Real Estate agents on Cayman Brac report that there is an increase in serious interest in property on the Island, and it is understood that the sale of three large parcels on the south east of the Bluff is pending, with buyers eyeing the land for a resort and golf course.

The total area of these lots is 173 acres, with 4,000 square foot of Bluff edge, and an asking price of $2,096,000. Another very large lot adjacent to this land is also for sale, it is understood.

Another eighty-five acres of Bluff land has also recently been sold to DLZ Holdings Cayman Brac, Ltd. Little is known of the owners or their intentions, but the parcel has 2,000 square feet Bluff edge and looks out over Spot Bay on the northeast of the Island.

“The Brac is getting a lot of investor attention lately,” said Century 21 Sales Executive for Cayman Brac, Mark Knowlton.

“Many of the people who have contacted me concerning real estate have been from the US, but a good percentage is from Grand Cayman.”

Mr Knowlton believed that Hurricane Ivan motivated several affluent people from Grand Cayman to buy high, dry and secure Bluff properties as a second home. However, some of these potential investors had expressed interest in building resorts.

Generally, they were interested in developing resorts on a scale and compatibility with Cayman Brac, said Mr Knowlton, who felt there was a renewed optimism among Brackers and buyers regarding the economic future of the Island.

“From the standpoint of real estate inquiries and interest in land I am getting and sales that I am seeing, I share that optimism and do think the Brac is in for a boom in the very near future. It’s starting now actually,” he added.

Mr Knowlton thought this optimism and interest was due in part to the good press the Island has been receiving, and in part to the various initiatives to stimulate the economy government has undertaken recently.

“Government is finally singing the right song in wanting Brackers to determine their own future, and is giving us the say-so in developing a sustainable development plan suitable to our desires and unique needs,” he said.

“There are several things about Cayman Brac that potential investors really appreciate and find attractive. Topping the list is the people and the friendly, laid back atmosphere and feeling of security from crime.”

Another factor is the close proximity to the US, although he noted that, recently, many of his potential buyers have been complaining that they are unable to get seats at convenient times on Cayman Airways.
“The advanced infrastructure of the Islands amazes most savvy buyers. We really do have an impressive infrastructure for a place this size.”

These include an international airport, great fire and police service, a well-equipped hospital, good roads, four schools, a modern port facility, excellent telephone, internet and cellular communications services, and a modern desalination plant.

“The list goes on and on.  This is really very attractive to investors. They usually wonder in amazement why the Brac has not already boomed. It may seem like a paradox, but a lot of people interested in developing the Brac are attracted to its relatively undeveloped state.”

However, Mr Knowlton voiced his concern that planning approval has already been granted for one major resort, but there have not been any further advances regarding the sustainable development initiative begun in December 2005 with the Public Private Coordination Forum.

“Once major developments start, and they are coming, things can happen very fast and we will end up like Grand Cayman in not properly planning or controlling how fast and how much comes here,” he said.

“The one thing Brackers made very clear through the years is that we are not willing to ruin this Island paradise for the sake of the dollar. And planning for sustainable development is the key - we are not talking about zoning here.”

He said that most investors who he had spoken with are much more concerned about deterioration in the social, environmental and economic fabric of the Island than lack of zoning.

“A physical development plan is an end stage result of a good plan for sustainable development, but is just a small part of a much bigger but very important “picture.

 I am getting a nagging feeling if an advance regarding plans for sustainable development is not soon forthcoming, it may come too late,” said Mr Knowlton.

nicky@caymannetnews.com