barbados property news dec jan 2015

Alleyne Real Estate - Page 10

BARBADOS

www.barbadospropertynews.com December - January 2015 Issue 96

Endorsed by theBarbados Estate Agents andValuers Association Inc.

Port Ferdinand - Page 15

Apes Hill - Page 19

Ron Karp Realty - Page 68

PROPERTYNEWS

FREE& ONLINE

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It should be the time of the year when we set aside major businessdecisions and reflect on the meaning of Christmas and themessage therein with family and friends. However, thats neverbeen the way in Barbados and although the season of goodwill isvery much part of our social culture many property owners planrefurbishment and renovations pre the festive season. Other peoplethink of the year ahead and the prospect of moving to a new homewhile some visitors will fall in love with our island and carefullyinvestigate the pages of Barbados Property News in search of asecond home. Some returning nationals will do likewise withperhaps a plan for the future to retire in their homeland.Although our laidback lifestyle suggests otherwise, theres plentyhappening over the festive season,especially in the property world.

And that includes Christmas shopping as many of our retail advertisershave excellent stores and a wide selection of options.

Its brave to expand your business in tough times so specialcongratulations to Standard and Ashley Furniture Homestore who haveopened impressive new stores. The new branch of the well-establishedStandard brand is at Wildey while the new Ashley Furniture Homestoreis prominently located close to the ABC Highway at the Bussa Roundabout.

Whatever you are looking for we hope you will find it in the pages ofthis festive edition of Barbados Property News. We would also like to thankour advertisers for all their support during 2014 and wish them and ourreaders a Happy Christmas and a prosperous 2015.Pamela Hiles Editor

Editors Comments

If you would like to advertise in Barbados Property Newscall Pam at 228-9122 or 232-0692

Publisher Hiltop Publications Ltd,11 Cottage Ridge, St George, Barbados,BB19071Tel (246) 228-9122, Fax (246) 228-0243Email: sportingb@caribsurf.comwww.sportingbarbados.comwww.barbadospropertynews.comwww.caribbeanpropertymag.comwww.caribbeanmortgageservices.com

Editor/Advertising Pamela L Hiles

Design and Art Direction 809

Distribution Hiltop Publications Ltd,Brians Print Brokerage

Printing Coles Printery

The Material and editorial contained in thispublication have been deemed accurate at thetime of going to print. The views expressed aseditorial are those of the Editor unless statedotherwise. No part of this publication may bereproduced without the consent of thepermission of Hiltop Publications Ltd.

On the Cover:Port Ferdinand

Above: Pamela Hiles, Editor withGael Alluard on the opening ofAshley Furniture Homestore

Millhouse & Home , Canewood St. Michael Mon-Fri 10-6 Saturday 9-5 Sunday 11-4 (246) 424-7160 www.gajahhome.com join the conversation

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Travel the world, one item at time, with Gajah! Embrace warm rustic tones, distinct ethnic pieces and crisp hues as you dive into the diverse culturalmetropolis that is Istanbul. The center of the Eastern world, a cultural mecca for European, Asian and African civilizations waits to be explored. Visit us in-store or online to see everything you need to see the world, in your very own home!

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2014 Wolseley. All rights reserved.

Browse our spacious showroom at Canewood Industrial Estate for quality appliances by SMEG, BOSCH and U-LINE. See the latest sanitary ware and plumbing products from Kohler, Duravit, Hansgrohe and

Grohe. We also feature architectural hardware by Rocky Mountain and Ashley Norton and lighting by Progress, Seagull and Feiss. Come in today to see all this and more!

#6 Canewood Industrial EstateSt. Michael246-627-0580

[email protected]

Visit us for a free consultation

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Standard opens newStore in Wildey

Feature

The Hon Donville Inniss,Minister of Industry, InternationalBusiness, Commerce and SmallBusiness Development was proudto open the state of the artStandard store in Wildey next toMQI. Standard first opened inBarbados in 1955 and it was awonderful moment for AnsalMcCals Nicholas Mouttet andStandard CEO Katrina Newtonwhen the ribbon was cut and thenew store was announced openafter only six weeks of preparation.Filled with furniture, appliancesand special display areas, thisstore has entered the modern eraand delivered what shoppers oftoday in Barbados are demanding.

Above from left to right: Standard CEO Katrina Newton, Ansal McCals Nicholas Mouttet & The HonDonville Inniss, Minister of Industry, International Business, Commerce and Small Business Development

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Tel: 246.427.1627/9 * Fax: [email protected]

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Christmas Gift Ideas!Archers Hall1. Antique 12 Tealight Holder2. Apothecary Guild Scented Candle3. Coral Candle Holders with abeautiful ocean mist fragrance

Carters4. Cocktail Shaker Stainless Steel#250011435 - $58.455. Weber One Touch Kettle Gold22in. #500010665 - $495.006. Birds Nest Candle Holders 12cmAssorted Colours#700021627 - $13.90 * sold separately

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Dwellings1. Pineapple Ginger Diffuser - $119.952. Stonewall Pancake Maker -$129.95 3. Pancake Mix - $24.95

Eddo4. Bamboo Lamp $840.005. Vase $243.00 6. Baskets sm $106.00

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Christmas Gift Ideas!Gajah1. Red Gladiolus Artificial Flower -$22 each2. Wine Glass with Tiny Gem stem -$44 each or Champagne Flute withTIny Gem Stem - $44 each3. Glitter Tapered Metallic Candle -$23 pair

Natz4. Water Colour Effect Mirror Box$128.95 (73785)5. Hexagon Mirror Inlay 3 DrawerChest $1,879.60 (SF2183)6. Classic Clear Crystal Table Lamp$394.50 (L21285)

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Sort Your Stuff1, 2 & 3. Give FUNction - neworganizing products that makegreat gifts! Shown - Hand andFoot Nail Clippers, Owl EmeryBoard & Lane Sunglasses Case

Walkers World4. Olive branch bottle - $25.955. Vintage Wall clocks from - $54.956. Fragranced Candles - $19.95

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Perhaps it had to happen in thewake of global and local lendingscandals, and higher delinquencylevels, but the tighter controls,intensive scrutiny and longerprocessing time might suggestlenders have lost some of theirappetite for lending. Given thatlending is where lenders make theirmoney this should only be a short-

term strategy, but despite the advertising and public statementsby several leading lenders, the experience at grassroots suggestsotherwise.Lets be honest-processing loans, especially mortgages, has

always been a nightmare in Barbados and the time taken to makeelementary lending decisions has been excessive. Why a customerhas to wait weeks, even months, for a decision that could be madein minutes is difficult to comprehend in an electronic age whenso much information is available at the flick of a button. Manylending houses in developed countries offer a Mortgage Certificatewithin hours of receiving the application, all of course subject toverifications and formal documentation. Sadly, we seem to bemoving in the other direction. Processing takes longer with thebigger lenders, and it now appears to take just as long with thesmaller lenders despite claims to the contrary. Approvals withsome lenders are being diverted to adjudicators off island inlending centres, many lending officers are less proactive and dontfight for the business, and some of them have becomedisillusioned by staff cuts, changes in lending policies and anoverall drop in company morale. It all points to a gloomy picture and the problem is exacerbatedby the fact that the entire lending process takes too long and thatmeans other businesses are affected. At least one peripherallender prefers to lend on cars not houses, which is a sad reflectionon the strength of real estate or perhaps to be more accurate, onthe lack of efficiencies within the industry especially the buyingand selling process.

Unfortunately theres nobody willing to take up the mantle andeffect change. Government is preoccupied trying to sort out thenational economy and seemingly oblivious to the benefits ofstimulating the mortgage market and subsequently the propertyand construction industries. The time taken to convey in Barbadosis abominable, but achieving change in the legal industry iscomplex and virtually impossible. Ironically, Paul Doyle at theCrane Resort has a solution as their properties are sold within atrust company structure and the business is conducted off islandwith transaction time one afternoon! Obviously there is nomortgage involved but thats still very impressive.This timeframe is impossible to achieve using traditional

conveyancing procedures, but if the lending industry is ever tobecome more efficient then it has to take the initiative from within.This means a more proactive user-friendly approach toprocessing, more use of experienced mortgage brokers who canpre-vet and do much of the lending legwork, quick approvals andturnaround times, pay for the valuation reports and get themwithin two days, and only use lawyers that deliver expediency andefficiency. There was a time when lenders were raising the bar in their

industry and introducing higher standards with both products andprocessing, but it seems their appetite has waned in the past 12months. Competition should provide a natural medium for betterproducts and processing, but this has also waned and as a resultthe lending market has become stale and depressed. It needs kick-started and if it doesnt come from within then perhaps BEAVA,the voice of local estate agents should meet with the lenders. Wehave endured a soft property market for seven years so now is thetime to stimulate it and lending is a vital component of thatprocess. Sorry to be so negative at this happy time of the year, but as

everyone knows in Barbados, business grinds to a halt inDecember so lets not expect too much too soon.In the meantime Happy Christmas and best wishes for 2015.

Clarence Hiles

Have Lenders LostTheir Apetite For Lending?

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Subject to normal lending criteria. Special conditions apply



49

Above: Mr. Sanjay Amin (centre), Chair of the RICS CaribbeanBoard with Ms. Lorella Paterson, RICS Americas Head ofDevelopment and Members Services (left) and Ms. Carmel Haynes,RICS Caribbean Member Services Support Coordinator.

Real Estate Conference Feature

The Royal Institution of Chartered Surveyors (RICS) successfullystaged the largest real estate conference hosted in Barbados in overa decade between October 21 and 22, 2014 at the Hilton Barbados.The conference, hosted for the third year in collaboration with theInternational Property Tax Institute, brought together over 130property and construction professionals from across the Americas,and as far away as Europe and Africa, to discuss trends and bestpractice in property development. Held under the theme:Managing Risks in Real Estate and Construction, the eventfeatured truly interactive panel sessions and offered participantsdistinct cross-border networking opportunities with seniorprofessionals and potential business partners.RICS Caribbean Board Chair, Mr. Sanjay Amin, said of the

conference: The RICS is a global institution that promotes andenforces the highest professional qualifications and standards in thedevelopment of land, real estate, construction and infrastructure. InBarbados and the Caribbean at large, valuing commercial andresidential properties in recent times has become extremelychallenging. Therefore, this conference served as the perfect forumto share with, and receive feedback from our members on initiativesbeing undertaken by regulators in the Caribbean and multilaterallending agencies, such as the International Monetary Fund, that willhave an impact on not only the way we do business, but also ourclients and financial institutions.

Barbados Office I Orena I St. Lawrence Main Road I Christ Church I Barbados I T 1 246 428 8091 I E [email protected] I www.bcqs.com

B A H A M A S B A R B A D O S B R A Z I L B V I C A Y M A N I S L A N D S G U Y A N A J A M A I C A S T L U C I A T R I N I D A D & T O B A G O T U R K S & C A I C O S

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It was a night toremember at the historicCrane Residential Resorton Saturday, October 11thas over 200 speciallyinvited guests joined theOran family in celebratingthe silver and goldenanniversaries of SheratonMall and Oran Ltd.

Hosted by founder Marshall Oran, along with sonScott and daughter-in-law Sharon, honouringrelationships was the theme of the night. Eachcompanys corporate partners were acknowledged andthanked for their respective contributions to theongoing success of the two companies while severalmembers of management and staff were present toshare in the prestigious milestones.

Orans CelebrateBusiness Longevity

Feature

54

Above left: Sir Trevor Carmichael and Sharon Oran Above: From left to right:Arel, Scott, Sharon, Justin and Marshall Oran

a modern gated community overlooking the St George Valley.Studio, one, two bedrooms and townhouses are all on offer witha communal swimming pool and facilities. Centrally located withsplendid views, sales have been going well and is already hometo some. Contact [email protected] for moreinformation.

Boarded HallGreen Launched

Real Estate News

The Hon. Chistopher Sinckler MP, Minister of Finance (abovefar left) did the honours and officially opened the new BoardedHall Development recently. Situated near the roundabout inBoarded Hall in St George, this new development fromentrepreneurs Tony Hoyos (above far right) and Colin Brewer is

ambiance highlighted by the highest quality Italian fixtures andfittings and gorgeous white marble tiles throughout. Theproximity to the water is unique and very few west coast homescan boast such fantastic vistas from almost every room. Villa Bonita is the definition of west coast luxury and a homethat any family will truly love and enjoy. For more informationcontact: [email protected] or visit www.jalbarbados.com

Agents ViewVilla Bonita

Real Estate News

Alleyne Real Estate recently held an open evening for agents atthe marvelous Villa Bonita. This home was recently completedand is a shining example of the very best in luxury beachfrontproperty available on Barbados Platinum Coast. Sitting on an elevated position in Prospect Bay, St. James, thisnewly constructed six bedroom, five and a half bathroom luxuryvilla is simply stunning. Offering over 9,200 square feet of livingspace, Villa Bonita is truly elegant with a sleek, luxurious

Crane launches new privateLuxury Residences

Real Estate News

The Crane officially launchedtheir new luxury PrivateResidences at the Crane! Thisnew ownership option willallow buyers to actually call apiece of the beautiful resorttheir home. Two buildingswith over 90 spacious twoand three bedroomapartments are set to be builtbehind buildings 4 and 5 withsea views and garden views.

Private residence owners will be immediately part of anestablished luxury resort community with completed world-classamentities and servives. For more information [email protected]

Patrick Nehaul and Paul Doyle

Chris deCaires & Clarence Hiles

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Veteran realtor Suzanne Davis was returned for a secondconsecutive term to head the industry's umbrella body, BarbadosEstate Agents and Valuers Association (BEAVA). She was re-elected unopposed at the annual general meeting held this pastDecember 04, 2014 at Savannah Hotel. She will be ably assisted by Vice President George Ramsey,Secretary Alkins Kirton, Treasurer Sonia Field and ordinarymembers, Pooka Yhap, David Coombes, Paul Alleyne, CurtisPounder and Rae Stollmeyer. Mrs Davis bade farewell to board members Tania Wallace,Cherita O'dell and Hayden Hutton who did not seek re-electionand thanked each one, including those who returned to serve,for their sterling contribution over the past years.

BEAVA NewsReal Estate News

She now looks to a new year which she is excited to embraceas there has been an "upswing in the real estate industry and weare hoping for a very successful winter"."We expect to have a lot of visitors," she tells Barbados PropertyNews, "and with the world economy improving we can surelyexpect a fantastic winter, in fact we are starting to see the effectsof it already." She adds that next year will see, among other projects, acontinuation of the educational seminars that BEAVA has beensuccessfully hosting throughout 2014 and will keep membersapprised of plans to give BEAVA a larger presence locally. "I also wish to take this opportunity to wish members and theirfamilies a Merry Christmas and Prosperous New Year."

Above: Returning President Suzanne Davis (front at centre) flanked by board members: (front left to right, Curtis Pounder, Pooka Yhap,Rae Stollmeyer, Alkins Kirton. (Back L-R) George Ramsey, Paul Alleyne, David Coombes

Minister of Industry, InternationalBusiness, Commerce and SmallBusiness Development, the Hon.Donville Inniss MP (left) officiallyopened the impressive new AshleyFurniture Homestore at Haggatt Hallwith a large number of dignitariesand patrons in attendance includingthe United States Ambassador toBarbados Dr. Larry Palmer. Ashley is

one of the biggest furniture manufacturing names in the UnitedStates and continues its expansion across the world with this jointenterprise with local entrepreneurs Luis Carrillo and Gael Alluardof Dwellings fame. The store, the 545th international one, offers amagnificent display of high quality furniture designs and lifestyleproducts and is certain to be a big hit with local customers as thequality is high and the prices are keen. One thing is certain-seeingis believing so a visit to the Homestore is essential.

Ashley Furnitureopens in Haggatt Hall

Feature

Above: Helpful staff at Ashley Furniture

it all at the beautiful Dwellings. Pictured are some of the patronsenjoying the early bargains. There is still plenty to buy atDwellings so head on down to Mill House and Home for thatspecial gift.

Dwellings hostsShoppers evening

Feature

Dwellings held their annual Christmas preview evening for loyalshoppers at the end of October. The store is filled with temptingdecorations and gifts for everyone this Christmas. Whether itssomething small like a candle or a kitchen appliance or a moresubstancial piece like a new dining room suite or bed, youll find

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Evans Husbands, representatives from Altman Real Estate andRealtors and management and staff from First Citizens Bank. Stopinto Natz in the Williams Industrial Park in Warrens and get yourhome ready for Christmas! Above far right: Natalie Manning of Natz with guests

Natz comes alivewith Christmas

Feature

Natz Home Furnishings had specially invited guests to view theirChristmas goodies recently. As always, innovative Christmasdecorations and accessories were on display. The store is filled witha variety of ideas for that difficult person, including jewellery.Among the guests were local businessmen Bizzy Williams and

FINAL PHASE ONLYFIVE UNITS LEFTPRICES STARTING ATBDS$425,000

NOWSELLING

Land/Construction detached single storey homes 1,200 sq ft three-bedroom design

Small community of 15 units in quiet cul-de-sac Plot sizes approx 4,000-4,500 sq ft.

First phase of 10 units sold and six completed Located just off Enterprise Road a few minutes drive from Oistins

Up to 100% mortgage facilities available

FOR MORE INFORMATION - [email protected] - 230 9215 Or visit website- www.carters-grove.com

barbados property news dec jan 2015

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