Although many of us would expect Covid 19 to trigger a reduction in second home demand, nothing could be further from the truth on the Caribbean Island of Turks & Caicos. The Sotheby’s Turks and Caicos office reportedly closed $70M in sales during the month of June. Some speculate that the high sales are the result of the reduced stamp duty on the islands, but is there something more significant driving these high sales volumes?
We caught up with Nina Siegenthaler, a Vice President at Turks & Caicos Sotheby’s International Realty to learn more, “We are finding purchasers are looking for the high-quality real estate and amenities that resorts like Grace Bay’s new Rock House Resort on the Islands of Turks & Caicos have to offer. Buyers are also attracted to the islands’ low-density nature and relative ease of access from main hubs across the [United States].”
Ms. Siegenthaler went on to add that her office’s buyers have been looking to secure properties for long-term stays rather than more typical short term stays that they’ve seen in the past. At The Extravagant we’ve taken into consideration the limitations placed on US citizens traveling abroad. Whereas Americans are facing serious limitations on European travel, this has not been the case for Americans visiting many Caribbean nations like the Turks & Caicos. With relative ease of access for both Americans and many other nationalities, Siegenthaler stated “These buyers are looking for commensurate high-end management teams with seasoned experience and the right set of residential amenities to provide security for their ownership and own enjoyment. With kids potentially schooling from home and adults opening up their work-from-home options, we foresee that personal usage of owners’ vacation homes in Turks and Caicos will increase above the averages of the past decade.”
Citing specifics from the The Agency Turks and Caicos‘s Q2 market report, we can learn that not only are sales up by 23% compared to Q2 of 2019, but the seemingly largest increase is the higher level of demand for luxury condominiums (priced over $1M), a 25% increase in number of sales compared to Q2 2019.
With choices ranging from brand new condos, to beachfront villas, and 30+ acre beach front parcels, the Turks & Caicos offer the variety necessary to please the most discerning of vacation home buyers. At the Rock House resort, one can choose from a selection of floorplans, including single family homes starting at 1,261 square feet. Homes on the resort’s 14 acres even enjoy private pools facing the resort’s 600 feet of ocean frontage.
Images Credit: Christie’s International Real Estate
If you’re seeking greater privacy and more living space than a luxury condo can provide, Cascade Villa, a six bedroom six and a half bath beachfront home, eagerly awaits its next buyer. This 9,800 square foot villa located on a half acre lot on Blue Mountain on the central north coast of Providenciales is hard to beat. The stunning white villa, which was built in 2015, is currently being offered for sale by Christie’s International Real Estate for $7,500,000 USD. Amenities include 100 feet of beachfront, six master bedrooms, outdoor showers and baths, as well as panoramic views of the ocean.
But for the buyer who truly requires nothing short of the best of the best, this 36+ acre undeveloped lot situated along Cotton Bay, Grace Bay Beach may be just the spot to develop a private compound or tourism project. This parcels six separately titled lots encompass over 1300 feet of pristine white-sand beach frontage. Offered at $65 million USD by Christie’s International Real Estate, the property offers close proximity to Blue Haven Marina, a harbor which can accommodate super yachts of up to 220 feet in length.
With seemingly endless stretches of stunningly beautiful white, sandy beaches, the Turks & Caicos certainly do offer an interesting appeal to a wide range of foreign second home buyers and investors.
Images Courtesy of: Rockhouse provided via Quinn PR
