
Caribbean resort developers are realizing that sometimes the best way to find buyers is to go to them. To do that, they're partnering with local agents to put their projects in front of potential purchasers in Toronto and its surrounding areas, looking to benefit from our desire to purchase real estate in the islands, Canada's National Post reported on Dec. 12.
"Toronto is the biggest market in Canada for the Caribbean because of the accessibility and travel time," says Owen Pritchard, director of international and resort marketing for Baker Real Estate.
Pritchard joined the team at Baker at the beginning of November, expanding the traditionally Toronto-focused high-end brokerage. The move came after several requests from Caribbean developers looking to reach the Toronto market. The Caribbean is a particularly popular second-home destination for local buyers, he said, not just for its sunny beaches, but because direct flights allow easy access to the region.
Baker's first international client is Villa del Mar, a Turks and Caicos condo-hotel by Canadian developer Kaitlin Group. About 50 percent sold, Villa del Mar has seen predominantly Canadian buyers and Kaitlin is looking to build on that with its relationship with Baker.
Over on the website of another Toronto broker, Harvey Kalles Real Estate, a link to the Ocean's Edge resort in St. Kitts is featured prominently for those surfing sunny home sites. The resort's developer, Newfound, formalized a non-exclusive agreement with Kalles at the beginning of 2009 to introduce buyers to the site's product. It has worked with Canadian agents since 2006.
Canadian buyers are cautious, said Damian Hamp-Adams, regional sales director at Ocean's Edge.
"Clients from North America have a sense of reassurance dealing with a brand within their market, a Christie's, a Harvey Kalles, a Baker, whoever it might be," Hamp-Adams said. "They think 'OK, that's a trusted brand. I know those guys, I bought my last house through them.'"
It's that trust factor that also plays a large role in Anne Brobyn's business, Hibiscus International. The firm partners with resorts in the Caribbean and South America for a type of match-making service that hooks up buyers with international second-home real estate in those locations. Brobyn is able to meet face-to-face with clients to help them as they decide which location might be best for them. She works with resorts that include Schooner Bay in the Bahamas, Pure Beach Resort & Spa in Barbados and Porto Cupecoy in St. Martin.
For prospective purchasers who want to check out a few resorts before they decide, Hibiscus also sets up informative cruises that take them from resort to resort for the prime purpose of looking at the real estate offerings. If you ask Brobyn, the result of all that due diligence is about more than just finding a great place to sit on the beach. Second homes in the Caribbean are investments that come with a good track record, she said.
"The payoff is amazing," said Brobyn. "Waterfront property in a tropical destination has historically only increased in value."