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February 2017

Found 7 blog entries for February 2017.

How will Engel & Völkers help your clients?

We still have a team of 12 great agents now called Advisors, but the tools we have will help the buyers and seller are outstanding.  It’s a German based company so it is organized and we have systems in place.  No Advisor can answer where a buyer is coming from but Engel & Völkers allows a property to be marketed effectively worldwide.  It is the ONLY real estate company where their Advisors around the world are truly connected by their culture and their technology which includes a global MLS system.  So you can go on our website and look at properties in France, Hong Kong, Switzerland and now the only Caribbean Island Cayman Islands. Because of our huge buying power of Engel & Völkers enjoys, we can now

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Become an Investor in Real Estate in Cayman! Do you want to buy a second property in Cayman and rent it out for an income?  Have your tenants pay your down your mortgage? Sound like a superb idea there is nothing cleverer than building your wealth by investing in bricks and mortar, start early to grow your real estate portfolio.

How do you start? Educate yourself about the market, search out a full time CIREBA trained Agent at Engel & Volkers that you like working with and that know you are looking for a solid investment.  Start saving up your down payment, you will need at least 30% down if it is your second home.  Some things to think about are, location, where is the best area to buy in for the rental market?  One great area is West Bay as this is

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Great questions, many people want to visit a warmer part of the earth this time of year. If you live on the east coast, it will take you at least 15 hours to get to Hawaii. If you get a direct flight from Toronto or even NYC you can leave in the morning and be on Seven Mile Beach in Grand Cayman by 2pm sipping on some refreshing beverage.   I am typing this while my family is skiing in some deep power in British Columbia, Canada.   The sun is shining and it is beautiful but I am so happy I am sitting by the fire.  Here are some direct flights that fly to Cayman Islands such as from Atlanta, Charlotte NC, Dallas and Houston Texas, Tampa and Miami Florida, Toronto, Canada on WestJet and Air Canada, Kingston and Montego Bay, Jamaica, Havana, Cuba, London via

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Banks and Valuation in Cayman Islands

 

All the local bank, such as Royal Bank, Scotiabank, First Caribbean International Bank, Butterfield Bank except Cayman National Bank, Fidelity Bank and Credit Union use a system called “NAS”.  It is an independent system out of Toronto, Canada where the banks chose a Valuator to fill out a 5-page report gives a broad, analytical assessment of 3 comparable properties, I am told they also send along other detailed reports and comps with the NAS report to the bank.  Sometimes there is not enough room in the report to outline all the special details of the home that makes a house worth more than their next-door neighbor.  The bank chooses from a group of professionals at RICS to do this important step in the

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This Cayman Islands Blog is about how many hotels are there in Cayman. There is a really good selection of hotels, condos and less expensive dive resorts. There is 5* resorts located in the prime area of Seven Mile Beach, such as The Ritz Carlton,  Ritz Grand Cayman Marriott Beach Resort, The Westin Grand Cayman Seven Mile Beach Resort & Spa Westin and Kimpton Seafire Resort and Spa. Kimpton Those are the only hotels smack dab on the beach. There are other hotels such as Comfort Suites Cayman Comfort (near the Marriott) and Sunshine Suites Sunshine Suites (near the Westin) and just opening next month the Margaretville Beach Resort,  Margaritaville which was the old Treasure Island hotel, these 3 do not have direct beach frontage but they do have beach

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Stamp duty waiver for a 1st time Caymanian Home buyer.

There are a few things one has to be to qualify for this bonuses.  Normally, stamp duty is paid the Cayman Islands Government at a rate of 7.5% of the value the property or land.  So if the property is $200,000 is it $15,000 extra on top of your down payment and the banks who lend you the money to buy your home will not allow you to add this fee to your mortgage.

Mostly importantly, you must never have held property in your own name before.

The current market value of land cannot exceed $100,000 and the market value of the building and land cannot exceed $300,000. However if you have a little more to spend, for example if the land is value is over $100,000 but no more than $150,000 you will

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1) Real Estate Advisors are always late for showings. There is absolutely no excuse for always being late or what we call in Cayman - island time.  We are professionals and therefore being late is not an excuse we use at Engel & Völkers. We understand that your time is very precious to you and we make every effort to be prepared and on time.

2) The more expensive the house is the more money at Advisor earns. It is not all about the Advisors, buying a home will most likely be the largest investment you will make - so it’s all about you!  For example if a home is $200,000 the commission is $14,000, an extra $10,000 or $210,000 the commission will be $14,700, $700 or $350 if there are 2 agents involved, so it is not about the commission.

3) Agents will

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