Nervous: seeking purchasing advice

[jppmiller]

Hi, I'm a new diver: resort course only. I'm close to finalizing purchase of a 2 BR condo, new, and great kitchen and furnishings, with a beautiful water view, in a very quiet West Bay location on Grand Cayman. It's about 50 yards from dive-tech/turtle farm, and on the water. They say shore diving is great from there, and divers would be interested in renting as they could shore dive and have easy access to dive tech for other needs. It's also pretty close to Cobalt Coast and Spanish Bay, if you want to party with other divers.

GC is getting a bit traffic noisy, NONE of that here. BUT, not on seven mile beach, and not "officially" a dive resort, more a quiet condo with easy diving access. As seasoned divers, do you think we could rent such a place via internet, word of mouth, and low-key advertising? It would rent for about $1500/week low season.

This purchase could "make or break" me, so I appreciate any advice.

 

[El Orans]

Hello JPP,

Maybe some members in the Greater Caribbean forum could be of better assistance?

Laurens

 

[jppmiller]

Hi, I'm a new diver: resort course only. I'm close to finalizing purchase of a 2 BR condo, new, and great kitchen and furnishings, with a beautiful water view, in a very quiet West Bay location on Grand Cayman. It's about 50 yards from dive-tech/turtle farm, and on the water. They say shore diving is great from there, and divers would be interested in renting as they could shore dive and have easy access to dive tech for other needs. It's also pretty close to Cobalt Coast and Spanish Bay, if you want to party with other divers.

Grand Cayman is getting a bit traffic noisy, NONE of that here. BUT, not on seven mile beach, and not "officially" a dive resort, more a quiet condo with easy diving access. As seasoned divers, do you think we could rent such a place via internet, word of mouth, and low-key advertising? It would rent for about $1500/week low season.

This purchase could "make or break" me, so I appreciate any advice.

 

[zboss]

Actually owning a house in the caribbean that is rented, I have the following to say:

Count on the property not being used for about 3-4 months of the year:

1) Huricane season is about 1-2 months
2) You/your friends are going to want to use it
3) You will sometimes have difficulty filling vacancies. Sure people want to rent it but they all want to rent the same days.
4) You will need a day or two for a -reliable- maid to go in a change out linens, clean the fridge, and whatever else needs to be done. Which adds up to a few weeks of the year.
5) You will get people that put down deposit and never show up or pay up.

oh yea - and BTW - the thing that makes the caymans great for bank accounts? That means you have far fewer "rights" than they say you do. Don't ever ever ever get into a legal situation in the caribbean.

 

[Spoon]

hi and welcome to the board! whatever the case, research and research and get the opinions of as much divers as you can. good luck.

 

[scubajoe]

Welcome to the board!
You may be able to rent it for that...seems a little high. I think a management company would be the way to go since you don't live close by. I'm sure there are several on Cayman that could advise you. It sounds like a really great location. The shore diving in that location is excellent.

Joe

 

[DandyDon]

Boy, I wouldn't touch it. I like to travel to different places a lot. Joe's advice is very good

:bandit_2: don

And don't be shy about posting. Click Forums above, tour the long list of choices, and jump in anywhere you're qualified. PM me with any questions, and I'll try to find a pretty good answer.

 

[wetrat]

Welcome to ScubaBoard jppmiller! Heck, there's a good chance I'd rent your place. $215 a night for a condo sounds really reasonable. Is that flat cost or per person? We own a timeshare on Maui that rents for about twice that flat cost. Shoot me a PM when you close escrow and I'll talk it over with my wife. :05:

wetrat

 

[m3830431]

If it to good to be true. It's to good to be true.

 

[nipi]

If you are purchasing at Coconut Bay then yes the shore diving is good there. It is close enough to walk to the Divetech dive shop & Cracked Conch bar & restaurant (though this is currently being renovated). I would say that you would need an on-site manager - does the complex have a rental pool? Divetech have relatively limited accomodation at Cobalt Coast so there may well be a market for people who want to dive there.