RE/MAX Cayman Islands

After building some sales momentum over the last winter season, sales activity began to slow in April 2010 and continued to fall off for the rest of the second quarter.  This reversal in sales activity seems to indicate that the recovery is still fragile and the road ahead, towards a better real estate market, will be a bumpy one.

In terms of statistics, real estate sales in the Cayman Islands were about 4% ahead of 2009, during the first quarter of 2010.  Unfortunately, during the second quarter, sales fell off 24% for that quarter, compared to last year.  By the end of the first half of this year, sales were 12% behind the same six month period, last year.

The peak year for real estate sales, over the last decade, was 2007.  During the first half of 2007, there were a total of 341 real estate sales in the Cayman Islands.  This compares to 234 sales in 2010, which represents about 31% less properties sold.  If you look at the Seven Mile Beach market, sales are down approximately 64%, this year, compared to 2007.

The uncertainty in the markets and economies of the USA and Europe is causing these investors to pause instead of purchase.  It is a double edged sword.  They are concerned about their own recovery and how much it will cost them in taxes and other fees, but also do not see much happening in Cayman to give them a sense of urgency to purchase.

So, what is the outlook for real estate sales over the short to long term?

Over the short term, sales will likely continue at a tepid pace into this 2010/2011 winter season.  After winter season, providing some of the big projects and developments that have been announced get started, we could see a gradual, steady improvement in sales activity.  The caveat to a sustained recovery is expansion locally, while the global economy continues to recover.

This year and early next year will lay the groundwork for the next 5 to 10 years.  If we can drive business to the Cayman Islands through the various projects and initiatives that the government has announced, then our real estate market and values will recover.  However, this needs to start happening and not just be discussed, as action will speak much louder than words, especially for this particular market.

The Sales Associates and Broker/Owner of RE/MAX Cayman Islands recently made a donation to the summer camp program run by the Rehoboth Ministries at the T. E. McField Youth & Community Center. Broker/Owner Kim Lund also donated several computer to their after-school program.
During the school year Beulah McField runs the after-school programme together with four other teachers, after their ‘regular’ teaching jobs during the day. Children from low to mid income families are accepted on a first come-first served basis and there are many more children who would like to be involved but space and funding are limited. The families find it very difficult affording meaningful summer activities for their children.  This is the very thing Rehoboth does; having provided young children with unique summer experiences for over 15 years. The programme caters to children ages 5 to 12 years of age as these are the most formidable years and as such all should be done to shape them. This summer the programme will again be hosting summer day camp for 40 children.
“Rehoboth Ministries a community service outreach to the elderly and Children of Grand Cayman is truly thankful to RE/MAX and to Kim Lund personally for their generosity.   In spite of the economical downturn it is good to see that there are still civic minded corporate citizens who are willing to give to those less fortunate.  Thank you.  Anyone wishing to help us we are in need of a van as we pick up children after school and transport them to the Centre; this allows moms to actually have a lunch hour.” says Ms McField.
“We are proud to support Ms. Beulah McField by being one of her sponsors, for both of her excellent programs - “After School Program” and “Rehoboth Summer Camp”.  comments Kim Lund, Broker/Owner at RE/MAX Cayman Islands. ”The children whom I met in the program were enthusiastic and looking forward to the new computers that RE/MAX provided. The next goal would be to enlarge the program, as her facility was full and I am sure there are more children who would benefit from these fine programs.”
For further information on the programme and to find out how you can help please contact Beulah on beulahmcfield@gmail.com
 

Owner/Broker of RE/MAX Cayman Island Kim Lund was recently interviewed by the Joe Shooman from the Inside Out Magazine.

We would like to share the article with you:

Living in paradise is wonderful. But what’s even more wonderful is being able to increase the value of your Cayman crib. There are ways you can maximise the potential of your home for possible buyers.

Firstly, consider landscaping. Although it can be overlooked in the rush to refurbish, taking care of the outdoors is crucial, according to Kim Lund, owner/broker of Re/Max.

“It has a lot to do with that first impression and the feel and ambience of a property,” he explains. “The more lush and planned the landscaping, the better. It gives the property a very peaceful feel and keeps the temperature down around the house.”

All in the details
There are basic elements that can instantly make a difference to your property, Mr Lund explains.

“Flooring that’s not in good condition, ratty carpets and tired paint jobs are easily solved – inexpensive items that have a big impact on the general impression.

“One of the key areas is the kitchen; it’s an easy place to add value as it tends to be the area where a lot of family time is spent. When we’re selling a house, if a kitchen isn’t in good shape it’s almost a sure loss as a sale.”

Upgrading cupboards, appliances, flooring, light fixtures and surfaces are essential. A kitchen must adhere to certain standards to maximise its value, Mr Lund says.

“The more modern the kitchen is the more value gets attributed to the house. It can be anything from a ceramic tile floor to a stone pile floor as long as it looks crisp, clean and new.

“Similar to the kitchen, bathrooms are key. The more spa-like a master bathroom can be the better. Think about a separate shower and tub, stone countertops. Even large walk-in closets incorporated nearby are increasingly essential.”

Size matters
Having a bathroom per bedroom and creating office space can make a difference, Mr Lund explains, especially now when people are increasingly working from home.

It’s possible to increase square footage by adding a deck or a sunroom to the back of the house. For a relatively affordable investment, the house can feel considerably larger.

Mr Lund says the trend is moving towards a double, or even a triple, garage for multi-car homes or for storing toys, landscaping equipment and tools. A house with a single garage is less desirable.

Good insulation, high-efficiency air conditioning and stone surfaces are other ways to add value to a property.

Back to basics
Forget about digging up the yard for a swimming pool – it might put off potential buyers.

“In some cases it can turn a buyer away if they’ve got small children as they’re concerned about a pool. But homeowners rarely recover the costs of a pool when they sell their home,” Mr Lund says.

Other things to steer clear of are expensive fittings that may look great but are an unnecessary expense.

Above all, consider maximising space: if you have a box room, cover it in mirrors and create a walk-in dressing room, or add window boxes for colour.

Furnishing and finishes are important and a good paint job will make a vast difference. Bringing a house to the stage where it is ready to be moved in to is crucial. Living in paradise is meant to be easy, after all.

Source: Joe Shooman, InsideOut Magazine, Spring 2010

Nine members of the RE/MAX Cayman Islands team, namely
Broker/Owners James Bovell and Kim Lund, Sales Associates
Kass Coleman, Karina McDermot, Tamara Siemens, Susan
Boyko and Michael Joseph, Office Manager Brigitte Greene and
Kass Coleman’s Assistant Rai Fordeczka, headed to Orlando in
early March for the annual RE/MAX International Convention.
The convention is a forum for education, networking and
celebration. It is also the place where the production awards
2009 were handed out at the ‘Night of the Stars’ and the
Cayman Sales Associates picked up quite a few!

Top 100 Individual Worldwide 2009
60. James Bovell

Top 100 International Teams 2009
9. Kim Lund, Dillon Claassens & Cindy Raymond – the
Lund Team
11. Neil Williams & Cathy Williams – Team Williams²

Top 100 Individuals International 2009
2. James Bovell
18. Michael Joseph
33. Kass Coleman
34. Tamara Siemens
66. Scott Roe
87. Jim Fraser

The big surprise of the evening was that the RE/MAX Cayman
Islands office was honored with an award for having the highest
sales volume for a single international office in 2009. “We are
much honored to receive this prestigious award”, comments
James Bovell, Broker/Owner RE/MAX Cayman Islands. “It is a
sign that the Cayman Islands Real Estate market has been less
impacted by the global economic climate than other areas.
It also reflects the hard work and dedication that our sales
associates demonstrate every day helping home owners and
buyers realise their dreams.”

The RE/MAX team achieved the following results with in the
Caribbean/Central America Region:

Top Office 2009 – Sales Volume
Runner-up – Top Office 2009 – Transaction

#1 Top Producer James Bovell

 #2 Top Producer Michael Joseph

 #3 Top Producer Kass Coleman

 #4 Top Producer Tamara Siemens

 #6 Top Producer Scott Roe

 #8 Top Producer Jim Fraser

 #10 Top Producer Susan Boyko

 #12 Top Producer Bill Baldwin

 #13 Top Producer Amanda Brookman

 #14 Top Producer Steve Parsons

 #21 Top Producer Oliver DeHart

 #26 Top Producer Edna Ebanks

 #27 Top Producer Scott Elliott

 #41 Top Producer Kerri Kanuga

 #1 Team: Kim Lund with Selling Assistants Cindy Raymond &
Dillon Claassens
#2 Team: Neil Williams & Cathy Williams

 Hall of Fame -Amanda Brookman, Neil Williams and Tamara Siemens

 Chairman’s Club
James Bovell, Michael Joseph, Kim Lund, Neil Williams

 Platinum Club
Bill Baldwin, Amanda Brookman, Susan Boyko, Kass Coleman,
Tamara Siemens, Scott Roe, Jim Fraser

 100% Club
Oliver Dehart, Edna Ebanks, Scott Elliott, Steve Parsons

 Executive Club
Kerri Kanuga

If you are looking to buy or sell your Cayman Property, contact one of our outstanding agents today!

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Have it all! Classic architecture, lush landscaping, infinity pool. Private boat dock, spa, gymnasium. Old-world craftsmanship, modern design. European gourmet kitchen. Balconies, bright open space for family and friends. Marble finishes, solid wood floors. Concierge, airport limousine, butler and personal chef.

Enter your world through our iconic archway. Classic Mediterranean architecture—terracotta, stone and marble—creates an authentic ambience that is both Italian and Caribbean. Landscaping is opulent, designed by the same team that created Versace’s South Beach fantasy. A garden walkway winds to your Villa patio. Luxuriate with a dip in your plunge pool.

Here, your transportation of choice will be boat. Depart for adventure from your dock. The canal points directly to the Ritz-Carlton with all the temptations of its world-class golf and five-star restaurants. Or head over to Camana Bay. Tie up at their marina and partake in all the cosmopolitan delights this rising centre has to offer.

Imagine the extravagance of your Villa: The Abello, The Donatello, The Carrara, The Belmonte, The Elice. The best of Italy meets the best of Grand Cayman.

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Call Exclusive Agents WILLIAMS² today on (345) 949 4855 or (345)916-9900 or (345) 916-9999.

www.caymanislandliving.com

The Sales Associates at RE/MAX Cayman Islands have proven that hard work and dedication to their clients are the keys to success in any economical climate.

The latest ranking from January to November 2009 are:
Top 50 Sales Associates – Caribbean/Central America Region
1. James Bovell
2. Michael Joseph
3. Kass Coleman
4. Tamara Siemens
5. Scott Roe
6. Jim Fraser
7. Bill Baldwin
8. Amanda Brookman
9. Susan Boyko
13. Steve Parsons
21. Scott Elliott
27. Edna Ebanks
30. Kerri Kanuga
40. Oliver DeHart

Top 50 Teams – Caribbean/Central America Region
1. Team Williams² - Neil & Cathy Williams
2. The Kim Lund Team - Kim Lund, Cindy
Raymond, Dillon Claassens

RE/MAX Cayman Islands is the Top Office in the Caribbean/Central America Region.

Top 100 Individuals – International (excluding USA & Canada)
9. James Bovell
20. Michael Joseph
25. Kass Coleman
34. Tamara Siemens
45. Scott Roe
50. Jim Fraser
69. Bill Baldwin
70. Amanda Brookman
73. Susan Boyko

Top 100 Teams – International (excl. USA & Canada)

14. Team Williams² - Neil & Cathy Williams
16. The Kim Lund Team - Kim Lund, Cindy Raymond, Dillon Claassens

To contact any of our experienced Sales Associates please call +1 345 949 9742 or e-mail info@remax.ky.

Every year the Owner/Brokers, Sales Associates and staff members of RE/MAX Cayman Islands donate funds and time generously to project in our community. There is a lot of need and we would like to encourage you to give to your favourite charity this holiday season. It is not the amount given that is important, it is the gesture itself. Apart from funds many non-for-profit organizations are in need of volunteers to donate their time. These organizations rely on donations and volunteers to make the Cayman Islands a even better place to live.

Please give generously to your favourite organisation this season, here are a few that RE/MAX Cayman Islands supports throughout the year.  

• The Breast Cancer Foundation Tel: 949 4822

• Cayman Humane Society Tel: 949-1461

• Cayman Islands Rugby Union Tel: 949 7960

• CI National Recovery Fund Tel: 943-3863
• Cayman Island Cancer Society Tel: 949-7618
• The Lions Club of Tropical Gardens Tel: 949-5078
• Cayman Hospice Care Tel: 945 7447
• Cayman Islands Little League Tel: 945-3553
• Central Caribbean Marine Institute  www.reefresearch.org 
• Special Olympics Cayman Islands Tel: 946-6254
• The Blue Iguana Fund Tel: 3947-6050
• Junior Achievement Tel: 949-4306
• The Pines Retirement Home Tel: 3949-5650

Living on an idyllic Caribbean Island like the Cayman Islands might put security concern at the back of your mind. However recent reports of burglaries all around Grand Cayman should an incentive to check on your own security measures in your home. The majority of home and apartment burglaries occur during the daytime when most people are away at work or school. Burglars are looking small, expensive items that can easily be converted to cash. Favorite items are cash, jewelry, guns, watches, laptops, DVD players and other small electronic devices are high on the list. The preference is to gain easy access through an open door or window. Although home burglaries may seem random in occurrence, they actually involve a selection process. The burglar’s selection process is simple. Choose an unoccupied home with the easiest access, the greatest amount of cover, and with the best escape routes. What follows is a list of suggestions to minimize your risk by making your home unattractive to potential burglars.

Doors & Locks

Make it difficult for a burglar to enter your home. The weakest points in a home are usually the garage & the back door these also provide the most cover for the intruder. Use high quality Grade-1 or Grade-2 locks on exterior doors to resist twisting, prying, and lock-picking attempts. A quality deadbolt lock will have a beveled casing to inhibit the use of channel-lock pliers used to shear off lock cylinder pins. A quality door knob-in-lock set will have a ‘dead latch’ mechanism to prevent slipping the lock with a shim or credit card.

Sliding Patio Doors

Many properties in the Cayman Islands have sliding glass doors which are secured by latches not locks. An easy way to secure your patio doors is to inserting a wooden dowel or stick into the track thus preventing or limiting movement. The blocking devices described above solve half the equation. Another way of entering through patio door is by lifting them. You can install anti-lift devices such as a pin that extends through both the sliding and fixed portion of the door. There are also numerous locking and blocking devices available that will prevent a sliding door from being lifted or forced horizontally.

Windows

Many forgot to lock their window and they are left open more often then doors. An open window, visible from the street or alley, may be the sole reason for your home to be selected by a burglar. Ground floor windows are more susceptible to break-ins for obvious reasons. Upper floor windows become attractive if they can be accessed from a stairway, tree, fence, or by climbing on balconies. Again windows have latches, not locks and therefore should have secondary blocking like inexpensive wooden dowels and sticks for horizontal sliding doors and through-the-frame pins work well for vertical sliding windows. To allow for ventilation, block the window open no more than six inches and make sure you can’t reach in from the outside and remove the blocking device or reach through and unlock the window.

Once your door & windows are secured inspect your surroundings. Do you have trees or fences that make it easy for someone to access your windows or balconies? Are their bushes for someone to hide in? Another important factor is lighting. A well lit garden with no dark corners to hide in will not be inviting for burglars. Motion detectors light might even scar them away.

In our next entry we will discuss Homes Security systems.

Kim Lund and James Bovell are delighted to introduce the newest member of the  RE/MAX Cayman Islands Team, and would like to welcome Karina McDermot.  Karina successfully practiced real estate for over 4 years in the Cayman Islands, and had previous experience in management and a bookkeeping career before that. Originally from Venezuela, and now with Caymanian Status she has been living in the Cayman Islands for over 14 years. In her last company she had received one their highest award for Top Producers for 2008.

Being asked why she decided to join RE/MAX Cayman Islands she answered: “RE/MAX has a very good reputation in the market place for a professional environment and services. I am dedicated to providing my customers and clients with the very best service, and therefore I am very excited to join RE/MAX.”
“We are privileged to welcome Karina to our RE/MAX team of top producers,” says Kim Lund, Owner/Broker of RE/MAX Cayman Islands. “Karina joins us with strong local knowledge and Cayman real estate experience, so she is a perfect fit for our office of dedicated and hard working, career Real Estate Agents.”
Karina has vast experience in selling and marketing residential and commercial property. She is fluent in Spanish as well as English.

You can meet Karina at RE/MAX Cayman Islands at 7 Mile Shops, or call her directly at 947-3800 or e-mail karina.mcdermot@remax.ky.

With this blog we would like to start a new series of articles focusing on interior and exterior upgrades to your home that will make it stand out and much more appealing to potential buyers, tenants etc.

We are starting the series in the kitchen. Every real estate agent will tell you that kitchen and bathrooms sell houses or don’t.  Therefore it is important to update your kitchen once in a while especially when you want to sell the property.

Bringing your kitchen into the 21st century is less expensive than you think — if you know which upgrades to invest in.

If you’re balking at even a minor kitchen remodel, here are five alternatives that won’t have you spending five figures.

1. Paint, Paint, Paint
Painting cabinets, including wood cabinets, can completely transform a kitchen. Painting is an very inexpensive way of dramatically improving the look of an entire room. Shabby cabinets can look like brand new with a coat of paint. Bringing colour into your kitchen will totally transform it.

For Paint supplies: Ace Paint & Decor, 134 Industrial Way - 949 6252 or Cayman Coatin, 96 Portland Rd. - 949 2920

2. Add New Kitchen Hardware
Even if you’re stuck with hard-to-paint laminate cabinets you can still update your kitchen by changing all the cabinet handles and drawer pulls. You can ad colour to old handles by spray painting them. New hardware can be found in most home stores.Just be sure to buy pieces that match up with the holes already drilled in your cabinets to save yourself the time and tedium in covering up old holes.

Similarly, replacing your kitchen faucet with a new, modern one can also give the kitchen a whole new look. New stainless steel faucets for less than $100 can add modern freshness, as well as function, to the entire kitchen.

For Kitchen Hardware: AL Thompson - 949 8622 or Kirk Home Centre - 949 2521

3. Create or Invest in a New Backsplash
Kitchen backsplashes provide much-needed focal points for many kitchens, and are a great way to add new life into old design. If on a tight budget, spent money on a dramatic backsplash and spent less money on other features. If you don’t want to replace your existing tiles you can use glass paint and decorate the tiles with stencils, for example. The possibilities are endless. Stainless steel for example will give the kitchen a very modern look while white porcelain tiles will give it a more classic  look. Very popular are also colourful glass tiles.

Another option is to create a mosaic from broken tiles. This will create a very unique look and can be done on a very small budget.

For tiles: The Final Touch, 22 Eclipse Dr. - 949 2270 or Edie’s Deco, 64 Eastern Avenue - 949 6348

4. Creatively Upgrade Your Kitchen Floor
Flooring is so crucial to the overall look and feel of the room. Extend the hardwood flooring from your dining room into the kitchen, for instance. This will allow for a better flow in the house especially with an open floor concept.

Kitchen floor come in all kind of materials from French roof tiles to the inexpensive laminate flooring. For a modern look choose Travertine Tiles. The eco friendly version would be a bamboo or cork floor. A wooden floor ads warmth. On a vert tied budget, put an inexpensive rug over your old floor.

For Flooring: Paramount Carpets, Industrial Park - 949 5000 or  Woods Furniture & Design, 131 Dorcy Drive - 949 5933

5. Light Up Your Kitchen
Having different light sources can set the mood in any room. Under-cabinet lights can ad a soft light to the room.

If you’re lucky enough to have glass doors on your cabinets, you also can add lighting to the cabinet interiors to create a dramatic. Changing the overhead light can also improve the overall room.

For Lighting: Robert Wood Lighting & Interiours, 28 Commercial Ave - 949 7765

For an overall design solution contact: IDG International Design Group, 7 Mile Shops - 943 6464 - www.idgcayman.com