Vanuatu Coming of Age as Tourist Destination

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Vanuatu is coming of age as a tourist destination. An island nation in the South Pacific Ocean, Vanuatu is already known as the "happiest country on earth," as designated by the United Nations in 2009.

Now, the island is becoming a top choice for resort-style real estate. During the recent South Pacific Forum this past June, there was a buzz amongst the 600 delegates as tourism development showed signs of clearly picking up. Holiday Inn Resort Vanuatu is one international brand that is finding sucess in this exotic market.

Part of the attraction to Vanuatu, principally Port Vila on Efate, is its recognition as a premier Sotuh Pacific financial centre for administration, management of offshore companies, trusts, banks, insurance companies and shipping registration. There are secure privacy provisions and Vanuatu has not signed any international tax treaties further ensuring confidentiality regarding business and investments.

Moreover, Vanuatu has no personal or corporate income taxes, estate or gift duties, no capital gains taxes and no exchange controls.

One standout property just released for sale is Benjor Beach Club & Resort, located 12 minutes from town and 10 minutes from the International Airport. Benjor is also only five minutes from the Port Vila International Golf Course, Botanical Gardens, Hideaway Island and famous Cascades Waterfalls.

It comprises approximately 21 acres sub-divided into 20 separate lots. The resort on Lot 2, featuring 42,962 square meters, sits in a superb position and boasts a 150-seat restaurant, pool, tennis court, miniature golf course and 15 ocean view villas on approximately 300 meters of beachfront.

According to Carol Carter from Coldwell Banker Gold Coast Australia, the property is listed at $3.5 million Australian. Benjor Beach Club and Resort on Lot 2 has a positive cash flow and substantial land to further develop an international hotel in the future, while the remaining lots are for sale by negotiation.

"Future potential of this property is exceptional with many options for development whilst providing substantial income," Carter added. Carter went on to say labor rates remain low in Vanuatu and maintaining property is "of little concern."

"In fact," Carter says, "this is one of the secret delights of living in the islands."

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Luxury Cornerstone Golf Community Under New Ownership

Cornerstone, a luxury master-planned golf and equestrian community in Montrose, Colo., is under new ownership again.

Two months after the world-class Greg Norman-designed golf course was close to closing, some new owners have stepped in to the picture. According to a local report in the Montrose Daily Press, longtime Cornerstone broker Beckie Pendergrass said one of the new principals is Lew Thompson, who also owns the nearby Jack Nicklaus-designed Bridges golf course development.

Thompson is actually one of five new owners of the 6,000-acre Cornerstone community after reportedly closing on the majority of its assets Aug. 10. Pendergrass told the Daily Press the new investment group "closed on the first of two phases (of Cornerstone) and are hoping to close on the second in the coming weeks."

News of the ownership changes at Cornerstone occurs less than a year after SilverLeaf Financial, a private equity firm specializing in buying distressed debt, announced it was acquiring the luxury development in western Colorado. The development is located approximately one hour north of the Telluride ski community.

At the time, the distressed property was purchased fee simple with clear title, for an undisclosed price, according to SilverLeaf. Cornerstone began development in 2006, and the community's Norman-designed golf course and 6,000-square-foot golf clubhouse opened in the summer of 2008

At the time of SilverLeaf's deal, Cornerstone featured 125 fully improved lots, 56 of which were sold, leaving 69 currently available for sale. There are an additional 287 lots in various levels of improvement within the development. The development is planned for a total of 412 "Homestead" lots ranging in size from 1/4 acre to over 100 acres.

Included in the purchase were four custom built cabins constructed by the developer. Each large cabin is fully furnished with four master suites and shared amenity space. All four of these "Foursome Cabins" are currently available for sale.  The private luxury community includes a high-end 18-hole championship golf course and 20-acre practice/training area. The clubhouse includes a dining area, pro shop, men's and women's locker areas, fitness area and swimming pool/beach area.

The Cornerstone club also features a 40-acre meadow with stables and horse boarding facilities, located in the northeast and southwest portions of the development. Community residents can enjoy guided horse rides either on-site, or on over 1 million acres of public lands nearby.

The community also features an exclusive clubhouse in the nearby ski town Telluride, known as the "Mountain Club." Built to accommodate Cornerstone members for year-round use, the clubhouse is located in the heart of the village, just steps from the ski gondola.

Meanwhile, the original developer set aside approximately 3,000 acres as open space within the development. Community residents can hike, bike and ride miles of trails with a diverse terrain.