Despite the economy in the last few years, some of the new Multiple Listing Service listings for homes and condominiums have been coming onto the market at progressively higher prices. Over the last 10 years, the quality, locations, size, and remarkable finishes of private homes and condominium residences has become much more luxurious and significant.
This has led to loftier MLS listing prices across the board. However, we are not seeing the ultimate purchase prices (the sold price), elevate nearly as quickly, or in proportion, to the rise in the listing prices. Considering that the highest listing prices of homes and condominiums on the market for sale are now about double of what we saw in the 1990s, we are only seeing actual sold prices up by about 50 per cent.
Real estate market activity has yet to catch up to the new level of pricing with actual sold prices. Listing prices are a bit ahead of the market of purchasers. There has been so much improvement in the development of homes and condominiums, this decade. There is a lag between what is on the market for sale compared to the level of customers available in Cayman, who can purchase at this new level.
In the 1990s, the highest listing price for a residential home was US$7,995,000. This home was located in Vista Del Mar on the North Sound, along the Seven Mile Beach corridor and was comprised of seven bedrooms and 12,000 square feet. There were six homes that came onto the market with listing prices over US$5,000,000, during the 1990s.
This decade, a home named Casa Coyaba was on the market for US$15,000,000. It was one of seven homes that eclipsed the highest listing price for a home in the 1990s. Casa Coyaba is located on Old Prospect Road on the waterfront and is comprised of nine bedrooms and 18,500 square feet. There have been twenty-three homes listed for over US$5,000,000 on the market for sale, during the 2000s and eight are currently actively listed for sale.
The highest sales price for a home was US$7,500,000. This seven bedroom, 13,500 square-foot beachfront home sold in 2007 and was located in Sand Bluff on the eastern side of Grand Cayman. It had about 300 feet of pristine sandy beach.
For condominiums, The Ritz-Carlton had the highest MLS listing price for a residential condominium in the 1990s. This three bedroom residence was comprised of 4,715 square feet was listed for sale at US$8,235,000. Only three condominiums were listed for more than US$5,000,000 during this decade.
Now, in the 2000s, we have residential condominiums listed for as much as US$16,900,000, to date. This is a six bedroom beachfront residence at Water’s Edge on Seven Mile Beach and comprised of 11,479 square feet. It is one of four condominiums listed higher than the record listing price from the 1990s.
Another Ritz-Carlton residence was rumoured to have been on the market for US$40,000,000, during this decade, but it was never formally listed through the MLS system, so there is no record of this property or any details. So far, this decade, a total of twenty-four condominiums have been listed for over US$5,000,000 and seventeen are actively listed for sale.
The highest sales price achieved for a condominium residence was at the Water’s Edge on Seven Mile Beach. A four bedroom residence of 7,100 square feet sold in 2008 for US$7,350,000. It is one of four sales overall for condominiums, for over US$5,000,000.
We have almost priced ourselves out of the market, temporarily, for some of the higher listing prices, at least until more affluent customers from offshore can realise the high level of property we have for sale. We have built it. We just need more customers who are seeking the very best to come. But, as we have seen in the past, we will see these properties sell and set new record prices, especially as the economy starts to turn.