Bermuda Real Estate Information & Analysis from the Exclusive Affiliate of Christie's International Real Estate
No news is good news for buyers and sellers of Bermuda residential real estate.
The 2018-2019 Bermuda Government Budget Statement contains no increase in license fees, conveyance-related stamp duties, nor any other increases for residential property. However, commercial property will see a temporary 5% increase in land tax.
As the Bermuda affiliate of Christie’s International Real Estate – the world’s only luxury real estate network owned by a fine art auction house — we send our congratulations to Christie’s New York for its amazing, record-breaking accomplishments this week. Not only did the 250+year-old auction house make history on November 15th with its $450 million sale of Leonardo da Vinci’s 500-year old mystical masterpiece Salvator Mundi ( a new auction record for any work of art ever sold at auction),but this achievement caps a brilliant $1.4 billion-week where 10 sales surpassed $10 million, eight sales surpass $20 million, and three surpassed $50 million. Vincent van Gogh’s Laboureur dans un champ, which Christie’s describes as “a richly painted view from the artist’s window at the asylum at Saint-Remy”was a special highlight of the Impressionist & Modern Art Evening Sale on November 13th and sold at over $81 million.
Fine art and fine homes are a natural pairing. Sinclair Realty is proud and privledged to represent Christie’s and its clients in Bermuda since 1995.
Read the full report on Christie’s autumn auction season here.
While open plan living isn’t going anywhere soon, Christie’s International Real Estate affiliates around the world are noting a new emerging trend: the come back of the formal dining room. It makes complete sense in this day and age — the dining room as haven for the appreciation of family, fine food, and friends. Not only is it separate from the clatter and mess of the busy kitchen, but the dining room is the one space in the home where families ‘turn off’ from the noise of social media and focus on those who share our meal.
To celebrate this welcome trend, and in no particular order, here are some of our favourite Bermuda dining rooms from the current listings of Sinclair Realty, the exclusive affiliate of Christie’s International Real Estate:
With the America’s Cup Superyacht Regatta taking place June 13-15, we at Sinclair Realty Bermuda are excited to introduce you to Chelston. The real estate-equivalent of a superyacht, this magnificent 14-acre estate on the pink sands of Grape Bay Beach — comprising a total of 17,000 sq. ft. including the 9,000+ sq. ft. main house, four guest cottages, an impressive swimming pool complex, croquet lawn, beach pavilion, extensive gardens, park-like grounds, and myriad amenities — offers a distinguished history and diplomatic provenance, hosting presidents and celebrities alike. Chelston is truly Bermuda’s Super Estate. Enjoy!
With the heart and soul of The 35th America’s Cup — its exciting events and waterfront celebrations — headquartered at the America’s Cup Village in Dockyard through June 27th, now is the perfect time to consider the many benefits of living “west of the City of Hamilton”.
Start with easy proximity and convenience to Bermuda’s famous Horseshoe Bay Beach, the highly regarded Warwick Academy, ferry service to Hamilton, the new super-yacht marina at Caroline Bay, numerous fine and fun restaurants and amenities at the Fairmont Southampton Resort & Spa and other hotels, plus the new business hub that will eventually replace the America’s Cup Village after the event concludes.
Then consider the very real fact that one’s real estate dollar goes a bit further in Warwick and Southampton Parishes than it does in Tucker’s Town.Here are links to three of Sinclair Realty’s favourite “west of Hamilton” listings, which demonstrate why many Bermudians and International Purchasers agree that “West is Best”:
Not merely a new platform for our own company, Sinclair Realty has worked hand-in-hand over the past year with Gabriel Technology Solutions ( GTS) of New York City — along with RB&K Advertising of Bermuda — to pioneer what will become a new template for use by the worldwide affiliates of Christie’s International Real Estate.
Vishnu, based at GTS’s office in Chennai, India, is one of the most responsive young professionals we’ve ever had the pleasure to encountered. He lives up to his name – the Protector. At RB&K, we are so grateful to our wonderful account executive Jennifer Ambrose and the entire RB&K team for their thoughtful guidance, design excellence, and ability to really “get” what we do.
Finally, we’d like to thank our video producer John Singleton of Above Bermuda and the team at Burnt House Productions for their tremendous talent and passion in capturing and expressing what makes our clients’ homes and estates so very special.
If you’re one of Bermuda’s Permanent Residency Certificate (“PRC”) holders, it’s likely you are aware that the single category of Bermuda real estate that you are ineligible to purchase is Vacant Land, which is reserved for Bermudian citizens. If you’ve ever lamented this exclusion and dream of acquiring open acreage on which to build your Bermuda home, Sinclair Realty has some intriguing news. A rare exception to the “no vacant land” rule exists when the land parcel includes a once-habitable ruin with an ARV of “$0” ( a very different thing from having “no ARV”, which is the case with most vacant land).
A most spectacular example of this little known exception to PRC policy is the eight-acre luxury building site overlooking Harrington Sound known as The Old Quarry & North Farm.
The Old Quarry & North Farm — a subdivision of the larger North Estate — is eligible for sale to PRC holders due to the $0 ARV associated with an old cow shed — later turned into modest accommodation — and now in disrepair.
From the Harrington Sound Road, the entrance road meanders up the hill, past the old cow shed, through forest and meadow to the Old Quarry, which has been recently reactivated, producing some of the best limestone on the island.
Glorious panoramic water views from this hillside take in the South Shore of Smith’s Parish, the Dockyard, Harrington Sound and the North Shore beyond.
The quarry is not only convenient for supply of construction materials, but it is also creating a flat foundation for new home construction.
Heading over to the hill to the south are dramatic rock cuts, nature paths and enchanting old quarries — we envision illuminated quarry gardens and charming follies … a true wonderland.
No place on earth is exactly perfect, and that includes Bermuda. But, every now and then, here at Sinclair Realty, we experience an especially poignant reminder of what makes Bermuda special and why that — in this era of Terrorism, Brexit and Trump — owning a home on this island is more relevant than ever. Recently, John and I dined with an international couple to celebrate a progressing sale. Like many of Bermuda’s luxury home buyers, they are capable of purchasing just about anywhere in the world. Yet for various reasons, and after careful study, they have developed confidence in this island. Bermuda’s high ranking in per capita income and quality of life were influencing factors. Convenience and proximity to the United States are very important, and equally so is the fact that Bermuda is not the United States. However, when we raised our glasses, the toast was to something much deeper, more intrinsic … something that much of the world sorely lacks right now, but which Bermuda offers in relative abundance. The salute was to Civility ( with a capital “C”). For Bermudians and Bermuda residents, it’s quite easy to miss the forest for the trees. And the beautiful woman who looks in the mirror does not always see herself as such. The natural grace of the Bermudian people is a bit like this. The world needs more Bermuda these days.
This week, March 13th – 17th, Sinclair Realty Bermuda LLC joins our Christie’s International Real Estate affiliates from London, Paris, New York, Beverly Hills, La Jolla, Tuscany and Marrakesh in sponsorship of the 10th anniversary of Christie’s Dubai with an intensive week of spectacular art sales and integrated auction house exposure for Bermuda’s flagship real estate and the region’s ultra-high-net work art collectors.
Art market history was made in 2006 when Christie’s held its first auction of International Modern & Contemporary Art in the Middle East. Since then, Christie’s has gone on to sell more than US$235 million worth of art in Dubai and firmly established itself as the leading auction house in the region. This year marks Christie’s Dubai 10th anniversary and its spring sales will coincide with Art Dubai, the leading international art fair in the Middle East, Africa, and South Asia.
This weeks curated anniversary sale, Now and Ten, showcases the very best of modern and contemporary art from the region, including Iranian masterpieces drawn from the collection of Akbar and Sousan Seif Nasseri. This will be followed by a second auction of Modern & Contemporary Middle Eastern Art that will bring together important works from the most sought after artists of the region. Important Watches features a wide selection of vintage and modern timepieces crafted by the most sought after names while handbags, jewels and timepieces will be offered in an Elements of Style auction, for the first time in Christie’s Dubai’s history.
If you would like to learn more about important artists of the Middle East, we encourage you to visit Christies.com
“To live happily, let us live privately”, wrote the 18th-Century French poet, Jean Pierre Claris de Florian.
While there will always be demand in Bermuda for homes offering quality waterfront, beachfront and water views, our most recent sales here at Sinclair Realty LLC provide evidence of a new trend with a previously under-rated attribute emerging to the fore … a quest for privacy. Here for your consideration are two very special, yet extremely different, properties — at varying price points — which offer this precious commodity:
Rural Home Site Near The Mid Ocean Club. If you are seeking a private home site with rural character, astounding water and golf course views, along with a convenient ‘east of Hamilton’ location — it will be challenging indeed to find a more intriguing choice than this 1.1-acre building site tucked away on Judkin Lane at the Smith’s-Hamilton Parish boundary. With permission in-principle for over 6000 square feet of development, the property is offered by Sinclair Realty Bermuda | Christie’s International Real Estate at $1.2 million gross. What makes it so private? Your immediate neighbours include the Mid Ocean Club and the Bermuda National Trust, plus conservation zoning in the surrounding area encourages a mindful approach to development.
One Of The Most Private Homes In Tucker’s Town. Even in what is widely considered Bermuda’s most exclusive residential enclave, there are actually only a handful of estates that cannot be glimpsed – at least to some degree — by the passerby. Ensconced from it neighbours on two lush acres with an amazing deepwater dock and views across the water to Frick’s Point, Shell Point on Castle Harbour is one of the fortunate few. Behind the verdant plantings and whitewashed garden wall is an understated gem comprising a two-to-three bedroom main house, a delightful guest cottage, and an apartment suitable for guests or staff. We love this property for many reasons, but especially for its authenticity (walking the grounds of Shell Point, you can be nowhere else but beautiful Bermuda) and for its supreme privacy. Yet, the beaches, golf, dining and other amenities of the private Mid Ocean and Tucker’s Point clubs are within an easy walk or golf cart ride.