Times of the Islands Summer 2015

A stroll along Grace Bay Beach, winner of numerous
accolades as “the most beautiful beach in the
world,” is the opportunity to view a variety of condominium
resort properties. Anchored by the trendy
Gansevoort Turks + Caicos at the beach’s western
end, nearly twenty condominium resorts spread along
the beach to The Venetian at its eastern end. Each is
unique in architecture and personality, yet all offer
upscale accommodations and sophisticated charm.
While the first decade of the millennium saw a boom in
construction of beachfront condominiums here, with
a tremendous pre-sales and after-sales market, development
is evolving with the addition of “back from
the beach” properties, as well as beachfront options in
other areas of the island, such as The Shore Club on
Long Bay Beach.
Condominium, or more correctly, “strata lot” ownership
is increasingly popular in the Turks & Caicos
Islands, presenting fewer responsibilities than a traditional
stand-alone home. Generally, a strata lot owner
is only directly responsible for interior maintenance
and for paying monthly strata fees. Insurance, external
repair and redecoration, pool and grounds maintenance
responsibilities and the like are shifted from
owner to management. Additionally, management
This view from the penthouse at Grace Bay Club helps explain why Providenciales is one of the world’s most treasured vacation destinations.
may administer rentals, though for an extra fee.
However, as with any big transaction, due diligence
is recommended before deciding to buy. A newly constructed
strata lot (condominium) is desirable, and
may have incentives, but there may be construction
issues during initial ownership. A re-sale strata lot
should have a track record that can be investigated,
but also may have increased maintenance requirements.
A structural survey of a new or re-sale strata
lot can provide peace of mind.
Be sure you read and understand strata by-laws.
Rules and regulations written into strata bylaws may
seem restrictive, but can encourage good standards
for the benefit of all owners. Typically, noise is reduced
by requiring fitted carpets and auditory restrictions
during night hours. Often, businesses and trades are
prohibited. Bylaws may restrict or even prohibit pets.
On-going monthly contributions towards maintenance,
etc., may seem burdensome, especially as
buildings age and require more upkeep. However,
don’t forget that an owner of a standalone home is
solely responsible for upkeep, whereas strata lot owners
may share responsibility and together accumulate
reserves over time. An accumulated reserve is known
as a “sinking fund.” A sinking fund spreads out payment
for capital replacement projects over time and ming pool or parking area. The owner of the pool or
between all owners.
parking may have the ability to increase contributions
If a development is extravagantly maintained, unreasonably.
ongoing contributions may seem excessive; but if Ask about upcoming costs, say for the elevator or
poorly maintained, a development may be less desirable
and so reflect badly on re-sale values and rentals. tions can be required unless an adequate sinking fund
roof, as immediate and unexpected owner contribu-
Look for an acceptable balance.
has accumulated. A survey may assist with determining
likely upcoming contributions.
Find out if the development is obliged to buy in
facilities for the benefit for owners, say use of a swim- If buying a re-sale, investigate accounts for the last
The West Bay Club is perfectly positioned at the western end of Grace Bay Beach, where the beach is especially wide and tranquil. The resort
is now managed by Grace Bay Resorts, boasting a long and stellar history in the Turks & Caicos.
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