National Colony Realty

A Comparative Market Analysis (CMA) is an “informal” assessment of a property’s market value. This is usually done to establish a reasonable listing price when a property is placed for sale on the market. What happens is that your property is compared to other properties that are currently listed for sale or have sold in the area then a listing price is established based on the findings. The analysis is done by a real estate agent who has easy access to property information through their real estate system.

You may ask, how can a CMA be of benefit to you? well . . .

Vendor: If you are selling your property the CMA can help you determine a list price so that your property can be priced competitively with other properties which in-tern can help you get a good value for your property and also most times help with a quicker sale.

Purchaser: A CMA can help you determine an offer price.

Investor: You might have purchase your property as an investment a few years ago, the CMA can give you an idea of the current market value of your property and intern you would know if the time is right to flip that property for a profit.

If you are interested in receiving a Comparative Market Analysis of your property in the Turks and Caicos Islands; this may include any island i.e. Providenciales, Grand Turk, South Caicos, North Caicos or Middle Caicos etc., and agent at National Colony Realty will gladly help to provide one for you.

1. Listing Price: The real estate agent can provide you with a comparative market analysis to help you in pricing your property to compete with other properties on the market.
2. Marketing: The real estate agent can give your property exposure through advertisements and other agents, to assist with a faster sale.
3. Buyers: The real estate agent can pre screen potential purchasers to avoid you having to deal with jokers who are not interested in purchasing.  While on the other hand can assist purchasers who are interested by pointing them in the right direction to be prequalified so that they can then be in a position to purchase.
4. The real estate agent will take on the responsibility of showing the property each time a prospective buyer is interested in viewing. This can become a time consuming process.
5. After obtaining one or more interested buyers, the agent can help you objectively evaluate every offer and help negotiate the best possible price for you.
6. Your real estate agent will also help guide you through the contract stage once a deal is successfully negotiated and monitor the progress of the agreement until closing.
7. You can go on with your day to day activities while an agent is out there working for you to ensure that your property is in the way to be sold.

Monday the 25th of May is a public holiday in the Turks & Caicos Islands. The holiday being celebrated is National Heroes Day. Usually on this day, the government of the Turks and Caicos will have a wreath laying ceremony in Grand Turk (the capital of the islands) as a memorial of Our national hero James Alexander George Smith McCartney (JAGS), while other political parties and social groups will have other events to celebrate this holiday.

Today is not the usual bright sunshine that we are accustomed to in Turks and Caicos Islands. It is actually raining!!! Not the perfect day for relaxing on Grace Bay white sandy beach but it is quite cozy for relaxing indoor. I am honestly enjoying the weather. Unfortunately I am not at home relaxing, but am at work just taking in the scent of the rain and savoring every moment of it. Remember, I am from the islands so even though I enjoy living in a hot climate with access to the best beaches, etc. etc. I also enjoy the few days of rain.

There are currently nine (9) registered licensed banks on islands that residents as well as non residents alike can use to obtain a mortgage from if they are interested in purchasing real estate.  What is usually recommended is that you contact the bank of your choice and get pre-qualified. Than you start your search of finding that ideal property in your price range.  

Getting pre approved is very important because you will then know how much money the bank will be able to lend you and hence you will know what your budget will be when looking for property. Also, you would not be worried about time when you put pen to paper to make that deal happen. Most people tend to sign an offer form with financing conditions and then look for the bank to meet their conditions within 30 days or less and when it does not happen the deal goes bad. Hence, get your pre approval for financing before you sign anything. If you are not sure of the person to contact at the bank, your real estate agent should be able to help by pointing you in the right direction.  

For someone living off island the bank should be able to pre qualify you through conversation via telephone or email, meaning you do not have to be onisland to get prequalified. For residents of Turks & Caicos I usually recommed you going into the bank and making an appointment, this way I believe the process will be even quicker and smoother, and since you are already living on island why not?

Fractional ownership is a deeded right to a portion of a unit or in simpler terms the division of an asset into portions or shares according to the Wikipedia Encyclopedia.

I believe that fractional ownership is beneficial to persons who are interested in owning/investing in a condo but do not have the funds to purchase a condo at its full market price. I find that it is also useful to that individual who is looking to have a permanent place of stay each visit to the island without the hesitation of a hotel bill during their stay each year.

In the Turks and Caicos Islands, there is only one such development which I am aware of that is engaged in this type of ownership and that currently have available shares for sale on the market. In this development each purchase represents a one twelfth ownership in the condo unit, with the right to use it for 4 weeks each year, determined on a rotation basis. The prices range from a one bedroom on the upper floor at $69,000 being its minimum to a 3 Bedroom on the upper level at $150,000. There are Annual dues applicable as in every condo project to cover the cost of maintenance, utilities and an onsite management team.

Beachfront according to dictionary.com is defined as “land fronting on a beach”. Available on the market is Residential beachfront properties which are suitable for building a home and guest house and also commercial beachfront properties which are suitable for constructing a tourism related project such as a condo, hotel or town home development to name a few.

For information purposes, in Providenciales you can purchase a piece of beachfront land for as little as $675,000 on a 0.50acre property for instance in Thompson Cove or a piece of land with say 150 feet of beach frontage in Long Bay for approximately $1,395,000 and for that individual or company who can afford to spend a bit more, as high as $37 Million for a 17 acres parcel in the Grace Bay area that is suitable for a high density condo, hotel or any tourism related development.

For a complete list of available beachfront land in Providenciales the agents at National Colony Realty will be more than happy to assist you by providing you with availabilities on the market.

This year instead of the usual annual banquet the National Cancer Society of the Turks and Caicos Islands, is having a family fun day.

The fun day will be held on May 2^nd 2009 at the Down Town Ball Park. There will be lots of food (local dishes) and games that both the children and their parents can enjoy.

All proceeds from the fair will be used to help Cancer patients with their treatments. If there is anyone that you know living in the Turks & Caicos Islands that has cancer and is not registered with the National Cancer Society please contact National Colony Realty and we will steer you in the direction of being registered.

The team at National Colony Realty is pleased to be associated with the National Cancer Society, and is committed to donating a portion of all Real Estate sales proceeds to the Cancer Society.