Realtors are pointing to the US$12.5 million sale of the seven-bedroom Coconut Walk residence in West Bay as the most lucrative in Cayman Islands’ history, outpacing the previous $7.9 million record.
Brokers were reluctant to name the new owners, but said the 1.4-acre beachfront property, sold Dec. 15, was previously held by a company listed in 1974 – and again in 1996 – on the Cayman Islands Land Register as New England Mortgage Investments. In 2004, the registry listed the property under WestView Ltd.
The owner listed Coconut Walk with Sheena Conolly’s Sotheby’s International Realty in January. Last week, Remax broker/owner Kim Lund sold the 10,155 square foot, 6.5-bath home, built in 2010.
“The company just decided to sell it,” Ms. Conolly said. “It had been a family dwelling for a long time, and it was originally listed at $14.95 million.”
She declined to name the buyer, but described them as “a family from Canada with a background in the West Indies,” familiar with the Cayman Islands.
The home, between Cemetery Beach and Boggy Sand Road near Swift Lane, features 90 feet of beach frontage, a swimming pool, a three-car garage and an unscreened porch.
“They were very fortunate to get the property,” Ms. Conolly said. “I really hope they’ll enjoy it. It’s unique. I wish we had available more like this because there’s definitely a market for high-end, single-family properties.”
Mr. Lund said he had also sold the highest-priced condominium – at US$13 million – in Cayman history in the Sotheby-listed 35-unit, six-story Water’s Edge on central Seven Mile Beach.
“This is the first residential home sale in the Cayman Islands for over US$10 million,” Mr. Lund said, pointing to statistics from the Cayman Islands Real Estate Brokers’ Association.
“According to the CIREBA,” he said, “there have been 11 residential homes that have sold for over US$5 million. There are currently 12 homes actively on the market in Grand Cayman that are listed for more than US$5 million.”
Both Mr. Lund and Ms. Conolly agreed that last week’s sale was a boost for the local real estate market, consolidating Cayman’s position internationally.
“The Cayman market has been very busy this year, with several benchmark sales. It’s very encouraging that we’re getting this,” Ms. Conolly said, reflecting on high-end markets elsewhere in the region, naming Anguilla, the Turks and Caicos Islands, and Barbados, among others.
“Some people wonder why our price points are so competitive compared with other islands. Cayman is very affordable,” she said.
Mr. Lund agreed: “Every time we have a sale like this, it’s a very positive sign of confidence that investors and new residents have in the Cayman Islands.”
“It’s past the point where we are struggling. People know us and it’s nice to see support for our real estate market,” he added.
Previous top sales include a $7.95 million property in March at Vista del Mar; a Salt Creek property in February 2017 for $6.65 million; and another Vista del Mar home in September 2017 at $7.6 million.