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Volume 4 Issue 1 Serving Jamaica’s Real Estate Marketplace

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Volume 4 Issue 1 Serving Jamaica’s Real Estate Marketplace

FOR MORE INFORMATION ABOUT THIS PROPERTY SEE PAGE 14

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JaRealEstateGuide.com
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JaRealEstateGuide.com

Volume 4, Issue 1

Stephanie Treasure
EDITORIAL DIRECTOR

PUBLISHER
Butterfly Publications

EDITORIAL DIRECTOR
Stephanie Treasure

LAYOUT & DESIGN

The Gleaner Company Ltd.
– Overseas Publications

PRINTER
Lithographic Printers

The Jamaica Real Estate Guide is published

quarterly by Butterfly Publications.
ISSN 0799-2335

P.O. Box 133,

Kingston 19
Jamaica
info@jarealestateguide.com
www.JaRealEstateGuide.com
(876) 337-8406

©2006-2009 Butterfly Publications

Volume 4, Issue 1: Spring 2009

Publisher’s Policy
Reproduction of any photographs, artwork or copy prepared by The
Jamaica Real Estate Guide is strictly prohibited without written
permission from the publisher. All advertised properties are sub-
ject to prior sale or withdrawal without notice. Butterfly
Publications or The Jamaica Real Estate Guide is not a real estate
broker and this publication is not an effort to assist in the buying
or selling of real estate but to provide information about real
estate listed with a licensed real estate broker. The advertisers,
publisher, printer and associates are not liable for misinformation,
misprints or typographical errors. Advertising is not accepted from
unlicensed real estate sales companies or private home sellers.
Real estate advertised in this magazine is subject to the Jamaica
Real Estate Board laws. This publication will not knowingly accept
any advertising for real estate which is in violation of these laws.
Real estate advertised in this publication is available on an equal
opportunity basis.
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? AMAICAN HOME seekers, liquid enough

J
to take advantage, are currently in a
most willing buyers and sell-
ers in the down-market.
?
? position to get great value for money in Effective January 1, 2010,
the real estate market, according to some the transfer tax will be
of the nation’s leading realtors. “At this reduced to four per cent and
time it is considered a buyer’s market,” says the stamp duty on certain
broker Howard Johnson Jr of Howard property transactions that is
Johnson Realty. “If one is liquid or can negoti- currently levied at 4.5 per
?
ate good financing terms, then there are many cent will be reduced to three
deals that can be mustered.” What’s the rationale behind per cent.
their assessment? One prominent industry
player said Government’s
Firstly, residential prices, the usual time frame of two announcement of the meas-
which appreciated at rapid to four months. ure during its budget presen-
pace for the better part of “That’s so because there tation last month merely
the last decade, has gener- are less able, qualified, ready motivated sellers, who wish market we will be in come However, at the end of the
ally remained static over and willing purchasers in the to benefit from the imminent ‘January morning’.” day, home seekers may have
the past two years – market,” president of Realtors reduction, to hoard proper- Johnson Jr advises that buy- to act fast in anticipation of an
therefore, homes are International Don Glanville ties. ers are still able to acquire imminent rebound in the
being sold today at the noted in the print media good deals now that may not market at the end of the cur-
PREMATURE
same prices they were recently. be available when these rent recessionary period,
sold for in 2007. This has On the other hand, cash- “People who don’t
reductions take effect, noting which Prime Minister Bruce
been especially prevalent in strapped purchasers are absolutely have to sell are not
that the ‘grass’ just may not be Golding said “may end earlier
the higher-end, J$35 million being forced to sell. going to sell; they are going
‘greener’ come January. than predicted” based on
and up region of the market, “There are quite a number to hold on to their properties
ESCALATION EXPECTED indicators from the United
where demand has slowed of units on the market for sale and wait till January,” said the
States housing market and
due to a confluence of eco- because initial purchasers are realtor. “Our dollar is plunging, the London Exchange.
nomic shocks, such as the having difficulty holding on Johnson Jr says realtors are uncertainty exist about the Indeed, as Jamaica moves
fallout in the alternative to them,” Johnson Jr tells grateful for the reduction and worldwide economic state, out of the recession, it is logi-
investment schemes and ris- Jamaica Real Estate Guide. the effort by the Government and who knows what other cal that real estate prices will
ing mortgage rates, that have “Some individuals bought to “stimulate” the industry, challenges we may face in escalate once again. This, as
eroded the purchasing high end townhouses with but he believes the January,” he reasons. “So while reportedly noted by presi-
power of buyers. the hope of renting at the announcement was made projecting savings, you might dent of Realtors International
higher end of the market, but prematurely. just be in the same or worst
HOME BUYERS Limited Don Glanville, is due
the rental market, in terms of With regards to the position than if you purchase
GAINING CONTROL to the supply/demand imbal-
prices, have been reduced announcement’s effect on later. Buyers can be highly
What’s more is that the ance in the local real estate
significantly, thus compro- buyers, Johnson Jr says, “It has motivated if the effective date
financial pressures on ven- market.
mising the home owner’s caused investors to second for these reductions are
dors have put the ball in the “In Jamaica, we still have, to
ability to meet his financial guess their decision to buy brought forward in market
court of homebuyers to an extent, an issue of supply
obligations,” he explains. now, when in essence you conditions that can be
negotiate downwards the and demand for the quality
However, against this back- cannot project what type of proven.”
already relatively flat prices. products,” he said. “There is a
ground, realtors agree that greater demand for the quali-

On one hand, formal vendors
are stockpiled due to the fact
that the disposable period on
properties – the time in
which it takes an owner to
sell – has now gone past six
“
Government’s announce- ty products than the supply.”
ment of a planned reduction ... the financial pressures on In summary, home seekers
in transfer tax and stamp
duty next January, has creat- vendors have put the ball in the court of should ponder whether they
should buy now and jump on
ed some amount of uncer-
tainty in the market and has
homebuyers to negotiate downwards the the ‘bandwagon’ destined for

”
months; much longer than made speculators out of the already relatively flat prices another wave of real estate
boom prices later.
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Industry Moves
NEW WEBSITES
Howard Johnson Realty has a new website and Policy Changes in the Jamaica
a new blog. Log on to www.hjrealtors.com and Real Estate Industry
the blog domain is www.hjrealtycheck.com

NEW APPOINTMENTS
Government Announces
Howard Johnson Realty welcomes 6 new Real- Further Reduction in
tor Associates:
•Sherie Ranston Stamp Duty/Transfer Tax
•Sherene Brown
THE GOVERNMENT is further reducing the rates
•Wayne Barrett
for Stamp Duty and Transfer Tax this fiscal year,
•Shani Dawes mainly to stimulate a revival in the real estate
•Paul Wallace and construction sectors.
•Hector Peart Minister of Finance and the Public Service,
Hon. Audley Shaw, told the House of Represen-
RELOCATION tatives on Tuesday, April 23, 2009 that Stamp
Note the following relocation announcements: Duty will be reduced from 4.5% to 3%, and
Transfer Tax from 5% to 4%, effective January 1,
• LA MAISON PROPERTY SERVICES LIMITED 2010.
Documents are stamped to make them legal
8 Dominica Drive,
and binding. Unstamped or insufficiently
Kingston 5 stamped documents are not admissible in a
Phone: (876) 906-0858/0859/0860 court of law, except in criminal cases. Transfer Tax
Fax: (876) 906-9762 is assessed and paid by persons transferring real
• KEYLAND REAL ESTATE properties, including land and/or transferring
property on death.
22 Kensington Crescent Among documents requiring stamping are-
Kingston 5 Bills of Sale, Deed Poll, Discharge of Mortgage,
Phone (876) 871-0447 Hire Purchase Agreements, insurance policies,
• HOPE CODLIN & applications to register land, land leases, loan
agreements, mortgages, sale agreements and
ASSOCIATES
instruments for the transfer of property.
5-7 Dunrobin Avenue
Kingston 10
(876) 755-1611
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info@lamaisonproperty.com
www.lamaisonproperty.com
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A Guide to organizing
your
MOVE by the Jamaica Real Estate Guide
ADVERTISER INDEX
A.I. GRACEY & ASSOCIATES .............................................................................. 3

ACCESS PROPERTY INVESTMENTS...............................................................14,15

TWO MONTHS

Purchase or rent moving supplies: tape, markers, scissors, pocketknife, COOPER AND ASSOCIATES................................................................................9
BEFORE: newspaper, blankets, moving pads, plastic storage bins, rope and a hand
truck. Free boxes can usually be obtained at a local supermarket, but consider FLOW PROPERTIES JAMAICA ..........................................................................11
purchasing wardrobe boxes for moving clothes
 Start contacting key financial providers such as your bank or other institutions to have your FURNITURE LAND..........................................................................................10
details changed and to start up the process of cancelling/setting up automatic payments and/or
accounts etc. HOWARD JOHNSON REALTY.............................................................................11
 Start packing non-essential belongings whenever you have some free time
 Make an inventory of your belongings and take pictures of valuables JAMAICA MORTGAGE BANK..............................................................................3
 Donate unwanted clothing or household items to charitable organizations or your church. You
may also consider having a garage sale
JAMAICA TRADE & INVEST..............................................................................11
4 TO 6 WEEKS:  Notify your post office LA MAISON PROPERTY SERVICES......................................................................9
that you are moving
 Make a list of friends, relatives NORTHWEST DEVELOPMENT............................................................................7
and businesses who should be notified of your move
 Contact your utility companies to notify them of RUEL WOOLCOCK..........................................................................................10
your move
SCOTIABANK.................................................................................................8
 Start packing
2 TO 3 WEEKS: things that you don’t TROPICAL SUNSHINE PROPERTIES..................................................................16
use regularly, room by
room VICTORIA MUTUAL PROPERTY SERVICES...........................................................2
 Make babysitting arrangements if necessary
 Organize and pack legal papers, insurance
records and other important papers
 Make sure that disconnection of utilities at
your old address is scheduled to a specific date

MOVING WEEK:  Make sure all

boxes are properly
labelled, especially those
you may need to get to first
 Start taking apart furniture that needs to
be disassembled
 Disconnect major appliances at least a day
before the move so that they will be at room
temperature during the move
 On moving day, get up early, stay calm and
get ready to enjoy your new home
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