Confidence is returning, opportunities are growing. The mood is positive, the outlook promising.
Delivered by His Excellency the Governor on Friday, November 13th, we encourage all Bermudians and Bermuda residents to read the 2015 Speech From The Throne, which outlines the Bermuda Government’s plans for the coming year. The full text is available here.
Last Monday night at Rockefeller Plaza was simply one of the most amazing evenings in New York auction history with Christie’s stunning record sale of Modigliani’s “Nu Couché” at more than $170 million. The buyer? A former Chinese taxi driver turned billionaire who will bring the masterpiece to Shanghai where he owns two private museums. But the Modigliani was not Christie’s only success as the running total for the week of New York sales has topped $1 billion. More here from Christie’s: Read more
As the only Bermuda real estate company dedicated solely to the luxury market, we are so fortunate at Sinclair Realty LLC to work and interact with some of the world’s most accomplished, thoughtful people. It would be difficult to find a more eloquent summary of ‘why buy Bermuda‘ than this recent comment from one of our international clients who has owned luxury waterfront homes on this island for more than 30 years:
Of course, there are different courses for different horses, but for a place you can easily come in and out of, where staples and medicines are familiar, where expectations are high and usually met, where there are seasons, where you can reliably manage your affairs and still be away — Bermuda beats anything we know.
One of the most endearing aspects of life in Bermuda is the sociability and hospitality of its residents. Whether it’s on the boat, in celebration of Cup Match or the America’s Cup, in black tie, or at a cocktail gathering overlooking the sea, we love to entertain and to be entertained. Of course, like in any small community, a good party includes at least a little gossip. And given that a love of real estate is written into the Bermudian DNA ( … remember that for decades Bermudians could only invest in real estate because of foreign exchange controls …) at any party, in any corner of the room, somebody will be talking about recent property sales, prices, and generally ‘who’s doing what’. Interesting? Certainly! You might even come away from the evening with some genuine gems of inside market knowledge. But more probably, what you experienced at that party the other night was a grown-up version of Chinese Whispers.
Here at Sinclair Realty LLC, we really do enjoy a good party as much as anyone. But we also devote an enormous amount of time to the collection and careful analysis of the facts, trends and factors influencing Bermuda’s luxury real estate market. We do this because we know that quality information is paramount to successful decision-making about sale and purchase. Many buyers and sellers — Bermudians, PRC holders and Non-Bermudians alike — are unaware that Bermuda does not currently have a central source of real estate sales information and statistics. While all sales must be registered in the Bermuda Government Land Transfer Records, these are basic paper records that omit key information. Unless one is highly familiar with the property and the transaction, the Government records are, in our opinion, of only limited value. Also, by virtue of the timeframe permitted for registration, these records are always approximately six months out of date. So, unless you are relying on the Bermuda grapevine (ripe with misinformation), it’s likely that a real estate agent will be your primary source of market data, the quality of which will only be as professional, complete, and truthful as the agent who provides it to you.
Sinclair Realty’s luxury market research and analysis is original, thorough, surprising at times, and beyond anything you may read in the local press. If you are a serious buyer or seller of Bermuda luxury real estate, and you would like to gain a more accurate understanding of how this market sector is truly performing in real time, we welcome your call at +1-441-296-0278. (Cheers!)