddling 12+ foot boards with a large paddle.

“Both windsurfers and SUP racers will tour the British Virgin Islands for 6-days. Race #1 in Eustatia Sound off the Bitter End starts the competition. Racers will cover over 100 miles as they travel from Virgin Gorda to Anegada, back to Virgin Gorda, down to Beef island, down the Sir Francis Drake Channel, then to Jost Van Dyke.

“On Tuesday is the event’s signature Anegada race, a 12-mile run from the North Sound to Anegada. Additional races from Anegada back to Virgin Gorda, then Virgin Gorda to Beef Island, down the Sir Francis Drake Channel and around Sandy Cay will follow.

“The Highland Spring HIHO event is unique in that it combines great racing with a yacht flotilla. All participants are accommodated aboard a fleet of captained Moorings yachts. The event is complimented with great parties and nightly entertainment. Started in 1979, the Highland Spring event is one of the longest running windsurfing events in the World.”

(from BVI News.com)

Up a long stretch of road leading to a small charming hotel called “Mount Nevis,” this 3 acre parcel is located on the northern side of the island in a quiet and secluded area. Facing the sea, with a partial view of St Kitts, a very gentle slope will provide ideal building ground to make the most of the beautiful scenery. Shaw’s Road is close to the nicest beaches on island and also to the small Newcastle Airport. Asking $285,000.

Visit our Coldwell Banker Listing page for more photos.

Under the November 2009 constitution, which provides for a greater degree of internal self-government than that of 1972, Cayman Islands is a UK overseas territory with representative government and the British monarch as head of state, represented by a governor. There are provisions for the rights and freedoms of the individual.

The legislative assembly has the speaker and 20 members (18 directly elected every four years plus the deputy governor and the attorney-general). The executive comprises the governor and the cabinet. The governor is responsible for external affairs, defence, internal security (including the police) and the overall organisation of the public service.

The cabinet is responsible for all other matters. Together with the governor it includes the premier, deputy premier and at least five other ministers, all elected members of the legislative assembly; the deputy governor and attorney-general are ex officio members. The premier is be eligible to serve for a maximum of two consecutive parliamentary terms.

Until 2001, Cayman Islands had no political parties, and elections were fought by individuals in informal groupings. However, in November 2001 Minister of Tourism McKeeva Bush announced the formation of the United Democratic Party (UDP) and within a few days he became leader of government business, following an assembly vote of no confidence in Kurt Tibbetts (by nine votes to five).

In May 2002 the territory became an associate member of CARICOM.

The general election due in November 2004 was postponed until May 2005 after Hurricane Ivan devastated the islands in September 2004. The May 2005 election was won by the People’s Progressive Movement (PPM), with nine seats, and party leader Tibbetts then became leader of government business. The UDP took five seats and an independent one.

In the May 2009 elections, Bush’s UDP took nine seats, the PPM five, and independents one, and Bush was confirmed as leader of government business. Turnout was 73%.
Under the constitution that came into force in November 2009, McKeeva Bush became the country’s first premier. The next election is 2014.

(resource: TheCommonwealth.org)

July 22-25 will be the 4-day Summer Sizzle BVI 2010. Attendees will experience a non-stop lifestyle escape weaved with the trendiest fashions, upscale parties, island tours and sailing excursions. Designers this year include two-time Project Runway finalist and fashion favourite Korto Momolu, renowned couturier Claudia Pegus, and BVI´s own Kristin Frazer of Trefle Designs.

As reported by BVIPlatinum.com, “The Summer Sizzle line-up consists of a Culture & Style Welcome Bash Pool Party sponsored by the Ministry of Education & Culture, a Sunset White Fashion Fete; an entire day sail excursion to Virgin Gorda; a VIP after-party, and other fabulous activities. One of the major highlights that many attendees look forward to is the highly coveted Summer Sizzle fashion show. Top models will be featured from some of the world´s best agencies including Ford, Elite, Major Models, Q Models and Identities Tortola. Clothing will be showcased by Millhouse menswear of Trinidad, and American designers Kevan Hall and Cesar Galindo.”

Originally just a fashion show to promote BVI, Summer Sizzle has become a fashion and lifestyle event. For more information, visit SummerSizzleBVI.com.

Summer Sizzle leads into BVI´s 56th Annual Emancipation Festival held the first week of August. International guests will have an opportunity to kick off festivities and experience the aura of carnival.