151
ShowBoats International | February 2017
PHOTOGRAPH: JP ROUJA/LOOK BERMUDA
You could say golf, tennis and sailing are the
three points of this island haven, which has
encouraged an upscale residential scene.
THE NEW
BERMUDA
TRIANGLE
Words – Jean Nayar
L
aced with powdery-pink beaches and enveloped by
the mysterious turquoise waters of the Sargasso Sea, the
-square-mile sliver of paradise that is Bermuda has drawn
maritime adventurers for centuries. Discovered in by
Spanish conquistador Juan de Bermúdez, it was ultimately settled in
the early s by the British, who continue to claim it as Britain’s oldest
self-governing territory and transformed it into a picturesque echo of the
English countryside with pastel-painted cottages and genteel gardens.
As Bermuda gears up to host the America’s
Cup, its real estate market has seen a burst of
activity — particularly among property owners,
who have rented their homes and condos to team
members and their families ahead of the big event.
Not surprisingly, Bermuda has also experienced
a recent uptick in house and condo sales by
international buyers, many of whom plan not only
to participate in the America’s Cup, but also to
escape uncertainty abroad.
“While the America’s Cup publicity helps, we do
not see this as the root cause of the increase,” says Karin Sinclair, a real
estate broker and principal with Sinclair Realty, an aliate of Christie’s
International. “The world has changed so much — with Brexit, the
evolving status of UK ‘non-doms’ and, of course, the U.S. presidential
election — the wealthy are now left wondering, ‘Where should I live?’ ”
In addition to Bermuda’s mild two-season climate, natural beauty and
civilized environs, international buyers are drawn to its high standard
of living, lack of personal and corporate income tax and capital gains
tax, and low crime rate. The government has gradually made the
purchase of Bermuda real estate easier for foreigners, too. “Ten years
ago, the Bermuda Government license fee related to the acquisition
of real estate by a non-Bermudian was calculated at twenty-five
percent of the property purchase price,” says Sinclair. “Today, that fee
is just eight percent.”
“To further encourage foreign investment, the government also lowered
its threshold for houses that can be purchased by non-Bermudians to those
with an Annual Rental Value of $,, which translates to entry-level
prices of about $. million,” says Sallyann Smith, a broker and principal
of The Property Group. The lowest-priced condominium units available
to international buyers are those with a minimum A.R.V. of $,, or
a price of about $,.
Still, certain restrictions remain for foreign buyers.
The real estate market is divided into properties that can
be purchased only by Bermudians or permanent residents
and high-end “freehold” houses that also can be bought by
international buyers. “At any given time, there are about
twenty to thirty homes on the market available to non-
Bermudians and most
house sales for overseas
buyers range from
$ million to $ million,”
says Smith. Condominiums range
from $ million to $ million.
“Luxury condominiums typically
sell in the region of $ to $,
per square foot, while luxury single
family estates can range from
$, to $, per square foot,”
says Sinclair. “One of the charms of
Bermuda is that there really is no such
thing as an ‘average’ luxury home.
More so than in the U.S. or Canada,
every home is bespoke.”
WHERE TO BUY
Among the preferred locations for
international purchasers is Tucker’s
Town in the East End of St. George’s
Parish, says broker Sallyann Smith.
“It is a gated area with some very
influential owners, and therefore,
sought-after for people looking for
a private home.” The relatively new
development includes townhouses,
estate homes and waterfront prop
-
erties, as well as a golf course and
club, private beaches, restaurants
and pools. Other favored areas
include Warwick Parish, Fairylands
in Pembroke Parish and in Paget
Parish, the Bellevue, Harbour Road
and Grape Bay Beach areas.
There is no
such thing as
an ‘average’
luxury home.
Property
153
ShowBoats International | February 2017 ShowBoats International | February 2017
MY SEA VIEW
Proud owner and operator of a custom -foot Simonis
sailing catamaran called Rising Son II, born-and-bred
Bermudian Steve “Squid” Smith oers an inside peek
into the sweet life in his enchanted homeland.
Your life’s work revolves around
the sea. Tell me about your boat
and business.
Rising Son II is a gorgeous
-foot catamaran that has been
the No. charter boat in Bermuda
for about five years on multiple
forums, including TripAdvisor.
We provide custom private
charters that include anything
from sailing, booze cruising,
snorkeling, catered events,
paddleboarding, kayaking and
much more. My regular cruise
caters to the cruise ship crowd
and we generally take about
passengers.
What are your favorite
cruising grounds?
Deep Bay has everything
for all ages and all levels:
Crystal-clear shallow waters
with reefs, caves, beaches and
even cli jumping. We usually
give the passengers around an
hour-and-a-half of free time
to snorkel, paddleboard, kayak,
play on the beach, swim through
the caves, cli jump or just sit
on the boat with a complimentary
Rum Swizzle.
In which part do you live?
My home is located on the south
shore of Bermuda directly
overlooking a beautiful beach.
What is the style of your home?
It’s a spacious, contemporary/
beach-style home with the best
views anyone could ask for.
What’s the best part about
living here?
I love my home because of its
location and the fact that I fall
asleep every night hearing the
sounds of waves crashing on
the rocks. I have a beautiful
little backyard for my family,
friends and two dogs to hang
out in that overlooks the ocean.
I can walk down to a secluded
beach directly in front of my
house whenever I wish and
go for a swim or take my dogs
for a walk with my beautiful
wife, Stephanie.
What’s your idea of an ideal
Sunday afternoon?
My favorite thing to do on the
island is to go out on a boat and
catch my own fish or lobster to
cook on the boat right there and
then. There’s nothing fresher,
cheaper or more satisfying
than indulging in self-caught
fresh food on the most beautiful
waters in the world!
Where would you take an
out-of-town guest to eat?
My favorite restaurant is
Harbourfront in Hamilton. It’s
a waterfront place and always
has a wide range of options —
from seafood to the best steak
on the island. Great service and
fantastic location!
What’s the best local hangout?
My favorite bar has to be
Hog Penny. It’s a small, old
English-style pub that we, as
young Bermudians, grew up
with alongside tourists and
locals. Live music, wonderful
food and beverage quality
and service.
What advice do you have for
someone considering to buy a
residence or vacation home here?
Befriend the locals and try to
find your niche. Once you are a
part of a local group, you are set
for life. All the hidden gems and
special events will be easy from
there on. The best part about
Bermuda is the locals — having
been to many other islands, I
can say this with confidence!
OLD BATTERY
4 South Road — St. George’s Parish, $23 million
Old Battery, on the South Shore near Tucker’s Town, sits high on the hill overlooking the
blue waters of the Atlantic Ocean. Built in and completely renovated in the late ’s,
the nine-bedroom, nine-bath main house and two guest cottages sit on four-and-a-half
acres, which include an infinity pool and a hard-surface tennis court. Situated minutes
from Hamilton, the elegant ,-square-foot main house features a galleried living room
with fireplace, wet bar and hidden wine cellar. On the upper floor, the master bedroom
adjoins a cozy study with wet bar, dressing
room and gym. A fully contained lower-level
housekeeper’s apartment has direct access
to the kitchen above. Listed by The Property Group
PHOTOGRAPHS: JP ROUJA/LOOK BERMUDA, DAN FORER (TOP), THE PROPERTY GROUP (BOTTOM), COURTESY OF AZURA (AZURA),
©SB ARCHITECTS (CAROLINE BAY), COURTESY OF BERMUDA TOURISM AUTHORITY (ST GEORGE MARINA)
PHOTOGRAPH: COURTESY OF BERMUDA TOURISM AUTHORITY (TOP RIGHT)
Property
HOT PROPERTIES
CHELSTON ESTATE
12 Grape Bay Drive—Paget Parish, $35 million
Recently renovated, the -acre Chelston beachfront estate includes a ,-square-foot
main house, a trio of three-bedroom guest cottages, a two-bedroom sta cottage, as well
as a pool house and a charming beach pavilion. The three-level compound comprises
bedrooms, floor-to-ceiling windows, a home cinema, a gym, a horticultural oce and
a two-bedroom/two-bath manager’s suite. Situated near Hamilton, the property served as
the ocial Bermuda residence of the U.S. Consul General for more than years, during
which time distinguished guests included President George H.W. Bush, Senator John Kerry,
General Colin Powell and actress Brooke Shields, among many others.
Listed by Sinclair Realty
NEW DEVELOPMENTS
Morgan’s Point, a former American
military base, is being reinvented as
a development with 157 waterfront
residences, a high-end 84-room hotel,
a golf course and marina slips that can
host 77 boats, including 21 megayachts.
morganspointrealty.com
Azura is a unique oceanfront
development rising on the site of the
former Surf Side Beach Club on the
South Shore Beach corridor 10 minutes
from Hamilton and adjacent to the 8.7-
acre oceanfront Blackburn Smith Nature
Reserve. It will include private villas,
condominium residences and detached
homes, as well as a boutique hotel and
amenities. azurabermuda.com
Caroline Bay, the first Ritz-Carlton
Reserve resort in Bermuda, will be a
secluded 182-acre luxury residential and
yachting complex in the west end and
will include premier shopping and dining,
a stunning indoor-outdoor spa and a
megayacht marina. It is scheduled for
completion in 2018. carolinebay.com
St. George’s Marina, located within the
heart of the World Heritage site of St.
George’s, currently has six superyacht
berths and several smaller slips but is
set for a 2017 expansion that will add
floating docks protected by a large fixed
breakwater. stgeorgesmarina.com
RECORD-SETTERS
Bermuda’s highest residential
sale to date was the eight-
acre Tucker’s Town peninsula
property known as Castle
Point, which sold in 2006
for just under $23 million as
a complete teardown. The
priciest property currently
on the market is the 14-acre
Chelston Estate, listed at $35
million (see Hot Properties).
