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.

5 COMMENTS

  1. This property is at the very end of Boggy Sand Road and includes the property stretching from Boggy Sand Road to West Bay Road. There is nowhere to turn around at the end of Boggy Sand Road and vehicles, including sightseeing visitors and construction heavy equipment, are forced to reverse along BSR, sometimes back to the very beginning to turn around (in the case of large construction vehicles).

    Clearly when these properties were consolidated and the mansion was built, there was no consideration of leaving a turning area. Perhaps now is the opportunity for Government to negotiate, perhaps via transfer fees or stamp duty, a small portion of the property to be created as a turning bay.

    Minister Tara, perhaps you could lead that charge based on prior requests?

  2. Kerith I agree that it should be their responsibility to just like in the old days when you sold a piece of land you got the seller to show the buyer all of the boundaries marks . But how I heard the Attorney General answers those questions in the LA , I have to think that no one can give accurate Legal information on those rights .

  3. Because the property remains on CIREBA, that might be a hint that the sale has not completed as of press time. Soooooo, there is always a chance it may not close. Hopefully it will, but in the mean time, I think the key information in this article is the very, very few high end property that actually have been sold in recent months (years).

    If sellers think Cayman is a ultra high end market, think again, and price your properties accordingly. Look closely at the island, its neighborhoods, roads, activities (other than beach/water activities) and you might be surprises. While Cayman is nice enough, it certianly is not the Riveria of the Caribbean. Make a few trips to the holiday capitals of Europe, and you’ll find Cayman is priced quite a bit higher than many. Again, I love Cayman, but it is only paradise if you compare it to Detroit.

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