Great views: Peter Turtzo, centre, vice president of Sotheby’s International Realty Affiliates, admires the scenery from the balcony of a Smith’s parish property with Penny MacIntyre and Buddy Rego from Rego Sotheby’s International Realty. *Photo by Kageaki Smith
Great views: Peter Turtzo, centre, vice president of Sotheby’s International Realty Affiliates, admires the scenery from the balcony of a Smith’s parish property with Penny MacIntyre and Buddy Rego from Rego Sotheby’s International Realty. *Photo by Kageaki Smith

FRIDAY, AUGUST 10: Bermuda still has cache because of its pure and pristine conditions for the luxury home buyer.

This from Peter Turtzo, vice president Sotheby’s International Realty Affiliates, who is in Bermuda to meet with brokers from Rego Sotheby’s International Realty

Mr Turtzo, is no stranger to Bermuda. He has vacationed here twice as many times than his 10 business trips.

He said: “When I was a child, my dad had these desires to go to very exotic places. We would go to Macchu Picchu and Hong Kong… and my mother would reluctantly go on these excursions. But her favourite place in the world was Bermuda and for every one of these outrageous places, she wanted to go to this stable, secure place that was only two hours away from where we lived in Philadelphia.”

Secure

Mr Turtzo said Bermuda is “a luxury destination market. This is a great second home place where people can have a second, third or fourth destination here. This is a stable environment. The economy is sound. The Government is secure.

“People’s investments are safe and there has been a continued increase in property value here for quite some time. It might be a bit uncertain at the moment, but for the long-term has been a great place to live an own a home.”

He said part of the appeal of Bermuda is “There is not a McDonald’s and not a Wal-Mart and not any of those things that make some destinations hokey. This is still pure, pristine and natural. It has that appeal, that cache that a luxury home-buyer is looking to satisfy.”

Mr Turtzo added the recent change in land policy by Government making more property available to foreign buyers is a “big help. It’s a very good decision on the part of the Government to provide for that because opening up the market to foreign investment brings a whole new set of opportunities for people who own real estate here and want to sell and people want to have more opportunities and more selection to choose from.”

Rego was the fourth affiliate for Sotheby’s when it came on board in 2007.

Mr Turtzo said: “We make decisions very carefully about our affiliates. We want to have a company that has a strong and positive reputation in the market place. And has had experience in the luxury real estate sector of the market. Many inquire, but very few are chosen.”

He added what separates Sotheby’s and Rego Sotheby’s International Realty from its competition across the globe, has to do with its connection to Sotheby’s Auction house.

Access

“The type of client Sotheby’s Auction House does business with is available to Rego. That is an unique pool of people they have access to that other real estate companies don’t have access to.”

He said Sotheby’s website is unique where people can search by lifestyle around the world. He said someone searching for waterfront property would get results from Bermuda, which could spark their interest and lead them to purchasing a home here.

While here, besides meeting with the Rego brokers, Mr Turtzo has met with home owners and one developer to help him better understand what is transpiring in the Bermuda market.

Penny MacIntyre, executive vice president Rego Sotheby’s International Realty, said the timing for Mr Turtzo’s visit could not have been better after the recent change in the land policy.

“Our inventory has increased so its an opportune time as well to remind our agents what tools the brand has to give greater exposure to this inventory we now have available.”

She said the site visits by Mr Turtzo was “to give him a sense of what’s out there and to see the various types of property. We also wanted to hear his feedback because he travels around the world.”