Coldwell Banker Islands Blog

The housing market in the Cayman Islands, as in other insular communities, is affected by more than just housing prices. President of the Cayman Islands Real Estate Brokers Assn, Jeremy Hurst, recently confirmed that there is a demand for the great product offered by housing in Cayman Islands. The location offers a zero-tax jurisdiction and great infrastructure.

But to stimulate the market and speed up the pace of recovery, some steps could be made by the government. Hurst said issues like immigration, taxation and the airport have prevented the real estate market from rebounding strongly.

For instance, the rollover policy for expatriates could keep mid-level professionals from buying property because they are uncertain how long they will be able to stay. To attract more European investors, the airport runway beeds to be lengthened. Also, talk of taxation needs to cease, in order for wealthy individuals to feel comfortable enough to invest in Cayman.

“The problems we have right now are not directly related to real estate,” Mr Hurst said. “People are not spending their money because of the uncertainty that’s created primarily by the concept of potential for taxation to be introduced.”

In a report to the Cayman Islands Chamber of Commerce, Hurst said that the real estate market continues to struggle this year. According to the Land Registry, land transfers are down 12 percent over the first quarter in 2009. He said sales through the real estate brokers association continue to decline when compared to the same period in 2009.

(resource: CaymanNetNews.com)

Cayman Airways has just launched a Two for the Price of One special. If you book a round-trip Cayman Airways flight before June 12, you will receive an additional free round-trip ticket and a fourth night of accommodations free on a three-night stay. This is a limited time offer, valid for travel from May 5 ^ June 16. With non-stop service from New York, Tampa, and Miami, a special destination waits for you a short flight away.

Details:
*Two for the Price of One ^ Purchase one round-trip flight, get one free.

*Fourth Night Free ^ Book three nights at participating accommodations*, and get the fourth night free.

*Participating accommodations include:

Grand Cayman Marriott Beach Resort
Lacovia Condominiums
The Grand Caymanian Resort
The Reef Resort
The Westin Casuarina Resort & Spa

Cayman Islands offers you spectacular recreational opportunities, world-renowned diving, and outstanding service. Spend some time here in our paradise located only 480 miles south of Miami.

These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, it’s a sign that you may be ready to move.

1. Have you built substantial equity in your current home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, and/or placed a significant amount down, you may have unrealized (in a tax sense) gains.

2. Has your income or financial situation improved? If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving.

3. Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good as you raise a family. For example, you may have realized that you’d like to be closer to your job, or live in a better school district.

4. Are there reasons why you can’t remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your housing regulations don’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.

5. Are you comfortable moving in the current housing market? If your market is hot, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home. Every community and country is different. Check with a Coldwell Banker agent for local real estate market trends.

6. Are interest rates attractive? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer.

Stop by our Coldwell Banker office and find out what your property is worth. That’s the best way to start planning for a move.

The Dragon Bay Owners’ Weekend will be held May 28-30, including the Dragon Bay Fishing Tournament and The Dragon Bay Golf Tournament hosted by Mike Ryan, Cayman Islands Developer of The Residences At The Ritz-Carlton on Dragon Bay, Grand Cayman. Dragon Bay is a 330-acre luxury resort community.

Ryan said, “Dragon Bay Owners’ Weekend is our opportunity to let everyone celebrate the luxury amenities and the exciting lifestyle that living in the Caribbean affords, while being part of a community.”

The Dragon Bay Estates are an exclusive enclave of water-oriented custom home sites with British Colonial Design, that provide the unique opportunity to create and own some of the few single family estates that are planned within the Dragon Bay community.

The Dragon Bay community also includes residential communities, Dragon Bay Estates, The Deckhouses, Secret Harbour, and The Residences At The Ritz-Carlton, Grand Cayman. Each luxury community has it’s own design, features and ambiance for a variety of options to live in luxury while enjoying all the amenities and high standards that the Ritz-Carlton brand is known for.

Contact any of our Cayman Islands Coldwell Banker agents to find opportunities for ownership in Dragon Bay.

The Grammy-winning Zac Brown Band has invited the Dirty Guv’nahs to perform on the Sailing Southern Ground music cruise/festival in the Cayman Islands in September, with the Zac Brown Band, Michael Franti and Spearhead, Jason Isbell, Darrell Scott, and a handful of other up-and-coming bands. The festival runs Sept. 2-6, prices start at $599, with an itinerary of Tampa - Grand Cayman - Tampa.

Sailing Southern Ground, a floating festival hosted by Zac Brown Band, will be home to 2000 friends that value family, food, and authentic music above all else. For those of you who have been a part of the ZBB experience, you get it. You know that emotional performances, spur-of-the-moment collaborations, amazing new friendships, and incredible stories are never far around the corner.

The Dirty Guv’nahs quintethave been spreading their rock gospel across the Southeast for three years now. Their sound has been best described as “a passionate, jubilant slice of rock-meets-Americana.” Nobody enjoys himself more on stage than front man James Trimble, who draws comparisons to Jagger, Morrison, and Cocker, but the show doesn’t revolve around him. Guv’nahs’ shows are a family (from SailingSouthernGround.com).

Visit the Sailing Southern Ground web site for details. Hope to see you in Grand Cayman.

Every country and even areas within countries have their own tax laws. To assess the future value of your real estate investment, ask your Coldwell Banker real estate Agent these tax questions.

1. What is the assessed value of the property? Note that assessed value is generally less than market value. Ask to see a recent copy of the seller’s tax bill to verify this information.

2. How often are properties reassessed, and when was the last reassessment done? In general, taxes jump most significantly when a property is reassessed.

3. Will the sale of the property trigger a tax increase? The assessed value of the property may increase based on the amount you pay for the property.

4. Is the amount of taxes paid comparable to other properties in the area? If not, it might be possible to appeal the tax assessment and lower the rate.

5. Does the current tax bill reflect any special exemptions that you might not qualify for? For example, some tax districts offer reductions to those 65+ or for home businesses.

Our Coldwell Banker Agents are highly qualified and experienced in local real estate laws. Be sure and use their expertise to learn as much as possible about the property you want to purchase.

Yesterday, May 17, was Discovery Day, a national holiday, in the Cayman Islands. The holiday commemorates the discovery of the Sister Islands of Cayman Brac and Little Cayman by Christopher Columbus in 1503, and is celebrated on the third Monday in May.

Columbus was on route to Hispaniola when his ship was blown westward toward “two very small and low islands, full of tortoises. as was all the sea about, inasmuch that they looked like little rocks, for which reason these islands were called las Tortugas.” (From The Life of the Admiral Christopher Columbus by His Son Ferdinand, the journal of Ferdinand Columbus, fourth & final voyage 10 May, 1503.)

A 1523 map shows all three Islands with the name Lagartos, meaning alligators or large lizards, but by 1530, the name Caymanas was being used. It is derived from the Carib Indian word for the marine crocodile, which is now known to have lived in the Islands.

Sir Francis Drake and crew were the first known Europeans to set foot here on 22 April 1586. The first recorded settlements were located on Cayman Brac and Little Cayman during 1661-71.

The Ken Chand 5K Walk/Run with more than 200 participants, benefiting the Cayman Heart Fund, was part of the festivities, and held May 10.

Real estate transactions are complicated, and becoming more so. Each country has its own individual laws for foreign investors and tax considerations. Here are some reasons why you should always use a real estate professional - not a friend, relative, or acquaintance - to represent you when you sell property.

1. Help navigating a complicated process. Buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multipage settlement statements. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes.

2. Supply information and opinions. Realtors can provide local community information on utilities, zoning, schools, and amenities. They’ll also be able to provide objective information about sales in your community.

3. Help with negotiating. There are many negotiating factors, including but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, or equipment. You want someone representing you to negotiate these items with the buyer and buyer’s agent.

4. Offer expertise in property marketing. Real estate doesn’t sell due to advertising alone. In fact, a large share of real estate sales comes as the result of a practitioner’s contacts through previous clients, referrals, friends, and family. When a property is marketed with the help of a Realtor, you will have the full value of the internet and global marketing.

5. Speak the language. If you don’t know a CMA from a PUD, you can understand why it’s important to work with a professional who is immersed in the industry and knows the real estate language.

6. Offer experience. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. Even if you have done it before, laws and regulations change. Realtors, on the other hand, handle hundreds of real estate transactions over the course of their career. Having an expert on your side is critical.

7. Offer an objective voice. A home often symbolizes family, rest, and security - it’s not just four walls and a roof. Because of this, homebuying and selling can be an emotional undertaking. As a seller, your net profit will be one of the largest “pay days” you will ever experience. Having a concerned, but objective, third party helps you stay focused on the emotional and financial issues most important to you.

Don’t try and sell without professional expertise and experience on your side. Contact one of our Coldwell Banker agents when you are thinking of selling real estate.

Opened last week, a new museum in George Town, of the Cayman Islands, is features famous cars - including the original Batmobile used in the 1960s TV show.

The government says Elton John’s Rolls Royce and a Mercedes Benz once owned by Ugandan dictator Idi Amin also are on display at the Cayman Motor Museum.

The museum shows about 55 cars and 18 motorcycles owned by vintage collector Andreas Ugland. These include a model of the world’s first car and that of a 1905 Cadillac, the first car to be driven in the Cayman Islands.

Look at the view from this oceanfront condo on Grand Cayman in West Bay. 3 bedrooms, 3 baths, and an oceanfront loation. This home is the top floor, corner unit, completely remodeled in 2007, furnished, with panoramic views. Asking $549,000.

Visit our Coldwell Banker Listing page for photos.