The Crane - Inside Back Cover

BARBADOS

www.barbadospropertynews.com October - November 2015 Issue 101

Endorsed by theBarbados Estate Agents andValuers Association Inc.

Archers Hall - Page 36

Apes Hill - Page 25

St. Peters Bay - Page 23 PROPERTYNEWS

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Welcome to Barbados Property News 101st edition. We are delightedto have passed this memorable milestone as it marks over 16 years inpromoting Barbados property, property products and services. Thiscould not have happened without the support of our advertisers and tothem we say a huge thank you.In the wake of Crop Over we now move into the busy tourism seasonand the experts in the business arepredicting a busy season. We know frompast experience more tourists means moreproperty sales and rentals so we hopevisitors will find the contents of this edition

of Barbados Property News helpful and informative. Hard copiesare carried all over the world and we know the publication is readall over the world thanks to our electronic copy atwww.barbadospropertynews.com Enjoy!

Pamela Hiles - Editor

Editors CommentsPublisher 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: Archers Hall at Millhouse

Pamela Hiles, Editor

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

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Tropical Elegance- a second Archers Hallopens its doors at Millhouse

Feature

Once was not enough for these two very energetic andambitious ladies. Having opened the doors of the uniqueArchers Hall Design Centre in Speightstown 12 years ago, theyhave done the double and opened a spanking new showroomin the popular Mill House and Home Development inCanewood, St Michael.Terri and Monique Archer are sisters-in-law who have becomebest friends and ideal business partners. You can feel the energybetween them and the enthusiasm. Terri is a professionalinterior designer and Monique has a strong financial and real

estate background. Together they make an awesome team. Monique mentions that they have beensearching for the ideal second location for a while. We wanted to be more accessible and showcasemore of the incredible lines that we carry and as soon as we discovered this location was an option,the decision was an instant yes!!.

This new Archers Hall is a game changer, says Terri Archer. Almost everything in the spaceis suitable for outdoor living and many of the pieces are quite eclectic

The ladies admit they had fun with choosing the stock for this particular venture. Some of it istheir personal taste that they hope will be loved by their clients.

Delicate, intricate light fittings so unusual they really are quite special, adorn the ceilings.Artwork from all over the world that wont be found anywhere else on the island is in abundance.Terri and Monique have travelled far and wide to bring the exotic to Barbados. True, some of it isnot inexpensive but really unique, handcrafted and quality furnishings rarely are. Both ladies spenda lot of time creating beautiful interiors for villas and properties island-wide. They know that whatmany people are looking for is tropical elegance in a second home.

On another note, the gift end of the stores are being boosted with a host of special, affordablegift items arriving just in time for Christmas!

We have just returned from a purchasing trip where we chose some really exquisite itemssuitable for gifts tops, bags, sandals, candles, body products and jewelry we wanted to give avariety of options and were conscious of offering some reasonable price points, explains Monique.

If that wasnt all enough to get you into the new store Open Kitchen, run by Daniel Staffner ofElbow Room in Holetown, will be! Seated on theelegant furniture in a lovely setting, you are treatedto a very varied menu from delicious salads andgourmet sandwiches to the most delicious pizza aswell as sumptuous daily specials. They are opendaily for lunch and Fridays for dinner at the moment.They plan to expand and open three nights in thenot too distant future. To round off this excitingexperience, the Wine Cave is situated right alongsidethese ladies. Whether it is a lovely glass of chilledros with lunch or maybe a bottle of champagne tocelebrate a special occasion, they are happy to makethis a reality in a blink of an eye!

You really must come and experience this foryourself as there is no better way to check off thatChristmas list than in this delightful new ArchersHall location!

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The interior of the new Archers Hall at Millhouse

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Tel: (246) 230-5824anita@caribbeanmortgages.com

SEEK TOTALLY INDEPENDENT ADVICE

THE BEST MORTGAGE rates and service in Barbados.

Many people see the role of amortgage broker solely in securingthe best package to suit their needswhen buying a property. However,while this is the primary role thereare other services that are just asimportant once a good relationshiphas been established. One of theseservices relates to mortgage debt

and hard times.We live in an era of unprecedented economic adversity in

Barbados. Unemployment, crime, taxes and debt havesignificantly increased in recent times. Mortgage delinquency andforeclosures are higher than ever before and lenders have had toprovide for bad debt in their annual Balance Sheet for several yearsto ensure they paint a realistic picture of their financial health.Provision for bad debt has not been the only backlash of the tougheconomic downturn since 2007, as lending terms and conditionsfor new business has been stringent and heavily regulated. It was inevitable that the global recession and its backlash would

hit small economies hard. Businesses have closed, workers havelost their jobs and homeowners have either fallen into mortgagedebt or been forced out of their homes for default. Debt is adestructive force and financial hardship has many knock-on socialeffects that undermine everyday life and create additionalproblems. It takes a lot of courage to face up to debt and acceptresponsibility, sometimes with little prospect of a positiveresolution, but it has to be faced or the problem gets worse.Therefore the first step is to acknowledge the situation and dosomething about it or seek professional help from either a friendor a professional advisor. It is not an option to bury your head in the sand.Although it may not seem so at the outset there are several

options when dealing with mortgage debt. The first step is gatherthe information that is important (income/debt/assets) and godirect to the lender or a mortgage broker. If the situation is nippedin the bud there are practical options available, but going to thelender when legal proceedings are at an advanced stage removesmany of them. Lenders may not appear so, but they are receptiveto negotiation, arbitration and problem-solving as your problemsbecome their problems and dealing with debt administration

involves more staff for counselling, administration and legal work. Lenders have five basic options;1 - They can consolidate debt by adding it to the existing loan andstarting a new repayment structure. 2 - They can accept reduced payments to get over a short-termcrisis and then clear the arrears over a period when times improve.3 - They can postpone payments for a period and add them to thedebt if there is an improved situation on the horizon. This couldbe a new job or a forthcoming windfall.4 - They could accept interest-only payments for a period to reducethe monthly repayment. This means the total amount outstandingremains fixed, but the debt doesnt increase because the interestpayments are being kept up to date.5 - They can hardball and give the mortgagor an ultimatum to payor suffer the consequences. This rarely happens withoutcounselling and attempts to rectify the situation, but if theborrower doesnt make any attempt to resolve the situation thenthe lender has little choice.The borrower always has the option to re-mortgage with another

lender, but where arrears already exist this is unlikely. Pre-2007taking a customer from another lender was regarded as fair gamein the competitive lending industry, but in the current market nolender wants to take over another lenders bad debt. Cruel as itsounds, many debtors are habitual bad payers and moving fromPeter to Paul rarely changes their habits.Another option for the borrower is to return the keys to the lender

and vacate the property. This is a Dooms Day scenario, but it doesbring matters to a head. However, it doesnt remove your financialresponsibility because the lender will sell the property as a ForcedSale and if there is still debt they will hold the borrower liable. Ifthere is a Mortgage Indemnity policy in place they will subrogatethat liability to the Insurance Company, but be assured, theInsurance Company will also be seeking restitution. These are tough times for many borrowers, but the situation is

not as bleak as it appears. Go and see the lender early if you arehitting problems, or seek professional advice if you dontunderstand what options are available. Above all do something!Dont bury your head in the sand.Clarence Hiles is a Mortgage Broker at Caribbean MortgageServices. He can be contacted by email atclarence@caribbeanmortgages.com or by telephone at 230 9215

Mortgage Debt- Dont bury your head in the sand

Finance

L O C A L K N O W L E D G E : G L O B A L E X P E R I E N C E

F O R M O R E I N F O R M A T I O N C A L L : 2 4 6 . 4 2 8 . 2 9 2 0 O R V I S I T O U R W E B S I T E : W W W . F I B E R P O L I N C . C O M

NEWTON PLANTATION YARD, CHRIST CHURCH, BB17033, BARBADOS

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SurfacesRESIDENTIAL AND COMMERCIAL USE

D E C O R A N t 2 6 " 3 5 ; t ( 3 " / * 5 &

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BEAVA NewsReal Estate News

BEAVA Expo in pictures!Real estate and home accessories providers were thrilled to

have the chance to expose their products and services to theBarbados public in a beautiful and unique setting of the flagshipbranch of CIBC First Caribbean at Massy Dome Mall, Warrens.

The October 3rd event, sponsored by CIBC First Caribbean,TMR, FLOW and CGI was held in air-conditioned comfort asgreat natural lighting streamed through the branch's glass wallsto land on immaculately designed exhibits by a range ofprofessionals.

Exhibitors took up every available space to display productsand services about real estate, furniture and interior design,tiling, awnings, residential security, a myriad of air-conditioning

systems, home and commercial insurance, solar panelling,jewellery designs, original artwork, specialty wines and theperfect plants, shrubs and trees for your home.

Coupled with that, patrons and vendors were treated toinformative and engaging afternoon sit-down sessions withattorneys-at-law from Lex Caribbean and Clarke Gittens &Farmer, CIBC First Caribbean and TMR.

One agent in particular was thrilled as the business leads shewas accumulating increased throughout the day, exclaiming:"Look, look at the number of potential customers I have herefrom this Expo today, that I fully intend on following up with. Thishas been great and I will continue to support you (BEAVA)."

BEAVA thanks all of the sponsors for coming on board, themembers of the media for coverage and all of the vendors, for ajob well done!

Suzanne Davis, Realtors & President of BEAVA & Michelle Roett Michelle Marshall, Altman Real Estate & Brian Puckerin, PCS

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BEAVA Expo in pictures! Real Estate News

Olivia Davis (left) & Linda Williams (right), Apes Hill Development

Paul Alleyne, Alleyne Real Estate Juliet Hinkson, Altitude Real Estate Services

Russell Corrie, Nature Care

Peggy Kirton (left), ASK Real Estate David & Cindy Coombes, Caribbean Island Properties

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BEAVA Expo in pictures! Real Estate News

Diana Marshall (left) & Heather Jubenot (right) from Massy Realty with a customer

FINAL PHASE ONLY FIVE UNITS LEFTPRICES STARTING AT BDS$425,000

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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 completed and occupied Located just off Enterprise Road a few minutes drive from Oistins Up to 100% mortgage facilities available

FOR MORE INFORMATION-Email-info@carters-grove.com

Tel- 230 9215Or visit website- www.carters-grove.com