This East End parcel on Grand Cayman comes with previously approved plans for a 5,846 sq. ft. modern Mediterranean 2-story duplex. Ppen floors plans capture beach and ocean views. Huge covered balcony and superb entertainment areas. Permits need to just be reinstated to begin construction. Asking $369,000.
Visit our Coldwell Banker Listing page for details.
Caymanian golfer, Samantha Widmer, placed first in the women’s individual stroke play category at the 54th Caribbean Amateur Golf Championships held at the Royal Westmoreland Golf Club in Barbados, one of the island’s most prestigious golf courses, from June 30 to July 3 2010. The tournament began in 1957 and then included just two countries. Throughout the years it has evolved into the largest annual golf event in the region.
This year, ten teams competed: Bahamas, Barbados, Cayman Islands, Dominican Republic, Jamaica, Organisation of Eastern Caribbean States (OECS), Puerto Rico, Trinidad and Tobago, Turks and Caicos Islands and US Virgin Islands.
The OECS in turn represents many of the small island nations of the eastern Caribbean, including St Lucia, St Kitts & Nevis, Grenada, and Antigua & Barbuda.)
Ms Widmer’s scores were 71, 75, 74, 71 which was three-over par for the tournament and she was recognised as the top female golfer in the Caribbean for 2010. She competed at the Division 1 College Golf level for Elon University between 2004 & 2008, and placed third at last year’s Island Games in Aland, Finland.
Read more at CaymanNetNews.com.
Our congratulations to Ms. Widmer.
7 Reasons to Own Your Home
1. Tax breaks. Usually these favor homeowners. Check with a local Coldwell Banker to discuss tax advantages of home ownership.
2. Appreciation. Real estate has long-term, stable growth in value, not withstanding the recent market fluctuations.
3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
4. Savings. Building equity in your home is a ready-made savings plan.
5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years. However, keep in mind that property taxes and insurance costs will probably increase.
6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.
7. Stability. Remaining in one neighborhood for several years gives you a chance to develop and enjoy a sense of community.
Come visit our Coldwell Banker office and discuss your home buying opportunities with one of our experienced agents.
Best of Cayman, with Cayman Airways and the DOT, have announced the 1st Annual Cayman Restaurant Week, planned for August 1-8.
More than 30 of Cayman’s best restaurants will offer special, multi-course fixed price lunches and dinners during the week-long promotion and many menus feature optional wine pairings with each meal’s course. “Lunch prices are $15 or $20 CI for a 2-3 course meal, and Dinner prices are $25 or $35 CI for a 3-4 course meal. Diners will have several options to choose from for each course, and some restaurants even include vegetarian choices,” reported Carrie Layne, CEO of Best of Cayman.
Visit CaymanRestaurantWeek.com for an up-to-date list of menus and this year’s participants, which include the Ritz-Carlton’s Periwinkle and Taikun, the newer restaurants Agua, cblu, Upstairs at Kaibo, and Carlos & Martins, Lighthouse, Wharf, Bacchus, Casanova’s, Cracked Conch, Mezza, Lobster Pot, the Brick House, Kaibo, Edoardo’s, Guy Harvey’s and more.
Every reservation made online will enter you to win a trip for two on Cayman Airways, gift certificates, and other prizes.
Bon appétit!
That Moody’s most recent rating of Cayman Islands stayed at AA3 is great news in the current financial crisis. It is further support for CIREBA’s (Cayman Islands Real Estate Brokers Association) position that Cayman’s economy is inherently stable and there has never been a better time to invest here. The research report is dated June 29, 2010.
“Ratings
Outlook - Stable
Government Bonds - Aa3
Cayman Islands Outlook - Stable
Country Ceiling: Fgn Currency Debt - Aaa/P-1
Country Ceiling: Fgn Currency Bank Deposits - Aa3/P-1
Credit Strengths
- Very low external debt and debt service; resilient foreign exchange earnings
- Very high per-capita income
- Prudent macroeconomic management
- A well-functioning legal system; effective and adaptable financial regulatory system; longstanding political stability
Credit Challenges
- Narrow economic base highly dependent on off-shore financial services and tourism
- Statutory and economic constraints on fiscal flexibility
- Vulnerability to external shocks and to natural events, i.e., hurricanes
Rating Rationale
The Aa3 government bond ratings are supported by a stable political system, relatively high income levels, prudent economic policies and a favorable external debt position, with low and manageable levels of debt. According to Moody’s sovereign bond methodology, the Cayman Islands’ economic and institutional strength both rank as “high” on a global scale. Despite a very small economy (nominal GDP of $3.0bn) and a narrow economic base (tourism and off-shore financial services - the Cayman Islands are the largest offshore mutual fund registration center in
the world and the second largest offshore insurance center), GDP per capita is very high at $55,000. Long-term concerns center around the challenges for maintaining competitiveness in the tourism and offshore industries, which are the mainstays of the economy.
The Cayman Islands’ status as a British overseas territory has contributed to its strong legal and accounting systems. The Cayman Islands has taken legal and regulatory measures to satisfy concerns regarding money laundering through offshore banking, ultimately leading to its removal from the OECD’s “gray list” of jurisdictions that have not fully implemented internationally agreed tax standards. The government’s financial strength is considered to be “very high.” A traditionally prudent fiscal policy stance and low — albeit rising — debt levels compensate for the
constraints posed by a tax regime that excludes direct taxation on income and a recent infrastructure-related one-off capital expenditure boost.
The Cayman Island’s credit fundamentals have demonstrated resilience to successive external shocks — US recessions, the effects of September 11, damage inflicted by Hurricane Ivan — and, more recently, to domestic fiscal pressures in light of a sharp drop in revenues. The Aaa ceilings on the foreign debt obligations of the offshore banking industry reflect the separation of such entities from the domestic payments system, their limited ties to the local economy and the ease of relocation.
Rating Outlook
The stable outlook assumes that the authorities will undertake fiscal tightening measures required to reverse the recent build-up in debt levels seen in recent years.
What Could Change the Rating - Up
In view of the Cayman Island’s narrow economic and revenue base, factors that would lead to upward movement from the relatively high rating are difficult to envisage in the near to medium term.
What Could Change the Rating - Down
The rating could come under pressure if fiscal policy continues to be relatively loose, allowing public sector debt to rise to levels well above those of its rating peers. A sharp and permanent fall off in tourism and off-shore financial services would also be credit-negative as it could significantly impair macroeconomic performance exerting pressure on the balance of payments.
Recent Developments
An ambitious capital expenditure program, together with a drop in revenues related to the global crisis, has led to a considerable deterioration in public finances in recent years. Preliminary results for 2009/2010 (the fiscal year ends in June) show a fiscal deficit exceeding 6.0% of GDP for the third straight year. The 2010/2011 budget points to another year of a large deficit, with the central government expected to post a 7.1% ofGDP deficit. Public debt levels are estimated to reach over 30% of GDP, once all contingent liabilities are included.
In discussions with the UK Foreign Commonwealth Office (the Cayman Islands is a U.K. territory and its finances are closely monitored by the U.K.), the authorities obtained “authorization” to complete their borrowing plans this year in order to finalize several infrastructure projects. Concurrently, the authorities presented a three-year comprehensive fiscal consolidation plan which envisions revenue increases (mostly via higher custom tariffs), operational expenditure cuts (mostly payroll), caps on capital expenditures and a series of privatizations. These efforts should enable a sharp turn-around in the fiscal position, with a fiscal surplus by 2012.
Fiscal consolidation will be challenging given sluggish economic activity. Official projections point to an economic contraction of over 6.6% in 2009 with the recession extending into 2010 . Stay-over tourist arrivals declined by 10.2% in 2009, a drop comparable to the post-September 11 period, but the numbers through April this year are showing an increase, albeit still below the levels enjoyed before the September 11 attacks. Data for mutual funds registration showed a 3.0% drop during 2009, while insurance company registrations were flat. Although the drop is not sizeable, relocations of high-profile offshore insurance companies to Ireland (a low-tax jurisdiction without the stigma of a tax haven), driven by concerns about increased scrutiny of offshore centers, is symptomatic of the potential long-term negative impact that regulatory changes could have on the outlook for the financial service industry — financial services account for more than 50% of GDP.”
© Copyright 2010, Moody’s Investors Service.
J.C. Calhoun
Broker/Owner
Coldwell Banker
Cayman Islands Realty
P.O. Bx 32308
1364 West Bay Road
Grand Cayman KY1-1209
CAYMAN ISLANDS
Ph: 345-623-4411
Fx: 345-945-4307
jc@cirealty.ky
www.caymanislandsrealty.com
The International Academy of the Visual Arts has named Coldwell Banker On Location, the brand’s YouTube channel, a recipient of this year’s Communicator Awards for Creative Excellence in the real estate website category. The category honors the best site for the sale or rental of residential or commercial property.
“We were the first national real estate brand to add streaming video to our website. Today, our agents across the globe have posted more than 15,000 videos to our On Location channel,” said Mike Fischer, chief marketing officer for Coldwell Banker Real Estate LLC. “The most exciting part of On Location is that we have only just begun-there’s a lot more to come.”
On Location has been rated among the top 10 most-viewed brand channels on YouTube. This April, just 11 months after launching On Location, Coldwell Banker announced it had received over 1 million views. The site was launched in May 2009 and was produced in collaboration with FD Kinesis.
“Home buyers would much rather see a home than only read about it,” Fischer said. “Our On Location videos empower them to get a feel for a home, a community or a real estate professional that they could not get from photos or a text description alone. Equally important are the home sellers who are now expecting video to be a part of marketing their property.”
With thousands of entries received from across the United States and around the world, the Communicator Awards is one of the largest and most competitive awards program honoring the creative excellence for communications professionals. The Communicator Awards are judged and overseen by the International Academy of the Visual Arts, an invitation-only body consisting of top-tier professionals from acclaimed media, advertising and marketing firms.
(source: RisMedia.com)
The article below was published on WSJ.com June 30, written by Allan H. Meltzer.
“Why Obamanomics Has Failed
Uncertainty about future taxes and regulations is enemy No. 1 of economic growth.
“The administration’s stimulus program has failed. Growth is slow and unemployment remains high. The president, his friends and advisers talk endlessly about the circumstances they inherited as a way of avoiding responsibility for the 18 months for which they are responsible.
“But they want new stimulus measures-which is convincing evidence that they too recognize that the earlier measures failed. And so the U.S. was odd-man out at the G-20 meeting over the weekend, continuing to call for more government spending in the face of European resistance.
“The contrast with President Reagan’s antirecession and pro-growth measures in 1981 is striking. Reagan reduced marginal and corporate tax rates and slowed the growth of nondefense spending. Recovery began about a year later. After 18 months, the economy grew more than 9% and it continued to expand above trend rates.
“Two overarching reasons explain the failure of Obamanomics. First, administration economists and their outside supporters neglected the longer-term costs and consequences of their actions. Second, the administration and Congress have through their deeds and words heightened uncertainty about the economic future. High uncertainty is the enemy of investment and growth.
“Most of the earlier spending was a very short-term response to long-term problems. One piece financed temporary tax cuts. This was a mistake, and ignores the role of expectations in the economy. Economic theory predicts that temporary tax cuts have little effect on spending. Unless tax cuts are expected to last, consumers save the proceeds and pay down debt. Experience with past temporary tax reductions, as in the Carter and first Bush presidencies, confirms this outcome.
“Another large part of the stimulus went to relieve state and local governments of their budget deficits. Transferring a deficit from the state to the federal government changes very little. Some teachers and police got an additional year of employment, but their gain is temporary. Any benefits to them must be balanced against the negative effect of the increased public debt and the temporary nature of the transfer.
“The Obama economic team ignored past history. The two most successful fiscal stimulus programs since World War II-under Kennedy-Johnson and Reagan-took the form of permanent reductions in corporate and marginal tax rates. Economist Arthur Okun, who had a major role in developing the Kennedy-Johnson program, later analyzed the effect of individual items. He concluded that corporate tax reduction was most effective.
“Another defect of Obamanomics was that part of the increased spending authorized by the 2009 stimulus bill was held back. Remember the oft-repeated claim that the spending would go for “shovel ready” projects? That didn’t happen, though spending will flow more rapidly now in an effort to lower unemployment and claim economic success during the fall election campaign.
“In his January 2010 State of the Union address, President Obama recognized that the United States must increase exports. He was right, but he has done little to help, either by encouraging investment to increase productivity, or by supporting trade agreements, despite his promise to the Koreans that he repeated in Toronto. Export earnings are the only way to service our massive foreign borrowing. This should be a high priority. Isn’t anyone in the government thinking about the future?
“Mr. Obama has denied the cost burden on business from his health-care program, but business is aware that it is likely to be large. How large? That’s part of the uncertainty that employers face if they hire additional labor.
“The president asks for cap and trade. That’s more cost and more uncertainty. Who will be forced to pay? What will it do to costs here compared to foreign producers? We should not expect businesses to invest in new, export-led growth when uncertainty about future costs is so large.
“Then there is Medicaid, the medical program for those with lower incomes. In the past, states paid about half of the cost, and they are responsible for 20% of the additional cost imposed by the program’s expansion. But almost all the states must balance their budgets, and the new Medicaid spending mandated by ObamaCare comes at a time when states face large deficits and even larger unfunded liabilities for pensions. All this only adds to uncertainty about taxes and spending.
“Other aspects of the Obama economic program are equally problematic. The auto bailouts ran roughshod over the rule of law. Chrysler bondholders were given short shrift in order to benefit the auto workers union. By weakening the rule of law, the president opened the way to great mischief and increased investors’ and producers’ uncertainty. That’s not the way to get more investment and employment.
“Almost daily, Mr. Obama uses his rhetorical skill to castigate businessmen who have the audacity to hope for profitable opportunities. No president since Franklin Roosevelt has taken that route. President Roosevelt slowed recovery in 1938-40 until the war by creating uncertainty about his objectives. It was harmful then, and it’s harmful now.
“In 1980, I had the privilege of advising Prime Minister Margaret Thatcher to ignore the demands of 360 British economists who made the outrageous claim that Britain would never (yes, never) recover from her decision to reduce government spending during a severe recession. They wanted more spending. She responded with a speech promising to stay with her tight budget. She kept a sustained focus on long-term problems. Expectations about the economy’s future improved, and the recovery soon began.
“That’s what the U.S. needs now. Not major cuts in current spending, but a credible plan showing that authorities will not wait for a fiscal crisis but begin to act prudently and continue until deficits disappear, and the debt is below 60% of GDP. Rep. Paul Ryan (R., Wisc.) offered a plan, but the administration and Congress ignored it.
“The country does not need more of the same. Successful leaders give the public reason to believe that they have a long-term program to bring a better tomorrow. Let’s plan our way out of our explosive deficits and our hesitant and jobless recovery by reducing uncertainty and encouraging growth.”
J.C. Calhoun
Broker/Owner
Coldwell Banker
Cayman Islands Realty
(The opinions expressed herein do not necessarily represent those of Coldwell Banker Island Affiliates, all or in part.)
Coldwell Banker Real Estate LLC officially launched the new version of its website, www.coldwellbanker.com, which has been in beta form since December 2009. Wholly re-thought and re-designed, the site features optimizations that completely alter and enhance the experience of searching for a home online, the company stated.
The site includes a variety of new features, such as:
-BlueScape Search - Taking cues from popular music recommendation websites, Coldwell Banker developed BlueScape, a visually-driven real estate search platform to help “dreamers” find just that^the home of their dreams. Instead of limiting search options to zip code or the number of bedrooms, users begin the search by rating abstract images with a “thumbs up” or “thumbs down” from landscape scenery to images of snow mobiles and taxi cabs. At any time, users can submit a query and the BlueScape technology will identify homes that are a good fit using all properties available through ColdwellBanker.com nationwide.
-Keyword Search - For those who prefer a more traditional approach to searching for a home, Coldwell Banker has added keyword capabilities to its general real estate search function so that consumers can more easily narrow down the properties they are interested in viewing.
-Similar Properties ^ Coldwell Banker also added a “You May Also Like” feature that offers additional homes of interest, based on a range of characteristics from properties consumers select as “preferred.”
-Expansive Use of Video - Taking advantage of the popularity of Coldwell Banker On Location, the brand’s YouTube channel which has had more than 13,000 videos posted by agents and 1.3 million video views in a bit more than one year, the new site integrates video into real estate search.
Additional capabilities of the ColdwellBanker.com site include:
Technology that immediately identifies the current location of visitors via their IP address, offering up homes for sale in that area; Join Us: a recruiting resource enabling brokers to promote job opportunities and create local career pages; Learn: helpful real estate news and tips for consumers, such as real-time industry articles from the Associated Press and Home File: Place for consumers to store, share and organize a limitless amount of property searches, sales associate and real estate office information and industry articles.
Coldwell Banker also included integrated video and social networking capabilities to the new site. Visitors will have access to an array of videos powered by Coldwell Banker On Location, the company’s branded YouTube channel, offering behind-the-scenes looks at towns and neighborhoods, tips and timely news on real estate topics and video listings of homes for sale.
(resource: RISMedia.com)
Under the November 2009 constitution, which provides for a greater degree of internal self-government than that of 1972, Cayman Islands is a UK overseas territory with representative government and the British monarch as head of state, represented by a governor. There are provisions for the rights and freedoms of the individual.
The legislative assembly has the speaker and 20 members (18 directly elected every four years plus the deputy governor and the attorney-general). The executive comprises the governor and the cabinet. The governor is responsible for external affairs, defence, internal security (including the police) and the overall organisation of the public service.
The cabinet is responsible for all other matters. Together with the governor it includes the premier, deputy premier and at least five other ministers, all elected members of the legislative assembly; the deputy governor and attorney-general are ex officio members. The premier is be eligible to serve for a maximum of two consecutive parliamentary terms.
Until 2001, Cayman Islands had no political parties, and elections were fought by individuals in informal groupings. However, in November 2001 Minister of Tourism McKeeva Bush announced the formation of the United Democratic Party (UDP) and within a few days he became leader of government business, following an assembly vote of no confidence in Kurt Tibbetts (by nine votes to five).
In May 2002 the territory became an associate member of CARICOM.
The general election due in November 2004 was postponed until May 2005 after Hurricane Ivan devastated the islands in September 2004. The May 2005 election was won by the People’s Progressive Movement (PPM), with nine seats, and party leader Tibbetts then became leader of government business. The UDP took five seats and an independent one.
In the May 2009 elections, Bush’s UDP took nine seats, the PPM five, and independents one, and Bush was confirmed as leader of government business. Turnout was 73%.
Under the constitution that came into force in November 2009, McKeeva Bush became the country’s first premier. The next election is 2014.
(resource: TheCommonwealth.org)
5 Things to Know About Homeowner’s Insurance
1. Know about exclusions to coverage. For example, most insurance policies do not cover flood, earthquake, or wind damage as standard items. These types of coverage must be bought separately.
2. Know about dollar limitations on claims. Even if you are covered for a risk, there may be a limit on how much the insurer will pay. For example, many policies limit the amount paid for stolen jewelry unless items are insured separately.
3. Know the replacement cost. If your home is destroyed you’ll receive money to replace it only to the maximum of your coverage, so be sure your insurance is sufficient. This means that if your home is insured for $150,000 and it costs $180,000 to replace it, you’ll only receive $150,000.
4. Know the actual cash value. If you chose not to replace your home when it’s destroyed, you’ll receive replacement cost, less depreciation. This is called actual cash value.
5. Know the liability. Generally your homeowner’s insurance covers you for accidents that happen to other people on your property, including medical care, court costs, and awards by the court. However, there is usually an upper limit to the amount of coverage provided. Be sure that it’s sufficient if you have significant assets.
Check with our Coldwell Banker office for answers to your specific questions on buying real estate.