Buy a condo in Turks and Caicos?
May 2nd, 2010, 06:10 AM
#1
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Buy a condo in Turks and Caicos?
Other than the Somerset, does anyone have opinions about these developments -- Pinnacle, Tuscany, Grandview, Le Vele and Point Grace? Thank you so much in advance..(Most interested in location on Grace Bay, helpfulness of staff, quality of construction, proximity by foot or bike to shops...et. al.)
May 2nd, 2010, 04:39 PM
#3
I have stayed or viewed/hung out at all of them.
First off--why not the Somerset?
Which resorts have you stayed in?
Do you want it for retirement, or looking for investment?
Do you expect to rent it out?--on your own or thru the resort?
Are you trying to cover the mortgage on it, or just cover costs?
How often will you try to use it?
I can recommend a realtor that can get you the history of any particular units--she's awesome! One of the hardest working people on the island!
Keep in mind that there are many costs of keeping a condo running--things break, you get the bill. Travel agent fees, bug spraying, you get the bill. Upgrades to condos? you get the bill. Hurricanes? Utilities? Of course, you need a T&C laywer, you're purchasing in a foreign country!
Buy because you love it--renting them out thru the resort really only covers the fees associated with it, maybe a little more-and some are better than others. Some resorts, if you want to rent, require it goes thru them and not on your own. Others allow on your own (such as vrbo.com) Somerset allows on your own.
Grandview and Pinnicle (and maybe even Le Vele) are more "residential" than Point Grace, which is more "resorty." Tuscany is at the end, so harder to get around, especially with no restaurant on property, but it is gorgeous.
There are others that are gorgeous and well amintained you should probably consider too--and don't rule out a villa! (especially in Leeward area!)
The real value is because you want to retire (or semi-retire) and use the place, or in capital gains when you sell it for a profit.
First off--why not the Somerset?
Which resorts have you stayed in?
Do you want it for retirement, or looking for investment?
Do you expect to rent it out?--on your own or thru the resort?
Are you trying to cover the mortgage on it, or just cover costs?
How often will you try to use it?
I can recommend a realtor that can get you the history of any particular units--she's awesome! One of the hardest working people on the island!
Keep in mind that there are many costs of keeping a condo running--things break, you get the bill. Travel agent fees, bug spraying, you get the bill. Upgrades to condos? you get the bill. Hurricanes? Utilities? Of course, you need a T&C laywer, you're purchasing in a foreign country!
Buy because you love it--renting them out thru the resort really only covers the fees associated with it, maybe a little more-and some are better than others. Some resorts, if you want to rent, require it goes thru them and not on your own. Others allow on your own (such as vrbo.com) Somerset allows on your own.
Grandview and Pinnicle (and maybe even Le Vele) are more "residential" than Point Grace, which is more "resorty." Tuscany is at the end, so harder to get around, especially with no restaurant on property, but it is gorgeous.
There are others that are gorgeous and well amintained you should probably consider too--and don't rule out a villa! (especially in Leeward area!)
The real value is because you want to retire (or semi-retire) and use the place, or in capital gains when you sell it for a profit.
May 2nd, 2010, 04:48 PM
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My wife and I have been in all of the condos that you asked about as we are looking to buy also but, have decided on Somerset ..just not yet... Pinnacle very nice property, nice details, seems well maintained, good location to shop BUT..there is public access next door and when we walk by we always comment that the chairs for Comfort Suites (maybe?) are in front of Pinnacle-no thanks. It is more of a residentail building-no restaurant.
Tuscany-way east , near golf corse, quiet aout that way -construction next door..like the screened porches, no restaurant -feels residential..all 3 bedrooms-nice !Grandview -residential, no services , nice balcony and screened porch-nice ,can walk to shops etc. LeVele-again no restaurant, can walk to lots-looks and feels very Miami, stark pool area( ugly actually) Point Grace-beautiful, full service, great dining, beautiful beach, can walk to many dining options, decorated nicely . It is our 2nd choice but, Somerset just feels right to us.
Tuscany-way east , near golf corse, quiet aout that way -construction next door..like the screened porches, no restaurant -feels residential..all 3 bedrooms-nice !Grandview -residential, no services , nice balcony and screened porch-nice ,can walk to shops etc. LeVele-again no restaurant, can walk to lots-looks and feels very Miami, stark pool area( ugly actually) Point Grace-beautiful, full service, great dining, beautiful beach, can walk to many dining options, decorated nicely . It is our 2nd choice but, Somerset just feels right to us.
May 2nd, 2010, 05:26 PM
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Thank you for your lengthy reply.
I have a friend who owns in the Somerset so he answered all of my questions about that resort.
We are looking for a long-term unit -- 3 bedroom that we will rent for the first few years until all of our kids are in college (soon!) and then plan to use for a few weeks at a time ourselves.
We'd like to cover costs and take advantage of an extremely slow market for sellers right now to increase the probability that we will realize significant profit in 15-20 years or so...
For the next few years we will try to get there 4 or 5 weeks a year.
What about the quality of construction at each development? Reputation of management? Owners' "personalities" -- resort culture?
Which are the others that you referred to? We would like to stay in a small development that never gets so busy that you have to get up early to get a chair/umrella at the beach.
Thanks in advance for your time!
I have a friend who owns in the Somerset so he answered all of my questions about that resort.
We are looking for a long-term unit -- 3 bedroom that we will rent for the first few years until all of our kids are in college (soon!) and then plan to use for a few weeks at a time ourselves.
We'd like to cover costs and take advantage of an extremely slow market for sellers right now to increase the probability that we will realize significant profit in 15-20 years or so...
For the next few years we will try to get there 4 or 5 weeks a year.
What about the quality of construction at each development? Reputation of management? Owners' "personalities" -- resort culture?
Which are the others that you referred to? We would like to stay in a small development that never gets so busy that you have to get up early to get a chair/umrella at the beach.
Thanks in advance for your time!
May 13th, 2010, 05:09 AM
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I have also been looking to purchase a condo on Provo.
Have viewed many of the properties on Grace Bay and some preconstruction locations on the island.
There are many suites at most of the properties/resorts on the island for sale.
Timing is everything in real estate. Resales are a great value right now. Need to establish your self with an honest realtor who will give you some inside scoop.
Many units to choose from right now and some other properties on hold to launch.
Need to ask questions about the monthly fees, management and rental history of the unit.
Some great deals at some of the most upscale properties.
Check out TCREA for some information.
SBS
Have viewed many of the properties on Grace Bay and some preconstruction locations on the island.
There are many suites at most of the properties/resorts on the island for sale.
Timing is everything in real estate. Resales are a great value right now. Need to establish your self with an honest realtor who will give you some inside scoop.
Many units to choose from right now and some other properties on hold to launch.
Need to ask questions about the monthly fees, management and rental history of the unit.
Some great deals at some of the most upscale properties.
Check out TCREA for some information.
SBS
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