Property prices are low, residential supply is on the rise, and each new development is competing to be more sophisticated than the last. Has there ever been a better time to be a buyer in Cayman’s property market?
Grand Cayman’s real estate projects aim to offer both luxury and efficiency to owners, at a range of price points. Paul Pearson, managing partner of Davenport Development, believes the key to property success, for both developers and buyers, lies in value for money.
“Even building $2 million houses, in today’s economic climate you have to give much more value for the money than you did five or six years ago, or even 10 years ago,” says Paul. “So that’s something we always try to do, whether in the look or design of the place, or in the materials that we put into it that enable you then to have a much lower operating cost per month on your house.”
Davenport Development has a strong track record in Grand Cayman’s real estate market after creating the stunning developments, Valencia Heights and Lantern Point. Now, the company is focusing on its newest projects: San Sebastian in South Sound, Opus I & II in Old Prospect Beach, and Crystal Cove in Crystal Harbour.
Construction was recently finished on phase one of San Sebastian, the design of which was inspired by Paul’s parents’ house in Spain. Only a few of the 56 units in phase one are still available, with construction of the 44-unit phase two set for completion in July 2012.
Each San Sebastian home features a rooftop terrace, a concept Davenport Development pioneered in phase three of Lantern Point. Phase two units share similarities with phase one, and will also centre around a hand-tiled, Honduran-style pool.
San Sebastian homes range from one- to four-bedrooms, with the smallest at 955 sq ft and the largest at 2412 sq ft. At preconstruction prices, one-bedroom units start at $209,000.
At the higher end of the scale, Opus I & II are twin 5934 sq ft abodes on 130 feet of beach. Initially listed at US$2.4 million, Opus I & II are aimed at affluent buyers, such as foreign investors looking for a Caymanian home, or partners in local law and accounting firms.
While the exteriors of Opus I & literally mirror each other, buyers can choose from three interior layouts to customise the home, according to a three-, four- or five-bedroom floor plan. Each home features such amenities as a home theatre, wine cellar, optional elevator, and huge deck for the master suite.
The ultra-modern design of Opus I & II captures the aesthetics of South Beach in Miami, rather than a traditional Caymanian style. There are a number of homes still available with construction scheduled to be complete in early 2012.
For the avid water-lover, Crystal Cove takes the chic style of Opus I & II and transfers it from the beach to the harbour. Each of the six houses has a private deck and boat slip, large enough to accommodate a 54-foot vessel.
“You’re either a beach person or a boat person,” Paul explains. “For Crystal Cove, you have to be a boat person.”
Each house in Crystal Cove is 4937 sq ft, with two storeys. But the piece de résistance is the roof-top terrace, at 2000 sq ft, which features a Jacuzzi and a cabana area.
At Baraud…, developer Naomi Baraud has brought her own perspective to canal-front living with Harbour Point and Turnberry Villas.
Located in Omega Bay, Harbour Point features a style Naomi describes as “Caribbean modern”. The 11-unit development was finished earlier this year, with each home, at 1200 sq ft, featuring breathtaking views of North Sound, 10 foot ceilings, and three-panel glass sliding doors to accommodate the calm sea breezes.
“You will not find a brand-new unit on the water at this price point. Not only are you getting a beautiful brand-new condo on the water, you are also getting beautiful fixtures,” Naomi says of Harbour Point. Tile and granite have been used throughout the homes, which also feature stainless steel appliances.
Built in 2007 on Safehaven Drive, Turnberry Villa’s first phase has already sold out, however, construction on phase two is slated for completion by the end of 2011, Naomi says.
While phase one is contained in one building, the second phase comprises two buildings. Homes will have a view of the canal, with the style a fusion of traditional and contemporary.
The 3000 sq ft, three-storey homes start at US$845,000.
“This is a good opportunity to buy in the Safehaven area under $1 million. There’s not a lot of condos that are going to include such fantastic views of the golf course and the canal in the Safehaven area,” Naomi explains.
With so many new developments to choose from, buyers are guaranteed to find a style, size, and price to suit their budget. So, what are you waiting for? It is time to enter the buyer’s market.