A luxury property at WaterColours on Seven Mile Beach has sold for US$13 million, a fee which ties the record for the most expensive condominium ever sold in Cayman.
The Grand Residence at the luxury condo complex features seven bedrooms, a sound-proof theatre room, chef’s kitchen and dining room. But it was the location, overlooking 70 feet of beach front, that pushed the price to record levels.
The only other property to sell for that price was an opulent beach-front penthouse at Water’s Edge, also on Seven Mile Beach.
RE/MAX realtor Kim Lund, who sold both properties, said the luxury real estate market in Cayman is going strong.
“Anything on Seven Mile Beach is booming,” he said. “From studios to grand luxury residences. it is all going well. Demand is really strong.
“Every month, we break a new tourism record. It seems that people have really discovered Cayman now.”
He said the strength of the American economy and Cayman’s tourism product was boosting sales. Typical buyers on Seven Mile Beach are regular visitors who want a second home in the sun.
Lund said there had been “pent-up demand” for luxury property on the beach, which was now being filled by new developments.
He said projects coming online, like the Grand Hyatt and The Watermark, meant there was now plenty of inventory.
He said there was a need for more development in the mid-price range.
“There is still strong demand and a lack of supply on Seven Mile Beach. The strongest demand is in the $500,000 to $3 million bracket, where there is very little available.”
He said here was more property now available at the higher end, but a limited pool of buyers.
“Once you get past the $3 million range, there is a smaller market,” he said.
With space limited on Seven Mile Beach, Lund expects any new development to follow the model of the Lacovia rebuild. In that case, strata members voted to demolish their properties and partner with a developer on a new condo development.
“That was a game changer for Seven Mile Beach,” said Lund, who believes other stratas at older properties may look to follow suit in the coming years.
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US$13 millionResidence at The Ritz-Carlton,