As I have said in quite a few recent updates, inventory along the prized Seven Mile Beach corridor has reduced dramatically over the course of last year and the beginning of this year, in particular, new homes, of which there are a limited number right now.
Older properties along Seven Mile Beach continue to be highly sought after and will appreciate even further in the long run, with location being the single most important factor driving up their value. And when these properties do appear on the market, they are snapped up very quickly indeed. Examples of this can be seen right along Seven Mile Beach, from George Town Villas all the way up to Villas of the Galleon, Plantana, Silver Sands and beyond.
That said, there is something about purchasing a brand new property. It gives the new owner the chance to make their mark on their new home and people generally anticipate that maintenance costs will be lower with a brand new property. There are still some great opportunities to buy gorgeous, brand new waterfront homes, in great locations, if you look carefully enough.
A new project that is about to break ground at the prestigious Rum Point location in North Side next to The Retreat will see a beautiful condominium complex develop. This is a stunning part of the island, a great place to enjoy laid-back charm amid some of the bluest waters that surround Grand Cayman. Developed by Joe Imparato, this project will be an excellent addition to this location.
Another prestigious location that buyers should look out for if they want to purchase waterfront property is at the Yacht Club, where the luxurious Stone Island development is taking shape. Developed by Fraser Wellon of Seven Mile Beach’s The WaterColours fame, this will be another high-end project with all the top-class fixtures and fittings we have come to associate with Mr. Wellon and his team. A particular draw for families, this gated community will feature town homes in the US$2 million to US$3 million price range. The developers have taken great care to develop a real community feel to this location, with a communal pool area for residents (in addition to their own private pools), a gym, tennis courts and entertainment area and a clever design so that any disturbance by traffic is kept to a minimum. All of this on your own secluded island, overlooking the waterfront. The three model homes are due to be completed in the third quarter this year. These will give buyers an exact example of what they can expect.
Another new development will be breaking ground at the old Pageant Beach location next to The Wharf restaurant at the south end of Seven Mile Beach.
This project will be a well-known international five star resort brand and the development will be featuring beachfront suites, villas and penthouses, with a certain amount for sale, and primarily offered as permanent rental income properties. I am particularly pleased that this brand has chosen to develop here in Grand Cayman..
James Bovell is broker/owner of RE/MAX Cayman Islands.