Luxury home sells for record price

A luxury property at a gated community overlooking the North Sound has sold for US$7.925 million – a record for a single-family home in the Cayman Islands.

The property, a six-bed home at Vista del Mar, was sold within three months of being listed, according to International Realty Group.

The previous record for a luxury family home was a US$7.5 million property at Sand Bluff in East End, according to figures from the Cayman Islands Real Estate Brokers Association. The record for a condominium is higher, $13 million for an opulent penthouse at the Water’s Edge development on Seven Mile Beach.

The Vista del Mar home, on a 1.25-acre lot, was initially advertised for more than US$9 million and features distinctive high ceilings, a spacious lobby and dual curved stairways, as well as spectacular views of the North Sound, according to the IRG listing.

The house was sold to an investor from Europe.

Jeremy Hurst, of the real estate firm, said, “The sale, at around US$8 million, indicates that the ultra-luxury sector of the residential market is really starting to establish itself and confirms that international investors are seeing real value in Cayman real estate product.

“It comes on the back of other ultra-luxury market sales on Seven Mile Beach during the first quarter of 2016 and strong sales across the island in both the ultra-luxury, high-end and mid-end market sectors.”