Coldwell Banker Islands Blog

Keeping your finances in good order during a recession is key to building wealth in the real estate market over the long-term. The average rate on 15-year fixed loans dropped today to 3.86% from 3.9% last week. For the ninth time in the past 10 weeks mortgage rates have been dropping to their lowest levels in decades. Starting in 1971 Freddie Mac began tracking 30-year interest rates, this week they reported 30-year fixed loan rates at 4.36% vs 4.42% last week. The 15-year rate is at its lowest since they began tracking in 1991.

With 82.4% of all new US loan activity categorized as “refinanced loans and mortgages” refinancing is now at its highest level since May 2009. Low rates have sent borrowers back to their banks to re-negotiate home loans at favorable terms, allowing homeowners to put a little more money back into their wallets each month. Shortening the amortization, refinancing at lower interest rates while keeping the same monthly payment was also desirable to current homeowners that wanted to repay their mortgage quickly. You will need to provide proof of income, stable employment and a good credit history to qualify for the best rates and terms.

Variable mortgage rates for one-year terms fell to 3.52% and five-year terms remained unchanged at 3.56%.

Lenders are currently taking a closer look at the security for the mortgages they are approving and will often add fees known as points to the base rates posted by banks and lending institutions. Owner occupied and income producing properties are considered preferred security over non-income producing real estate such as raw land.

Contact your local bank for more information. For mortgage and loan rates in the Turks & Caicos Islands contact us and we’ll put you in touch with our local lenders. www.coldwellbankertci.com.

e360’s latest 2nd Home Trend Report, conducted this past June/July, shows positive signs for the Coldwell Banker Island Affiliates, throughout the Caribbean. The report surveyed existing second home buyers on preferences for timing, attributes, location, and pricing of an additional second home purchase.

Of those 45% indicating that they are in the market for a second home, Mexico was the top international destination with more than half of the total interest. More impressively, of the remaining 54% who indicated that now would not be a good time to buy, 79% indicated that they would be likely or very likely to purchase in the next 2 years.

As consistent with current market trends, lifestyle and vacation attributes are the leading motivator at 46%. Investment purposes showed 41%. Second home purchases for the purpose of retirement ranked 3rd at just over 11%.

The desire for a second home geared for vacation purposes is not a surprising finding. E360’s Global Research Analyst, Chad Martin, said “This is a consistent trend with the preferred attributes of the buyer being water views and proximity to water or mountain activities.” Lake and ocean views combined for an overwhelming majority of the preferred attributes surveyed with mountain views coming second.

Martin added that while spa and medical facilities have exhibited recent high growth rate forecasts in recent studies, respondents did not translate that growth into the highest motivation for second home purchases. Green-based second homes also did not show the highest appeal, nor has golf amenities translated into sales.

The appeal of being close to the water with an ocean view should help keep our beautiful Caribbean Islands as an attractive 2nd home location in the next few years. Contact a Coldwell Banker agent with any questions you have on investing in our real estate.

Article below was issued by The Free Press Newspaper, written by FP Staff, in the August 19, 2010 Edition.

Soon an air of nostalgia will fill the empty walls of Cockburn Medical Centre in Grand Turk.

Pioneered by the National Museum through its intern Shalomar Forbes, new life will be added to the hospital as it features restored old photos of the capital’s first formal facilities which date back to the early 1960s.

Shalomar, who will be completing a degree in graphic design this year at Barry University in Miami, spent many hours restoring 14 old black-and-white prints of the Grand Turk medical facility.

She scanned the historic images, which are part of the permanent collection at the National Museum, and cleaned them up using special software.

“The original pictures were so small, about 2 inches square, and enlarging them proved very difficult,” Shalomar said. “They are over 50 years old, and every small scratch or spot became huge once we scanned them in.”

However, her hard work was not in vain, and the photos were enlarged more than five times their original size. Some of the restored images show the Grand Turk hospital, nurse Bailey and images of the probationary nurses’ class which were all photographed by Allan Bishop in the early 1960s.

Brian Hogan, NHIB’s chief executive officer, said it was an appropriate way to pay tribute to medical pioneers that laid the foundation of the modern medical system.

“We felt that incorporating a bit of TCI’s healthcare history was the best way to demonstrate our appreciation to healthcare professionals and remind people how TCI’s healthcare system has evolved.”

National Museum Director Neal Hitch said medicine has come a long way since the first facilities.

“Medical facilities were at a minimum in the Turks and Caicos during 1960s with a 16 bed hospital on Grand Turk, a small operating theatre, an X-ray machine with limited capacity and a rudimentary laboratory,” Hitch said.

“Medical staff included two medical officers, one on Grand Turk and one in South Caicos. The staff at the Grand Turk hospital consisted of a matron, four staff nurses, three probationary nurses and one nurse working as a midwife.”

During 1960, eight women from the Caicos Islands were recruited and trained in Grand Turk to be midwives, he said. They were considered settlement nurses and were provided with a nurse’s bag, dressing, scissors, and a stretcher on which to evacuate very ill patients.

Prior to that, many local settlements were without any trained medical help. By 1967 the Grand Turk hospital was aided by four medical clinics in the islands, in Grand Turk, Salt Cay, South Caicos and Bottle Creek on North Caicos. Much changed by 1970 when medical staff included two doctors, one dentist, one matron, seven staff nurses, nine settlement nurses, nine probationary nurses and two public health inspectors.

Hogan said they showed current staff members the historic prints before they were taken for framing, and one recognized a family member.

“We hope that persons visiting our offices will take time out to look at the amazing prints; who knows, you might see yourself, a family member or a friend,” Hogan said.

Anyone who owns black-and-white prints showcasing the health sector, hospitality or utility sector is encouraged to contact the museum.

e360’s latest 2nd Home Trend Report, conducted this past June/July, shows positive signs for the Coldwell Banker Island Affiliates, throughout the Caribbean. The report surveyed existing second home buyers on preferences for timing, attributes, location, and pricing of an additional second home purchase.

Of those 45% indicating that they are in the market for a second home, Mexico was the top international destination with more than half of the total interest. More impressively, of the remaining 54% who indicated that now would not be a good time to buy, 79% indicated that they would be likely or very likely to purchase in the next 2 years.

As consistent with current market trends, lifestyle and vacation attributes are the leading motivator at 46%. Investment purposes showed 41%. Second home purchases for the purpose of retirement ranked 3rd at just over 11%.

The desire for a second home geared for vacation purposes is not a surprising finding. E360’s Global Research Analyst, Chad Martin, said “This is a consistent trend with the preferred attributes of the buyer being water views and proximity to water or mountain activities.” Lake and ocean views combined for an overwhelming majority of the preferred attributes surveyed with mountain views coming second.

Martin added that while spa and medical facilities have exhibited recent high growth rate forecasts in recent studies, respondents did not translate that growth into the highest motivation for second home purchases. Green-based second homes also did not show the highest appeal, nor has golf amenities translated into sales.

The appeal of being close to the water with an ocean view should help keep our beautiful Caribbean Islands as an attractive 2nd home location in the next few years. Contact a Coldwell Banker agent with any questions you have on investing in our real estate.

e360’s latest 2nd Home Trend Report, conducted this past June/July, shows positive signs for the Coldwell Banker Island Affiliates, throughout the Caribbean. The report surveyed existing second home buyers on preferences for timing, attributes, location, and pricing of an additional second home purchase.

Of those 45% indicating that they are in the market for a second home, Mexico was the top international destination with more than half of the total interest. More impressively, of the remaining 54% who indicated that now would not be a good time to buy, 79% indicated that they would be likely or very likely to purchase in the next 2 years.

As consistent with current market trends, lifestyle and vacation attributes are the leading motivator at 46%. Investment purposes showed 41%. Second home purchases for the purpose of retirement ranked 3rd at just over 11%.

The desire for a second home geared for vacation purposes is not a surprising finding. E360’s Global Research Analyst, Chad Martin, said “This is a consistent trend with the preferred attributes of the buyer being water views and proximity to water or mountain activities.” Lake and ocean views combined for an overwhelming majority of the preferred attributes surveyed with mountain views coming second.

Martin added that while spa and medical facilities have exhibited recent high growth rate forecasts in recent studies, respondents did not translate that growth into the highest motivation for second home purchases. Green-based second homes also did not show the highest appeal, nor has golf amenities translated into sales.

The appeal of being close to the water with an ocean view should help keep our beautiful Caribbean Island as an attractive 2nd home location in the next few years. Contact a Coldwell Banker agent with any questions you have on investing in our real estate.

e360’s latest 2nd Home Trend Report, conducted this past June/July, shows positive signs for the Coldwell Banker Island Affiliates, throughout the Caribbean. The report surveyed existing second home buyers on preferences for timing, attributes, location, and pricing of an additional second home purchase.

Of those 45% indicating that they are in the market for a second home, Mexico was the top international destination with more than half of the total interest. More impressively, of the remaining 54% who indicated that now would not be a good time to buy, 79% indicated that they would be likely or very likely to purchase in the next 2 years.

As consistent with current market trends, lifestyle and vacation attributes are the leading motivator at 46%. Investment purposes showed 41%. Second home purchases for the purpose of retirement ranked 3rd at just over 11%.

The desire for a second home geared for vacation purposes is not a surprising finding. E360’s Global Research Analyst, Chad Martin, said “This is a consistent trend with the preferred attributes of the buyer being water views and proximity to water or mountain activities.” Lake and ocean views combined for an overwhelming majority of the preferred attributes surveyed with mountain views coming second.

Martin added that while spa and medical facilities have exhibited recent high growth rate forecasts in recent studies, respondents did not translate that growth into the highest motivation for second home purchases. Green-based second homes also did not show the highest appeal, nor has golf amenities translated into sales.

The appeal of being close to the water with an ocean view should help keep our beautiful Caribbean Island as an attractive 2nd home location in the next few years. Contact a Coldwell Banker agent with any questions you have on investing in our real estate.

e360’s latest 2nd Home Trend Report, conducted this past June/July, shows positive signs for the Coldwell Banker Island Affiliates, throughout the Caribbean. The report surveyed existing second home buyers on preferences for timing, attributes, location, and pricing of an additional second home purchase.

Of those 45% indicating that they are in the market for a second home, Mexico was the top international destination with more than half of the total interest. More impressively, of the remaining 54% who indicated that now would not be a good time to buy, 79% indicated that they would be likely or very likely to purchase in the next 2 years.

As consistent with current market trends, lifestyle and vacation attributes are the leading motivator at 46%. Investment purposes showed 41%. Second home purchases for the purpose of retirement ranked 3rd at just over 11%.

The desire for a second home geared for vacation purposes is not a surprising finding. E360’s Global Research Analyst, Chad Martin, said “This is a consistent trend with the preferred attributes of the buyer being water views and proximity to water or mountain activities.” Lake and ocean views combined for an overwhelming majority of the preferred attributes surveyed with mountain views coming second.

Martin added that while spa and medical facilities have exhibited recent high growth rate forecasts in recent studies, respondents did not translate that growth into the highest motivation for second home purchases. Green-based second homes also did not show the highest appeal, nor has golf amenities translated into sales.

The appeal of being close to the water with an ocean view should help keep our beautiful Caribbean Island as an attractive 2nd home location in the next few years. Contact a Coldwell Banker agent with any questions you have on investing in our real estate.

Article below was issued by The Free Press Newspaper, written by FP Staff, in the August 19, 2010 Edition…….

Soon an air of nostalgia will fill the empty walls of Cockburn Medical Centre in Grand Turk.

Pioneered by the National Museum through its intern Shalomar Forbes, new life will be added to the hospital as it features restored old photos of the capital’s first formal facilities which date back to the early 1960s.

Shalomar, who will be completing a degree in graphic design this year at Barry University in Miami, spent many hours restoring 14 old black-and-white prints of the Grand Turk medical facility.

She scanned the historic images, which are part of the permanent collection at the National Museum, and cleaned them up using special software.

“The original pictures were so small, about 2 inches square, and enlarging them proved very difficult,” Shalomar said. “They are over 50 years old, and every small scratch or spot became huge once we scanned them in.”

However, her hard work was not in vain, and the photos were enlarged more than five times their original size. Some of the restored images show the Grand Turk hospital, nurse Bailey and images of the probationary nurses’ class which were all photographed by Allan Bishop in the early 1960s.

Brian Hogan, NHIB’s chief executive officer, said it was an appropriate way to pay tribute to medical pioneers that laid the foundation of the modern medical system.

“We felt that incorporating a bit of TCI’s healthcare history was the best way to demonstrate our appreciation to healthcare professionals and remind people how TCI’s healthcare system has evolved.”

National Museum Director Neal Hitch said medicine has come a long way since the first facilities.

“Medical facilities were at a minimum in the Turks and Caicos during 1960s with a 16 bed hospital on Grand Turk, a small operating theatre, an X-ray machine with limited capacity and a rudimentary laboratory,” Hitch said.

“Medical staff included two medical officers, one on Grand Turk and one in South Caicos. The staff at the Grand Turk hospital consisted of a matron, four staff nurses, three probationary nurses and one nurse working as a midwife.”

During 1960, eight women from the Caicos Islands were recruited and trained in Grand Turk to be midwives, he said. They were considered settlement nurses and were provided with a nurse’s bag, dressing, scissors, and a stretcher on which to evacuate very ill patients.

Prior to that, many local settlements were without any trained medical help. By 1967 the Grand Turk hospital was aided by four medical clinics in the islands, in Grand Turk, Salt Cay, South Caicos and Bottle Creek on North Caicos. Much changed by 1970 when medical staff included two doctors, one dentist, one matron, seven staff nurses, nine settlement nurses, nine probationary nurses and two public health inspectors.

Hogan said they showed current staff members the historic prints before they were taken for framing, and one recognized a family member.

“We hope that persons visiting our offices will take time out to look at the amazing prints; who knows, you might see yourself, a family member or a friend,” Hogan said.

Anyone who owns black-and-white prints showcasing the health sector, hospitality or utility sector is encouraged to contact the museum.

The government of St. Kitts and Nevis is working to reduce bureaucratic red tape and make it easier to do business in the federation. Currently there are eight steps to incorporate a company locally, which involves interfacing with many government agencies.

Reviews will be undertaken to simplify and lessen this process and make the application a one-stop job.

The reforms were prompted after the federation was ranked number 76 out of 183 countries in the World Bank Doing Business Project, which provides objective measures of business regulations and their enforcement. The rankings are from the Doing Business 2010 report, covering the period June 2008 through May 2009.

The Berry Island chain, located just 120 miles east of Miami, is best known for its fantastic Bahamas real estate opportunities and superb fishing. Miles of flats are laden with bonefish and permit, the deeps are loaded with game fish and the reefs are teaming with snapper, grouper and hogfish. Definitely an angler’s dream! However, these islands offer plenty for the non-fisherman as well.
Great Harbour Cay, the “capital” of the Berry Islands, is an ideal spot for families! There is virtually no crime on the island. It is relatively small and easy to get around in a golf cart or jeep. It offers all the necessities, such as an international airport, full service marina, 9 holes of golf, grocery stores, restaurants and a medical clinic. Best of all, there are five splendid miles of white, powdery sand beaches that line the east side of the island.
The north end, called Sugar Beach, is an undeveloped stretch, boasting wild beauty with lush green hills, caves to explore and secluded coves. The sea here has more wave activity, perfect for body-surfing. Heading south along Great Harbour Cay Drive, one can marvel at the beautiful beach homes. Many of these are second homes are owned by people from across the globe.
Midway along the island coast is a wide expanse of beach, jutting out into a point. This beach is called “Hotel Point” and many say it is the most beautiful beach along the entire seven mile long island.
This tucked away spot will someday, perhaps, have a hotel, but for now, it is a secluded place, perfect for a picnic or a game of volleyball. When the tide is low, families often head down to Sand Dollar Beach, located at the southern tip of Great Harbour Cay. Here you can pick up literally handfuls of sand dollars.
This area of flats is bordered by Shark Creek, a mangrove creek that separates Great Harbour Cay from Haines Cay. This area is full of wildlife. Kayaking is a popular way to peacefully approach the many species of birds, such as the Spoon Bill Ibis and the Great Blue Heron. Looking down into the crystal clear water, you may likely see spotted eagle rays, sea turtles and maybe even a baby shark. Kids just love this spot. The shallows and the variety of sea life keep them occupied for hours.
After adventuring, there are a few popular restaurants on Great Harbour Cay. The Beach Club, established in 1970, is located directly across from the airport. They offer a variety of sandwiches and drinks, and, of course, world famous cheeseburgers.
The Rocky Hill restaurant is located in the Great Harbour Cay Marina. This poolside eatery offers lunch and dinner. It is a popular hangout for tourists and locals in the evenings.
For Bahamian fare, visitors head into the “Village” to Coolie Mae’s overlooking the sea. The village of Bullock’s Harbour has several small grocery stores stocked with all the necessities. Also located in town is the post office, clinic, administrative office, mail boat dock, playground and the school.
As you can see, Great Harbour Cay really has plenty to offer besides fishing. Many first timers come for a visit. Some instantly decide this is where they want to build their island home so they can always come back to enjoy this island paradise.