Beach-front condo attracts $13M price tag

Is this the plushest pad in Cayman? The opulent beach-front condo sold for US$13 million last month – a record for the island. 

With its high cathedral-style ceilings, nine bathrooms and underground garage, the penthouse would attract a huge price anywhere in the world. 

But it was the location – right on Seven Mile Beach – that pushed the price to record levels, according to realtor Kim Lund, of RE/Max, who closed the sale. 

The property, part of the Water’s Edge development, marketed to buyers as “the most magnificent condominium residence on Seven Mile Beach” was snapped up as a vacation home by a buyer from overseas, whose identity has not been revealed. 

It has round-the-clock security and attracts monthly maintenance costs of nearly US$9,000 – a year’s rent for some in the Cayman Islands. 

Mr. Lund said the sale price was a record both for a condo and for any private residence in the Cayman Islands, trumping the previous high of US$12 million spent on a property at the Ritz-Carlton hotel. 

He said there were likely custom-built houses that would fetch a higher price on the open market, but none had been sold for more than US$8 million to date, according to his analysis of sales records. 

He said there was a very small niche market for such high-end homes. 

“There are very few people who are interested and qualify at those prices. But there are people out there who love Cayman and are beginning to feel more confident about investing in this type of property,” Mr. Lund said. 

He added that the sale was another good sign that Cayman’s real estate market was beginning to pick up. “Confidence is returning and sales prices are continuing to increase,” he said, “despite the recession that we have been through.”