Month: July 2019

2019 Second Quarter Review

Posted on July 19, 2019 by - Investing, Tips, Trends

The 2nd Qtr Statistical Review of 2019

A recap of Cayman’s real estate activity, trends and performance that moves the market to new levels.

Last year we made some big decisions, this year we actioned our plan and continue to invest heavily in our people, marketing and operating practices in order to better serve YOU. Your journey is our priority;

To us you are not a “Hot Buyer” or a “New Listing”, you are family and we thank you for your continued support. If you are looking to work with a real estate team who are extremely passionate about what they do and sincerely care about their clients and customers, we are here and ready to assist you in 2019 and beyond.

869 CURRENT (properties currently available for purchase in the Cayman Islands):

250 condos (US$150,000 → $15.5M)
173 homes (US$116,000 → $39.95M)
412 land (US$43,000 → $14.95M)
34 commercial (US$24,000 → $22M)

No matter where you appear on the property ladder, it’s time you take the step and you’ll thank yourself in the years to come! From US$24,000 to US$39.5 million there’s something available for everyone. However your options are dwindling. Priced correctly, new inventory coming to market moves extremely quickly and the projections are trending this way for a the remainder of 2019; we will see a deepening seller’s market in most sectors, but not all. Ask us how the market specifically relates to your journey. If you’re a buyer, don’t panic! Seek guidance and take the time to map out your budget and lifestyle needs for today but also factor in your future needs and wants. With your personalized plan, you can move forward with confidence, and with an exit strategy too!

262 PENDING/CONDITIONAL (accepted offers awaiting conditions to be satisfied):

170 condos (US$170,000 → $3.7M)
38 homes (US$243,000 → $2.8M)
53 land (US$33,000 → $2.8M)
1 commercial (US$1.46M)

That’s 262 contracts going through due diligence foregoing pending and then closing! That is a 8.71% increase in units under contract from last quarter and shows that this is ONLY a seasonal slowdown and not a permanent change by any means. Deciphering the data correctly is crucial before making any decisions. This newsletter is a broad outlook and we look forward to delving deeper when it relates to your specific family and investment needs.

113 PENDING (offers accepted with no conditions):

64 condos (US$107,000 → $7.25M)
18 homes (US$134,000 → $2.9M)
29 land (US$28,000 → $2.2M)
2 commercial (US$291,000 → $424,000)

Also up from last quarter, these 113 are on the front line and readying to close the deal. Again, ordinarily this number would be lower than last quarter but long gone are the traditionally slower summers! Our market has shifted and our anchored mindsets need to shift with it! So, a heroic congratulations to you 113 buyers and sellers, you’re on the home stretch and you can claim ‘SUCCESS’ very soon. If you’re not one of these 113 have you asked yourself why not? We are always happy to share our experience so you can better consider your property strategy for the short, medium and long term.

234 SEVEN MILE CORRIDOR (listings on Seven Mile Beach and within Seven Mile Corridor):

165 condos (US$213,000 → $15.5M)
36 homes (US$1.6M → $17M)
28 land (US$449,000 → $3.5M)
5 commercial (US$399,000 → $22M)

INTERESTING! A slow-down in the SMB-inventory trend?!?! The previously rapid decline of inventory has slowed ever so slightly from last quarter. Ordinarily this would normally indicate that this sector might be stabilizing, however, deciphering the data in depth is key here. In a small market, a new condo development can influence the numbers significantly so not always a case of the market shifting directions. Still at all-time lows, there’s currently only 234 limited opportunities along world-famous Seven Mile Beach which organically forces increase in pricing. So if there’s a time to sell you can realize extraordinary returns, but bear in mind the market is always ebbing and flowing, and never stagnant. On that note, if you are waiting for pricing to come down before buying, there’s A LOT of risk to that game. Of course, pricing will obviously correct here and there but we will not see yester-year prices ever again. Luckily there’s still something for every investor and if you can’t afford the SMB stretch there are other attractive districts that offer great upside! Do you know what your property strategy is?

396 SOLD (year to date in 2019):

163 condos (US$128,000 → $9.57M)
101 homes (US$122,000 → $6.45M)
131 land (US$20,000 → $12.1M)
1 commercial (US$440,000)

With an average of 2.09 sales per day in 2018, we are now at an average of 2.2 sales per day so far this year. We project this to increase more and more throughout the year, especially with a busy summer! These sellers have benefited from the quick market movements and am sure you want to know how you can win too? Reach out and ask so we can help you establish your property journey. For those not in the market, don’t worry, it’s never too late to step in. Timing is everything and with a plan of action, your property will serve your family and investment needs over the short, medium and long term. Secure tomorrow, today!

If you’d like to make a financially-savvy plan to buy or sell then no harm in asking a dedicated team of Cayman real estate experts. No strings attached, ask away.

Source: CIREBA – Disclaimer: these are approximate figures designed to provide a snap shot image of the Cayman Islands property market only and are subject to further discussion. If you have a desire to see specifics as it relates to your property journey please contact us.

 

Case Study: How Quick & Easy Upgrades Sold This Home For Top Dollar

Posted on July 17, 2019 by - Design, Investing, Seller, Tips

Selling a home isn’t always easy, however with the right advice and strategy, we believe that every property is sellable. Case and point: Newhaven Quay.

Five months ago, we were approached by a couple who’d had their property on the market for over four years and wanted to appoint a new agent with a fresh approach. Without any serious activity, understandably they were getting frustrated with the entire sales process and couldn’t understand why their beloved family home wasn’t selling.

When asked to give our professional opinion on a property, we are always honest and direct with our comments. Naturally we highlight the salient selling features of a property, however aren’t shy about discussing potential negatives so a seller can get the true picture so that together we can take decisive, impactful action to get their property sold.

In this case, we shared our expertise on market value and why their home wasn’t selling. Below is a quick overview that with a targeted strategy and smart spend, we were able to sell this client’s property for over asking price in just 127 days (Market Average over 365 days).

  

Our Advice

After a full appraisal of the property, we said, “We recommend you freshen up the house with some targeted improvements and then increase the price’. That’s right, we suggested they increase the selling price of the home by $100,000. How many agents do you hear suggest increases the listing price after the property has been sitting for 4 years?!

The house was in a truly fantastic location, with wonderful views across the canal and great layout however the interior looked a little tired and dated in places. With this in mind, we suggested a quick and inexpensive ‘facelift’ before the property went back to market.

The Renovation

In order to help achieve the increased asking price, we suggested a number of renovations. Professionally spray painting the tired beech timber kitchen cabinetry and living room built-ins a fresh white, replacing the old BBQ with a new one, alterations to family room and living room, improved lighting, replacing the outdoor trellis, installing new fans and new mirrors as well as general paint touch-ups throughout the property significantly increase the value.

These simple but effective upgrades were an absolute game changer, and completely transformed the home. It gave the rooms a much much lighter and far more contemporary feel. Fresh paint also gives buyers a subconscious feeling that the property is brand new.

Having been vacant for 4 years, the home lacked life. To make the property feel more ‘homely’ and lived in, we suggested staging the two main living areas and bedrooms. Big thanks to IDG and Ironshore who did incredible jobs with the renovations.

These little yet quick and cost effective cosmetic changes totally transformed the look and feel of the home and were critical in helping us get the property sold so quickly.

The Marketing

With the home completely transformed, we went to work on creating a world class marketing campaign. First things first, professional photography to capture the beauty and character of the house. The property was shot at different times of the day to demonstrate how the house behaves from dawn to dusk. Drone shots are a must to capture the house in situ and show off its beautiful pool, landscaping and canal frontage. Our marketing team created a bespoke campaign to broadcast the property to our buyer database and online following via our website, weekly newsletter, Facebook, Instagram channels etc etc. We can’t give away all our trade secrets! The plan worked and we were inundated with showing requests. Remember, this was not a new listing. It was the exact same house that had been on the market for 4 years in a busy buyers market.

The Deal

After countless showings, we presented the sellers with two strong offers. The first offer was a little shy of their desired number, however we gave them confidence and suggested they stand firm. We worked tirelessly to find a second buyer who, after a little negotiating back and forth struck a deal that worked for both parties. 25 days later they closed and the sellers were able to move on with their lives.

Both buyer and seller were thrilled, and we are only too happy to have made it happen. Mike represented the sellers while Jude brought the buyers. To really sweeten the deal, Jude also found the buyers a tenant as they weren’t quite ready to move into the property just yet. Way to go guys!

The End

We understand how frustrating it can be to have your property sit on the market for what seems like eternity. Every house is sellable; it all comes down to the representation, exposure and pricing. A fresh pair of eyes, professional guidance, a good marketing strategy and dedication is all that it takes to make a sale happen.

We love a challenge, and it’s stories like this that get us out of bed each and every morning.

Are you thinking of trying to sell your home? We can save you a lot of time, hassle and heartache.

Don’t take our word for it, here’s what the clients had to say:

“I have to say, to the great credit of Property Cayman, the whole experience of working with [the] team was a significant improvement on any other agent that we have worked with. The marketing was crisp and attention grabbing, the communication from showings, from both Michael and Stefan, was prompt, frank and to the point. No unnecessary sales bluster, no unsubstantiated promises, just accurate and prompt feedback, which is how we like to work.

The whole closing process with Carol Ann was an absolute pleasure and very easy to implement, and of course I cannot end this without thanking Jude for bringing the [new renters] to the party, and finally closing the deal.

So once again, thank you very much indeed, Property Cayman.”

 

 

Shoot us a quick email on [email protected] to chat about how we can help get your property sold.

We’ve Got News!

Posted on July 5, 2019 by - Community, Trends

Dear Cayman,

Life does not get better by chance, it gets better by change and we’re welcoming some very exciting changes to better serve you.

Property Cayman would like to formally announce that we are moving to new offices at Fort 51, a brand-new building (next to the Town Hall) right in the heart of George Town. Like all good things, our time at RE/MAX has come to an end and we’d like to thank Kim, James and all of our colleagues for many happy years working side-by-side.

For most of us, buying or selling a house is one of the biggest decisions that you will ever make and it’s something we don’t take lightly. We are extremely passionate about what we do and take great pride in providing the best service possible for our clients, our industry and for Cayman.

What can you expect from us at Property Cayman? Full transparency, relentless hard work, real estate education and always putting you before the commission.

On behalf of the entire team, we’d like to take this opportunity to thank you for your unwavering support over the years. We wouldn’t be where we are today without the support of the Cayman community.

Please take this as your official invitation to check out our new offices, sit down and talk about your real estate needs or just enjoy a coffee from our neighbours at Bluestone Lane cafe when our doors open in a few weeks.

We promise to always tell it how it is; with good, honest advice at the heart of everything we do.

Yours in real estate,

 

Michael Joseph                     Stefan Prior

Broker / Owner                          Associate Broker