Increasing the value of your 2nd home

"3rdhome is at once beautiful & simple, the best idea I've seen in a long time."  Sheena Conolly, Cayman Islands Sotheby's International Realty.

It is advisable to choose your audience very carefully if you decide to vocalize the drawbacks of owning a luxury second home, but in the company of somebody who also finds themselves in this enviable situation it may not be too long before you are discussing a certain feeling of obligation to visit this second home as often as possible to maintain "value for money". Even if this second home is situated on Seven Mile Beach in the Cayman Islands, one of the finest stretches of sand in the Caribbean and looks out over the most beautiful crystal clear waters seen anywhere in the world, it just may be that you don’t want to visit the beach for every vacation & at every time of the year. It may occur to you & your consoling companion who also owns a luxury second home that, as his second property is in Aspen & yours is in the Cayman Islands that every once in a while you could each take a turn in the others home and thus mitigate this effect. But what if you could extend your network of friends across the entire globe so that this “problem” was actually turned on its head & that you had such a vast selection of luxury vacation homes to choose from, that you had trouble deciding where to go next? Enter 3rdhome the simple yet perfect solution. 3rdhome is an exclusive club of luxury second home owners, who just like you, want to maximise the value of their property but also want to see the rest of the world. The simplicity lies in the fact that members can submit weeks for their own property to be used & in return they receive "keys"which they can use to stay in any other property they like, they are not trying to arrange a direct swap with the logistical problems that entails. Based on the market value of your home you will be given between 1 & 5 keys for each week that you place into the system, all that remains then is to find another luxury home that is available with the number of keys at your disposal. The only cost involved is an administrative fee of $495 per vacation week  & this to stay in some of the most luxurious homes in the world, which in many cases are not available in the vacation rental market. Cayman Islands Sotheby's International Realty is exclusively offering free membership to property owners in the Cayman Islands simply register today: http://www.caymanislands.3rdhome.com/

Seven Mile Beach set for growth

With recent bench mark sales at the luxury end of the real estate market in the Cayman Islands & an increase in sales volume generally for Seven Mile Beach condos, prices seem set to rise again on one of the Caribbean’s most popular beaches for second home buyers. After a couple of years of unusually flat prices & a glut of inventory the recent surge of home buyers on the Seven Mile Beach is an encouraging sign. The Heritage Club, a popular but small complex of just eighteen units on the beach, has seen three sales since December with a high price point of US$685k for a well finished ground floor unit, still quite a considerable discount from the prices reached in 2007. Cayman Islands Sotheby's International Realty has been involved in a number of luxury sales along the Seven Mile Beach including the premier unit at The Sovereign owned by renowned author the late Dick Francis, a delightful apartment at The Water’s Edge arguably the most exclusive condo complex on the beach as well as two adjacent homes at The Avalon and another at The Meridian. Property buying seems once again to be among the top list of holiday pursuits in the Cayman Islands and the season looks set to finish on a high.

Open Houses - 2nd April 1pm - 3pm

Please join us Saturday from 1pm - 3pm as we showcase a cross section of great real estate in the Cayman Islands. See Facebook for more details.

From luxury private homes at the Britannia Golf Resort to a family home close to Seven Mile Beach on Raleigh Quay in Governor's Harbour. We also have a development opportunity in Hinds Way, South Sound a rare opportunity to buy a house with two land parcels. In Prospect with have a well appointed townhouse at Brenwood in Orange Drive, recently reduced & great value for the level of finish.

Open Houses Cayman Islands Real Estate

Join us on Saturday 1pm - 3pm for a selection of Open Houses which highlight the great cross section of quality real estate in the Cayman Islands. Visit Facebook for details.

Dart Realty buy Courtyard Marriott Cayman Islands

In what is widely considered to be great news for Cayman Islands Real Estate Dart Realty (Cayman) Ltd. announced Wednesday that it had purchased the 232-room Courtyard Marriott hotel from developer Stan Thomas and his companies. The hotel closed after sustaining damage from Hurricane Paloma in November 2008 and hasn't reopened. In addition to the hotel, the Dart Group acquired other properties in that area that were owned by Mr. Thomas, including the Cayman Islands Yacht Club and about 1,500 feet of Seven Mile Beach property. In the mid-2000s, Mr. Thomas paid some US$100 million to buy a patchwork of properties, which comprise about 300 acres. It was reported that he would develop a five-star resort that included an 18-hole golf course, a marina and residences. The economic downturn that began in late 2007 and the ensuing credit crunch crushed the plans for development. In late 2009, the Atlanta Journal Constitution reported that Mr. Thomas and his company were experiencing severe economic difficulties. Dart Realty Managing Director Jim Lammers said there was an element of "land stewardship" that was discussed by the Dart Group when it considered the purchase, and the possible negative implications of having the properties get tied up in litigation for an extended period of time. In addition, Mr. Lammers said the properties were purchased "because we believe they hold great potential for development over the long term". However, Mr. Lammers stressed that the Dart Group would take time to decide how to develop the property, undertaking a thorough analysis first. "We'll use patience and a multi-disciplinary approach to make sure we do it right," he said. "We're lucky to have some patient capital and real long-term view on Cayman." Adding the newly purchased properties to adjacent landholdings already held by the Dart Group - including the Salt Creek development and the Camana Bay Nursery - amounts to more than 500 acres. Dart Realty's CEO Mark VanDevelde said the acquisition of the Thomas properties brings great opportunity as well as great responsibility to develop the lands with thought and care in a way that creates lasting value. Although the Dart Group will take time formulating a development plan, Mr. VanDevelde said some remedial work would start almost immediately to improve the Yacht Club marina, which has been in a dilapidated condition since it sustained significant damage during Hurricane Ivan in September 2004. "There are a lot of immediate steps we can take to improve it without significant capital outlay," he said. As for the hotel, Mr. Lammers said the general thought was that the Hurricane Paloma damage could be repaired and then the hotel reopened, although he couldn't give any timetable for reopening. "We're pretty comfortable it doesn't have to be razed," he said This article is shared from an original article in the Cayman Compass by Alan Markoff.

USS Kittiwake Cayman's latest dive attraction

A decommissioned U.S. Navy ship was scuttled Wednesday in the clear Caribbean waters of the Cayman Islands, where officials say the sunken vessel will attract fish and tourists.
The USS Kittiwake, a 1945-vintage submarine rescue ship, rests on a sandy bottom off Grand Cayman's Seven Mile Beach. The 47-foot-tall (14-meter) ship is at a depth of 62 feet (19 meters), so the top deck is close to the Caribbean Sea's surface, making it easily accessible for snorkelers and divers.
Crews carefully flooded the rusty hulk so the 2,200-ton (1,995 metric ton) ship would settle upright. Holes were punched in the hull and large pumps gradually piped sea water into the ship, which was compartmentalized into three sections.
As it began to sink in a cascade of bubbles, the Kittiwake leaned a bit to its starboard side. But divers reported it landed upright on its keel.
"It was just perfect execution, nice and even. She landed exactly where she was supposed to," project manager Nancy Easterbrook said during a phone interview from a nearby boat on Seven Mile Beach.
The Kittiwake's scuttling raised mixed emotions in Jon Glatstein, who was a sailor on the vessel from 1984 to 1986. He traveled to this wealthy British Caribbean territory to watch his old ship sink beneath the waves.
"This is the first time I've seen the ship in 25 years, and she's in pretty rough shape. But she's been serving divers all her life and now she's going to continue doing just that. That's got to be a whole lot better than getting melted down for razor blades," said Glatstein, now an IT manager in Miami.
The ship, which assisted U.S. submarine operations around the globe for decades, was anchored in recent years among the rusting vessels of the James River Reserve Fleet, commonly known as the "Ghost Fleet," in Fort Eustis, Virginia. It was towed to the Cayman Islands last month.
About 40 boats carrying locals and tourists circled around the ship to watch it sink. Several parasailers enjoyed a birds-eye view under clear skies.
Officials had hoped to sink the ship Tuesday, but windy weather and choppy seas forced a postponement.
Divers will attach mooring lines to the ship on the seafloor Thursday, and the scuttled Kittiwake should be open to the public on Friday, according to Easterbrook.
Premier McKeeva Bush said the operation "represents the single most significant occurrence in a decade for Cayman's dive industry."
Besides being a lure for tourists, the Kittiwake will be an artificial reef that can shelter fish and crustaceans in waters known for excellent visibility and abundant sea life.
The Kittiwake joins the MV Captain Keith Tibbetts, a Russian frigate sunk off the coast of Cayman Brac in 1996 that is now decorated with a thick coating of sponges and corals.

The Great House, Seven Mile Beach

The Great House is one of the finest complexes on Seven Mile Beach. Overlooking powder white sand & the Caribbean Sea it provides luxury real estate in a beach front paradise. Two unique opportunities are available, The Penthouse a five bedroom two storey home & The Palm Court Villa, the closest option to a private home within a condo complex which includes a beautiful courtyard garden.

Within the Cayman Islands, famous for its beautiful beaches & world class diving, there is one beach that stands alone for its picture perfect beauty, and iconic representation of Caribbean paradise: Seven Mile Beach. Long known as “the islands that time forgot” Seven Mile Beach is now reaping the rewards of relative under development, The Ritz-Carlton Grand Cayman was the first seven storey complex in Cayman real estate history & currently there are only seven other residential real estate developments above the original three storey limit. Completed in 1991 The Great House is a land mark not only for its Colonial Caribbean architecture but as representing the zenith of low density beach front building in Cayman. With only twenty six apartments adorning almost four hundred & twenty feet of Seven Mile beach front The Great House has the lowest number of apartments per front foot for such a large width of beach front.

Apartments for sale at The Great House are therefore a rare commodity however the apartment in question is The Penthouse suite & sits front & centre in what is arguably the most desirable address on Seven Mile Beach making it the rarest of jewels in a magnificent crown. Designed by renowned Caribbean architect Ed Halliday, The Great House is a renaissance for the style of many stately Colonial homes found across the Caribbean with a twist being all the comforts enjoyed with modern life not least of all the circular centre piece pool overlooked by the balcony. The apartment is reached via elevator on the middle floor and unlike any other apartment on Seven Mile Beach The Penthouse at The Great House is set over two floors. Upon entering the apartment one is greeted with the elegance of a stately home rather than the usual feel of beach condo, with its spectacular ocean views across the pool, the living room entices you in and with its vaulted ceilings, wall to wall glass doors and high picture window it bathes you in natural light. Reached by either of two sweeping staircases the upstairs sitting area is relaxed and allows you to sit at eye level with the picture window, the perfect place to enjoy a famous Seven Mile Beach sunset. The living room leads directly on to the expansive balcony through sliding glass doors which can be opened to the full extent of the balcony so as to enjoy the sea breeze and the sound of the ocean gently lapping at the shore line. Adjacent to the living room the dining room also benefits from ocean front views & provides a spectacular setting for any entertaining occasion, it also leads conveniently into the spacious kitchen which in turn has a rear entrance for cooking staff.

The master bedroom provides uncompromising ocean views and an ensuite bathroom that will satisfy any desire to relax and unwind after a hard day at the beach. This wing also allows access to another bedroom which is currently set up as a home office, across the hall way to which is a further guest bedroom. On either side of the sitting room upstairs are a further two large bedrooms with ensuite bathrooms.

Not only does The Great House afford the charm & quintessential elegance now lacking in the high rise developments along Seven Mile Beach but it also provides the amenities you would expect in a luxury resort such as onsite management, feature swimming pool, tennis courts & gym. The Great House now stands alone for its level of exclusivity, its architecture & its location on Seven Mile Beach & whilst its owners enjoy a lifestyle second to none they are also pleased that their real estate value continues to increase accordingly.