Coldwell Banker Islands Blog

IF all our years in Bahamas real estate have taught us only one thing, it’s this: home buyers are smart.
They shop around the real estate market and make comparisons.
It’s similar to buying a car. Let’s say you go to a nearby car lot in the Bahamas and there are two cars for sale – both of the same model, year and price.
That’s where the similarities end.
One of the cars is scratched and ‘dinged.’ The tires are worn, the air conditioning doesn’t work and the engines slow to turn over. It’s got candy wrappings on the floor.
The other car has been well maintained. It’s got a shiny finish, spotless clean windows, starts in a flash and the engine purrs. And it’s clean as a whistle.
Which car would you choose?
Home buyers use the same decision making process. They look at homes at similar prices. They open the windows, pull out the kitchen draws, inspect the walls and floors. They look at the garden.
The best advice we can offer sellers is: make sure your home is in good shape.

In a national campaign spearheaded by the Trust and culminating in a polling in May/June 1995, the people of the islands were asked what they thought represented Cayman best. They voted overwhelmingly in favour of the Silver Thatch Palm for their National Tree, the Wild Banana Orchid for their National Flower, and the Cayman Islands Parrot as their choice for National Bird.

Cayman Islands Parrot: Parrots have a long-standing association with people. In early Caymanian folklore, pirates were described as having a Cayman parrot on their shoulder and old "Polly" was a common family pet. Today, however, it is illegal to take a parrot from the wild and keep it as a pet. You are more likely to hear their raucous squawking before actually seeing one, especially in the early morning and late afternoon when they are most vocal. When feeding quietly in the treetops, they are so well camouflaged you may never realise they are there. The Cayman Islands’ parrots are two subspecies of the Cuban Parrot. The Cayman Brac is smaller than the Grand Cayman, and is found only on that island. (Resource: National Trust of Cayman Islands)

National Song
"Beloved Isle Cayman" was written by Mrs. Leila Ross-Shier, an organist in the Presbyterian Church in 1930, who sung it and played it on her guitar for many years before it was adopted as the National Song. Read the words at GoToCayman.com.

Coldwell Banker Real Estate Turks & Caicos suggests four essential questions every home seller should ask prior to selecting a Company and Sales Associate to list and market their property.

Selecting a real estate Sales Associate to handle your largest financial transaction can be a daunting process. In a competitive environment among real estate companies it can be very confusing for a consumer to know where to begin.

A good place to start is by opening a dialogue with each potential partner. While chemistry between the real estate professional and the consumer is important, it is not the only variable to consider. The history of the Company, their networking capability, the Sales Associates individual success rate and the local market should impact the decision making process.

Coldwell Banker Real Estate Turks & Caicos recommends you begin your interview with a Sales Associate with these four questions:

What percent of your company’s listings have sold in the last 12 months?

What was the average amount of time it took to sell those listings?

What was the average sales price?

What was your company’s list-price to sale-price ratio?

Every Sales Associate should have that information at their fingertips - does yours?

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Coldwell Banker - we never stop moving….

According to cayCompass.com, the first signs of the international financial crisis were beginning to hit home, as acknowledged by Kurt Tibbetts, Cayman Islands Leader of Government Business.

Tibbets explained, ""Here in the Cayman Islands we have already witnessed some reduction in the number of tourist visitors during this season," Mr. Tibbetts said. "We’ve also heard some businesses, both in the financial services and tourism sectors laying off both locals and foreign workers, or choosing not to renew work permits when they expire."

Read the entire article at cayCompass and how the downturn affects immigrants to the Cayman Islands.

More than ever before, condo ownership represents an appealing alternative to traditional home ownership for all types of residents. Though condos have conventionally been the choice of singles and families without dependent children, more traditional families have begun experiencing the unique benefits of condo ownership. However, condos are certainly not for everyone. While condo ownership may provide access to certain amenities and limit time spent on upkeep, there can be certain restrictions ^ few of which are experienced by owners of single family homes. This article will consider the primary differences between condo and traditional home ownership. If you consider the facts in relation to your family’s goals, you may come to a better understanding of the best type of property for your family.

Two of the most important factors in determining what type of home is right for your family are location and lifestyle. If your family is looking to move to an urban environment where single family homes are scarce, a condo could be a good choice. In such markets, condos are always in high demand and appreciation often matches the best single family homes.

Additionally, if you live a busy life and can live without a large yard, a condo could help you live simply and happily. While most families with young children prefer single family homes for the added space, condos often provide amenities such as swimming pools, tennis courts and large open areas to help families relax and play.

However, there is far more to consider than location and lifestyle when deciding which type of property is best for your family. Nearly all of the differences between houses and condos stem from the different types of ownership. In the simplest terms, owners of single family homes are entitled to exclusive ownership, while most condo owners are subject to certain forms of shared ownership.

The current flag was adopted May 14, 1958 after the colony was officially granted a coat-of-arms. In 1999, the white disc was removed and the arms were more than doubled in size, although the pre-1999 flag remains popular and is still used on some official occasions. The flag is blue, with the flag of the UK in the upper hoist-side quadrant and the Caymanian coat of arms on a white disk centered on the outer half of the flag.

National Flower
Wild Banana Orchid - The Cayman Islands boast a number of spectacular native flowers, including 26 different varieties of orchids. Probably the best known and certainly one of the most unique and easily identifiable is the Wild Banana Orchid (Myrmecophila thomsoniana). Found only in the Caymans, there are 2 varieties, one which originated on Grand Cayman and the other which came from Cayman Brac and Little Cayman.

Both varieties have scented flowers with purple lips. The petals are predominantly white on the Grand Cayman variety while the Sister Islands’ variety has slightly smaller flowers, with pale yellow petals. Before international trade in wild orchids became regulated, Wild Banana Orchids were occasionally exported from Cayman Brac, and many specimens were also brought to Grand Cayman. As a result, some hybridization has occurred and some variation in flower colour can now be seen in Grand Cayman, particularly in garden plants. (Resource: National Trust of Cayman Islands)

National Tree
Silver Thatch Palm - The name comes from the coloration: the upper sides of the leaves are a light green while the underside is a silvery colour that is particularly prominent in moonlight. The palm has played an important role in the lives of Caymanians. The tree produces a profusion of small white flowers that develop into berries that ripen from green to red to black. It has unusually tough leaves that have a variety of uses, from roofing for houses to the making of hats, baskets and fans. Shoes known as "wompers" were made with a flat leather sole and held on the foot by straps - like a thong - of thatch rope. To make thatch rope, women and children would cut "tops" (new unopened leaves) and hang them out to dry before they were split into strands. Three strands were then twisted together to make a rope on an ingenious handmade machine which was comprised of three parts - the winch, cob and cart. Thatch rope was highly prized in Cuba and Jamaica for use in the shipping, fishing and sugar industries.

(Resource: National Trust of Cayman Islands)

Wonderful Cayman style home with plenty of land for improvements and expansion. Charming and simple. Well built out of concrete and currently occupied by owner. Perfect starter investment or vacation home. Priced attractively for immediate sale. See details here.

Thinking of selling your condo? Whether you live in the condo or own it as an investment property, if you’re ready to sell your home, it’s time to talk to a qualified real estate agent. By evaluating several criteria, including the regional market, time of year, features of your condo unit, as well as your specific needs as the seller, he or she can create a customized marketing plan for your condo. Here are five important topics to discuss with your real estate agent if you want to sell your home:

1) Best Time of Year to Sell Your Condo
The specifics of your area do more to determine the best time to put your home on the market than whether you’re selling a condo or a house. While the conventional wisdom is that spring is the best time for selling a home, this belief simply doesn’t ring true in every locale. In recent years the historic patterns have eased, and in some cases, totally disappeared. Still, different parts of the country have periods when sellers can be more aggressive with their pricing. And your real estate agent will suggest a distinct timing strategy for condominium sales.

2) Open House Strategy and How to De-Clutter
A condo that shows well will sell faster and bring a higher price. Small cosmetic touch-ups can make a big difference. Buyers often suspect that more serious problems may exist if they notice the need for minor repairs. If you want to sell your home, it’s important to make sure your condo is clean, tidy and free of personal clutter. Clear sinks and counters of dishes and toiletries. Neatly stack office supplies and organize storage areas. Replace dim light bulbs and clean windows. Even though your garden area may be commonly owned, do your best to create curb appeal by cleaning front steps and porches, and clearing lawns of toys or equipment.

3) Features to Accentuate
One of the best features to accentuate when selling a condo is the lifestyle of ease that comes with condominium ownership. Many buyers are looking for the hassle-free living experience that they can’t find with a single-family detached house. Another important attribute of any condo is the amenities of the association, which can include a hot tub, fitness center, owner’s lounge, covered parking and even concierge services. If you’re considering selling your condo, take the time to walk through it methodically with your real estate agent. Together you can point out which features of the actual condo unit should be accentuated. Does your unit have a wonderful view? Perhaps the location of your condominium is unique and desirable. Your real estate agent can help accentuate these features in sales and marketing materials.

4) Desired Price and Bottom Line Price
When setting the home price for your condo, it’s important to identify your desired price and your bottom line price. By assessing recent condo sale and listing statistics in your area, your real estate agent and a licensed appraiser can estimate your house value and recommend an appropriate target price range. Working with your agent, you can set an initial asking price, as well the absolute lowest home price you would comfortably accept. One advantage of selling a condo is that by assessing the prices of other units in your association that have recently sold or are currently listed, your real estate agent and the appraiser can determine a very accurate house value.

5) Disclosures
When selling your condo, you are obligated to disclose problems that could affect the property’s value or desirability, as well as HOA minutes and costs of common insurance and utilities. In most states, it is illegal to fraudulently conceal major physical defects in your property, such as a water heater that leaks severely. And many states now require sellers to take a proactive role by making written disclosures on the condition of the condo unit. Ask your real estate agent for the particular laws on your island.

In 1863, the British parliament officially made the Cayman Islands a dependency of Jamaica. When Jamaica achieved independence in 1962, the Islands opted to remain under the British Crown, and an administrator (in 1971 the title became Governor) appointed from London assumed the responsibilities previously held by the governor of Jamaica.

Often referred to as "the islands time forgot," Cayman Islanders have evolved into hardy, independent souls who have always been involved with the sea. Many earned a living as fishermen, or crew members on foreign-owned ships, or migrated to Central America and areas in Florida - specifically Tampa and Port Arthur. GoCayman states, "In 1906 more than a fifth of the population of 5,000 was estimated to be at sea, and even as late as the 1950s the government annual report said that the main "export" was seamen whose remittances were the mainstay of the economy."

After a devastating hurricane hit in 1932, few homes were left standing on Cayman Brac and Little Cayman, and many lost at sea. From this low point in Cayman history, a remarkably successful small island economy grew. After WWII and up to the early 1980s, the majority of Caymanian men, renowned for their seamanship, found work in the shipping industry, working on the large cargo ships and tankers criss-crossing the world.

"Since those days the economy has grown in remarkable fashion, to be a model envied in other parts of the region. Over the last 30 years, governments have pursued policies aimed at developing the infrastructure, education, health and social services of the Islands, fostering the stability which is an important factor in the continued growth of Cayman’s two main industries, tourism and financial services," according to Go Cayman.

In 1950, an Englishman built the first hotel on Seven Mile Beach. Cruise ships came in the late 1960’s, and by the 1990’s, the cruise industry became a major contributor to the Islands’ economy.

By remaining a Crown Colony, the Islands obtained political stability and a foundation for offshore financial services. In 1966, the Cayman Legislative Assembly passed the Banks and Trust Companies Law. Much of the initial success of its financial services sector is attributable to Vassel G. Johnson, since knighted by Queen Elizabeth.

Many thanks to Cayman.Com for help with this post.

Rare Ground Floor Oceanfront Condo, Christopher Columbus #3. See it here.

Description

300 ft of pure white sandy beach on the quiet Northern end of Seven Mile Beach. Walk out from this ground floor 3 bed, 2 bath unit to pool & beach. Active rental program. These units rarely come on the market, so hurry.

Highlights

3 Bed, 2 Bath, 1252 sq. ft.
Ground floor corner unit
300 Ft of stunning beach
Northern end of Seven Mile Beach
Great Rental Unit
List price $1,195,000