CIREBA President Jeanette Totten told Cayman 27 the real estate market, especially along Seven Mile Beach, is hot and is likely to stay that way.
She said it accounted for almost a third of the $435 million of real estate sold in 2016.
The sun, the sand, the lifestyle.
“The seven mile beach market is very very hot, definitely a seller’s market at this point,” said Ms. Totten, who said that segment of the market is expected to stay hot in 2017.
“My concern is with that area though is, the lack of inventory. Its continuing to be that properties will be listed and sold sometimes within days, and we haven’t seen that kind of a market in quite a few years,” she said.
In South Sound, a building boom is underway. Though not as popular with the overseas buyer, she says the area is attractive for locals.
“They’re within 10 or 15 minutes of everything that they need, grocery stores and everything else. So it is a very very popular local market,” said Ms. Totten.
With several properties in various stages of development, she said overbuilding could be a possibility.
“It will be interesting to see over the next year, if there are, if they have overbuilt in that market,” she said.
She told Cayman 27 condo developments, like the ones springing up in the Seven Mile Beach corridor near the Queen’s Court shopping centre, will likely make hot rental properties in a market feeling the pinch from the so-called Kimpton effect.
“Things are not lasting on the market very long, you have the Kimpton Seafire that opened recently, Margaritaville will be opening shortly,” said Ms. Totten. “That means employees will be coming onto the island to work and there’s no place for them to live.”
For those looking to add value to their existing property, she said a little ‘curb appeal’ can go a long way.
“Even though you’re not a million dollar home, if you’re a $200-250,000 price point, if you had nice landscaping, the development would increase in value,” said Ms. Totten.
Her prediction for the year in real estate?
“2017 looks like it’s going to be a good year a for all of us,” she said.
She told Cayman 27 the new year all appearances of being a good year for tourism, which in turn helps to fuel sales.