How to buy your slice of paradise

You’ve had a great time visiting the Cayman Islands and now want to buy a vacation home. Imagine afternoons on the beach, sunshine year round, and superior services at your fingertips. It is easier than you think. For a comprehensive list of properties check out Myigloo. Any local realtor or attorney should be happy to give a detailed explanation of the steps that need to be taken to buy a property. It is always advisable to hire a realtor based in Cayman or attorney familiar with jurisdictional details, who should be able to deal quickly and efficiently with any un-foreseen issues. 

Here are just a few things you need to know about the property process before you invest in the Cayman Islands. 



Strata 





 Strata apply to only condos and apartments. Strata membership is automatically acquired once the transfer process is complete and you sign the strata agreement. 

Your representative should already have investigated whether the previous owner had any arrears. If there are arrears, your representative needs to ensure they are automatically deducted from the purchase price and paid over to the strata. 



Timeshare, fractional ownership 



A popular alternative to buying property outright is to buy into timeshare, which is a contract to use a property over a fixed number of years. 

With a timeshare, the developer always has an interest in the property and you buy the right to use the property a week at a time, depending on your vacation habits. Generally, you buy where you want to vacation and the property purchase should have a good exchange value so you can exchange your time in other timeshares around the world. 

Fractional ownership is a deeded real estate purchase. An attractive part of fractional ownership is you share the price, share the costs and receive the full benefits of what is usually a luxury property. Fractional ownership is usually bought through a corporation, which issues shares to each shareholder who owns the property. 



Utilities 





Once the land transfer contract has been signed, take the documents to any Caribbean Utilities Company office and to the Water Authority, along with photo ID, so an account can be opened in your name. Electricity and water supplies are usually available within one business day of ac-count activation. When seeking to install utilities for a new building the developer or contractor will need to apply for the account on the vendor’s behalf. This can be done once the new property is inspected by the Planning Department and receives a certificate of occupancy.

Now all that is left is for you to enjoy the beach and paradise.

Cayman Residential Property for Sale - THE WATERCOLOURS

THE WATERCOLOURS
Seven Mile Beach , Cayman Islands

US$4,500,000

Property ID: 100174
MLS # : 077905

 

Property Type: Residential

Listing Type:

Beds: 3

Baths: 4

Partial Baths: -

Sqft (feets): -

Built: 2011

Days on Myigloo: 54

Total views: 88

 

Features include:-

Strata (monthly): $475

Class: Existing

Construction: Block

Furnished: Yes 

Mckeeva's view on property in Cayman

Premier McKeeva Bush has high hopes for an economic turnaround in the Cayman Islands in 2011.

Key to realising those hopes is getting a number of government infrastructure projects under way. However, with the government running a deficit budget already, Bush knows the government can’t afford to pay for the projects.

In the past, the government has borrowed to fund its infrastructure projects, but with the borrowing limit set out in the Public Management and Finance Law already surpassed and the United Kingdom limiting additional borrowings and closely monitoring budgeted spending, that can’t happen. Bush would like to see the PMFL revamped - “It’s causing far more problems than good” - to a system more like what is in place in Bermuda and Jersey, but right now he has limited options to funding the projects needed to stimulate the local economy.

“All of this is dependent on private sector partnerships with us - investors,” he said. “This is how we have to operate now. I just can’t spend money in any way, shape or form. The UK needs to approve.”

Bush said the government has discussed with financial advisors from PricewaterhouseCoopers the concept of entering into various public-private partnerships for the construction of needed infrastructure while at the same time keeping the arrangement off the country’s balance sheet. Although that financial part can be complicated - as evidenced in the length of time it’s taken to reach a deal with investors on the cruise ship berthing facility - it could be the easiest part of the equation. Bush still has to sell the concept to the Caymanian public, some of which is very much against getting involved with foreign or so-called “paper Caymanian” investors.

Cayman Residential Property For Share - Renate

Property Type: Residential

Listing Type:

Views: Pool View

Beds: 3

Baths: 2

Partial Baths: -

Sqft (feets): 1256.00

Built: 2006

Available From: 02/07/2011

Pets allowed: No Pets

Kids allowed: No

Days on Myigloo: 42

Total views: 55

 

Property Description:-

Room with bathroom en suite for rent in a safe, friendly, quiet neighbourhood of Newlands  $600 monthly rent includes wireless internet, cable in the living room, maid service 2x per month, use of pool  Room has queen size bed, 1 six drawer dresser with mirror  1 night stand with lamp  2 closets  1 small fridge (fridge in kitchen also available for use)  Washer and Dryer in kitchen  Central AC  House built post Ivan  Accordion hurricane shutters  Near Countryside Shopping Centre, Spotts Beach and International College of the Cayman Islands  Suitable for a single person or couple [must be non – smoker(s)]  Cost of water and CUC split with owner  $200 deposit  Short term or long term Email: pupsi@candw.ky or call 926-5107

Features include

Strata (monthly): 50

Class: Existing

Construction: Block

Floors: single story dwelling

Furnished: Yes

Home Features : Dishwasher, Microwave, Washer/Dryer, Air Conditioning, Cable/Satellite TV

Local Amenities: Close to School, Close to Shopping Mall, Close to Grocery Store, Close to Beach, Close to Gas Station, Close to Church

Community Features: Playground/Park, Pool 

Cayman Property for rent - Mary Street

Property Type: Commercial

Listing Type:

Baths: -

Partial Baths: -

Sqft (feets): -

Built: -

Available From: -

Pets allowed: -

Kids allowed: No

Days on Myigloo: 49

Total views: 45

 

Property Description:

1,000 sq.ft. of ground floor commercial space located on mary street close to central george town. this is second floor space. other tenants include ci government, lawyers offices, counseling centre, printing centre, domino's pizza. ample parking

Features include:-

Class: Existing

Construction: Block

Furnished: Unfurnished

Local Amenities: Close to Town
 

Cayman Residential Property for Rent - SMB DUPLEX RENTAL

Property Type: Residential

Listing Type:

Views: Pool View

Beds: 3

Baths: 2

Partial Baths: -

Sqft (feets): -

Built: -

Available From: -

Pets allowed: -

Kids allowed: No

Days on Myigloo: 3

Total views: 8

 

Property Description

Features include:-

Strata (monthly): $350

Class: Existing

Construction: Block

Furnished: Yes 

Myigloo Home Sales tips 2011

Our featured article this month is for all the keen sellers out there, we have 5 fantastic tips to help you sell your property in 2011. The most important step is obviously to register it on Myigloo.ky, it is free!

Here are 5 things you can do to position yourself for home selling success in 2011.

1.  Reality check yourself . . . before you wreck yourself (and the sale of your home, that is). The age-old real estate advice to wanna-be sellers is to get real about pricing - and like my sweet Grandma's advice about always rinsing the cake batter out with cold water, never hot, the caution against overpricing is advice that will stand you in good stead. (And that cold water trick works, btw - rinsing with hot starts to cook the batter to the bowl!  But I digress)  Before you even get to pricing, though, first you should get real about what your goals really are. Why do you want or need to sell?  And how badly - how important is it to you?  What would it take to make selling make sense?  If you even think you may want to sell your home next year, get clear on these items in your own head before you even talk to anyone outside of your household. Your very next step is to look at your mortgage account statement online and find out what you owe, and find out what your payoff amount would be.

2.  Figure out the lay of your local land.  National blogs and media outlets offer all sorts of useful advice about whether, how and when to sell your home, but there's one thing that sort of advice cannot convey: what's going on in your local market. Ask questions and read blogs in your local market and start talking with the real estate brokers and agents from your area who are actively blogging, listing properties and answering questions. They can give you the hyperlocal essentials you need to know.  Sure, it's a buyer's market globally, on average.  But if you live in Omaha, that may mean that homes sell at or near asking in 45 days or less; in Grand Cayman, your home could stay on the market 3 months and sell for 20% below asking.

3.  Tour nearby Open Houses. Your job, as the seller of your home, is to present a compelling package to buyers - compelling enough to make them sign away 30 years of their lives and the vast majority of their worldly possessions in exchange for your home (kinda ups the ante, doesn't it?). To do that, it helps to get inside the minds of your home's target buyers.  And to do that, you need to think how they think and see what they see.

4.  Formulate a plan: in A-B-C order.  Collaborate with your broker or agent to put an action plan in place.  Make sure you address: list price, list date, showing arrangements and the property prep work (see #5, below) that your agent recommends you do prior to listing the place. To minimize the stress of a somewhat inevitably stressful experience (i.e., selling your home!), work with your agent on Plans B and C now, too!  What is the average number of days a home stays on the market in your area before it sells (DOM)?  (Hint:  don't look at the ones that never sold, because you don't want to be part of that group!)  Decide up front if your home sits on the market for X number of days with no offer, you'll lower the price to Y.  Also cover alternative marketing plans/vehicles for your home, and even calendar when you might start to offer transactional incentives, like closing cost credits, interest rate buy-downs, throwing in personal property and even making reverse offers to buyers who have expressed an interest but can't seem to get off the fence. At some point along the timeline, include a pause where your agent can interview buyer's brokers who have shown your home to collect buyer feedback, so you can course correct your pricing, marketing or staging strategies accordingly.

5.  Do your prep work - fix and pre-pack.  If you are sure you're selling in 2011, and want to put your holiday vacay time to good use, make a list of all those little repairs you've been wanting to do forever, call up your neighborhood handyperson and get 'em done. Loose knobs and handles, double-hung windows that are painted shut, the frayed carpet on the steps, that broken bathroom tile - fixing those things can give your place just the patina and polish it'll take to compete with the ample, low-priced competition you'll have next year.  

Cayman Residential Properties For Sale :: Hilton Estates

Property Type: Residential

Listing Type:

Views: Inland Land

Beds: 2

Baths: 2

Partial Baths: 1

Sqft (feets): -

Built: 2008

Days on Myigloo: 14

Total views: 104

 

Property Description:-

Features include:

Strata (monthly): 225

Class: Existing

Construction: Concrete

Furnished: Yes