North
Caicos Marina project is ready for an investor.
Being
a realtor isn’t always easy. It is not just a matter of answering phone calls,
giving property tours, shuffling paperwork, and collecting a fat commission.
For Nathan Smith, sales associate at Coldwell Banker Real Estate Turks &
Caicos, it occasionally involves ferry rides, car problems, twist ties, and
lots of patience and foresight. Let me explain.
Nathan Smith has been the primary agent
for much of the undeveloped property on North Caicos, especially lots in the
Sandy Point surrounds, since the early 2000s. This includes the areas of
Sandcastle Estates, Pumpkin Bluff, Seaside Estates, and the North Caicos Yacht
Club and Marina. Nathan worked with the original developers of this area — Jim
Gillette, Dale Piergiovanni, and W.C. Grimsley Jr. — since the group subdivided
the land into plots for private homes, put amenities into place, and planned an
exclusive marina community.
As we reported in the Summer 2004 Times of the Islands, North Caicos was slated to become THE next
island to develop, as beachfront property on Providenciales became scarce and
unaffordable. The Pumpkin Bluff and Sandcastle and Seaside Estates land was prime
oceanfront, with views of North Caicos’ deserted white sand beaches stretching
from east to west. And, in fact, many people did buy lots, build villas, and
have enjoyed the quiet, “old Caribbean” lifestyle of the “Garden Island” of
North Caicos. Others purchased lots as speculation and made good profits when
the market spiked between 2002 and 2008.
However, after the 2008 “perfect storm” of Hurricane Ike, the
global economic downturn, and alleged widespread government corruption ravaged
the Turks & Caicos, real estate sales and property values, especially on
North Caicos, slowly sunk. Only now, after years of disciplined governance and
a renewed world economy, are prices rising again.
This January (2016) I traveled to North Caicos with Nathan and
his wife Sayfa to visit the North Caicos Marina development. With great plans
in mind, in 2006 the 153 acre site had been subdivided, including 97 canalfront
lots, with five miles of canal and the marina basin dug, roads paved, and
utilities installed. Unfortunately, the project’s completion just missed the
prosperity years and Nathan was able to sell about 1/3 of the residential lots,
with one home built. With the area still in excellent shape and the market
poised to soar, Nathan is ready to market the property again.
We took the Caicos Ferry from its Leeward terminus on
Providenciales directly to Sandy Point Marina in North Caicos. The trip is
about 25 minutes long, and depending on the weather, either skirts the north
beaches of the Caicos Cays or skims the shallow southern mangrove-lined
“backside.” Arrival is always an event, with Islanders, residents, and visitors
mingling with boxes of food and sundries, suitcases, beach bags, and bicycles
on the dock. Although the marina is just across a small cut from the world
famous celebrity hide-out of Parrot Cay, it seems light-years away.
In our case, Nathan was set to drive us in the car he had
recently brought over from Provo, just for showing potential clients around. Of
course the battery was dead, but he was prepared with a spare and off we went
after a quick jump. The first stop was at “Simply the Best” Villa, one of
original Seaside Estate luxury homes. It is now for sale, and Nathan had
arranged for a professional photo shoot of the property the day before.
Unfortunately, the weather did not cooperate, and the photographer’s lights,
props, and other pieces of equipment had to be collected from the house and
brought BACK to the ferry to be returned to Provo. Job 1 for the day.
Nathan’s car ran smoothly along the well-paved lanes as we
drove through the North Caicos Marina site. (Well, the windows wouldn’t roll
down, but the A/C was working, so who cared?) The property is sprawling,
well-kept, and looks a bit like a deserted movie set. The canal is neatly lined
with smooth vinyl sea walls, the ideal place to anchor a boat. Arched bridges
lift the road up and over the blue-hued water, in which I spotted a sea turtle
swimming. Paved central parkways are planted with flourishing palm trees,
sidewalks are dotted with street lights, and many lots back into spectacular,
unobstructed views of “wild” North Caicos mangrove and bush, much of which is a
protected UNESCO site for migrating birds. There is also a twelve-acre private
lagoon.
Nathan explained that his current plan is to try to sell the property,
as a whole to a developer who would take the project to the next level and
build a finished product, be it resort, condos, or a commercial community.
Alternatively folks could purchase individual lots (with freehold title) or
groups of lots to keep in their portfolio as a “land bank,” having the
assurance that, as prime TCI land can only grow more scarce values will rise.
(If it were me, I would probably follow in the path of the several homeowners
who live on site. It seems a peaceful, idyllic, tropical get-away.)
Nathan likens the opportunity to that offered by Provident Ltd.
in Providenciales in the early 1960s, with early speculators enjoying
tremendous appreciation rates on undeveloped beachfront, canal front, and
hillside land. Now that TCI is a proven success, the risk is small and return
practically guaranteed. He explained that TCI is the perfect environment for
land banking, as there are no holding taxes or requirement to build on or
maintain property. English is the primary language and the US dollar the
currency. Access is easy, with connecting flights available from numerous
cities. Besides, owning property gives purchasers a good reason to visit . . .
and bragging rights to friends. An investment of $300,000 also makes it
possible to secure a coveted Permanent Residence Certificate.
As we were touring the Marina Club site the car began making
strange noises. It almost seemed like there was rubble rumbling under the hood.
Oh well, the engine was still running . . . except the A/C had stopped, none of
the electronics worked, and it looked like something was hanging from the
bottom of the engine. We carried on.
Nathan showed me some of the villas and a group of vacation
rental cottages that had been built over the course of the last ten years. Each
was distinctive and most large and luxurious, with pools, balconies, beachfront
patios, and rooftop terraces. Many are now part of an established high-end
vacation rental market in North Caicos. We marveled on how each yard of
concrete, tile, shingle, furnishing, and fitting had to be brought to North
Caicos via barge or boat and trucked to each building site. Nathan noted that
there are villas and waterfront lots still available for purchase, all enjoying
protective covenants for residential development.
Nathan’s real estate career started in the Cayman Islands,
prior to coming to the TCI in 2002 to join the Coldwell Banker team. Nathan’s
style of selling has always struck me as quite savvy and “bottom line.” He
markets in terms of investment value, long-term strategy, positioning, and
opportunity. He follows his own advice too, admitting to speculative land
purchases in both North Caicos and Providenciales as part of his portfolio.
During the TCI’s slow-down, Nathan traveled to Thailand where he met his (now)
wife and they lived on his farm in Australia as he made occasional trips to the
Islands. Now they are back and Nathan is ready to move full-on into real estate
sales here.
After one stop, the car wouldn’t start at all. The spare
battery got us going, but the motor didn’t sound too keen. Rather than get
stuck in the bush and miss the ferry back to Provo, we headed to the dock and
literally coasted into the parking lot. Nathan asked Goomie, a local Islander,
to look under the hood; he came out with what looked like a snake. It was the
serpentine belt, worn and broken. A new one would have to be purchased and
brought back on the next trip. Goomie
agreed to tape a plastic bag over the open window (which wouldn’t roll up) as
it began to rain. (He was rewarded for his efforts with a case of beer and some
cash.)
Nathan’s final job of the day was to put up some new “For Sale”
signs and use plastic ties to carefully hang his signboards below those already
installed. Since the car wasn’t running, we helped him carry the signs (through
the rain) to each location on foot, waiting while he used his phone to snap
photos of some lots that were newly for sale.
Life on North Caicos — indeed all the out islands — is like
this day. Things can go wrong, break down, be delayed, disappoint. But it
always seems someone is willing to help, smile, shrug, and have a good laugh.
And in the end, that’s all that matters.
For more information on North Caicos property, contact Nathan Smith at
649 231 5555 or email nathansmith@coldwellbankertci.com.
