Cayman Cookout Jan 16-19

Food & Wine Magazine, the Ritz Carlton and the Cayman Island Department of Tourism is hosting the Cayman Cookout from January 16-19, 2009 at the Ritz on Grand Cayman Island.

Join Chef Eric Ripert for a weekend celebrating food, wine and the natural beauty of the Caribbean. An incomparable roster of world famous chefs, sommeliers and spirits blenders will offer tastings, demonstrations, tours and dinners that celebrate the barefoot elegance that only the Cayman Islands can deliver.

“Cayman Cookout promises to deliver great days of delectable indulgence as visitors join some of the world’s most talented chefs and sommeliers for an unparalleled food festival – outside, in this paradise that we call home,” said the Honourable Charles E. Clifford, Minister of Tourism. “This event will be like no other food event in the Caribbean, or even in the US,” he continued, “and it will be set apart not only by the incredible talent, but also by the fastidious attention to every last detail and by the overwhelming support of our private sector partners. Cayman Cookout would not be possible without the partnership of The Ritz-Carlton, Grand Cayman.”

Tickets are available online at www.caymanislands.ky. Looks like a great time -- wish I were going !!!

Cayman Real Estate Industry Slowing

This article appeared in the Cayman Net News service and talks about the slowdown in Cayman real estate activity. As we discussed in our November 1 video (www.CaymanIsBest.com then click on Videos, or go to YouTube and search for CaymanIsBest), the worldwide economic slowdown began to affect Cayman in October. See article below.

Reprinted from Cayman Net News
caymannetnews.com

Property Market Suffering Under Recession

Published on Tuesday, December 16, 2008

Local rental agent Kerry Horek, owner of Island Rental Services By Trent Jacobs trent@caymannetnews.com The global recession has arrived on Cayman’s shores, according to local real estate experts, who say the industry is dead quiet. Kerry Horek, owner of Island Rental Services, who deals with long-term rentals, said that the reeling market is due to a combination of the worldwide recession, the Cayman government’s indefinite hiring freeze, and the US lending crisis, which is keeping foreign students from obtaining loans. “This is the most depressed market there is; it’s almost to a standstill,” she said. Ms Horek added that many students attending St. Matthew’s University are going back home because they can’t afford to go to school. In addition, labour restrictions prevent most students from holding jobs that could help supplement their tuition and she noted that, in general, some larger companies on island have instituted soft hiring freezes. “The global economy has slowed down and our economy has slowed down. It’s not just the government who has a hiring freeze in effect but some of the larger firms out there are now holding off on hiring additional staff,” she said, forecasting that the situation will not get better any time soon. “My prediction is that we’re going to be in this dump for another nine to 12 months until we start to see changes that are positive and start to ascend out of this recession that we’re all feeling right now.” She is advising some of her clients to lower their rental fees to make their properties more attractive, explaining that it is better to cut rates and lose a little rather than leave a property vacant. Effectively owners will have to redefine what they feel is a fair market price. Properties that were once priced at $2,500 a month might have to come down to $2,000 a month to attract new tenants, she advised. “Tenants may have very few bumps in the road as far as the rentals are concerned because they will be the ones benefiting and saving at the end of the day as the rates come down. “But owners are going to be faced with putting a few more of their own dollars in to cover the monthly costs even if they have the property rented. And those who don’t will be faced with covering the full costs of the upkeep for that un-rented property,” she said. Kim Lund, of RE/MAX Cayman Islands, said that since the beginning of the last quarter of this year, the impact of the recession is being felt on all levels of his industry from lower end investments to multi-million dollar properties. “There’s no question that the overseas investment market has fallen off a lot just in the last six months and it’s just crawling along right now,” he told Cayman Net News, adding, “The effects of the recession are already here. It’s not as severe as it is in the United States but, having said that, it’s severe enough for those of us here who are trying to make a living.” Investors from the US and Canada make up about 85 percent of property sales and this ultra-dependency means when things get rough economically in North America they get rough in Cayman, Mr Lund said. He added, however, that the local industry must take the good with the bad, and if the US markets improve by the second quarter of next year he expects to see sales pick back up. Mr Lund noted that the time to diversify investments in Cayman’s real estate market may have passed because now the recession has spread worldwide. “The problem is it’s a global recession right now so Europe isn’t any better and Asia isn’t any better. Everyone is either in a recession or heading into recession or really slowed down. “Although we really do need to diversify from the US, the fact that we are not diversified from the US in this particular crisis may actually help because the US will be the first economy to pull out of the recession,” Mr Lund said. The National Bureau of Economic Research, a private non-profit organisation dedicated to promoting understanding of how the economy works, recently released a report that determined the US recession began in December 2007, which ended 73 months of economic expansion. Their definition of a recession is “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income and other indicators. “

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Copyright© 2007 Cayman Net News at www.caymannetnews.com All Rights Reserved
Licence is granted for free print and distribution.

Season Starting on Grand Cayman

December 15th is typically the start of "the season" on Grand Cayman.

I've checked with several friends on the island -- and with our booking agent for Treasure Island #330 -- and bookings are relatively good. I'm hearing that advanced bookings are down -- apparently because of the worldwide economic issues, yet as dates approach, places are being booked.

Their best guess is that travelers are waiting until the last minute to book hotels and condos. I expect it is the same with the airlines.

The good news for travelers is that it isn't too late to book -- and planning ahead might get you a great deal this season.

Grand Cayman Real Estate Report

Received an update on Cayman real estate from Kim Lund, co-owner of the largest real estate sales company on Grand Cayman. He has seen a small slowdown so far and mostly from the lower end of the market. This confirms that we heard on the island a couple of weeks ago.

Construction continues full speed ahead -- including the expansion of the Grand Caymanian Resort, where we have bought a unit.

Click on the link which is embedded in the title of this posting for the full report from Kim.

Enjoy and see you on Grand Cayman!!

Jeff

Hurricane Paloma misses to the east

Grand Cayman Island was spared a direct hit as Hurricane Paloma drifted eastward. The west side of a hurricane is much tamer than the eastern side. Below is a report from Cayman Net News posted at 10:30pm last night. The "All Clear" has been given by the Grand Cayman government as of 7:00am this morning. The storm, now a storm with 140 mph winds, is bearing down on Little Cayman.

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Because Paloma has shifted to the east, Grand Cayman will not be affected by sustained hurricane-force winds. Maximum sustained winds are expected to be 65 mph, with gusts to 81 mph.

Northwest Point, Seven Mile Beach, and the George Town Harbour will be impacted by the winds. This will lead to waves of 15 to 25 feet, and extensive beach erosion through tomorrow.

Grand Cayman is experiencing flooding, with rain gauges in the eastern districts recording ten inches within the past 24 hours.

More rain is forecast for all three islands through Sunday afternoon.

The system is expected to pass Grand Cayman around midnight tonight.

Hurricane to hit Grand Cayman

This was just released by the Cayman NetNews network. There have been very few storms with sustained winds over 100 mph to have ever hit Grand Cayman -- only 3 in recorded history. This storm looks like it will be under 100 mph, so damage should be contained. We will see. Jeff.

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The Cayman Islands remain under a hurricane warning. Hurricane Paloma is projected to pass over or close to the Cayman Islands as a Category Three hurricane, with maximum wind speeds of up to 106 miles per hour for Grand Cayman, and up to 70 mph for the Sister Islands.

As the storm heads towards the Cayman Islands, weather conditions will continue to deteriorate, with Grand Cayman being the first to be affected by TS-force winds from mid-morning. Residents are urged to rush all preparations to completion now.

At 4:00 a.m. Friday, 7 November, the centre of Hurricane Paloma was located near 17.8 N and 81.7 W, or 110 miles south-southwest of Grand Cayman. Paloma is moving north near 9 mph, with maximum sustained winds near 80 mph.

On its projected path, tropical storm-force winds are likely to start affecting the Sister Islands around 7:00 p.m. Friday.

Category One hurricane-force winds are expected on Grand Cayman by late this afternoon. The centre of the system is expected to pass over Grand Cayman around midnight Friday. As the storm centre crosses Grand Cayman, winds will become calm for 30-60 minutes, but stronger winds will return from the west to northwest.

The closest point of approach for Grand Cayman will be at 9.00 p.m. Friday, when Paloma will be 14 miles away, with maximum sustained winds of up to 106 miles per hour, gusting to 132 mph.

Storm surge in Grand Cayman is expected to be 4 to 6, feet with wave heights of around 20 to 30 feet expected on the south, west and north coasts. Waves of up to 15-20 feet with lower storm surge are likely elsewhere on the island. The Sister Islands can expect wave heights up to 15 to 20 feet, with a storm surge of 1 to 3 feet.

The closest point to the Sister Islands will be at 10:00 a.m. Saturday, when it will be about 47 miles away, with sustained winds of 67 miles per hour, gusting to 84 miles per hour.

Tropical-storm winds are expected to subside for Grand Cayman around noon on Saturday; on Little Cayman by 1:00 a.m. Sunday (10 November), and for Cayman Brac by 3:00 a.m. Sunday.

Cayman Islands residents should monitor all local media outlets that carry local news in order to stay informed about Paloma.

The timing of local activities will continue to be announced to residents.

Visitors staying in hotels and other properties should follow the advice of the staff.

Advice to local population:

1. If Paloma maintains her path, persons in single-story buildings along Northwest Point, Seven Mile Beach, and the south coast of Grand Cayman to about Breakers, should evacuate. These areas will be subject to strong seas and storm surge.

2. SHELTERS: These Hurricane Shelters will be open at 7:00 am today (Friday, 7 November): East End Civic Centre; North Side Civic Centre; Bodden Town Primary; the UCCI Hall (formerly the Community College); John Cumber Primary Hall; the Breakers Community Centre. All these shelters (with the exception of Breakers) also have Emergency Medical Centres.

3. Residents should be ready NOW for Paloma.

1. Residents who are evacuating homes or businesses should turn off their city water at the shut-off valves before leaving.
2. Persons in single-story buildings along Northwest Point, Seven Mile Beach, and the south coast of Grand Cayman, up to about Breakers, should evacuate.
3. Have enough food, water, medicine, and baby supplies.
4. Turn your refrigerators and freezers to their coldest settings.
5. Have sources of alternative light.
6. Properties should be shuttered or boarded.
7. Important documents, including travel documents, should be in order and in waterproof bags, such as Ziplocs. If you need to leave your shelter, take your travel documents with you.
8. All marine interests should be in safe harbour.
9. Ensure the safety of your pets.
10. Your generator should have been checked, and you should have fuel for it. Don’t run your generator inside, and don’t store fuels and other hazardous materials inside.
11. Make sure your family, and persons who will be staying with you in the event of a storm, are aware of the plan.

New Newsletter Available

We have just released our November 2008 CaymanIsBest newsletter. It should be up on the web site in a day or so, or drop me an email at jvillwock@CaymanIsBest.com and I'll send a copy ASAP.

Just spent 2 days on Grand Cayman -- get the latest update in our new YouTube Video.

Going back to Grand Cayman

I'm preparing for my next trip to Grand Cayman -- I get to go back on October 30th for 3 days.

I hope to be shooting some new video and getting an update on how real estate is selling. I'm hearing that the high end real estate is doing EXTREMELY well. Even though the economy is going into the toilet, lots of money is flowing from the US to upper end real estate. I guess people don't think they will lose 40% on Grand Cayman -- while investors in the stock market are down 40% since the highs.

BUT, the lower end of the market is very slow. I'm hearing of some US owners who are dumping property because they can't afford their Cayman property and their US property payments. I heard of one Condo that a couple bought for $199K 10 years ago that has a "market value" of about $400K that can be had for $250K. The owners just want out.

Great opportunity for those with cash.

If there is anything you want me to check out while I'm there -- drop me an email.

Gustov gone

Hurricane Gustov which is now a Cat 4 hurricane passed over Grand Cayman as a Cat 1, with winds maxing out at about 75mph. There is a great video on http://www.caymannetnews.com/ posted on August 30 by Cayman Net News. Shows waves crashing at George Town harbor.

Very little damage on Grand Cayman. Sounds like Cayman Brac & Little Cayman got hit hard.

Gustav Update

Hurricane Gustav has made a real unusual turn towards Grand Cayman Island. Two days ago it looked like Gustav would go straight to the eastern end of Cuba, but then it backed up, went south and restarted its westerly move.


Forecasters are saying that Grand Cayman should get up to 70 mile an hour winds and tons of rain. I expect that this will do little damage on the island, except for local flooding, which is common in certain areas. There have only been 3 storms in recorded history to hit the island with 100+ mph winds. Maximum winds as of this morning is 65 mph for Gustav.


Looks like Cayman will get 65+ mph wind gusts and a foot of rain.

Latest Visitor Stats for Grand Cayman Island

The government just released the arrival stats for July and .... GOOD NEWS. Air arrivals were up 11.6% from a year ago as 30,008 visitors arrived in July. For the first 7 months, 208,329 visitors have arrived by air, up 9.7%. Last year at this time only 189,891 visitors had arrived.

This continues to be great news for real estate values. The island goes into its 3 slowest months of the year from August-October. As an example, last September only 11,457 people visited Grand Cayman Island.

September and October are great times of the year to visit and enjoy Cayman Island.

Tropical Storm Fay

Heard from my friends on Grand Cayman Island. Tropical storm Fay is kicking up the surf -- and all diving has been called off. Winds picking up, some rain, but it is clear that the storm will miss well to the north of Grand Cayman. Expect heavy seas, especially on the north and east side of the island. Should be back to sunshine by Monday or Tuesday at the latest. Check out the latest Grand Cayman island weather at CaymanIsBest.

Got to Start Somewhere ----

Welcome to my new blog about one of my favorite subjects. Grand Cayman Island.

I've just returned from my second trip to the Grand Cayman this summer and have brought back with me 12 videos and tons of pictures. You can find the videos either at 1) Facebook -- look for the Cayman Is Best group; 2) YouTube -- posted by CaymanIsBest or 3) on our web page (click to visit).

On this trip, I was struck by how much Grand Cayman has changed in just the last few months. The east end of the island has lots of new construction and a couple of large condo projects are getting started.

The construction along Seven Mile Beach on Grand Cayman Island is really coming along quickly and my real estate friends are telling me that the sales are moving VERY FAST -- much faster than expected. Hard to explain, but wealthy Americans are pulling money out of the US real estate and stock markets and are putting it in the Cayman Islands.

I look forward to posting lots of information on this blog. Please give me any suggestions to make this better -- i'm a novice.

Thanks -- Jeff Villwock