New Yorkers Are Migrating to This Caribbean Island in Droves
By Joe Pike, Special Contributor to CJI
Proximity, specifically a three-hour flight, coupled with the pandemic’s effect on Americans’ desire to have a back-up home to retreat to, has created a trend of New Yorkers moving to one particular Caribbean destination.
The Turks and Caicos Islands.
“At Turks & Caicos Sotheby’s International Realty, we’re seeing buyers from the New York area gravitating towards serviced condominiums in residential resorts,” said Nina Siegenthaler, vice president at Turks & Caicos Sotheby’s International Realty.
And many are looking for a combination of a safe, convenient place to live that has all the features of a vacation.
“Because these buyers typically invest in Turks for second or third homes, residential resorts combine the feeling of being on vacation, with resort amenities like on-property restaurants, pools and spas, while still being able to own a valuable real estate asset in our jurisdiction,” said Siegenthaler. “Additionally, when buyers aren’t on-island, they can be confident their home will be taken care of and have the ability to offset operating costs in their absence.”
In September, the Corcoran Group, which is headquartered in New York City, announced it was expanding its presence in the Caribbean with its first affiliate brokerage in Turks and Caicos. This marks the launch of Corcoran’s fifth Caribbean affiliate in just over two years.
“When invited to establish Corcoran’s presence in Turks and Caicos, we were immediately impressed by the brand’s marketing strength, established name in the new development arena, and of course, the incredible opportunity for a robust network of referrals through several key feeder markets,” said Stephanie Leathers, owner of Corcoran Turks and Caicos.
Grace Bay Resorts reported that 20 percent of buyers for its new residential resort, Rock House, are from the New York area.
At Grace Bay Club, another Grace Bay Resorts residential resort, this figure is about 25 percent. On the travel side, Grace Bay Resorts has always welcomed nearly 40 percent of its customers from the Northeast, half of which come from the New York area.
About 20 percent of Turks & Caicos Sotheby’s International Realty’s buyers come from New York.
At the 31-acre South Bank Resort and Marina on Long Bay Beach in Providenciales, 20 percent of the buyers are from the greater New York area, said Ingo Reckhorn, director of Windward Development, the developers behind South Bank Resort and Marina.
As the final neighborhood in the 31-acre South Bank Resort and Marina on Long Bay Beach in Providenciales, Arc at South Bank launched sales in September.
It will be a six-story, low-density residential building designed by Piero Lissoni—his first project in the Caribbean—that will take on a suspended shape to promote privacy.
The 17 residences at Arc will range from 2,980-square-foot, two-bedroom homes to one 12,540-square-foot, five-bedroom penthouse, all overlooking the beach and the South Bank community.
The homes across the five residential floors will transition between indoor and outdoor living, with terraces; private gardens and pools; bathrooms with outdoor showers and floor-to-ceiling glass windows and doors.
Residents of Arc will have access to South Bank’s luxe amenities managed by Grace Bay Resorts, including a swimming lagoon with lounging islands in the center; a fully serviced marina and boat concierge; two signature restaurants and bars; beachfront cabanas; a spa; tennis and pickle ball courts and direct access to the Long Bay Beach, all within walking distance.
“Arc by architect Piero Lissoni, the latest and final neighborhood at South Bank, just launched sales and has already seen significant interest from the New York market, particularly in the larger three-, four- and five-bedroom units,” said Reckhorn. “We expect this to continue, as our historically strong sales period commences with festive season and into the new year.”
And a lot of brokers and developers agree that the convenient direct airlift has attributed to the influx of both New York investors and tourists over the last decade.
In fact, over the past 10 years, Turks has welcomed new non-stop flights from JetBlue, Delta and United from New York, which has generated immeasurable awareness in the New York market.
“The Turks and Caicos Islands offer a blend of attractive fundamentals, which make for an ideal second home investment destination for New Yorkers and U.S. buyers in general,” said Mark Durliat, CEO and co-founder of Grace Bay Resorts. “English speaking, a U.S. dollar-based economy, a proven real estate title system that is reliable and easy to understand, and a wide selection of short, direct flights from New York. These components make owning in Turks attractive for New Yorkers wanting to invest in a warm-weather destination. It’s just so easy.
“The vast majority of growth in the past few years has been through private, high net worth individuals,” continued Durliat. “My family splits our time between New York and Turks, and our story has been replicated over and over again by other New Yorkers.”
Here’s what another New York buyer had to say about his purchase in Turks & Caicos
“The idea of buying a piece of paradise was absolutely too attractive. We go down there to recharge our batteries,” said Nicholas Kourides, a lawyer from Rye, New York who owns at the West Bay Club. “You get a morning flight, and you’re on the beach in the afternoon.”
Turks & Caicos Sotheby’s International Realty reported that real estate sales in Turks and Caicos reached more than $141 million in the first quarter of 2022. Sales on condominiums increased 62 percent in the same period. Construction in Providenciales, is at a record high.
Located 95 feet above sea level on the rugged, northern coast of Providenciales, Rock House’s Reserve Villas launched sales in early 2022 and will sit at the highest elevation of Grace Bay Resorts’ newest luxury residential resort, offering residents the utmost privacy and dramatic 180-degree views of the Atlantic Ocean and surrounding archipelago.
Designed by on-island Coast Architects, the chic two-to-four bedroom villas feature private swimming pools, spacious courtyards and extra rooms for buyers to adopt a work-remotely lifestyle.
Buyers at the Reserve Villas will also have access to the shared resort amenities, including the Beach Club at Rock House, which includes a private white sand beach, a pier that stretches into the Atlantic Ocean and an oceanfront restaurant.
Rock House’s phase I is sold out, and the Reserved Villas are 50 percent sold. Most of the buyers are coming from Canada and the U.S., with an overall 20 percent coming from New York, as mentioned.
Said Reckhorn, “Turks and Caicos is so popular amongst New Yorkers in general for our endless sunny days and beautiful beaches, lack of restriction on foreign investment, use of the U.S. dollar and English language, and convenient direct airlift.”
