Real EstateSales Going Down - Prices to Follow?
"This has been the worst season forus" exclaimed a resident Real Estate professional. "Andwe are telling some owners to take back their listings ... orthey can sell their properties to their appraisers," he said,in response to a telephone survey conducted this week.
In certain cases, some high ticket itemshave dropped as much as 20 percent.
Additionally, given that this is an electionyear, with many prioritized issues on several long term Work Permitholders' minds, such as "security of tenure" and otherImmigration matters; a noticeable increase in crime; as well asa feeling of being subjected to another season of "ex-patriatebashing" - many have shelved plans to make real estate purchases,because of the fear that they will be rolled over (denied furtherwork permits) after working and living here after five years.
This downward trend in real estate salesis compounded by other factors as well.
Unlike other times when Realtors could haverelied on high Winter season visitors to secure their piece ofCayman's paradise - they are now being turned off by, as echoedby one Caymanian taxi driver: "The confused mood of thisisland." When quizzed as to what he meant by this, he replied:"Caymanians want to have their cake and eat it ... they invitethe foreigners to come here ... now they trying to run them out."
Will rents come down? This may be the nextwave of real estate activity as properties now offered for saleremain on the market for an extended period.
To top all of this, with another round ofincrease in bank lending rates and the price of oil looming, Cayman'seconomy may very well be in for a "warm time" alludedone banker.
New Wave ofConsumer Price Hikes Loom
The cost of living for the consumeris also bracing for another hike owing to the increase in 'indirecttaxation' such as work permit, garbage, education and other fees.
There could be a reduction on some fooditems... if some attention was given to the focus of self-sufficiencyin the production of agricultural products. It is known for instance,that Government owns over 30 acres of good farm land next to theprison which could be churned into prime production of table vegetables... from the soil and hydroponics. This could provide extensivework for the again increasing population at Northward.
The ParoleBoard Met Last Monday
Now it's up to the His Excellency the Governorto give his assent to recommendations made to release some ofthe imprisoned at Northward. It is understood that approximatelythree dozen candidates were assessed.
Perhaps the advocacy for changes providedin a report prepared by former Attorney General, Mr. Michael Bradley,QC - may be timely and serve as the catalyst for previous callsin reform for the granting of parole.
What comesfirst the Chicken or the Egg?
This maxim has been around for a very longtime. Yet, at a time when an economic downturn threatens ... notonly for our good neighbours to the North ... but also for theseBlessed Islands, there does not appear to be any urgency to sparethe geese (chickens) who have laid their golden eggs here.
Trying to gather 'the good news' for thisnews service these days, seem to be fraught with reports of notso good news.
Hopefully, this too - will pass. And maythe good news today ... be yours.
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