Water Front Homes with a View
Premium price tags haven’t dampened the ardor for Caribbean water-front real estate where multi-million-dollar price tags will get you some of the most exquisite ocean views on Earth.
For many of us, to visualise an idyllic Caribbean home is to conjure up visions of a luxury water-front villa set on powder-fine alabaster sands hemmed by a fringing of gently swaying palms. Over 7,000 curvaceous islands offer more than 50,000 km of coastline, from the bloom-filled swathes of tropical St Lucia to the handsome rugged crags of volcanic rockon the Cayman Islands. Leafy hillside plateaus and vine-tangled jungles offer stunning views out to open waters. We imagine sipping zingy tropical cocktails on a landscape blessed by Mother Nature; gazing out on bobbing million-dollar yachts. Few destinations can offer such a seductive package as the Caribbean where a growing number of expatriate buyers are turning a dream of waterfront opulence into a reality.
“Living close to water carries great prestige because of the fabulous views it offers with an ever-moving outlook of bobbing boats, skimming yachts, soaring sea-birds and white sails against blue sea,” explainsEljay Dickins at OwnaHomeAbroad.uk Ltd.
“A marina can have a real buzz about it,” she adds. “The excitement of constant movement is heightened by the chance of spotting the odd head of state or film star sailing into port. Waterfront amenities also tend to be geared towards upscale living so high-calibre bars and restaurants boast above-average attention to detail, such as landscaping, to appeal to a top-flight regatta, racing and sailing crowd.”
In the early days of development, the Caribbean frittered away small pockets of its ocean-front land; selling it for a fast buck at a pittance to wide-eyed house-hunters from overseas. Today, stricter planning laws, environmental regulations and legal governance have sharpened up much of the real estate sector, now an established growth-market itself. In the wake of the tumbling US dollar, Caribbean real estate has seen demand – and investment – flourish with European buyers leading the way. Waterfront locations remain highly sought-after with gold-dust re-sales on many islands selling within a couple of hours. The era of the 40 cent per-acre waterside plot may be long-gone but with sky-rocketing capital appreciation and robust rental yields, surely there has never been a better time to invest.
“Our calculations show that upon completion of the development, owners can expect to yield around 8%,” comments a spokesman at The Landings development. “Of course, this depends on occupancy and rate as with any rental situation. However, on a fine beach with a calm bay, a quality build and strong management such as the Landings, this figure is achievable”.
It’s no secret that celebrities adore Caribbean waterfront haunts with The Bahamas high on the list of American golf junkies, including basketball legend Michael Jordan and a certain Mr Clinton. A top-notch marina earmarked for gorgeous Turks and Caicos is already earning the islands the nickname “the Caribbean’s St. Tropez” promises on account of plush decadence of its waterfront plans. American TV host David Letterman and actor Uma Thurman both favour Barbados where ultra-chic Millionaires Row has been dubbed the island’s Knightsbridge. This stretch of unfeasibly ritzy villas has welcomed a zillion A-list names, including Maria Callas, Aristotle Onassis, The Kennedys, Jemima Khan and Hugh Grant. In upscale St Lucia, the term 'beach house' is used in understated modesty when describing palatial multi-million dollar coastal mansions overlooking rolling waves. Lush tropical gardens filled with aromatic sandalwood, hibiscus and jasmine typify the waterfront pads in the swanky shoreline neighbourhoods in spice island, Granada. Ultra-swish exclusive properties hug shielded waterfront stretches, offering private anonymity to a veritable international Who’s Who. Private jets and gleaming yachts arrive in stylish elegance, carrying a High Net Worth cargo of catwalk queens and Forbes 500 names.
“Without a doubt, the Caribbean’s profile around the globe is one of a relaxed Caribbean lifestyle at its luxurious and stylish best,” observes Georgina Richards at Knight Frank. “The growing availability of sophisticated and reliable telecommunications, developed tourist industries, favourable tax regimes and the promise of winter sun are also key to the region’s growing appeal with upmarket buyers. Year-on-year, high-end Caribbean property close to water continues to increase in demand.”
Although the Caribbean has a wealth of exquisite waterfront stretches there are some notable front-runners when it comes to an ability to grab the headlines.It also offers holidaymakers an array of cool hang-outs, from trendy cafes and over 360 stunning beaches to some of the finest designer shops in the Caribbean. The Cayman’s infamous tax advantages have made it popular with savvy A-listers, from screen idols and Wall Street financiers to global CEOs. Exclusive 1,400-acre island Mustique is the British upper crust’s best-kept secret. Princess Margaret put in on the map in the 1970s with Bryan Adams, Tommy Hilfiger and Mick Jagger regular present-day guests – Mick Jagger, in fact, owns two homes there. Barbados claims to have the largest celebrity clientele with Sting, the Beckhams and the Blairs frequent visitors. Stars in the mood for partying head to the celebrity strip near sizzling Holetown while sporting celebs join the growing list of rich and famous who favour the prestigious locale of uber-swanky Mullins Bay. Do the Caribbean’s affluent jet-set crowd mean that house-hunting is only for the wealthy elite?
“In my opinion, the Dominican Republic represents one of the most attractive property markets in the Caribbean as prices remain much lower there than on the other popular islands,” Maggie Flowers of Island Realty comments. “Rising numbers of tourists and over $1.5bn of investment make this a real property hotspot – we’ve seen enquiries for property in the Dominican Republic rise by nearly a third compared with this time last year, but would-be buyers should be prepared to get in quick.”
Islands making the headlines include Turks & Caicos, lying on the southern tip of the Bahamas, 575 miles southeast of Miami. Offering the kudos of an upper-class clientele and a host of big-name Hollywood stars, luxury development Wymara has redefined the island of Providenciales. Set on Grace Beach (voted the world’s leading beach at the World Travel Awards) is a fine scuba diving spot close to the island’s shopping district, charming Turtle Cove Marina and one of the most challenging golf courses in the Caribbean. A total of 59 villas offer high levels of no-expense-spared detail, including an infinity pool and spas plus a host of other upscale onsite amenities.
“Investors should weigh up how accessible a potential waterfront Caribbean home is as an important factor,” advises real estate analyst Timothy Fry. “Direct flights from Europe may connect many of the Caribbean islands including Barbados, Antigua, St Lucia, Trinidad and Tobago, St Kitts, Grenada, St Lucia, the Bahamas, Jamaica, Grand Cayman St Martin, Curacao, Aruba and Puerto Rico but some of the smaller islands rely on regional flights, requiring an island hop on smaller airplanes.”
Antigua’s rich diversity of flora and fauna coupled with a warm year-round climate has made it popular with holidaying Europeans who enjoy colourful bougainvillea and frangipani amidst osprey and hummingbirds. Tropical rainforests, scenic peaks and beautiful beaches (Antigua has 365, one for each day of the year) are some of the island’s key selling points along with stunning luxury developments, such as glamorous NonSuch Bay. This 16-hectare natural hill-enclosed cove on the east coast of Antigua is set within one of the best-kept secrets of the island, a white, sandy beach slopes gently into the water. Surrounding hills embrace the bay to create a unique and private setting blessed with calm serenity and exclusivity. The beautiful and historic English harbour district remains a graceful legacy of the island’s British Naval past. Nestled within the aged architecture are a satisfying selection of good restaurants, hotels and tax-free shopping, as well as facilities for sailing, snorkelling, diving, tennis, cricket, deep-sea fishing and golfing.
“Antigua’s Jolly Harbour is a landmark developmentsituated on the sheltered Leeward side of the island amidst beautiful bays and quiet sandy beaches easily accessible by boat, explains real estate journalist Ben Miles. “Choose from private villas, waterfront town houses with direct sea access, and apartments on the beach or higher up in the hills”.
Lying just 480-miles of Miami, Grand Cayman is by far the largest of the three Cayman Islands and the fifth largest finance centre on the planet. Favourable taxation and the highest standard of living in the entire Caribbean make The Caymans a popular expatriate haven with ten airlines including British Airways flying direct from UK and nine US gateway cities, including Miami just 60-minutes away. South Sound is one of Grand Cayman’s most sought-after areas thanks to world-class bars, shops and restaurants and soft sandy reef-protected beaches that stretch along the Southern coast. Knight Frank has a number of Grand Cayman properties for sale, all in idyllic locations, flanked by palms.
“If the idea of sumptuous Caribbean living is whetting your appetite, the good news is that some islands, such as Barbados, Cayman Islands and the TCI allow investors to freely acquire property without restriction, adds Ben Miles. “However, requirements for foreign nationals acquiring property do vary from island to island, so it is always wise to check.”
Barbados
Looking for a grand ocean-front palatial mansion that is furnished in gorgeous plantation-style? Savills has a dazzling portfolio of top-dollar properties in beautifully maintained tropical gardens with breathtaking views across the Caribbean Sea. Half Century House in Sugar Hill, St James is a stunning example of Barbados real estate at its finest. This well-appointed luxury home boasts striking views and first-class facilities.
Mustique
Part of St Vincent and The Grenadines, the exotic island of Mustique is just 3 miles long and 1.5 miles at its widest point. Hilly, with a large plain in the north, it is composed of seven valleys each with a white sand beach. Mustique boasts plenty of pizzazz as a popular holiday isle with celebrities and blue-bloods, from Butler-service hotels and top-notch chefs to decadent members-only spas. A stylish contemporary property currently on the market is a high-pedigree design project, created to maximize space, light and vistas.
Buying Waterfront Property? Check out these top tips before you sign:
Clarify the building restrictions placed on the land, such as rules that prohibit boathouses or docks from being built on the water. Establish what mooring arrangements are in place, if any.
Double-check local water levels to establish when the last drought occurred and look into any seasonal variations that may impact water levels. Only by establishing exactly what depth the access channel is will you know if a boat can use it safely.
Be sure to investigate the insurance implications of purchasing waterfront land. This will involve providing details of past flooding if the property is located in a low-lying area. It may also require gathering information on safety precautions and security systems.
Request a full survey of the property and locate the actual property lines of your land to accurately assess all access rights as well as boundaries. Be sure to establish how close boat and people traffic can get to your property, on the basis of noise, privacy and safety.
Clarify any ‘Rights of Way’ across the property, such as public access to the beach or water, or a walking path with public right of way.
If you are planning to use the house as a holiday home, be sure to evaluate its ‘lock up and leave’ potential. Consider, will heavy rains or dry months compromise the building? Is the location safe and secure? Can the land be left untended? Is there somewhere to store a boat and equipment?
Ask around! Talk to existing residents to find out about the highs and lows of the locale. Check out the local resident association and speak to local authorities to establish any controversy pertaining to development in the neighbourhood or the quality of the workmanship. Find out what the land was used for before.
Establish if there are any waterfront preservation efforts in place to protect the natural shoreline. This style of initiative benefits both the land owner and environment by preserving natural plant-life to ensure good water quality and local wildlife. Vegetation on the shoreline will offer animals and fish more abundant food sources. It also helps form a natural barrier from sound.
