When you find yourself in the position to buy Cayman Property, you are in indeed in a very fortuitous position, but how do you determine the type of property to suit your lifestyle? That’s exactly what Cayman Islands Realtors can help you with; give you valid advice and with the help of CIREBA‘s MLS the Caymans Islands’ only comprehensive multiple listing system, show you a collection of Cayman real estate that will ultimately result in finding exactly what you need, love and suit your lifestyle.
Do you own a boat and get out on the water for sunsets, fishing, snorkelling, and diving and weekend entertainment? Then a canal front property with a boat dock would probably be best suited for you. Grand Cayman real estate in particular has numerous properties that offer canal front condos, communities and single standing homes where boating is a central part of the lifestyle. Neighbourhoods and gated communities like the Cayman Islands Yacht Club, The Shores, Canal Point, Crystal Harbour, Salt Creek, Patrick’s Island, Grand Harbour, Sunrise Landing, Snug Harbour, Governor’s Harbour, Kaibo and North Sound Estates give you the choice of residences and condos ranging in the $500 000 to $3 million range. These canal font properties give you direct access to Grand Cayman’s North Sound, superb diving along the dramatic reefs of North Wall, playtime at Stingray City, mudslides at Rum Point, lunch at Kaibo, dark moon snorkelling at Bioluminescence Bay, Starfish Beach and bird watching at its best at Booby Quay. Paddleboard enthusiasts can paddle from their dock to the sound. If you prefer the beauty of beachfront living boat access the world famous Seven Mile Beach would be your ideal choice. You will have the benefit of a pure white sandy beach right on your doorstep and you boat moored just offshore in shallow blue water, ready for the next excursion. West facing Seven Mile beach also gives you direct and stunning sunset views, year round diving and calm waters for wake boarding, tubing and paddleboarding. Here you can expect a price range from $800 000 to $4 million or even more for some of the world’s most exclusive addresses.
Do you have a growing family with school aged children that are involved in activities, clubs and sports? Residents of the Cayman Islands have the choice of several public or private schools, many of which are situated between the islands’ fantastic residential choices noted in the paragraph above that offer canal front, ocean front and in-land properties in close proximity to sports activities like baseball, rugby, football, swimming, music and art. For a family weekly grocery shopping is a necessity and Grand Cayman has a superb variety of international food brands, two bustling farmer’s markets and several grocery stores. So if we take Grand Cayman for example, there are two grocery stores serving West Bay, two serving Seven Mile Beach and one each for the Eastern Districts. Camana Bay hosts a farmer’s market every Wednesday, is home to organic centered store Bay Market and provides cinemas and entertainment for the entire family. Little Cayman and Cayman Brac on the other hand have true island-style stores.
Would you prefer a gated Cayman Islands luxury property with strong covenants and neighbours who have the same distinguished taste for style, design, privacy and a luxury lifestyle than you? Then Grand Cayman real estate for sale should be on the top of your list. With distinguished communities like Salt Creek, South Sound, Old Prospect Point, Patrick’s Island, Canal Point and Seven Mile Beach you will find an array of architectural styles from minimalist modern, Floridian, Spanish, beach house and classic beach condo styles. The single standing homes are beautifully and professionally landscaped to compliment the feeling of complete privacy in lush luxury surroundings featuring swimming pools, gazebos and chill out spaces on the dock overlooking the canal. It is important to add the small yet illustrious community of Kaibo here. Even though it is not a gated style community, it is very private, quiet and nestled on the north side of Cayman among small private bays where the homes all have a fantastic island feel chique and embody the ideal beach house feel with sandy gardens and direct dock and water access to the North Sound, north wall diving, Stingray City and Rum Point.
Are you a snow bird looking to escape cold North America for six months of the year and possibly have your property as an income producing vacation rental for the remainder of the year? Seven Mile Beach, South Sound, Kaibo and North Side ocean front properties are your ideal solution as you can list these properties independently or with several vacation rental management companies like Cayman Villas. In terms of investment you can expect a price range of $1-4 million and a weekly rental income of approximately $1500-$6000 per week depending on the location, amenities, occupancy and season.
When you are considering Cayman Islands real estate as an addition to your portfolio, it is important to keep in mind that all lending institutions require life and home insurance in order to qualify for a mortgage. Any properties that are on a canal or are ocean facing would naturally fetch a higher insurance premium as hurricane damage and replacement can require quite a steep rate. On the other hand it is beneficial to know that all structures across the Cayman Islands real estate industry are easily insured and built above Miami Dade code to withstand category 3 storms.
Most mortgage lenders accept 5% down; interest rates vary though so it would be prudent to shop around for the best term and interest. The Cayman Island Government charges a one-time 5% stamp duty or tax on the value of the property which is payable upon purchase. Legal requirements are managed by local law firms and usually require 1% of the purchase value of the home.
Your lifestyle should be important to you, it’s your life, style it and live it to make you happy in a place in the sun that makes you feel sublime; the Cayman Islands!