Caribbean Islands Realty
Gales, Tales & Rales from 35 years in the Caribbean. Real Estate Agents you will love to write home about!
Jan
25
    
Filed Under (Real Estate, Resorts) by Jim Walberg on 25-01-2008

What criteria are Caribbean resort/fractional developers considering when buying Caribbean real estate?29-shopping-center-tc.jpg

With the boomers from the U.S., the Brits and the Europeans, the Canadians, and the buyers from South America flocking to buy up Caribbean properties, developers are getting much more picky with the islands and the properties they are considering for their resort developments. It doesn’t matter if it is full ownership properties or fractional ownerships, at some level the price point becomes out of reach for their target market buyers within the above geographic groups.

29-tom-mcpeak-123kb.jpgOne of the invaluable resources we have discovered to assist with evaluating Caribbean property development is Tom McPeak, Ph.D., out of Florida. Dr. McPeak is a “land economist” whose focus is on the responsible development of the Caribbean islands. Dr. McPeak has created a list of sixteen criteria he uses with his developer-clients when they are considering what island and property they are going to purchase and develop next. Below are his criteria;

  • Naturally beautiful, and where the beauty is protected.
  • No standing army (consequently, no junta).
  • A stable and progressive government.
  • Very low crime rates.
  • Low government social costs (not a welfare state).
  • A favorable tax environment.
  • Direct flights from major U.S. airports - primarily from Dallas eastward.
  • Small local population relative to the land mass of the island/country.
  • Economy based primarily on tourism, banking and insurance.
  • Good wireless telecommunication coverage and high-speed internet services.
  • The currency is tied to the U.S. dollar.
  • The primary language is English.
  • A warm and friendly population.
  • A traditional values-based culture.
  • Primarily a resort experience rather than a cultural experience.
  • A feeling of privacy, safety, and exclusivity.

29-lady-on-raft-tc.jpgSome of the destination/islands that currently fit these criteria, from Dr. McPeak’s perspective, are; Belize; Turks & Caicos, St. Kitts, Barbados, St. Vincent & The Grenadines, and St. Lucia. Please contact Dr. McPeak if you would like to further discuss his views on profitable Caribbean development criteria. You may remember from some of my past blog postings that I would also consider Dominica, The Dominican Republic and Aruba.

I will keep you posted as to my latest real estate and lifestyle discoveries. Until then…I remain your dedicated detective!



Comments:
5 Comments posted on "Criteria To Consider For Caribbean Island Developments!"
Tom McPeak on January 25th, 2008 at 2:18 pm #

Jim:

Thank you for sharing my sixteen criteria with your readers. We are blessed in the Western Hemisphere to have so many beautiful Caribbean locations to vacation, to have second homes, and to retire. We owe the continuing development of the Caribbean to several escalating megatrends:

1. Increasing numbers of people who earn their living doing “knowledge work”, which is increasingly less tied to a physical place, i.e. free people.

2. The ubiquitousness of the primary communication technologies, namely cell phones, high-speed internet, and fax, i.e. you have as much access as you want.

3. Ease, speed, and availability of public and private air transportation to and from most anywhere at most anytime, i.e. you can leave.

4. A “critical mass” of individuals who can afford to live and work in the place of their choosing. They select places kindest to their physical selves (climate and beauty) and kindest to their financial selves (with the least tax bite).

5. A general decline in “genteelness” in many western societies that is motivating people to seek kinder and gentler places to live.

For these reasons, the Caribbean region is becoming the premier resort destination of the Western Hemisphere.

admin on January 25th, 2008 at 2:29 pm #

WOW! Now I know some of the benefits of a Ph.D.! Your perspective on a deeper look as to why people are flocking to the Caribbean. I look forward to a further discussion about these topics.
Jim

Tom McPeak on January 26th, 2008 at 4:55 pm #

Jim:
It would be a pleasure to discuss them with you. The nature and type of work people do is changing faster than ever. The way we work determines where we live . . . and where we live determines where land is developed. In 2008, Contrast Chinese workers who are flocking to the cities and suburbs from rural areas, with highly-developed western societies where workers are scattering to pristine rural areas, lakes, mountains, sea coasts, private islands, at the four corners of the globe. Hence, we are only in the early stages of a Caribbean development boom.

Jerry L. Wallace on January 29th, 2008 at 2:03 pm #

Jim:
As a Florida developer of large condominium projects, we have been focusing our energies on the Caribbean because we also see the trends Dr. McPeak has identified. I am the U.S. Sales & Marketing Manager for a project in “up and coming” Belize, called “South Beach Belize” www3.southbeachbelize.com . . . which we feel meets many of the criteria mentioned. We are also privileged to have Dr. McPeak’s expertise and input on our project.

Jerry L. Wallace

Jim Walberg on March 6th, 2008 at 10:05 pm #

Hi Jerry,
Thank you for your commenting on this exciting project. We share in the enthusiasm for Belize as a tropcial destination in the Caribbean. Belize is an incredibly tourist friendly country. It has so many of the features that I appreciate in the Caribbean; beaches, diving, restaurants, and, of course, some great bars. I look forward to assisting with the exposure that South Beach - Belize deserves.

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