Epic Theater, Nina Siegenthaler, Turks & Caicos Sotheby's International Realty

When potential buyers join Joe Zahm or one of his agents in the Epic Theater adjacent to his office, they

aren’t there for the latest blockbuster movie. Instead, they are taken on an immersive tour of the luxury

homes available now—and in the future—among the 40 islands that make up Turks and Caicos.

“When I saw a theater like this in Vail [Colorado], I immediately wanted to bring it to our office,” says Joe Zahm, president and broker of Turks and Caicos Sotheby’s International Realty. “There’s nothing else like it in the Caribbean: a 9-foot high by 16-foot wide wall screen that we use to project every development and property in 3D.”

Zahm, who helped create the market for luxury condos and villas in Turks and Caicos over the past three decades, says Epic Theater is a gamechanger for selling luxury real estate. “Prospective buyers can learn more in an hour or so in our theater than they can in three days of driving around the islands,” he says. “People can quickly understand the differences between various locations and properties to narrow their focus from multiple properties to two or three options.

”These presentations include Google Earth and drone footage, renderings, floor plans and 360-degree views of developments and available units, all presented with insights from agents in an immersive experience generated by the 3D imagery and sheer size of the screen. At least one buyer closed on a US$10 million villa with only one visit to the property, Zahm says, adding that Epic Theater also “generates ideas for developers when we bring them in to look at projects.”

From Condo Communities to Luxury Villas

With more than US$5 billion in sales since he started out in Turks and Caicos in 1990, Zahm has long worked alongside property developers who know he brings decades of insights into the culture and market of the islands. “I’ve been in the vacation business since I was a teenager,” says Zahm, who began his career as in-house attorney for Keystone Resorts in Vail. “A friend bought land in Turks and Caicos and when I visited him, I thought I’d stay and work here for three years—which turned into 35.”

Using his experience at Keystone, he introduced new operating standards, including contract documents and the first reservation software to be used at Turks and Caicos developments. From 1990 until the mid-2000s, his work focused on creating residential condo communities.Over time, these communities evolved from 3-star to 5-star resorts, with owners typically renting their units exclusively through the management company.

Prior to this, Turks and Caicos mostly had all-Inclusive resorts or condos, rather than this hybrid model offering both resort amenities and homeownership.Zahm merged his company with Sotheby’s International Realty in 2009 and, from 2011, began working with developers to create a luxury villa market in Turks and Caicos.

“The villa model had far fewer barriers to entry at a time when the luxury market was still recovering from

the global financial crisis. It worked well for developers and for buyers,” Zahm explains. “We went from

developing vertical developments to villa community resorts. Now both are an important part of the Turks

and Caicos property market.”

Taking the Island Market International

Today, condos in Turks and Caicos achieve an average sale price of US$1.5 million, while villas in resort

communities range from US$3 million to US$20 million, Zahm says. “When I came to Turks and Caicos, I was immediately absorbed by working as a consultant, as well as a broker, to optimize the product quality and the sell-through process,” says Zahm, who served on the islands’ Tourist Board and co-founded the Turks and Caicos Resort Association.

He says there is “an interesting international market” in Turks and Caicos. From 2017 through 2020, total annual sales on the islands were approximately US$300 million. From 2021 through 2024, they reached an average of US$710 million, a 151% increase, Zahm says. Average prices rose 50% over the four years from 2021 through 2024

.“During the pandemic years, single-family home sales dominated the market, but now we’re seeing an increase in condo sales among new luxury developments,” he says, citing The Point by Grace Bay Resorts, ARC Sky Villas at South Bank, Andaz Turks and Caicos by Hyatt, The St. Regis Residences,and The Loren at Turtle Cove. “We’ve also seen a new benchmark for luxury standalone homes with a US$30 million-plus sale in 2023 and 2024.”

Turks and Caicos has high-quality inventory available now along with new development and the pipeline

of demand that starts with tourism shows no sign of slowing down, says Zahm. In fact, he only expects

the island market to grow as a luxury destination in the years ahead.

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