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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
FREE& ONLINE
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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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RK Complex, The Pine, St.Michael, BarbadosTel: 246.427.1627/9 *
Fax: 246.427.1642
[email protected]
Tel: 246-427-1627 / 29
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2015 Wolseley. All Rights Reserved.
#6 Canewood Industrial EstateSt. Michael246-627-0580
[email protected]
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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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141.%+1/*0!.%+.!/%#*
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Tel: (246) [email protected]
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 [email protected] or by telephone at 230
9215
Mortgage Debt- Dont bury your head in the sand
Finance
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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
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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
CALL: 246-428-2920 EMAIL: [email protected]
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
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FINAL PHASE ONLY FIVE UNITS LEFTPRICES STARTING AT
BDS$425,000
VISIT
OUR NEW
WEBSITE FOR
MORE DETAILS AND
A COPY OF OUR
ELECTRONIC BROCHURE
www.carters-grove.com
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 [email protected]
Tel- 230 9215Or visit website- www.carters-grove.com