If you know what you want, ask for it. That’s the lesson to be learned from the recent sale of a preconstruction home on Providenciales, an island in the Atlantic Ocean’s tropical Turks and Caicos archipelago.
Originally marketed for $7.75 million as a five-bedroom, 5.5-bathroom villa with close to 8,000 square feet of living space, it didn’t exactly fill all the requirements of her eager buyers, according to sales agent Latoya Jones of Grace Bay Realty.
Since it wasn’t built yet, however, a deal was struck for an expanded plan to accommodate six bedrooms and 6.5 bathrooms in more than 9,700 square feet. The sale closed at $8.65 million or nearly a million dollars above the asking price.
Such customization is not the only benefit of buying before construction—at least in Turks and Caicos.
“Preconstruction is attractive because buyers only pay the stamp duty fee of the raw land transaction,” Jones says, “as opposed to the stamp duty fee for the actual cost of the finished villa.” That one-time fee, paid by the buyer to the government, would be 10% for Providenciales transactions in this price range.
Adding to the attraction of the oceanfront villa as an investment opportunity, it will consist of a main house and guest cottage, each with a private swimming pool to allow greater flexibility as a rental. “It can accommodate two different sets of guests if need be,” Jones says.
The villa is entered through a courtyard with a pool and covered lounge that accesses an open-plan great room through floor-to-ceiling glass doors. The opposite end of the great room opens to an ocean-facing terrace with infinity-edged pool and sundeck. From there, steps lead to a sunken fire pit and an ocean swim deck with direct water access.
The three-story home, set on nearly a half-acre, captures the scenic panorama of the shallow-water Caicos Banks.The 15-acre gated Wymara community, set atop the coastline in the Turtle Tail neighborhood, is within a half-hour drive of Providenciales International Airport.
Amenities at the Wymara Villas + Beach Club include a tennis court, gym, game room, sauna, steam room, hot tub and bar. There are both freshwater and ocean water lap pools. Wymara Resort’s Villa Rental Program offers homeowners professional management.
MORE FROM FORBES GLOBAL PROPERTIES
Read the full article here
