Luxury Real Estate

By Jim Walberg of Caribbean Islands Realty

So how does a surfer kid from Southern California end up falling in love with the Caribbean? Have you ever seen the surfing opportunities in Barbados and Tortola? If your answer is YES, then you know the other answer, too.

I arrived in Redondo Beach in 1948, and lived on the beach for the first 21 years of my life. I thought it was normal to live a block from the pier and enjoy all the Pacific Ocean offered - everyday! I thought all things connected to the Pacific Ocean were normal - sailing, surfing, diving, beach volleyball, pier fishing, boat deliveries to Mexico, and a hundred more activities. In hindsight I was one the luckiest kids I know because of growing up with amazing experiences connected to the Pacific Ocean - every day. I had no idea that my love for the ocean would lead me to the Caribbean Islands and then create an international real estate company.

A life changing discovery happened for me in the mid-1970s while on my first sailing adventure in the Caribbean. Up to that point I had only sailed in the Pacific and Mexico. My Caribbean sailing trips began in the BVI, and then broaden out over the years to sailing the entire chain of the Caribbean Islands.

I had no idea that the Caribbean had any surfing opportunities. So, during my Caribbean sailing adventures I discovered the “Soup Bowl” in Barbados, and Lambert Bay in the BVI. Not only are there some GREAT surf spots in the Caribbean, the beaches are breathtaking while you are sitting watching the left and right breaks. Did you know there is a surf shop, Totem, on St. Barts? St. Barts is my favorite jewel of the Caribbean for pure decadence. And, I could not believe there was a surf shop on the island. I still have a Totem decal on the back window of my Lexus SUV. The staff at Totem opened up a whole new world to explore - Caribbean surfing.

The best surfing in the Caribbean is in Barbados. Melanie Pitcher runs one of the best surfing schools in the Caribbean - Surf Barbados. And, boy can she surf. There is even a surf camp in the BVI on Tortola. I just discovered that one last year! So, you are probably thinking that I have the Caribbean scene wired after all of my discoveries the past 35 years of diligent detective work. You are mistaken. There is a life time of discoveries in this magical part of the world. That is why I keep coming back, and the reason why we are having so much fun serving our international real estate customer’s appetite for owning their piece of Paradise.

So, contact me about some of your favorite surf spots in the world, or for even information about your next home purchase in Paradise. Your Caribbean Islands lifestyle detective remains on duty!

By Tim Morgan of Cluttons Barbados

Property prices in Barbados are appreciating at between 10 – 15% per year at the middle of the market and often even higher at the luxury end, even during these harder economic times. The property market remains in a stage of growth and has been driven by a strong economy and well established tourism industry. Barbados also has fantastic amenities, golf courses, spas and restaurants with direct flights from major cities and let us not forget the great climate and beaches!. In recent months we have seen a considerable upturn in the high end market and we can only think that people are becoming less patient with the lifestyle in the UK…This has all led to a winning formula for British buyers.

In the recorded history of property on the island, property values have never declined. Unlike larger countries where property values have come under pressure from issues such as the financial downturn, Barbados property values have continued to show significant strength. It should be noted that the middle market developer or homeowner is now a little more flexible and will entertain some negotiation, however the property market in Barbados is currently holding its own.

It is widely believed that property in Barbados is owned by the rich and famous. Although this is still the case, over the years the market has spread and diversified with prices ranging from US$400,000 to US$40,000,000.

The west coast has some of the highest property prices in the world and now the south coast is seeing extreme expansion, development and growth due to fantastic beaches, amenities and lower prices.

Tim Morgan, managing director of Cluttons Barbados said: “Barbados is truly a beachfront island paradise with some of the most beautiful properties in the world. The market is currently strong, expanding and very exciting.”

The “Platinum” or West Coast

The west coast of Barbados begins on the outskirts of Bridgetown (Capital of Barbados) in the south and extends northward to Harrisons in the parish of St. Lucy at the northern tip of the island.

With the Four Seasons luxury residences and hotel under construction at Pile Bay, close to Batt’s Rock on the southern end of the west coast and the Portico condominiums very close by at Prospect St. James, this has shifted the critical mass of luxury property from the centrally located Holetown area where the Sandy Lane and Royal Westmoreland properties are located. There are a number of other west coast luxury beachfront developments on this stretch of coast with prices ranging from US$1m – US$10m.

Royal Westmoreland and Sandy Lane are currently the premier residential golf resorts on the west coast, with two more major golf developments currently well underway at Apes Hill and Banyan Tree. Barbados is very quickly becoming a major golf destination within the Caribbean and world. The Apes Hill development is located in an extremely beautiful part of the island that overlooks the west coast and in some parts, the east coast as well. One can purchase a one third acre plot of land for approximately US$500,000 and then have a villa designed and built for you. Banyan Tree has plans to build a five star resort that will encompass approximately 180 luxury villas starting at approximately US$3m each. Royal Westmoreland is an extremely well established prestigious golf resort with a host of wealthy and famous owners. The prices at Royal Westmoreland start at around US$520,000.

Heading northward along the west coast, there are numerous townhouse and condominium developments in the Mullins, St. Peter area, most of which are not directly on the beach but within easy walking distance to the beach starting around US$750,000.

Port St. Charles is a luxury residential marina development located just north of the historical Speightstown. One could purchase a resale villa directly on the beach for US$4m, however one bedroom apartments do start from around US$1m. The Barbados government has just announced a joint venture project with the Rosewood Hotel Group of the USA to build a five star hotel and villas project at the now defunct naval base at Harrisons Point at the northern end of the west coast. Looking further in the developer’s field, Cluttons has a 240 acre parcel of ocean front land that forms a part of the Harrison’s plantation for sale at US$50m

There are a number of new projects breaking ground on the Platinum west coast including Beachlands, a luxury US$200m development being planned by The Lewis Trust, who are also the owners of the River Island retail chain. In addition, it has been reported that Bruce Ritchie and Nick Leslau have teamed up and purchased a beachfront site to build a multi million dollar high end luxury residential development.

The market is currently strong and exciting on the prestigious west coast of Barbados.

The South Coast

The south coast begins at Carlisle Bay in Bridgetown and heads in an easterly direction towards East point on the Atlantic east coast.

The south coast has seen tremendous growth within the last five years. There are a number of new developments under construction and the prices are lower than on the west coast, which suit the middle market and investment purchaser very well.

Higher end developments include The Palm Beach Condominiums which are spacious and offer very good value with quality finishes. These units are 2,200 square feet and larger and start at US$950,000. The Sapphire Beach Condominiums and White Sands Villas are two very good examples of new developments in the heart of the south coast. They both have direct beach access and start at US$700,000 for a one bedroom unit.

Prices on the south coast range from US$350,000 – US$2,000,000.

With real estate values declining in some of the world’s more established and developed economies, many investors are seeking countries where property values are still climbing. Barbados offers very good property investment possibilities as the island is stable and growing and the south coast is still very much affordable.

The East Coast

The east coast is on the stunning Atlantic side of Barbados and there are clear indications that will soon be starting to see plans for hotels and property developments on this side of the island. Watch this space.

The rental market for villas and condominiums is expanding and generating a good rate of return for homeowners. A conservative net return of 8 – 15% is achievable through a good marketing strategy and solid property management programme. Full service luxury villas can be rented that include chefs, housekeepers, butlers and even a water sports boat drivers if required. Most rental customers become repeat clients so the market is renewing and growing, which is positive. Flights to Barbados are cheaper than people think ranging from US$600 which is another fundamental reason why tourism across Barbados is growing.

Barbados continues to diversify with world class restaurants and a host of activities including sailing, golf, sports fishing, tennis, polo and surfing and visitor numbers continue to grow steadily. Everyone loves the island for its friendly people, laid back lifestyle and warm, Caribbean flavour. There are even home comforts in Barbados with supermarkets stocking Waitrose and Marks and Spencer products. In fact Barbados is known as “Little England” as there are quite a few similarities and an obvious English influence.

History has shown that during harder financial times and even recessions Barbados is effected for the shortest period only whilst people are uncertain and decide not to make a decision. Then as people start to make sense of things and even become fed up they tend to want to be in or buy a home in Barbados. Not to add insult to injury or be disrespectful during this current global financial climate, Barbados has in the past always performed well as more established and international markets are in decline and then Barbados again benefits as these more international markets bounce back. We feel that it comes down to a few major factors;

Supply & Demand

Barbados offers 430 square kilometres / 166 square miles of natural beauty. Barbados has a vast selection of luxury and investment homes and although the island is not overdeveloped it is limited in land capacity in comparison to most places in the world. Barbados is simply stunning and provides every visitor and homeowner an apparelled experience. Barbados is certainly a haven for luxury, enjoyment and relaxation.

Easy & Direct Access -

Direct flights via all major airlines arrive at Grantley Adams International Airport in Barbados at least once daily from most major airports in Europe and North America especially the UK, US and Canada. Grantley Adams International Airport has recently undergone a US$150m upgrade and expansion. Direct flights into Barbados make access very easy for travellers.

Secure, Proven and Established Investment with Considerable Growth Potential -

We are all seeing the decline of stock markets, currencies, bank / retirement savings and property values and as this happens there is a need for a stronger and proven investment and Barbados property offers just that with all the benefits of a great lifestyle. Due to these trends it is said that there are only two things to invest in during a recession or depression Gold and Property in Barbados.

“Cash is King” and this has always benefited Barbados as the super rich enjoy our beautiful island - The West Coast of Barbados is well known for its celebrity and ultra wealthy visitors and homeowners such as Simon Cowell, Mick Jagger, Hugh Grant, David & Victoria Beckham, Wayne & Colleen Rooney, Princes William & Harry, Queen Elizabeth II, The Blairs, Sir Cliff Richard, Jeremy Clarkson, Tom Cruise, Tiger Woods, Oprah Winfrey, George Clooney, Michael Schumacher, Amy Winehouse, The Rausing Family, Sir Philip Green, Michael Winner, David Frost, Madonna, Andrew Lloyd Webber, Lulu, Rihanna (born in Barbados), Sir Elton John, Richard Branson, Andrei Shevchenko, Sir Alex Ferguson, Roman Abramovich, Sting, Armani, The late Pavarotti……The list is simply endless as are the private jets lining the run ways…. Expedia voted Barbados as the number one destination in the world to spot a “celebrity”. The reason we list only a tiny number of the more well known names is not to sound like a cheap tabloid but to indicate the support, investment and attraction we have as an island. This is the reality of the market place in Barbados and it is growing and now thankfully the market has started to diversify and expand into the middle markets. The security within our property market is that prices remain stable and grow as owners are not desperate to sell due to their wealthy and the middle markets are able to secure rental income to offset the related costs as Barbados tourism is also still doing well.

and Lifestyle -

Our internal research has shown that people tend to review their own “lifestyle” or standard of living during harder financial times. Maybe it’s a time to stop for a moment and review everything. Many of our clients say that the personal sacrifices and work loads are far more appealing when living in or looking forward to their next trip to Barbados. In addition, a growing number of our clients are choosing Barbados as the perfect spot in the world to retire. Barbados can offer everything to everyone - relaxation, luxury living, modern communication and technology, modern and established banking, offshore, legal and business systems, professionals and facilities, international fine dining and local Caribbean cuisine restaurants, modern amenities, fantastic golf, polo, horse racing; modern VIP cinemas, Cable TV (with English Football & Rugby), great bars for every age, stunning beaches, water sports and of course the all year round sunny climate which allows for great outside living. Barbados is a very safe island with lovely people and an extremely low crime rate which is why Barbados is also so popular with families.

Notes:

Cluttons LLP is an independent partnership of chartered surveyors founded in 1765. With a network of offices in the UK, Europe, Caribbean, Middle East and South Africa, Cluttons LLP offers a wide range of professional property management, agency and consultancy services across the commercial and residential sectors, for both investors and occupiers. For further information, please see: www.cluttons.com

By Kieran Kelly of Cluttons Barbados

The England and Manchester United star and wife Coleen have decided on the Caribbean mansion after recommendations from a number for celebrity friends who have also purchased a luxury home at Royal Westmoreland, Barbados. Many English newspapers have reported that Royal Westmoreland has owners such as Wayne & Coleen Rooney, Joe Calzaghe, Ian Woosnam, Gary Lineker, Ashley & Cheryl Cole, Rio Ferdinand, Steve McLaren, Mike Gatting, Ant & Dec, Michael Vaughan, Andrew Flintoff and Kevin Pietersen, to name only a few of the more well known.

Wayne and wife Coleen chose their property — on the exclusive golfing estate in Barbados — from architect’s drawings. It has seven bedrooms, a cinema, swimming pool, Jacuzzi and a gym designed by Wayne. In addition Wayne, 23, and Coleen, 22, are installing a £35,000 security system before moving in on the 750-acre Royal Westmoreland Estate.

The villa overlooks a golf course and celebrities’ hideaway "Mullin’s Beach" on the Platinum West Coast of the island.

Kieran Kelly, Chairman of Cluttons Barbados, www.cluttonsbarbados.com, exclusive agents for Royal Westmoreland, was unable to comment, however did confirm that Royal Westmoreland is a very popular golfing estate for celebrities. Many of our clients are extremely wealthy or of celebrity status and Barbados and especially Royal Westmoreland is a "safe haven" to escape from the paparazzi and enjoy the luxuries related to owning a multi million pound home on one of the best golfing estates in the world. It is fantastic that Royal Westmoreland has proven so popular as the resort owner and developer John Morphet has invested heavily to ensure his owners have the finest homes, championship golf course, facilities, security and amenities. Cluttons Barbados is extremely proud to be involved with the property sales of Royal Westmoreland.

By Robert Lockard

Cluttons Barbados, a member of LuxuryRealEstate.com, has re-branded itself as an associate office of Cluttons LLP and re-launched its website: www.cluttonsbarbados.com. Cluttons LLP was established in 1765 and has offices throughout the United Kingdom, Europe, Middle East, South Africa and now Barbados in the Caribbean.

Cluttons Barbados is one of the Barbados’ leading estate agencies, providing service to home buyers, home owners, property developers and investors, fund and real-estate investment companies and global hotel chains. Check out their website for more information!


Editor’s Note:
Robert Lockard is the Public Relations & Media Specialist with LuxuryRealEstate.com. I am Robert. I create all of Luxury Real Estate’s newsletters, write the editorials in LuxuryRealEstate.com Magazine and much more. It’s exciting to see LuxuryRealEstate.com’s international growth, and it is thanks in large part to the efforts of Global Services Membership Manager Jean-Yves Piton and Board of Regents Program Director Bente Madtsen.