Housing options throughout the Cayman Islands seem to be growing in leaps and bounds. Alvin Sluchinski, real estate advisor with Engel & Völkers Cayman Islands, explains why Cayman is surging forward.
“The ongoing boom in Cayman real estate has spawned many new pre-construction projects to suit varying lifestyles, build qualities, floor plans, price points and in various Island locations,” he advises.
With the expansion of the hotel and financial services sectors, there is an urgent need for more professionals to service these industries. “We are seeing a demand for more housing on all levels; and, of course, there is a strong interest in prime waterfront properties by investors and holiday makers,” he continues.
Pointing to buying at the pre-construction stage, Sluchinski believes this is a fantastic opportunity for all buyers because new builds offer entry-level prices (almost guaranteed equity upsides) and new construction brings the latest technologies and energy-efficient benefits and trouble-free home ownership, plus the joy of furnishing and personalising these homes.
“The new Dolphin Point Club is one of the best examples of a great buy on the waterfront at Northwest Point,” he says. “These luxury condos offer a wide array of sizes and floor plans in one-, two-, three- and four-bedroom layouts coddled in a luxury five-storey waterfront architecture with endless Seven Mile Beach views.”
They offer high-tech and green LEED features throughout, underground parking, a fifth-floor rooftop gourmet restaurant, a dog park, a children’s splash pool, luxury European spa, concierge and captive rental programme, plus a 110-foot infinity-edge pool and natural iron shore cove for easy access to nearby world-class dive sites.
“This highly successful local developer has honoured us with superb developments such as The Caribbean Club and The Rum Point Club, which have raised the bar in Grand Cayman for luxury resort lodging for the wealthy clientele that return to our beaches year after year for fun in the sun,” he says.
Luxury Beach Living
Kim Lund, owner/broker with RE/MAX Cayman Islands, says that the Grand Hyatt development is a very compelling investment. “The Grand Hyatt Residences are pre-selling at an average of only US$933 per square foot for a five-star internationally branded Seven Mile Beach resort,” he explains.
He compares this cost to recent sales at a random summary of other popular Seven Mile Beach condominium developments, with Villas of the Galleon (built around 1980) costing US$1,509 sales price per square foot; Pinnacle (built around 2000) at US$1,323 sales price per square foot, The Ritz-Carlton, Grand Cayman (built around 2005) at US$1,662 sales price per square foot and WaterColours (built around 2014) at US$1,805 sales price per square foot. (Current market sales are taken from the Cayman Islands Real Estate Brokers Association’s MLS system over the last year.)
“The difference in comparable prices represents a huge current upside in value of around 40 to 100 percent for the Grand Hyatt Residences,” Lund states. “If you bought the least expensive studio suite at US$521,375, the increase in value over Seven Mile Beach sales prices would be approximately US$200,000 to US$500,000 at today’s prices.”
Lund says this upside is real and prevalent across all of the residences currently for sale at the Grand Hyatt and presents an unprecedented opportunity for future capital appreciation, as the Grand Hyatt progresses through construction.
“Why not invest into real estate with a great profit already baked in?” he asks.
More New Developments
Locally owned Heritage Holdings Development is excited to introduce two unique developments to the shores of Cayman.
Nestled between Lalique Point in Crystal Harbour and the North South Golf Club, Diamond’s Edge stands on one of the last great vantage points in Grand Cayman.
“This new development offers unobstructed ocean views from every estate lot on which you can build your dream home,” Larissa Waters, sales and development with Heritage Holdings Development, confirms. “Each have high-end hardwood boat docks built in, along with a natural stone seawall surrounding the oceanfront canals. This is a limited offer when investing in Cayman, having your own private dock in your own backyard.”
A 24-hour manned security entrance gate, customised street lights, manicured spaces, extensive landscaping, on-site maintenance, private refuse collection and underground utilities all work in harmony to ensure Diamond’s Edge is finished to the highest standards.
Nautica Marina Residences is another new project, with eight private resident buildings in combinations of two, three and four bedrooms, including penthouses with exquisite oceanfront views. Each have private pools, modern landscaping and a private marina. Particularly fine amenities include a five-star spa and the one and only on-island ocean-view rooftop restaurant including lounge, pool and cabanas. For sales inquiries, contact Waters at Heritage Holdings, 345-936-3343 (EDGE) or email firstname.lastname@example.org.
With so many new housing options becoming available, don’t miss the opportunity to own a piece of paradise.
By Stephanie Peacock