Turks & Caicos Islands Real Estate Winter/Spring 2019/20

speaks of the limited number of listings for the surging
market of buyers. This is reflected in an increase in the
median sell price by 15% to $315,000, with a quickening
in average days on market to 351. According to Turks
& Caicos Sotheby’s Third Quarter Market Report, this
is a good sign of market health. “There is solid, but not
overheated demand, with few short-term investors and,
instead, long-term lifestyle purchasers, with a handful of
investors targeting a longer horizon. And while the luxury
sector has certainly led the way, we are seeing strong
activity in all price segments, another good sign of overall
market health.”
Branded residences
Seemingly growing by the day are the Ritz-Carlton
Residences and Resort, the 12-story development on
Grace Bay Beach, just west of the Seven Stars Resort.
Now under construction for nearly two years, the project
encompasses a 124-room, European-style hotel, along
with two residential towers — one beachfront block of 36
condominums and a second behind it with an additional
24 suites. The contemporary, window-rich design offers a
variety of floor plans and sizes.
Also on the 10.5 acre property will be a casino, restaurants,
spa, wellness center, oceanfront pools and every
upscale amenity and the high level of service that Ritz-
Carlton connoisseurs expect.
The project is being exclusively listed by Regency
International Estates, TCI’s affiliates of Christie’s
International Estates. Agency directors Walter Gardiner
and Robert Greenwood were involved from its conception.
They believe that the introduction of this well-known,
luxury brand has raised the bar, with other Grace Bay
resorts already upgrading their facilities to “keep up.”
Although prices for the condominiums range from
$2.2 million to $3.5 million, nearly all of the beachfront
units have been sold. At 10%, the stamp duties alone
have boosted TCI Government revenue tremendously.
Gardiner notes that the majority of the buyers are from
North America and plan to use the properties as vacation
homes.
For many years, the lovely 5 1/2 acre beachfront parcel
to the west of Coral Gardens was blighted with the
remains of a partially constructed project (The Toscana).
The site will finally reach its true potential when Andaz
Turks & Caicos Residences at Grace Bay begins to take
shape, with site preparation and setting out well underway
for a targeted opening in 2021.
22 Turks & Caicos Islands Real Estate – The Official Magazine of the Turks & Caicos Real Estate Association