Record sales at The Residences at Seafire

2020 was a record-breaking year for real estate conveyancing in the Cayman Islands, with CIREBA reporting total sales of US$638.7 million, the highest in its history.

Sales at The Residences at Seafire also outpaced 2019 performance, with 15 condominiums sold at the Seven Mile Beach development, compared to seven the year prior.

If sales in the first four months of 2021 at The Residences at Seafire are any indication of how the Cayman Islands real estate market will continue to perform, it will be another year for the record books. US$30.8 million in sales have closed so far this year at The Residences, with another US$18.4 million in sales scheduled to close by the end of May.

These sales represent 16 residences, ranging in size from one to three bedrooms. There are six residences remaining for sale at the 62-unit property: one one-bedroom, two two-bedrooms plus den, one three-bedroom, one four-bedroom penthouse and one five-bedroom penthouse.

Cayman’s hot property market is being driven by buyers near and far.

“We sold condominiums to domestic and international buyers at The Residences at Seafire,” says Jackie Doak, broker at Provenance Properties. “Both markets appreciate the amenity-rich environment, the Seven Mile Beach address and the contemporary design of the property. This is a wonderful address to live at full-time, or to spend at least part of the year.”

Sue Nickason of Provenance Properties notes that the "lock-and-leave" lifestyle offered by Seafire appeals to the international and globally mobile owners who have purchased residences.

“They enjoy the convenience of residing at a property with on-site management, a full-time concierge, 24-hour, in-person security and unfettered access to resort amenities such as room service," she says. "The Miami-Dade construction standard adds peace of mind, so owners know their property is secure and well managed when they are travelling off island.”

Full-time residents cite the social aspect and family- and pet-friendly environment as additional reasons for their purchase, says Provenance Properties Sales Specialist Fleur Coleman.

“The private rooftop terrace, The Nest, is always in use by the residents for social gatherings, as is the Oasis swimming pool, which provides a great place to spend time with friends and family," she says. "As one of the few pet-friendly residential developments on Seven Mile Beach, we have seen a number of buyers choose The Residences at Seafire for this reason.”

In addition to Seafire’s attributes, there is the overriding value proposition that Cayman offers that is driving demand for property, says Doak.

“This is a safe place to live, we offer stability in a tumultuous world and Cayman’s modern infrastructure, beautiful natural environment and sophisticated lifestyle appeal to those who already live here and those who are seeking to change the way they live," she says. “We expect demand to continue for this very special way of life."

This article first appeared in the May 2021 print edition of Camana Bay Times.