The topic of financial technology will have been discussed at length within this current edition of Cayman Financial Review. No doubt experts in the field will have informed readers on these exciting new trends within the financial services sector, and the many benefits such developments will bring to the industry. As my field of expertise is real estate, I thought it appropriate, as perhaps a parallel discussion, to talk about a new market trend that has opened up in the Cayman Islands recently; one which, I believe, has the potential to be something of a game changer when it comes to home ownership.

There are plenty of great houses on the market that would suit buyers looking for their own spacious accommodation to call home, however, the new development of Stone Island, located at the prestigious Yacht Club development, breaks new ground when it comes to home ownership, cutting an innovative swathe through the current market.

New concept

Up until this point, buyers could choose from a home that would most likely be looked after by the individual owner, in terms of landscaping, pool, deck, dock, etc. If a buyer is looking for a “lock and leave” type of home that is under the control of a strata management company, these have generally taken the form of a condominium. The beauty of Stone Island is that it combines owning a separate home tailored to the buyer’s individual needs with the ease of owning a strata-operated property, where all the hard work of home ownership (i.e. the external upkeep) is undertaken by a third party.

By way of some background, Stone Island is a gated and fully maintained waterfront community that will have 44 luxury residences within its location, each with approximately 4,500-square-feet of open-concept living space. Buyers can choose to upgrade their residence with a number of additional features available, including building in an elevator, a built-in outdoor barbecue, as well as the inclusion of superior finish packages, among other options.

Located in a well-established and prestigious residential community, Stone Island offers easy access to the ocean and is just a short walk from Seven Mile Beach. The Residences of Stone Island are at the heart of a thriving yet quiet community, and enjoy the added benefits of being close proximity to The Cayman Islands Yacht Club, which has a full-service marina, restaurants and amenities.

A unique opportunity

In addition to employing the highest building standards, fixtures and finishes, which include poured concrete, foam insulation, LED lighting, impact-rated windows and smart-home technology, the developers have also gone the extra mile to produce lush landscaping, an additional separate swimming pool to each home’s individual pool, tennis courts, a full-sized gym and on-site security. Exclusivity has been written into every detail – for example, the homes have been carefully designed so that you don’t glimpse the entrances to other homes as you drive up to your property and cars are kept off the driveways and out of sight in a specially built garage. You can buy a home for a similar price to these residences at Stone Island, but house buyers will not have access to the extensive amenities that this development is offering, principally due to the scale of the development and the fact that it will be operated by a strata management company. This is why I am excited by this new concept.

Meeting market demand

It is especially relevant that we are able to offer new niche markets for potential buyers because of the recent upswing in demand for Cayman Islands property by overseas buyers. It is vital that Cayman is able to keep up with the appetite for second (or third homes) for wealthy retirees, in particular. This new type of home ownership will appeal to the overseas buyer who might be looking to buy a sizeable home in the Cayman Islands, but who also wants to be able to lock it up and leave it whenever they travel back home. This was traditionally only a benefit derived from owning a condo within a strata.

The security that will be on site gives additional peace of mind for people only living in their home for part of the year. Local residents who may be retiring will also find such a set-up an attractive lifestyle choice, with people reaching the end of their working life looking to spend just part of their time residing in Cayman.

There are currently three model homes already completed, to give would-be buyers a glimpse of how they could customize a home at Stone Island to suit their individual needs.

I believe that The Residences at Stone Island will be ground breaking for Cayman’s real estate market and it’s a precedent that stands the island in good stead for continued positive growth in the years to come.

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James Bovell

James has been a part of the real estate industry in the Cayman Islands
since 1991. Born in the Caribbean and educated in the UK, he has
achieved great success in listing and selling many of Cayman’s choice
homes, waterfront condominiums
and developments, land parcels and investment opportunities.  James has
received many of RE/MAX International’s awards including The Circle of
Legends, (the highest career achievement within the RE/MAX international
network with fewer than 200 inductees to
date).

James Bovell
Broker/OwnerRE/ MAX Cayman Islands
PO Box 30189 Grand Cayman
KY1-1201 Cayman Islands
T: +1 (345) 945 4000 E: james@bovell.ky W: www.bovell.ky 

RE/MAX

RE/MAX, which stands for 'real estate maximums', was founded in the 1970's by Dave & Gail Liniger in the United States of America. They developed a unique franchise system that allows real estate agents to maximise their potential by having the security of a franchise and at the same time having the individual freedom to run their own business. Today the RE/MAX network comprises over 6,000 offices with around 90,000 associates in 85 countries.

RE/MAX Cayman Islands is such an independently owned and operated office within the real estate network of RE/MAX International and RE/MAX Caribbean/Central America. The office at 7 Mile Shops on West Bay Road unites 21 real estate professionals and 9 administrative staff under one roof. All our associates and administrative staff are highly experienced and constantly expand their knowledge with ongoing training. Within the office, our associates use the synergy potential. Not only synergies within the office are important but we also work closely with RE/MAX offices all over the world as part of our international referral system.

Locally and internationally we are dedicated to maintain a high degree of visibility which will benefit our highly valued customers and clients as well as our Sales Associates. A comprehensive marketing strategy across all media including print and internet ensure our consistent exposure.

We are well established in the Cayman Islands real estate market as a strong office, capable of producing outstanding results. Referrals from satisfied buyers and sellers are a proof of it as well as the many awards the office has received. 

Physical address:
Seven Mile Shops
215B West Bay Road
Grand Cayman

Mailing address:
PO Box 30189
Grand Cayman KY1-1201
Cayman Islands

www.dreamfinders.com