New land policy doubles luxury home listings
Not in our price range!
Rego Sotheby’s sole listings:
Cedar Lodge $9.75m
Forty Palms $7.95m
Heron’s Nest Estate $5.995m
Tropic Waters $3.9m
Coral Harbour $9.75m
The Glebe (no list price)
Sounion West $12.8m
Perot's Island $15m
Rego Sotheby’s International Realty said its luxury home listings have more than doubled as a result of Government’s recent land policy change allowing Bermudians to sell to overseas buyers.
The realtor now has listings worth more than $100 million. More than half of the stunning Bermuda properties are Rego Sotheby’s sole listings, including the newly listed ultra-modern $7.85 million Aquamarina, with its beachfront, covered pool, yoga room, and rare plants, and the $18.5 million Seaforth in Pembroke with its 12,000 square foot main house and two docks.
Rego Sotheby’s, which In the last 18 months executed 80 percent of the sales on luxury-end homes, is also seeing a flurry of interest in the Bermuda market from international buyers.
Realtors are hopeful that the laws may be relaxed further to boost sales in the saturated condominium market.
“We most certainly have experienced an uptick by the recent land policy change,” Rego Sotheby’s Executive Vice President Penny MacIntyre said.
“Both the buying and selling sides for luxury homes have had our phones ringing, e-mails increasing and scheduled visits to Bermuda by buyers in the works.
“No surprise the first immediate interests following the land policy change came from Bermudians interested in selling. As market leaders particularly on high-end properties, sellers are seeking our expert guidance on setting their asking prices, understanding the demand for their particular home, arranging international marketing exposure and ensuring prospective buyers are vetted before any visit takes place.”
Ms MacIntyre said Rego Sotheby’s currently has 28 properties available for international buyers.
“We have over a dozen pre-qualified Bermudian and international buyers for luxury homes our company is directly handling and the number of interested International buyers continues to increase with each week.
“Our direct listings alone for luxury residences have more than doubled now up to 12 properties representing 42 percent of the luxury home market share —- the highest share by any company in Bermuda. This means our sales agents are directly aware of who’s buying, selling and motivations for both which is key to making deals happen.”
She added: “This land policy change isn’t just about real estate though. It affects several sectors of our country positively with rejuvenating interest in Bermuda as a place to live. Visits by international buyers mean more stays in hotels as they come to tour possible new homes, use taxis to sight-see, visit attractions, shop and dine out in our restaurants, etc.
“Our next big land policy step is underway. We are working with our industry peers and Government to focus on the over saturated condominium market in hopes to allow Bermudians to sell to PRCs (Permanent Residents Certificates) which on a bigger picture will hopefully improve confidence in Bermuda.”
The recent law changes raised the non-Bermudian annual rental value (ARV) threshold, from $153,000 to $177,000, however, it allowed Bermudians to now sell to non-Bermudians providing their home has an ARV exceeding the threshold.
The change resulted in an immediate 30 percent increase in free-standing home inventory available to overseas buyers, Coldwell Banker Bermuda Realty President and CEO Brian Madeiros noted.
In addition, PRCs can now purchase a free-standing home from a Bermudian or licensed individual if the home has an ARV which exceeds $63,600; and non-Bermudians can acquire condominiums in designated developments with minimum ARVs of $32,400 from Bermudians or non-Bermudians.
“We understand further consideration will be given with respect to PRCs as it relates specifically o the condominium market,” Mr Madeiros said. “We welcome these changes and look forward to continuing to promote the Island as a high-end jurisdiction for global home buyers.”