Real estate broker offers promise of brighter times

(CNS) Despite what he described as a tumultuous period, Kim Lund, one of Cayman’s most experience real estate brokers, says that things in his industry are looking a little more promising for the property market in 2010. “While we have endured a roller coaster ride of one shock after another, this decade, as we enter 2010, we are seeing signs of strong real estate activity and there is a renewed hope of better times ahead,” Lund said in his recent market report.

Never keen to admit the true extent of problems in their industry, Lund admitted in his latest review that the last 18 months of this decade will go into the record books as one of the most tumultuous times, ever.  “It is a fitting end to a difficult decade, which has challenged most of us in the Cayman Islands, starting from the year 2000,” he said. However, not surprisingly he was quick to predict a sunnier 2010 with a number of major development projects purportedly set to start next year this offered the promise of better things to come.

Lund said that WaterColours on the site of the old Beach Club on Seven Mile Beach is now under construction and that the long awaited Island Resort and Residences in Colliers (east side of Grand Cayman) will name their 5-star international hotel brand in the New Year and begin construction. Lund also welcomed the news regarding the US$150 million George Town cruise ship port and the promise of medical tourism with Dr Shetty’s 2,000 bed hospital and ancillary buildings by late 2010.

Camana Bay, he said, was considering expanding its town centre of 650,000 square feet of leased space by building across from it, while also moving forward with development of the residential component of residences, estate lots, and parks. The Ritz-Carlton is also constructing approximately 120 condominiums in Secret Harbour, working on their golf course and starting development of their 100 plus acre Dragon Bay site.

“From a real estate standpoint, there is now proof that real estate activity is beginning to rise up from the doldrums,” Lund said. “This is especially true for our resort markets of Seven Mile Beach, Cayman Kai, and the East End to Colliers areas.  These markets have finally bottomed out and are now generating increased sales and showing improved demand.”

The real estate broker noted that during the first 6 months of 2009, there were a total of only 21 condominiums sold on Seven Mile Beach but in the second half of 2009, there were 33 Seven Mile Beach condominium sales – the equivalent of 83% more sales — compared to just 18 in 2008 and 25 in 2007.  “Our overseas purchasers have started coming back and the results indicate strong resort market sales from the summer of 2009 up to now and said December was shaping up to be one of our best months for real estate sales, in years.