Real estate broker offers promise of brighter times

| 22/12/2009

Cayman Islands news, Cayman Islands business news, Grand Cayman real estate(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.

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  1. Anonymous says:

    realtors… never a bad time to buy… glorified used car salesmen……

    and yet they get premium media coverage…zzzzz

  2. Pave it, sell it says:

    Good news??? For some. Yada yada yada. The signs in your photo say it all CNS.  Wow!! What a bargain. Condos reduced from close to two million dollars to close to one million dollars. This is such good news. A lot of us were wondering Kim when we could afford to get into the market. Obviously now is the time! With such rock bottom prices. Affordable housing has become a reality! With the hard work of you and other real estate brokers. But if you paved the beach….

  3. Artist Formerly Known as Aw' Shit says:

    I have over a dozen copies of 2009’s ‘Destinations.’  What does Kim tell potential buyers about making a bid on, perhaps ‘Ivory Sands?’  Kim- publish your memoirs about the rise and fall of the Cayman Islands.

    • Lowlybookeeper says:

      Anyone seen the plans for the Ryan project at Governors Harbour? Holy mo. It looks like he has planning permission for what is an unwanted humungous project. Has the Government done any serious planning on this with its rooms on stilts in the North Sound etc. Maybe Bernie has a bar there as well. Add in the Dart project and the Indian Hospital and oil refinery I cannot handle it all. Where are we all going and has anyone asked us Caymanians our views? By my conservative estimates and I am but a lowly bookeeper we will require a population well over 100,000 to fulfill the big mans excentric dreams.

      Just who are we developing our island for?

      Please someone tell me I have missed something.

      • chief cook and bottle washer says:

        I agree- I asked in an earlier article if anyone else noticed how Big Lil Mac seemed to be aiming for a population of 100K.

        To keep things in perspective- Singapore, of slightly larger land mass, is home to 4 million people…. 100K is peanuts- it will just take a little adaptation for some.