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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
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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
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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]
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Disc ScrubberBDS 43/175Scrubs & polishes oors
$2999.99Inc VAT.
Karcher Warrens Tel: 425-9999Karcher Wildey Tel:
[email protected]
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30
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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31
1
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
2
3
1
2
3
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
2
3
1
2
3
Sort Your Stuff1. Scoop Magazine Rack (#ML-5667) - $85.402. Quad
Sorter (#6542) - $165.003. Scroll Wine Rack- (#48710) - $110.00
4
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34
1
Designer Decor1. Elephant garden stool $325.002. Green Lantern
$75.003. Red jar w. lid $ 65.00
2
3
1 2
3
Standard Gifts1. Seaside Candle holder set - $1852. Round Capiz
mirror - $4693. Green Retro lamp - $159
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Life Uncluttered...
Cnr. Warrens Industrial Park, St. Michael. T 421-2087.
www.sortyourstuffonline.com
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STANDARD... WhereQuality Is A Lifestyle
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RK Complex, The Pine, St.Michael, BarbadosTel: 246.427.1627/9 *
Fax: 246.427.1642
[email protected]
Drapery Bedspreads & Bedskirts Pelmets & Blinds Custom
Sofa Beds
we oerreupholstery
of furniture & cushions
did you know...
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join the conversationjoin the conversation
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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
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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
[email protected]
Tougher MortgageProcessing on its Way
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50
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.
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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.
54
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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FINAL PHASE ONLY FIVE UNITS LEFTPRICES STARTING AT
BDS$425,000
NOW
SELLING
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 [email protected]
Tel- 230 9215Or visit website- www.carters-grove.com