Discover the Latest Listings, Market Trends, and Success Stories!
We hope you had an amazing Christmas/New Year’s celebration and that the first week of 2025 has been a good one.
December saw 58 sales and the highest and lowest were both on our sister islands: a 60-acre tract in Little Cayman sold for US$6,325,000 and a house lot parcel of CI$41,000 in the Brac. We’ll be watching to see what the plans are for that acreage…stay tuned.
In Grand Cayman, it was good to see a lot of ‘old listings’ finally selling – Ocean Crest in East End finished construction, and a few luxury homes that had been on the market a while changed hands too
A significant number of multi-million properties are under contract right now: a luxury home in Crystal Harbour, massive acreage in Red Bay, waterfront property by George Town Yacht Club, Lacovia condos and commercial properties show us that the market continues to thrive.
Our newsletter will be out by tomorrow full of 2024 stats and information. If you don’t receive it, let me know and I can send it to you directly.
All the best for a healthy, successful and positive year.
Number of properties sold: 861 (727)
Value of properties listed: over US$3.5 Billion (US$3.4 Billion)
High and Low: US$25.5 million and CI$25,000 (US$18.1 million and CI$24,000)
Average market time: 465 days (571 days)
Analysis of existing properties – move-in ready homes or condos:
Along the hottest spot of Seven Mile Beach (beachfront and the general corridor): 155 listings. Of those 117 are under the US$5M mark and 68 are under the US$2M mark.
South Sound has just over 50 properties available for sale and more than 75% of those have been listed less than a year, so will probably move in the next few months.
Rum Point/Cayman Kai: just 35 available listings with activity on the rise since November
Land: overall land available for sale across all 3 islands: 454 from US$50 million to CI$35,000
Traffic is a significant factor in decision-making for buyers. No one wants to endure 90-minute drives both morning and evening. If you work from home or are not on a routine schedule, or simply can work your times to avoid the worst traffic issues, your options are open. For executives, school-going families and those that don’t drive, South Sound to West Bay is where you’ll want to be. Hopefully, we’ll get our traffic situation under control and those that buy “after Grand Harbour” will enjoy a better commute. We continue to anticipate the change.
Royal Palms is no more. Just in the past few days the dilapidated buildings on the Royal Palms site have been removed. There is (as always) controversy surrounding what will happen next. Beach erosion, changing setbacks for coastal development and the consensus that we have enough concrete on the Seven Mile Beach corridor have sparked debate and emotions. It’s a wait-and-see situation for sure. Prime property such as Royal Palms will not sit raw for long.
Elections in Cayman, a looming election for Canada, the US experiencing a shift in leadership, the ongoing Russia and Ukraine war and strife and uncertainty the world over can spark concerns and worries. Cayman is a safe place to invest and live, and although we are not problem-free, we are better than many countries and we truly enjoy a good life overall. We will work on our issues and together we’ll get it right by helping each other and being CaymanKind in every sense of the word. Here’s hoping this year brings positive and long-lasting changes that are desperately needed as our country continues to flourish and move forward.