Article Snapshot:
- As the economy continues to improve, the number of foreclosures in the Cayman Islands are steadily declining.
- According to the Cayman Islands Real Estate Brokers Association, in 2018 there were 67 forced sales on homes, land plots and businesses. In 2015, there were 116.
- Jeanette Totten, President of CIREBA and owner of CLPG confirmed that the diminishing amount of foreclosures is directly related to positive changes in the economy.
- With the property market running high, prices continue to rise in most sectors.
- In order to avoid foreclosures, Totten suggests that homeowners who find themselves unable to make their mortgage payments should work to quickly sell their property.
- Mike McWatt, managing director of Butterfield Bank stated that foreclosures are “a last resort,” and that Butterfield is dedicated to making “every effort to work with clients.”
Foreclosures Sink, Economy Soars
As the economy continues to improve, the number of foreclosures in the Cayman Islands are steadily declining. According to the Cayman Islands Real Estate Brokers Association, there were 67 forced sales on homes, land plots and businesses in 2018. In stark contrast, there were 116 foreclosures in 2015.
With remarkably few new foreclosure properties coming onto the market, it’s possible that this trend will continue as the economy flourishes. Could foreclosures become a thing of the past? We like to think so.
CLPG Celebrates
Jeanette Totten, President of CIREBA and owner of CLPG noted that the economic recovery is being reflected by the real estate market.
“The whole economy in Cayman is in a lot better shape. There is not a lot of unemployment, people are not being foreclosed on as much. There’s a lot less [foreclosure properties] out there than there was a couple of years ago and a lot of forced sales are getting multiple offers on them as well,” she said.
With the property market running high, prices continue to rise in most sectors. Homes currently listed for foreclosure are selling quickly, and for closer to market value.
“The market is very strong right now. You have projections of more people coming on island and anything within a realistic drive of George Town is being picked up very quickly.”
Knowing When to Sell
If you’re unable to meet your mortgage payments and want to avoid foreclosure, then it may be time to sell your property. According to Totten, “The smart thing to do if you find yourself in that position in this kind of market is to put it on the market yourself before you get foreclosed on.”
Although homeowners may find themselves accepting an offer that is slightly below value in order to achieve a quick sale, they will also avoid the costly and timely process of a foreclosure.
Mike McWatt, managing director of Butterfield Bank stated that they are also seeing a decline in foreclosures. He noted that they are “a last resort,” and that Butterfield is dedicated to making “every effort to work with clients.”