State of the Market
- September 30th, 2010
- in Yachting
Whilst marketing agents boast of “best time to buy” and “once-in-a-lifetime” opportunities in the realty world, the reality of that rhetoric in a slightly fragile global economy is starting to wear thin as to progressive investments on a quick return versus substance.
What is happening in the BVI market is that developments still continue to plough on with solid financial backbones and determination to see the task through. The long haul will reproduce longer returns on these solid foundations on a singular and greater level for the BVI economy.
The debate as to whether BVI property prices are attainable to the general population is to a certain extent a moot point. Once considering the price of land, design, building and legalitiesof entering the property market, it becomes a checkbook situation, ultimately can or cannot. The National Association of Realtors’ in-depth, collective data report on the US housing economy cited in August 2010 that, “Sales are at the lowest level since the total existing-home sales series launched in 1999, and single family sales—accounting for the bulk of transactions—are at the lowest level since May of 1995.” Factors affecting economies and individuals and trends in market spotlights will influence both buyers and sellers in other markets as we are now without any doubt globally connected. The BVI property market does hold its value and is considered an area of pristine choice, with a scenic backdrop of tranquility, beauty and, to date, not saturated by commerce, due to Government protective legislation. It is, was and will continue to be a sound investment, granted at a high price tag generally starting at a million dollars—this being the nature of the high-end Monopoly board. The recent partnering of global realty houses such as Sotheby’s, Smiths Gore and Savills with local companies serves as a clear indicator that the BVI market has now reached the brokering houses of the elite on every aspect of their criteria for their potential clients in terms of lifestyle and quality.
The BVI has always been a focus for resort development. In the smoke of a global recession continuously plagued by media doubt and tremors, Victor International’s Oil Nut Bay is a prime example of a project that is pushing forward. Developing on pristine land, it is emerging as a frontier in development property in the BVI. As of December 2010, Oil Nut Bay will have seven homes either under construction or built with two more breaking ground and another estate site beginning works. The beach club and pool that will be servicing the resort are due for completion by the end of this year.
A photo of the early stages of construction at Oil Nut Bay. Photo by YachtShotsBVI.com
Things are moving rapidly on the site as Lawrence J. Oswald of Victor BVI stated, “The installation of the pipes and conduits that will distribute electricity, voice/data/
video communications, fresh water and irrigation water plus collect sewage has been completed throughout the Resort Core area and is almost completed all the way to the central distribution and processing facilities at the ONB Central Back of House. Transformers at lot lines are currently being set, sewage pumps are being installed and the desalinization plant is being upgraded to produce drinkable water. By mid-October, the generators that have been supplying electricity at ONB will be shut off, and we will begin operating with BVI Electric Corporation’s electricity (with our own back-up generator). We will have fresh drinking water coming from all water taps, and we will be plumbing waste into a central processing facility. In addition, Digicel has put up a tower that brings great cellular phone and wireless internet service throughout the Resort Core area.”
On a remote part of Virgin Gorda that is only accessible by boat, all materials are shipped to Oil Nut Bay at considerable cost. Its gradual and necessary progress is to therefore remain as self-suffi cient as possible. Housing the necessities out of sight, is also aesthetically important to the project's visionaries. “At the Central Back of House, the area has been cleared to make room for the erection of two large buildings that will house the utilities distribution and processing facilities plus other facilities that will support the entire ONB Community,” Mr. Oswald said. “Both buildings will have ‘living’ roofs of native grasses and plants to help them blend into the area around them. Across the road from the Central Back of House, the area has been de-brushed and otherwise cleaned up to better understand its potential to become a nature and recreation area.” As of 2010, Oil Nut Bay has enthusiastic workers on site and is about to become the BVI’s most contemporary collection of elite homes on its own pristine peninsula, adding prestige to the region’s property market. Take that notion of a collective and then examine some of the luxurious homes that are also on the market, often featured in Property Guide, and you begin to understand what makes the BVI market as a whole somewhat unique. If the BVI is projecting anything as a factor in the global property market, it is sustainable development of the highest quality.