March/April 2024 Real Estate Highlights

While it seems like ‘everything is for sale’ the selection is relatively low unless you are willing to wait a few years to move into a new home.

Unfortunately, some pre-construction projects are not going to come to fruition, which happens from time to time for various reasons, but undoubtedly, we will see a variety of inventory for sale and/or rent in the next few years, meeting demands as our Islands population continues to grow.

Properties Sold

February: 68 properties sold March: 89 properties sold

Prices Ranging

February from US$12M to CI$26,000 & March US$29,950,000 to US$36,000

Currently Available for Sale

1348

Under or Pre-construction

344 properties

MARKET SITUATION

It’s Going Down!  

After years of discussion and organizing, Lacovia is currently being leveled. There was a large crowd in attendance as the first building started to be destroyed in February, and throughout March that work continued. Lacovia sits on a stretch of ultra-prime beach and from the plans and renderings, it’s going to be hard to determine what is more spectacular when this one is finished – the complex itself or the stunning shades of crystal blue that meet powder-white sand beach.  

They’re Going Up!

Indigo Hotel, Sunset Cove, Dolphin Point, The Sands, Aqua, ONE GT, Watermark, Grand Hyatt…. these properties and others have taken a while to get underway for one reason or another (Covid, Planning, Funding). As 2024 unfolds we’ll see many of these completed and occupied. The time it’s taken for some of these to happen has given us Cayman folks a chance to get used to high rises, where until the last 15 years, were used to the normal 3-story buildings along Seven Mile Beach.

They’re Going Somewhere!

The recent report released stating that there are nearly 50,000 cars is not a surprise. As traffic becomes one of Cayman’s biggest concerns, the congestion on the road literally changes everything. The real estate market is not immune to that: many people will pay more to be closer to town/work/schools in order to avoid an hour+ commute to get where they need to be. The newest phrase for buyers and tenants is “nothing after Grand Harbour”, which is sad because there are so many great properties to buy or rent after Grand Harbour, but the traffic is too big of a mountain to climb. Hopefully, the Government will finally get the East-West Bypass from Savannah to Frank Sound underway; we desperately need it. West Bay is spoiled: there are many options now to get to the different areas of that district!

Market Movers

It’s been hard to keep up with the way the market is moving, as we cannot say it’s a buyers’ or sellers’ market because the sales indicate it’s a mix of both. Overall prices seem to be coming down but then we see sales happening at list price, or above, and in record time. The mix of sales is interesting as well: development sites, commercial buildings/properties, and some residences seem to sell quickly at the list price. As you know we have always said that pricing a property correctly gets it sold promptly, rather than trying to push the market beyond what buyers are willing to pay. For more on market sales and availability, contact us for a detailed analysis.

Wishing you a successful month of April! - Pam Parsons, your Property Pal 👋