More Attracted to Owning in Bermuda

Author Penny MacIntyre, Partner at Rego Sotheby’s International Realty, unearths the increasing buying activity of Americans, British and others in Bermuda. Article first published in The Bermuda Business Visitor,

 

“Vibrant turquoise shorelines meeting the deep blue reefs amidst temperate climate evoked Bermuda as the postcard host nation for the 35th America’s Cup Finals in May and June 2017. The vivid visual for fans and visitors whether on-island or through their television or computer screens introduced a new and improved Bermuda to the sailors and affluent yachting community worldwide. The exposure highlighted how flagship luxury hotel brands from St. Regis and Rosewood to Ritz Carlton were planting a stake on Bermuda and the private luxury sector has experienced a steadily growing interest in its hotel tourism properties and by extension – private residences for international buyers considering homes and condominium island living.

 

Properties in Bermuda available to international buyers must have an Annual Rental Value “ARV” of $126,000 or over for stand-alone homes and $25,800 ARV or over for condominiums. In today’s market, the entry levels start at approximately $2.35M for internationally available stand-alone homes and $450,000 for condominiums. These entry levels translate to a nearly 4,000 SF, 4-bedroom, 2.5 bath home on almost an acre of land in fair to good condition or a 3-bed/2-bath condominium with outdoor garden area in fair condition.

 

In 2016, 8 internationally available properties sold at an average price of $4.3M for properties over an acre with 4 to 5 bedrooms plus apartment or cottage with swimming pool in fair to good condition. 2 of those 8 sold to British buyers with local residents purchasing the balance. 5 Condominiums sold to international buyers with nationalities including American, Irish, South African and Swiss with majority by local Bermudians or Trusts and Exempt Companies.

 

2017 is presenting stronger interest as average prices for year-to-date sales are double that of 2016 at $8.7M with the same number thus far sold as 2016 and still a few more months to go before year end. In addition, important to note that recording of sales may occur for up to 1 year after a closing so figures are expected to be higher for 2017 for internationally available stand-alone home sales. However, internationally available condominiums have not enjoyed the increasing activity nor rate demand of the stand-alone home sector in Bermuda with only 18 sales recorded in 2017 to-date compared to 55 sold in 2016. The good news despite the significantly lower volume of condominium sales is that the average prices remain relatively similar between $895,000 in 2016 to just under $904,000 thus far in 2017.

 

We remain optimistic as 2017 activity has shown Americans, Canadians and British nationals acquiring homes and condominiums in Bermuda.”

 

 

The Sotheby’s International Realty network currently has approximately over 21,000 affiliated independent sales associates located in over 930 offices in 69 countries and territories worldwide. Each office is independently owned and operated.

 

For additional information visit the Rego Sotheby’s International Realty website, call
1-(441)-292-3921, email info@regosir.com, or visit us at our office located at 83-85 Front Street, City of Hamilton, Bermuda.

 

Written by Rego SIR in Bermuda News, Bermuda Real Estate, Rego Sotheby's International Realty, Sotheby's International Realty

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Author Penny MacIntyre, Partner at Rego Sotheby’s International Realty, unearths the increasing buying activity of Americans, British and others in Bermuda. Article first published in The Bermuda Business Visitor,   “Vibrant turquoise shorelines meeting the deep blue reefs amidst temperate climate evoked Bermuda as the postcard host nation for the 35th America’s Cup Finals in May and June 2017. The vivid visual for fans and visitors whether on-island or through their television or computer screens introduced a new and improved Bermuda to the sailors and affluent yachting community worldwide. The exposure highlighted how flagship luxury hotel brands from St. Regis and […]

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