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Law change creates new opportunities for foreign property buyers

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$27.5 million estate: Roughill at night

International buyers with at least several million to spare can now snap up some of the Island’s most prestigious estates after major changes to Government land holding policies finally took effect.“Our inventory for non-Bermudian houses has increased by 30 percent overnight,” Coldwell Banker Bermuda Realty’s Heather Chilvers said in a bulletin to clients.At least six properties worth a total of some $45 million have become available to non-Bermudians, including Soncy, Perot’s Island, Pegasus, Heron’s Nest, Burgess Point and Ardsheal. But at least one property, believed to be the $6.5 million Parapet in Somerset, fell out of the range of properties available to non-Bermudians.This after Government confirmed in Parliament on Friday that long-awaited land policy changes had come into affect no longer restricting Bermudians from selling their homes to non-Bermudians, provided their home had an ARV of over $177,000, up from $153,000. In addition, special spousal alien licences (for non-Bermudians) are no longer required for the purchase of a primary residence.National Security Minister Wayne Perinchief said the changes were aimed at showing that Bermuda was “open to high net-worth individuals while preserving a market share for Bermudians”.The wealthy can now purchase such sprawling estates as private Perot’s Island in Southampton, listed at $15 million. Its Bermudian owner has had the eight-acre island on Riddell’s Bay for sale for more than a year. The seven-bedroom main home has a 30ft drawing room, cedar library, staff apartments, plus a swimming pool, tennis courts, walking track, and private beach with a jetty and boathouse.Another Riddell’s Bay estate now available to non-Bermudians is one-acre Burgess Point, listed at $7 million. It also has a large dock, beach and pool.In the same neighbourhood, the elegant Heron’s Nest estate becomes available for purchase from its Bermudian owners. The nearly five-acre waterfront estate is listed at $5.9 million and has its own island and detached three bedroom cottageLocal businessmen Steve Thomson and Stephen Dunkley bought the estate from General Motors heirs and rather than build condos on it, they decided to transform it into an exclusive waterfront community, dividing the land into seven lots plus the main house and cottage, all having access to a deepwater dock. More than half the lots are already sold.Soncy in sought-after Point Shares is offered to international purchasers now at a price of $6.9 million. The six-bedroom former manor house has a pool, floating dock and boat house.In the less than $5 million range, international buyers can now entertain the purchase of Pegasus in Smith’s Parish. Asking $4,450,000, the home overlooking South Shore and Harrington Sound boasts a 1,000-square-foot master suite, pool and shared water rights.And in Paget, near Grape Bay, Ardsheal becomes available to international buyers at an asking price of $4.9 million. Near Grape Bay, the home has breathtaking views of both Hamilton Harbour and South Shore, plus gardens filled with orange, lemon and grapefruit trees.The estates join several foreign-owned properties already available on the international market, including a Bermuda reinsurance executive’s sprawling Tucker’s Town estate, Roughill, listed at a whopping $27.5 million.For that price you get an eight-bedroom home on 2.6 acres overlooking the ocean and the second fairway of the Mid-Ocean Golf Course. It was newly built in 2004, and comes with a fully automated system for lighting, TVs, sound, HVAC, security and gate, plus its own billiards room and wine cellar.Also in the $20-million range, is Agapanthus on 4.2 acres in Paget. Priced at $19.5 million it was built in 1992 for a large family. It has two wine cellars, and even an elevator, plus a guest cottage next to the beach, tennis court and putting green.

Now available to non-Bermudian buyers: Private Bermudian-owned Perot’s Island in Southampton is listed at $15 million.
Competition: A number of homes join several foreign-owned properties already available on the international market, including this Tucker’s Town estate, Roughill, listed at a whopping $27.5 million, and overlooking second fairway of the Mid-Ocean Golf Course
Now on the international market: This Riddell’s Bay estate, Burgess Point, is now available to non-Bermudians at a listing price of $7 million.
New to overseas market: Soncy in Point Shares is listed now on the international market at an asking price of $6.9 million.