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An Overview of Condominium Resorts along Grace Bay Beach in Providenciales

resort map 2011 Yacht Club Seaflowers Townhomes Queen Angel Condos La Vista Azul Gansevoort West Bay Club Coral Gardens Windsong Resort Alexandra Resort Regent Palms Somerset sands Point Grace LeVele The Mansions Carpe Diem The Renaissance The Regent Grand The Seven Stars The Pinnacle Ocean Club West Villas at Grace Bay Club Estates at Grace Bay Club The Grancview Royal West Indies Ocean Club The Tuscany The Venetian The Atrium Villa Del Mar The Shore Club Palmyra Grace Bay Townhomes Blue Haven Resort and Marina


Turks & Caicos Market Report ~ 2nd Quarter 2013

After a tepid start to the year, Turks & Caicos had a strong second quarter to finish the first half of the year up 16.9% in dollar volume over last year. This increase is mostly based on the 16.5M Grace Bay beach transaction to the same Venezuelan hotel developer (Desarrollos Hotelco Turks & Caicos Ltd. (DHTCI)), behind the JW Marriot project to the west of Seven Stars. In addition, the July 1st increase in stamp duty fueled a number of deals into late June closings. Otherwise, the market performance was pretty similar to last year – solid, with good demand, but lacking quality, well - priced inventory in the luxury villa and condo sectors to provide a platform for stronger growth. Prices in the luxury sector indeed bottomed in 2012 and are now recovering value, though some lower tiers lag behind. The key to the rest of 2013 will be for vendors to remain sober about pricing and for quality villa and upper floor luxury condo product to release to the market to meet demand in response to the reduction in inventory over the past quarter.

Beyond this, the market will need new listings, both condo and villa, to come on stream in the near future to fulfill rising demand. Grace Bay Resort's  The Residences  - demonstrates how strong and desirable product can drive demand, with two of these three villas (listed at 3.7M+ and now the last remaining villa at 3.95M) now under contract and soon to be under construction with a slated completion period of less than one year from construction start. With other projects in the pipeline, 2014 should see a major step forward in market performance should these projects launch for the upcoming season. In many notable areas, the existing strengths of the existing inventory improved over years past – as operating standards have been raised and many of the kinks have been ironed out promising the positive evolution of resort condominium properties such as those newly opening during challenging times in 2009-2011 (Seven Stars, Gansevoort)- coupled with physical improvements and significant upgrades being made to some of the established favorites (Grace Bay Club), and the take-over of boutique property West Bay Club by operating leader Grace Bay Resorts. Of equal note, a trend has been established by existing TCI owners purchasing additional property in the island chain this past quarter, evidencing further confidence in the jurisdiction and the sentiment that current pricing levels demand attention at right end of the curve, but with less uncertainty than 12 months ago.

MARKET SHARE

TCSIR is now, more than ever, a market leader, with a 40.2% $ overall market share, 51% residential homes & land sales (61.8% >1M), and a whopping 69% condo market (81% >1M). With the dust settling on the January 1st merger with TPR, TCSIR is gaining momentum and synergy, with strong deal flow, breadth of business in all sectors, while still leading the way in luxury and high service levels to the super high-end listings.

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Yacht Club Seaflowers Townhomes Queen Angel Condos La Vista Azul Gansevoort West Bay Club Regent Palms Lucaya sands Villas at Grace Bay Club Estates at Grace Bay Club Grandview Royal West Indies Yacht Club Seaflowers Townhomes Queen Angel Condos La Vista Azul Gansevoort West Bay Club Regent Palms Lucaya sands Villas at Grace Bay Club Estates at Grace Bay Club Grandview Royal West Indies