Coldwell Banker gains a foothold in Europe
Published:Friday | November 29, 2013 | 12:00 AM
Andrew Issa, managing director of Executive Property Service Limited, and franchise holder for Coldwell Banker realty, says Coldwell Banker Island Affiliates (CBIA) has signed an agreement with Hamptons International, giving regional brokers an opportunity to pitch properties to investors from Europe, Hong Kong and the Far East.
CBIA is the master franchise of Coldwell Banker Real Estate Corp in the Caribbean and Atlantic region.
Signed at the end of the third quarter, the agreement allows for additional exposure of all property listings, which will be marketed by UK-based Hampton International and also displayed on its website.
Alasdair Hedley, head of International Business at Hamptons, said in a joint release that the demand for second homes outside of the United Kingdom is gaining momentum.
"Traditionally, the Caribbean has been a real hotspot for our buyers, and we're looking forward to capitalising on the opportunities that this partnership will bring," said Hedley.
Hamptons is a subsidiary of Countrywide, an estate agency and property services group also based in the UK.
The CBIA master franchise area includes all the islands from Bermuda at north, Aruba and Curacao to the south, Cuba to the West and Barbados to the East.
CBIA has 21 offices covering 15 different islands throughout the Caribbean and Atlantic island region.
Under terms agreed with Hamilton, brokers from the Caribbean will also make presentations in London on selected properties to groups of investors cultivated by London-based brokers.
Issa told the Financial Gleaner that Hamptons has selected Chris Blackwell's GoldenEye property in Jamaica as the first to be presented to select investors during the first quarter of 2014.
Coldwell Banker will give investors the opportunity to buy into GoldenEye with offers including 10 individual lagoon lots of 10,000 square feet with a starter one-bedroom unit villa.
This villa - completed to each owner's specifications - may be expanded to two or three bedrooms. Starting price is US$1 million.
Other options are two- and three-bedroom beach cottages which range up to US$1.7 million for each unit.
"GoldenEye is a speciality property with the potential to be fully booked all year round," Issa said. It is a preferred holiday spot for celebrities, he adds.
Coldwell Banker is also prospecting in the diaspora market for Caribbean residents who are seeking an island home away from home.
For this segment in Europe, Issa said the Hamilton's brand is more familiar than Coldwell Banker.
CBIA is also planning to distribute information through building societies which have offices in the United Kingdom to further boost the partnership. Similar initiatives, Issa adds, were pursued in Canada and London, with Coldwell attending seminars staged by Jamaica National Building Society and making presentations there.
Issa declined to discuss the expected impact on revenue for the Jamaican operation, but said: "Every property we have would go on the site. We are getting fantastic exposure throughout the whole of Europe."
Coldwell Banker is a US company and is, therefore, better known in that market, he said.
Through CBIA's outreach to London, other cities in Europe and Hong Kong, Jamaica is expected to have better sale opportunities.
"Jamaica is not among the top-five destination for investors. This will open us up to a new market," he said.
Coldwell Banker Island Affiliates has been in business since 1997, when Coldwell Banker Real Estate Corp began pursuing global expansion.
"There has long been a connection between the Caribbean and the UK. Many people from the UK are looking to buy property in the Caribbean, so the agreement makes sense to have reputable real estate agents on both ends of the transaction," said Jim Reed, managing director of CBIA, in the release on the agreement with Hamptons.