West Bay Home Sale Smashes Previous $7.9 Million Record

1.4-acre beachfront Boggy Sands Road home sold for a record $12.5 million on Dec. 15, which makes the seven-bedroom Coconut Walk residence the most lucrative in Cayman Islands history. 

The owner listed the family dwelling property with Sheena Conolly’s Southeby’s International Realty in January. 

The 2010 built, 10,155 square feet, 6.5-bath home was sold to a family from Canada with a background in the West Indies, who are familiar with the Cayman Islands. 

The 1.4-acre property features 90 feet of beach frontage, a swimming pool, a three-car garage and an unscreened porch.

 

 
image

 

 

According to the CIREBA 11 residential homes have sold for over US$5 million, and there are currently 12 US$5 million homes actively on the market in Grand Cayman. 

The Cayman market has had a busy year with several benchmark sales, but it’s also important to note that sales across the board have all improved dramatically. 

During the second quarter of 2017, the average value of freehold property transfers rose by 9.6% over the same period last year. 

Caymans property market is expected to remain buoyant in the coming months, especially along Seven Mile Beach and in residential developments such as Crystal Harbour, Grand Harbour, Vista Del Mar, and the Yacht Club. 

Already 30% of the ‘Residence of Stone Island’ in West Bay has sold before development has been completed. With the price for the waterfront community starting at US$2.3.

With strong demand, coupled with limited supply, the housing market is now turning into a seller’s market.

 

Current share price

Change: 0.0639 
Last close: 10.676
Day volume: 247,880

 

More information for investors

General enquiries

Savills Cayman Islands