Dive into the vibrancy of April’s real estate landscape with our detailed report.
Since we’ve always said Cayman has 2 seasons: hot and hotter, ‘summer’ for us is the off-season for tourism and the Mass Exodus for locals! Of course less traffic with schools being out is always a bonus! With increased airline offerings by many carriers, residents are eager to get away without the hassle of global COVID travel restrictions. And because of the increased airline routes, many tourists are taking advantage of them and headed our way. Typically quiet, we have a lot of families and groups coming down over the next several months to soak up some sun, enjoy an array of restaurants and magical dive sites. It won’t be as quiet as summer historically has been, thankfully.
Taste of Cayman on May 13th being back after a 2-year hiatus is super exciting and it’s always an amazing event full of fun, food and entertainment. This year promises to be a great one.
As always, we encourage you to refer to www.CaymanGoodTaste.com for the latest and newest restaurant offers. Cayman has some of the best dining experiences in the world and a variety of restaurants for every palette.
Phenomenal! Beacon Farms is a place where those recovering from drug and/or alcohol addiction can visit (or live) as they forge a new life in their recovery efforts. For those affected by addiction, it is a life-long battle to stay focused on a healthy lifestyle. This place offers so much to so many: an agricultural farm to learn a new skill and fresh, local produce is for sale. It’s a safe, nurturing environment for addicts where new skills are forged. If you haven’t had the opportunity to visit, head out to Frank Sound and see it for yourself. All non-profit, the generous donations from local businesses and residents keep this going. They welcome and appreciate your support in any way. We are grateful for this organization and will continue to promote it and spread the word as often as possible.
This month will see the forward motion of LACOVIA and that long-awaited redevelopment. This 40-year+ old Spanish-style property will be replaced with an impressive, modern, 10-story-high complex. Pre-sales of The Mandarin Oriental in Beach Bay continue at a good pace. Watermark sales are also going very well with a ground floor double unit going under contract recently – with a list price of US$34,500,000. Single-family homes in Snug Harbour, Canal Point and The Highlands all had sales in May.
Overall the market has slowed in many aspects but by and large it’s been the market activity that has slowed more than prices plummeting. Locals are feeling the interest-rate-pinch but we have a lot of cash buyers to keep things going. Overseas investors know Cayman is a safe bet in uncertain times (unsteady banks, uncertain stock markets, worrisome political scenes) and continue to buy properties here and expand their portfolios.
We continue to monitor the sales pace and pending activity daily. Let us know if you have your eye on something that you would like us to focus on for you.