Palm Bay is going to be one of the nicest places on the island. The question is when. It'll be a few years. I think sooner than later, seeing the last three years of exponential growth on the island. Realtors in the 90's used to say, "You'll never see the north developed in your lifetime.". Today, a decade later, the north is full of developments.
The lagoon is good too, with tons of potential. Show me a cheap lot in the Caymans on the leeward side of the island. None.
Comparing the two, Palm Bay in my opinion. You are in Bacalar Chico Nature Reserve and Bacalar Chico Marine Reserve. The ancient Mayan Canal is kayaking distance. Mainly, you can see the Barrier Reef. In addition to sea roaches, which I hate, that seem to flourish in the lagoon.