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The Highest Priced Properties - Nov 2013

Publish Date : 26 Nov 2013

The real estate market has grown in size and value over the last several years and some of the prices that are being seen, on the top end of the range, are noteworthy.  Extraordinary properties are being developed and they continue to raise the bar, in both quality and price. 

Below is a summary of the top price levels for 2013, according to the CIREBA MLS statistics.  These prices are to date and represent four various market segments, across the Cayman Islands:

RESIDENTIAL HOMES - The highest listing price for a residential property, that is actively on the market, is US$35,000,000 for Castillo Caribe on 250 feet of seafront in South Sound.  This three storey home is listed as being 48,000 square feet in size and is an 8 bedroom/14.5 bathroom residence, situated on 1.38 acres of beachfront land.

The most expensive residential property to sell this year was a home called Deju View.  It was located on a canal front lot with 105 feet of water frontage along Galway Quay in Canal Point.  This three storey home is a 6 bedroom/6.5 bathroom residence comprised of 11,378 square feet on a 0.39 acre lot.  It sold in February for US$4,910,000.

CONDOMINIUMS - A 7,300 square foot Grand Residence at WaterColours is the most expensive condominium listing at US$11,995,000.  WaterColours is the first nine storey building (in the height of ten stories) to be developed.  It is located on the beachfront on Seven Mile Beach and is currently under construction, with completion scheduled for April 2014.  This condominium is comprised of 6 bedrooms/6 bathrooms, located on the second floor, and has approximately 70 feet of width on the beach.

In terms of sales, the most expensive condominium sale was a beachfront, second floor Water’s Edge (not to be confused with WaterColours) 3 bedroom/3.5 bathroom Seven Mile Beach residence.  It sold for US$2,650,000 and has 3,200 square feet of living area.  There are a total of six stories at Water’s Edge, in the height of seven stories.   Although, WaterColours’ condominiums have gone under contract for more than this price, during the year, those sales have not yet closed, so they are considered pending contracts until completion in 2014.

RAW LAND - The largest acreage that is available for sale is also the land parcel with the most expensive listing price at US$35,000,000.  Colliers Resort Site has a total of 538 acres. 6 of these acres are comprised of 1,475 feet on the beach and the other 532 acres are inland.  The acreage has both hotel and residential zoning.

Little Cayman had the highest priced parcel of land to sell during the year.  Point of Sand, a 15.9 acre parcel with 1,500 feet on the beach and sea, sold for US$5,850,000.  It is located on the eastern end of Little Cayman, looking towards Cayman Brac.  Due to its size, the parcel has good upside potential for future development.

COMMERCIAL AND INDUSTRIAL- For commercial and industrial real estate, Mirco Center in Industrial Park is the highest priced listing for CI$12,200,000.  This is a large property with 70,000 square feet in three buildings of two stories each and 3.6 acres of land.  Commercial activity consists of retail and office use and each building could be sold individually for investment.

Anderson Square in downtown George Town, on the corner of Elgin Avenue and Shedden Road, was the highest priced commercial and industrial sale for the year.  It sold in February for US$8,500,000.  It has 41,254 square feet, in a five storey building, located on 0.93 of an acre.

 

While some of these prices for property can be staggering, we are entering a new wave of expansion and development.  It appears that we can expect even higher prices and most extravagant properties, in just the next few years ahead, as some of these new developments that are under construction and planned start to sell.