Coldwell Banker Previews - Bermuda's Luxury Market Newsletter - January 2014

Global Marketing Strategy

“Exclusive Partnership with UK Luxury Real Estate Company... Hamptons International”

Coldwell Banker Island Affiliates (CBIA) representing Coldwell Banker in the Caribbean and Atlantic Island region, and Hamptons International, a leading estate agency in the United Kingdom, announced their exclusive partnership. The agreement allows for additional exposure of all of Coldwell Banker Island Affiliates’ property listings to be marketed by Hamptons International and displayed on their website, www.hamptons.co.uk which represents a great enhancement of our global marketing strategy for our sole listing clients selling luxury homes. Interestingly, the Q3 Bulletin of Statistics produced by the Government of Bermuda indicates that air arrivals from the UK increased by 20% from 2012 to 2013. Our new strategic partnership with Hamptons International is therefore, very timely.

Market Update

Recent announcements from our Coldwell Banker offices in Boston and New York indicate their markets have seen a significant resurgence in both pricing and transactional volumes. In both cities, high end agencies are seeing new waves of foreign buyers pushing the number of international sales to an all-time high. In Boston, our Coldwell Banker Luxury Marketing Specialist, Jonathan Radford, states that “2013 is going to be a year of new records in the luxury property market”. Recent studies indicate that international buyers still consider Manhattan a great value in relation to other global destinations. Although the Government of Bermuda has continued to make great strides during the last year to create further incentives in order to encourage a more robust international property market, our market has been slow to respond on the demand side. Although our agents have successfully placed 3 luxury properties in contract in Q3/Q4 2013, the market has produced less than 6 international sales of standalone homes in 2013, significantly under the historical average for this market segment. We have noted however an increase in activity in Q4 2013 which should result in a couple of closings by mid year. As practitioners in the marketplace, we would urge the Government to continue to explore the introduction of further policy and legislative changes in order to generate further sales to our international buyers as the economic trickledown for our community is much needed.

For further information contact Kendra Mello at Coldwell Banker Bermuda Realty

kmello@brcl.bm


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