Good news for Cayman Islands vacation home owners this year: Tourism numbers are up and, with that, real estate sales. A recent independent report singled out the sales launch of luxury condominiums affiliated with the Kimpton Seafire Resort + Spa on Grand Cayman as representing a significant amount of the luxury condominiums sold.
We’ve been following the Residences of Seafire located on Grand Cayman since the project was announced. Lodged in a ten-story LEED ® Silver-certified building designed to Miami-Dade hurricane standards, the Residences of Seafire offer residents unlimited access to all the amenities and services of the AAA Five Diamond-rated resort property: communal amenities with interiors by acclaimed designer Martyn Lawrence Bullard, three signature restaurants, an 8,500-square-foot spa, a state-of-the-art fitness center, and a spectacular setting on famed Seven Mile Beach on Grand Cayman Island’s western shore.
The Residences include 62 condominium units ranging from 600-square-foot studios to 4,000-square-foot, five-bedroom homes and penthouses, listed from $1.5 million to $8 million. Developer Dart Real Estate recently added the neighboring Ritz-Carlton, Grand Cayman, to its portfolio, and announced another luxury brand with approximately 225 guest rooms, 80 residences and 10 villas with ocean views of Seven Mile Beach, the North Sound, and the Camana Bay Town Centre is also included in their master plan.
Click here to see the story and have a look at one of their gorgeous beach destination homes.
Cayman Islands Tourism and Real Estate Value Growth
Cayman Islands tourism authorities reported a record number of stay-over visitors for the first quarter of 2018, continuing an upward trend seen over the last year. With 134,170 stay-over visitors, the Caribbean country set on three islands recorded its best-ever numbers for a first-quarter in 2018, an increase of over 20 percent more than the first three months of 2017. Stay-over visitors for 2017 total were 418,403, 8.5 percent higher than in 2016.
Paralleling the increase in visitors, open market real estate sales on the Cayman Islands hit a record high at $814 million (U.S.) for 2017, a nine percent increase over the prior year, per a property report by independent property consultants Charterland Ltd. Sales in the first quarter of 2018 maintained this pace, at $208 million.
Ian Jameson, head of property and banking finance at Cayman Islands law firm Solomon Harris explains the correlation between visitors and real estate sales. “Many of my clients who decide to buy here tell me that they first came over as tourists staying in local hotels three or four times before deciding that they would like to live in Grand Cayman,” he said.
The introduction of more non-stop flights from key North American cities (including Dallas) is a likely driver in the upticks in air travel and the market for second homes. No doubt, too, the fact that many beach destinations were hard-hit by hurricanes last year and the Grand Cayman Islands were spared contributed to rising sales. “Last year’s storms brought an influx of people who were previously unfamiliar with Grand Cayman. This has led to more sales as they have fallen in love with the island and are keen to make here their second home,” says Ruth Gustafsson, Associate Broker for Provenance Properties Cayman Islands, the local Christie’s International Real Estate affiliate.
Charterland’s analysis reported sales in the upper-end condominium market Seven Mile Beach were buoyed by the release of the Seafire Residences in 2017, following a year when lack of inventory hampered sales. Of 130 beachfront condo units sold in Seven Mile Beach 2017, 10 Residences of Seafire units represented 7.7 percent of sales. To date, about 30 percent of 60 Seafire new units have sold. None have been resold.
“Sales are robust for luxury products and Seven Mile Beach is always an area of interest,” Gustafsson. “Resort-residential product like The Residences at Seafire and The Ritz-Carlton, Grand Cayman are always popular. We’ve also seen this interest extend past the Seven Mile Beach corridor inland to canal-front developments and luxury single-family homes across the island.”
An example of one of the posh units? Here’s a peek at unit N102, a two-bedroom, two and one-half bath condominium bedecked in Martyn Lawrence Bullard’s stunning beach chic decor — custom wall coverings, unique lighting, eye-catching artwork, and sophisticated-but-casual furnishings. A floor-to-ceiling glass NanaWall systems opens the 1,589 square feet of interior space to an additional 592 square feet of terrace. The kitchen features a large island covered in honed marble. The en-suite master bedroom overlooks lush landscaping and an ocean view.
Residents of this lovely unit will enjoy the amenities of the Kimpton’s Seafire Resort featuring Martyn Bullard’s glamorous take on interior design.
Including “The Nest,” the Cayman’s highest point and its only rooftop lounge, a 3,500-square-foot rooftop terrace with lounge pits, cocktail areas, and a 360-degree view of the Caribbean Sea and North Sound.
As of this date, approximately 30 percent of The Residences of Seafire’s 62 lovely units have been sold. There have not yet been resales. Price of the Unit N102 is available upon request to the The Residences at Seafire sales office.