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Well September wasn’t as bad as August, but it is still quiet. Helene’s visit did us no favors either, we have more beach erosion because of that but it’s not unique to Cayman: the world over is suffering from beach loss..
We saw 48 sales in September: Deck Houses for US$12.249M being the largest one, but there was also the large block of units that sold at The Strand for $10M, and some houses and condos in the many millions that moved. Point of View in South Sound sold for $8M – it had been on the market a while, so it was good to see that go to a new owner.
The interest rate may be the boost needed: 48 properties went under contract in September. Combined with very good financing options by the major banks, locals are feeling a bit better about buying, especially the younger crowd, who can get mortgages for up to 40 years. The terms are long but the monthly budget works for them and that is key to their investment strategies to secure a home to call their own.
We have had a shift in the market as expected: a lot of pre-construction properties have gone under contract in the past few months, especially Grand Hyatt and Lacovia residences. Right now, there are a lot more ‘move in ready’ properties on the market but many are moving fast (under 30 days).
For those looking for investment advice to reach their goals, check out Lines Overseas Management – www.LOM.com – and speak to their advisors about options that work for your budget.
Contact Joel.Bodden@lom.com or check out his LinkedIn profile:
LinkedIn profile: http://linkedin.com/in/joel-bodden-982983200
