Lilieth Clarke (left) and Joyce McEachron.
As anticipated, 2007 started and ended similar to 2006. The real estate market was definitely a sellers' market. With inventory levels remaining low, prices continued to move upwards, a trend that is expected to continue in 2008.
Additional factors contributing to this sellers' market and rising real estate prices are demand and supply and a shrinking Jamaican dollar.
More available money
Potential buyers in the $8 million-$25 million range for single-family units have increased, as more available money seemed to be in circulation, due in part possibly to the additional income provided by th investments schemes.
It appears that the high prices in the real estate market do not intend to bottom out in the very near future. It is interesting to note that properties are now appreciating at a much faster rate than two years ago. In the past six months, there has been an increase in property values of up to 20 per cent.
The wait-and-see attitude usually associated with the industry is no longer working. Prospective purchasers should understand that the best time to buy is always now, bearing in mind that the costs associated with purchasing any property increase, along with a higher purchasing/ sale price.
Wealth augmentation through real estate is the safest bet one can wager. Everybody should invest in real estate. It is the most solid investment. It is fixed, it is tangible it is secure.
- McEachron & Clarke Real Estate
McEachron & Clarke Real Estate, a brokerage between Joyce McEachron and Lilleth Clarke-McKay, opened offices at 20A South Avenue, Kingston 10, in January 2005. With over two decades of real estate experience in North America and Jamaica, McEachron & Clarke is committed to keen attention to customer service, the highest level of professionalism and an adherence to a strict code of ethics. The brokerage after three years, currently boasts an impressive sales team comprising Joan Shervington, Andrea Groce, Andrea Phillips, Elsie Pennycooke and Gregory Steele, who are always willing and available to meet your every need.
HOUSE OF THE WEEK
GREEN ACRES in St. Catherine - $30 million: Five-bedroom, five-bathroom house in excellent condition.
KINGSTON 10 - for rental US$2,300 per month.
Three bedrooms, three-and-a-half bathrooms, family room and helper's quarters.
RED HILLS - $23 million
Spacious three-bedroom two-storey home, sunken living room and family room.
KINGSTON 6 - $28 million.
First offering; get in on the ground floor; town houses in small gated community; only eight units.
TUCKER AVENUE - $25 million
Spacious two-family house on half-acre lot.
