We have negotiated with the developer a special offer They have a few Units that are going to be sold as follows: Fourth Floor Ocean/Sunrise View One Bedroom Unit, Price $250,000, all cash. These Units are currently listed for $389,000 on the website and the average current price of an Ocean View One Bedroom Unit in the Turks and Caicos Islands is approximately $600,000.
The Purchaser is not required to close until 3 years from contract. At that time the Developer will buy back the Unit for $325,000 ($75,000 profit, 10% annual return and no closing costs) or the Purchaser can close on their Ocean/Sunrise View One Bedroom Unit. Although the Purchaser is not required to close when the unit is ready for occupancy, the Purchaser can place their Unit in the rental program at that time. This will enable the Purchaser to evaluate the rental income for 12 to 18 months prior to either closing on their Unit or exercising the Developer buy back. If the Purchaser closes on the Unit they will receive this rental income less expenses at closing.
The Purchaser executes a Purchase Agreement with the Developer. When the Resort Residence is ready for occupancy it is automatically placed in the rental program prior to closing. The addendum to the Purchase Agreement will contain the following two (2) options:
1) 3 years from execution of the Purchase Agreement the Purchaser can elect not to close on their Resort Residence and thus take the buy back and profit ($75,000 profit, 10% annual return and no closing costs) from the Developer, or
2) 3 years from execution of the Purchase Agreement the Purchaser can elect to close and receive the net income from the rental program at closing.
This is a great opportunity to purchase and if you don’t like it have the option to give it back whilst making a 10% return!!
Fractional offer
I can also confirm that we can offer fractional sales where buyers can take a half or quarter share as follows:
Whole unit – $250,000 Cash guaranteed 10% buyback ($75,000) after 3 years would return $325,000
Half unit – $127,500 Cash guaranteed 9.8% buyback ($37,500) after 3 years would give $165,000
Quarter unit – $65,000 Cash guaranteed 9.6% buyback ($18,750) after 3 years would give $83,750
If they elect to close on the purchase they would receive at closing the Unit and the income that the Unit made from the time it was placed in the rental program.
The half a Unit purchase shall receive 2 free weeks of usage a year and the quarter shall receive one free week of usage per year.
Scotiabank who have invested $10m in the development already have recently carried out a bank valuation from last year stating a completed unit value of $196M which equates to an average of $400K per unit.