Realtor: Jeremy Hurst
There are great deals to be had in the current market. It’s either close to or at bottom. For the first time in years we’ve seen prices drop significantly and Cayman real estate is now excellent value. Whether it be canal front homes, Seven Mile Beach condos and apartments or raw land, now is the time to find the deals.
What is your number one tip for buyers?
Use the services of a qualified CIREBA agent. They have access to the island’s only MLS and are governed by strict rules, regulations and code of ethics. They will offer you the widest range of properties and you’ll be treated fairly, and with the market about to pick up you’ll need expert advice on what is a fair price.
What is your key piece of advice for sellers?
Be realistic with your list price, gone are the days that you can set your price 10% higher than your neighbour’s house because you have a nicer kitchen. Develop a proper marketing plan for your property, try the market and if your property doesn’t sell in a few months review your pricing strategy with your agent.
Describe your ‘island vibe’?
Cayman is on the up again. We’ve had a tough couple of years and we’re not totally out of the woods yet, but the economy is starting to turn and confidence is coming back. We are well on the way to developing a couple of alternative legs to the economy, such as medical tourism, which will make us much more resilient to future recessions.
How do you wind down on the weekend?
Catch up on the work that I haven’t done in the week, spend time with my two sons, go to Sunday brunch and enjoy a Cuban cigar and a good rum while watching the views from the beach – or work with visiting investors on real estate deals!
Cayman Islands Real Estate Overview
The Cayman Islands have the opportunity to become a real estate investment jurisdiction of choice during 2011. Just in the same way that the stars lined up against us in 2009 and 2010 for high-net-worth and wealthy investors, the threat of taxation, and a range of other issues, the stars appear to be lining up in our favour in 2011. Most of these threats have been either removed or at least abated and there are some great new projects on the skyline which, if realised, will be a great boost to the economy and help us to diversify.
Real estate activity has seen a real boost since December last year as investors are coming back into the market seeing the inherent value of Cayman property.
Vendors have become much more realistic in their pricing expectations and there are some great opportunities out there. Cayman also looks great compared to other global jurisdictions whose response to the recession has been to increase its taxation rates on its citizens. I’m positive and cautiously optimistic about 2011 both in the commercial and residential markets.
For More Information Contact Jeremy Hurst
Call: (345) 623-1111
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