Port Ferdinand - Page 11

BARBADOS

www.barbadospropertynews.com June - July 2014 Issue 93

Endorsed by theBarbados Estate Agents andValuers Association Inc.

Natz celebrates one year in their new Warrens home - Page 42

Altman Real Estate - Page 13

Apes Hill - Page 17

PROPERTYNEWS

FREE&

ONLINE

Welcome to another edition of Barbados Property News.In the old days things went quiet in the property market during the summer

months, but the world has changed and there is just as much activity now as over theChristmas period. Certainly with Crop Over and CPL (Caribbean Premier League)cricket on the horizon there will be plenty of people visiting the island and thats greatnews for hotels, villa owners, retail outlets and realestate agents. Weve also included our annual Wedding Special inthis edition as we know weddings mean first-timeproperty buyers or renters and they will be scanningthese pages for a place to live. And of course, many

of our readers are existing homeowners and they will be looking for placesto buy presents and what better than something for the new home? Barbados Property News highlights properties for sale or rent, property

products and property services. We hope you find something to suit yourneeds either in this hard copy or the electronic copy atwww.barbadospropertynews.com which goes all over the world. And thereason we know it goes far and wide is because our international readerstell us!

Pamela HilesEditor

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: The Natz team: Sitting- Natalie Manning, Annelise Inniss.Standing - Ann Hunte, Erica Gibbs& Maria Gibbs

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

wolseley_showroom@live.com

Disc ScrubberBDS 43/175Scrubs & polishes oors

$2999.99Inc VAT.

Karcher Warrens Tel: 425-9999Karcher Wildey Tel: 426-9999sales@karcherbarbados.comwww.karcherbarbados.com

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SummerWeddings

Barbados Property News Feature

Gift Ideas

Walkers World1. Oval Photo Frame 8x10 - $89.952. Wedding keepsake boxes - $69.953. Mr.& Mrs.Gift Set with Cutlery -$99.95

All Prices VAT Inclusive andsubject to 10% Discount.

3

2

1

1

2

3

Carters1. SabichiCeramic/Acacia WoodServing Bowl -$130.602. Spirit SP320 S/Steel Barbecue3Burner plus Side Burner -$2286.993. Rocco Silver Ceramic Table Lamp- $201.82

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Archers Hall1. Dazzle Leaf Napkin Rings and Hurricane -$63.45BDS Vat Incl and Up2. Wave Design Vase - $47.74 BDS Vat Incl and Up3. Seashell Embellished Votives - $58.75 BDS Vat Incl

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Dwellings1. Kokomo Coverlet Set from $3292. 15 PC Kitchen Utensil Set - $119.953. 7 PC Cuisinart Cookware Set - $399.95

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1Gajah1. Prices: Alabaster Chip & Dip $1522. Salad Pearl Server $843. High Heel Bottle Opener $374. Salad Pearl Server $84

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3

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Sort Your Stuff1. Scoop Magazine Rack (#ML-5667) - $85.402. Quad Sorter (#6542) - $165.003. Scroll Wine Rack- (#48710) - $110.00

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Designer Decor1. Elephant garden stool $325.002. Green Lantern $75.003. Red jar w. lid $ 65.00

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3

1 2

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Standard Gifts1. Seaside Candle holder set - $1852. Round Capiz mirror - $4693. Green Retro lamp - $159

Life Uncluttered...

Cnr. Warrens Industrial Park, St. Michael. T 421-2087. www.sortyourstuffonline.com

STANDARD... WhereQuality Is A Lifestyle

RK Complex, The Pine, St.Michael, BarbadosTel: 246.427.1627/9 * Fax: 246.427.1642

info@designerdecorinc.com

Drapery Bedspreads & Bedskirts Pelmets & Blinds Custom Sofa Beds

we oerreupholstery

of furniture & cushions

did you know...

join the conversationjoin the conversation

Youve got to give it to Natalie Manning and her team at NatzHome Furnishings. A year ago she decided to take over almostdouble the space, at a time when most people in retail werethinking about downsizing. Some, including her well known dadBizzie Williams, thought she was crazy. A year down the line, her spacious new store houses everythingfrom lamps and vases to furniture area rugs and framed prints.A plethora of beautiful accessories to compliment any home.

Our prices are competitive and we get shoppers from allcorners of the island, says Natz.And when you just dont know what would look good in your

home, the interior design team are there to help you! Residential,

commercial they do it all! For Natalie, personalized service isthe key to her success as Jan and Evans Husbands, faithfulcustomers, will testify! Natalie is just excellent, enthuses Jan Husbands, She just

wants you to be happy and she wont suggest anything that shedoesnt think suits you or your home. Her staff areknowledgeable and the merchandise is always up to date.To celebrate Natz had a cocktail party for some of her faithfulsand has brought in a whole new range for the summer monthsahead. Go on over to Natz Home Furnishings in the WilliamsIndustrial Complex, Warrens and be prepared for a feast ofchoice.

Natz Celebrates FirstAnniversary of Dream Store

Feature

43

From L to R: Adriana King, Jose Atkinson and Chris Armstrong Christopher Parravicino, Jeremy Gunn& Lynn Williams

Guests chattingMichelle Barber & Sarah Clarke

44

Whatever happens on theinternational front eventuallyreaches the Caribbean and while theeffects of global recession took theirtime to penetrate the region, thedamage since 2008 has been huge.Small island economies havestruggled to come to terms withausterity methods and trying to taxyour way out of the problemcoupled with high borrowing has

certainly not worked in the Barbados economy. It remains to beseen if the government can turn it around amidst widespreadcriticism of their strategy and performance to date. The damage to the second home market and by association theconstruction industry has been profound. Second homebuyersvirtually disappeared in the early years of recession and althoughthe market is showing signs of recovery, it is a far cry from thehalcyon years pre-2008. Less building has meant less supplyalthough in time the delicate balance between supply and demandwill produce a more competitive market place. But the cost hasbeen painful with higher unemployment, less work in the pipeline,shorter working hours, and a serious trimming of expenditure.The knock-on effects in the financial sector have been tough.Lenders tightened their terms and conditions, although too lateto avoid serious damage and while they have tried to work withdelinquency, it was inevitable it would increase in both thecommercial and domestic sectors. High provision for bad debthas seriously dented the annual figures for banks in recent timesand newspapers are now regularly advertising repossessions andauctions, something of a rarity in Barbados previously. At the sametime lenders must lend or their business model dies. And theylive with the memory of their huge contribution to global demise,as it was lenders that sparked it off through reckless lending,fabricated assets, tardy regulation and a serious lack ofaccountability and consequently credibility. At local level only thelenders themselves know how much this impacted their assets,but there is a general feeling that the conservative approach tolending over many years on the island cushioned the blow. Six years later we live in a different world and wed like to think

lessons have been learned. The problems in Barbados were

miniscule compared to what happened in the United States, theUK and Ireland. Our prudent lending and conservatism probablysaved our bacon, but the American, UK and Irish taxpayers werenot so fortunate as their respective governments had to bail outlenders with billions of taxpayers funds. Governments have sincekept closer cognizance and involvement in the financial sector,not least as they have a colossal investment in it and perhaps tohelp erase the shocking lack of regulation by government that anumber of financial scandals exposed. Against this background the UKs Financial Conduct Authority

has recently ruffled a few feathers in the industry especially withmany lenders and prospective borrowers. Its Mortgage MarketReview has brought into effect more detailed scrutiny of themortgage application process and in particular the applicantslifestyle and how it might impact on their ability to repay a loan.As we all know there are a number of security checks already inplace strengthened by limitations on Loan-to-Value, but the newmeasures will go a lot deeper into everyday expenditure andinclude such items as holidays, club memberships, dining-out, carchoices and household expenses. There will also be stress teststo assess how the applicant can handle an interest rate increaseor change in their circumstances. Some lenders have alreadyadopted more scrutiny, but these measures go far and beyondwhat has gone before and have already annoyed potentialborrowers and lenders.The tighter lender regime will place a lot more value on using

Financial Advisors and Mortgage Brokers as they are the expertsin the mortgage field and will help applicants get their ducks inline long before they sit down with a potential lender. The newmeasures have not been adopted in the Caribbean yet, but restassured local lenders will be watching with considerable interestgiven the volatility in mortgage lending in recent times. And theywont be waiting for a government Watchdog to guide them, asthey will see it as prudent diligence and better lending goingforward. It may not appear so at this stage, but ultimately that helps

everyone.

Clarence Hiles is a Director in Caribbean Mortgage Services withover 35 years experience in the lending industry. He can be contactat 246-2309215 or by email at Clarence@caribbeanmortgages.com

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BEAVANews:

Real Estate News

She adds that in light of the upswing in the market, theonus was on all prospective vendors and purchasers to dotheir homework and verify that the agents they used wereamong the best the industry has to offer.they should make sure that the agent with whom they

are working, is credible and one who has the qualificationsand experience needed to represent them well. They canfeel secure that any BEAVA-registered agent has thesequalifications.Mrs. Davis reminds all potential home owners that an

absolute advantage of choosing a BEAVA agent is that theycan have their property placed on BEAVAs multi-listingsystem.This would give it (the property) immediate exposure

to over 125 credible real estate agents, she says. Inaddition, they would have the full network of BEAVA agentsattempting to sell their properties whether on the multi-listing system or not.The BEAVA president, who is the managing director of

one of the countrys most recognised real estate names,encourages anyone who is practicing on his or her own, tobecome qualified and join BEAVA, as the association isactively pursuing legislation with various governmentagencies for both real estate and valuations. This meansthat once this legislation is passed, only agents who aremembers of a legislated body would be able to practice realestate and conduct valuations.

Real Estate IndustryExperiencing Upturnin Market

The President of BEAVA(Barbados Estate Agents andValuers Association) isoptimistic about the industryand feels it is on its way to abrighter future.

Suzanne Davis, whoheads the umbrella body madeher assessment in part, afterspeaking with several agents

who reported industry improvements over the past severalmonths and who reflected her thoughts on the industry aswell, as they have been many viewings and improvementin sales.I feel that the outlook for Barbados is good, she says,

it shows positive signs of improvement with severalinvestors purchasing hotels across the island such asSandy Beach, Amaryllis, with the Sandals franchise beingintroduced here, and we cannot ignore the decision takento definitely move forward with the Four Seasons project this development will no doubt make a huge impact onBarbados.Mrs. Davis made these comments after a recently held

meeting with members of her board and qualifying brokerswho are the leaders in the real estate industry. The meetingwas aimed at discussing challenges and possible solutionsin the industry.

fine style with his article on the Evolution of the West Coast.Andrew Mallalieu spoke very highly of his involvement stating,Larrys article is a must-read that I suspect will be referred toby many in years to come. In the past we have profileddevelopers who have chosen Barbados for investment, but thisyear we thought it fitting to hear from an architect who has bothbeen affected by the changes and effected the changes.Senior Marketing Coordinator, Gemma Holder, explained

This year we have further enhanced the publication with evenmore illustrative charts and bigger, brighter images. Ourexpanded luxury section by our sister company Bajan Services |Knight Frank showcases some of the most spectacular homesavailable for sale in Barbados. The publication also features awell-arranged collection of development properties from thesouth to the west coast, a wide array of residential andcommercial sales and rentals across the island and aninformative Pink Pages section featuring articles fromknowledgeable and experienced professionals in the sector.

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Terra Caribbean Releases SeventhAnnual Edition of the Red Book

Real Estate News

BARBADOS (May 8, 2014) Nowin its seventh year, The Red Bookcontinues to provide its readerswith an accurate and reliablepicture of real estate in Barbados.This free, comprehensive propertyguide is produced annually by localreal estate firm Terra Caribbeanand is designed to help its readersas they navigate the Barbadosproperty market.

The challenge each year isto make it better, and by better we mean more relevant to youthe reader, said Chief Executive of Terra Caribbean, AndrewMallalieu. This year we have added more statistics, moreprofessional articles and we have even done some ancienthistory research.Renowned architect Larry Warren opened this years book in

evident from her start with the company back in 2004 as amember of the Sales team. She quickly transitioned into theAdvisory department in 2007 and now successfully manages thisdepartment.I am proud to be elected a professional member of the RICS

and look forward to upholding and maintaining the highstandards required of all members. Our Advisory team provides consultancy services including market appraisals, rentreviews and various marketanalysis reports and as an RICS regulated firm, our valuationreports are fully compliant with the [RICS] Red Book 2014standards, asserts Symon.We are a fully integrated real estate services firm with the

depth of expertise necessary to serve local, regional andinternational clients. At Terra Caribbean, we have a passion forknowledge, hence education and training of our staff is a keycomponent. Our Valuations team is constantly involved intraining, both in-house and with recognized institutions such asRICS, said Mallalieu. Symon, who holds a B.Sc. (Hons) in Tourism Management

from The University of the West Indies, and a Diploma in UrbanLand Economics from the University of British Columbia, joinedTerra Caribbean in 2004.

Terra Caribbean Celebratesits Latest RICS Member

BARBADOS (June 4, 2014) - TerraCaribbean, the regional real estateservices firm, has announced thatSymon Clarke has achieved theprestigious Member of the RoyalInstitution of Chartered Surveyors(MRICS) designation. The RoyalInstitution of Chartered Surveyors(RICS) is the leading professionalorganization in the world for land,property, construction and relatedenvironmental issues, and

membership is only awarded to individuals who demonstrate ahigh level of competence and are prepared to maintainexemplary standards.Symon who currently holds the position of Manager, Advisory

Services, is now the fourth RICS qualified Chartered ValuationSurveyor within the Terra Caribbean team. She follows in thefootsteps of Chief Executive, Andrew Mallalieu, Chief OperatingOfficer, Hayden Hutton and Kameel Khan, a Fellow of the RICS(FRICS) and a Director of Terra Caribbean Trinidad. Chief Executive, Andrew Mallalieu, an RICS member since

2006, spoke proudly about Symons achievement, Symon is ahighly driven and ambitious individual and we are all extremelyproud of her accomplishment. Her drive and enthusiasm was

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