COLDWELL BANKER JAMAICA REALTY

“Port Royal has great potential for heritage tourism. This place is a treasure trove of history,” declared Earl Patrick, Executive director of the Tourism Product Development Company (TPDCo).  He said development of the ’sunken city’ could add tremendous value to the island’s uniquely diverse tourism product.

Patrick pointed to statistics from the United Nations World Tourism Organisation (UNWTO) which show that culture, heritage and historical tourism have grown more rapidly in the past several years than traditional tourism.  “The World Tourism Organisation estimates that around 20 per cent of tourist trips worldwide incorporate some form of cultural, heritage or historical activity,” he said.

Patrick noted out that Kingston possessed many cultural and historical landmarks, such as its churches and theatres, and so fits perfectly in the plans to boost Jamaica’s cultural and heritage tourism. UNESCO has tentatively placed Port Royal on its list of World Heritage Sites, in recognition of the valuables contained in the ‘Underwater City’.

With Port Royal’s colourful and wild past, where pirates ruled the waters , the addition of the sheepish and calm town - now known as a place to enjoy sumptuous seafood - could be an important keystone to reposition Kingston as a cruise ship port.

(resource:  HospitalityJamaica)

Whether you are buying your first home or your fifth, the process of buying a home can be an emotional, time-consuming venture.  Feeling that you made the right decision and got a good deal can make all the difference to your peace of mind either as an investor or owner-occupant.  We wrote about the first 10 todos last week, so here is the 2nd installment.

#11 Proceed quickly
When you’re ready to buy, act.  Good properties sell.  This is especially true given the current state of worldwide real estate markets. However, when you work with a Coldwell Banker Realtor, you have access to the latest technology. As part of the MLS and Agent Handshake networks, our Coldwell Banker Realtors have access to properties within hours of when they are listed.

Technology works to your advantage. Our company websites allow you to sign on as a client, and receive notification of new listings via email. You save time and effort, and you can view only those homes that come closest to meeting your needs.  

#12 Clarify relationships
In any real estate transaction, be very clear about who is working for whom, and what the relationship represents. Unless otherwise stated, an agent represents the seller in transactions for the sale of a home. This agent, as part of his or her fiduciary duty, must ensure that the seller’s (and not your) position is represented throughout the entire process.  Get a buyer’s agent on your side, or ensure that someone is acting in your best interests.

#13 Ask for a written CMA
A Comparative Market Analysis (CMA) is an analysis of comparable homes in a given neighborhood. It shows you the sale prices of comparable homes, along with asking prices of other homes in the area currently on the market. A Coldwell Banker Realtor can request this report for any home and community.  Ask for this report in writing. With this valuable document, you’ll have solid, reliable information about how fairly a home is priced compared to its real market value.

#14 Know the seller
Understanding a seller’s reasons for moving could work to your advantage during negotiations.  For instance, a seller who has been transferred to another city or island may be more motivated to sell than someone who is still shopping for a new home.  A vacant house, or a house that has been on the market for several months and has been reduced in price, could also provide the opportunity for lucrative negotiations.

#15 Keep it impersonal
Conversely, information could be used to your detriment. Information about your mortgage, size of down payment, move-in deadline, or circumstances for buying could be used to the seller’s benefit in negotiations. While you want your Realtor to know these details, maintain your poker face and keep your cards hidden with the sellers and their agents.

#16 Measure twice, sign once
While you definitely want to move quickly once you’ve made the decision to purchase, you don’t want to cave in to pressure for a quick close. Someone who is trying to pressure you into buying a home is likely doing so for a reason. Make sure the reasons for you to buy a home are your reasons, not theirs.

#17 Exercise your negotiating skills
Even if you prefer not to haggle, it’s worth it, especially when it’s your home and one of your biggest investments. Most people expect to haggle over the price. In the Caribbean, negotiating is a part of the culture.  There is always room for negotiation, and your Coldwell Banker Realtor should be a professional negotiator.

#18 Avoid bidding wars
In some cases, the seller’s Agent may use scare tactics to rush the sale or increase the price. Falling for this trap could cost you money. If there is another buyer, or some other reason this pressure is being applied, whoever wins also loses because they tend to overpay. Let reason be your guide.  If you really want to place an offer in competition with other buyers, be sure your agent protects your interests and makes it clear how high in price you will go.

#19 Get it in writing
Legally, sellers must disclose all known material defects of a property. Ask for this in writing. Also be sure to consider the ramifications of these defects. Will they be costly down the road? Are they “serious” defects?  Get 2nd or 3rd opinions if necessary.  Inspect, ask questions, investigate until you are satisfied.

#20 Be aware of hidden costs
While Realtors often tempt first-time buyers with rent/mortgage comparisons, there is more to a home than simply the mortgage. You will be responsible for other items including mortgage insurance, appraisal fees, legal fees, inspection fees, transfer taxes, title insurance, inspections, property tax, increased bills, condo fees, home insurance, etc. Your Coldwell Banker agent can give you a good idea of the costs associated with buying a home that are beyond its final negotiated price.  Your lender can provide a Good Faith Estimate of closing costs, and your escrow officer will also state the transaction fees.

Looking for a home can be fun, but also stressful.  Let Coldwell Banker be the professional working on your team.

The 2010 Jamaica Jazz & Blues Festival will be held Jan. 24-30 in Montego Bay, and feature top talent, including Jennifer Hudson and Maxi Priest.  Others performing will be Mr. Billy Ocean; Hall and Oates; Third World; Mr. Monty Alexander; soul sensations Tamia, Deborah Cox and Kelly Price; a Jazz band from Poland; and dance hall reggae artiste, Ms. Marion Hall, popularly known as ‘Lady Saw’.

Mr. Walter Elmore of Turnkey Productions there explained that there will be performances at different hotels in and around Montego Bay. Some of the performers during this time will include Mr. John Secada, Mr. Priest, Mr. Roy Ayers, Mr. Joe Roy Jackson, Mr. Robin Banks and Mr. Richie Stephens.  “We will bring the artiste to each venue where the audience is staying, so that way we create a hype and excitement in Montego Bay for the week,” said Mr. Elmore. “We will give our visitors one whole week of entertainment.”  During the days, there will be events to accommodate cruise ship passengers. 

The official airline sponsor, Air Jamaica, has been linked with Jamaica Jazz and Blues from its inception in 1996.  Area Sales Manager, Ms. Norma Sale, looks at the festival as enlarging visitors enjoyment of the islands.  “Our visitors yearn for experiences, as it is no longer just going someplace for a couple of days for the sun and beach. They need entertainment also. What the Jazz and Blues Festival has been able to deliver is one more compelling reason for our friends to visit the island,” she said.

Make your plans to enjoy our Jazz Festival and experience Jamaica.  Stop by our Coldwell Banker office to discuss real estate opportunities while you are here.

In the tourist capital, Montego Bay on October 31, the second running of the WATA Rose Hall Triathlon will be on, which will feature some of the world’s top triathletes.

The event, only in its second year, has managed to attract Olympic quality athletes among a list of other keen competitors. An added attraction is the triathlon for children, scheduled for November 1 on the same course. For more go to http://www.rosehalltriathlon.com/.

Later this year the Reggae Marathon is scheduled for Saturday, December 5 in Negril, then later that evening, a 9.58 SuperParty is on at the Richmond Estate, St Ann, to be hosted by Usain Bolt.

The plan for the restructuring of the Trelawny Multi-purpose Stadium is welcome as the location is ideal for hosting major sporting and entertainment events.

Be sure and support our Jamaican athletes!

Whether you are buying your first home or your fifth, the process of buying a home can be an emotional, time-consuming venture.  Feeling that you made the right decision and got a good deal can make all the difference to your peace of mind either as an investor or owner-occupant.  This is a very important topic, so we will split the suggestions into 2 posts.  Check in next week for the 2nd installment.

As with most major decisions, the amount of work and research you undertake before you start shopping can have a dramatic effect on how well you do in the end.

#1 Do you really need that…(backyard tennis court)?

Everyone can picture their ideal home.  If you haven’t thoroughly prepared yourself prior to viewing houses, chances are that you will find what you think is your ideal home, and will wind up paying too much for it.  It is essential to treat the buying process in a slightly detached manner.  Those who fall in love with houses usually pay too much.  That’s why it’s recommended that you develop one list of needs and one of wants.  When looking at houses, make sure that they cover all of your needs – things like adequate space, a good neighborhood, perhaps a garage or carport – and then have fun with items on your wants list.  Treating the process in a regimented manner will help you to make a rational, informed decision.

#2 Get pre-approved

Visit your lending institution prior to shopping.  Be sure to get a mortgage commitment in writing. Being pre-approved gives you a solid price range, and lets your Coldwell Banker Realtor and potential sellers know that you are serious and not just a browser.

#3 Get the right people behind you

Buying a home is a complicated process, with many people involved.  Having the right people on your side can make a big difference.  An experienced, dedicated, and knowledgeable Coldwell Banker Realtor can put a team of advocates, including lenders, lawyers, home inspectors and movers, on your side immediately.

#4 Communicate

The more you share with your Coldwell Banker Realtor, the better he or she will be able to represent you.  Letting your representative know exactly what you’re looking for, in terms of needs/wants, price range, and location, can eliminate unnecessary trips to unsuitable homes and that focus can help ensure that you wind up in the right home.

#5 Location, location, location

It’s still true.  The desirability and resale value of your home depend on location more than any other factor. People want a desirable community that includes character, quality of schools, access to work, major transportation arteries, recreational facilities, etc. On your viewing trips, take a careful look and ask the following questions: How does this home compare to others in the neighborhood? Are yards fenced? Are there many children playing in the streets? Are the front and back yards and the exteriors of the homes properly maintained?  The less expensive houses in a better area tend to appreciate faster than the most expensive houses in a less desirable area.

Additional factors that affect the property value of a home include traffic, sounds, smells, zoning bylaws, and many others. Be objective. Be sure you are completely satisfied with the neighborhood. If you choose a neighborhood with problems, you likely won’t get as much as you hoped with it comes time to sell.

#6 Use your Realtor’s knowledge

Your Coldwell Banker Realtor is trained in all aspects of real estate, including understanding supply and demand, economics, and the neighborhoods of the islands in which they practice. A professional Realtor® can do much of the work for you, by reviewing your needs, reviewing available properties, and making an informed match. A comprehensive knowledge of the available homes in your chosen community is one of your Realtor’s® strongest assets. With the aid of computerized systems, a Realtor is notified within hours when a home becomes available.

#7 Pay attention to red flags

When evaluating a home, be sure you know the difference between acceptable and unacceptable problems. Cosmetic items like peeling paint, worn carpeting, or unattractive wallpaper can be easily remedied, and can be used as negotiation items, as there will be costs involved in updating the home. Major problems, however, are clearly red flags.  Look for items such as major foundation cracks, water damage, outdated electrical systems, and inadequate plumbing. These items could be too expensive to remedy to make the home a worthwhile investment.

#8 Hire a home inspector

A home inspection is an inexpensive way to gain peace of mind, and guard your pocket book. A proper inspection will cover all areas of the house including foundation, electrical, plumbing, floors, walls, ceilings, attic, roof, siding and trim, porches, patios, decks, garage and drainage. A professional inspector can give you an objective view of the property, with a written report, indicating the present condition and items that will need repair.

#9 Be cautious with fixer-uppers
                                                            Sometimes, a fixer-upper can be purchased below market value, and once sufficient repairs are made, can be sold at a significant profit. However, not all fixer-uppers will bring in the profits you might expect.  Consumers often overestimate their level of dedication to doing extensive renovation work, and underestimate the costs associated with such work.  A wall that needs to be replaced can often lead to the discovery of faulty plumbing, electrical, or other major undertakings.  Your Coldwell Banker Realtor and home inspector are your best allies when it comes to cost-benefit analyses.

#10 Consider your future needs

A move can be a major undertaking.  Take a good look at your current lifestyle and consider the future. Will you need extra space for a home office, a child, or perhaps a child moving back home? Maybe elderly parents who will need to move in with you?  Perhaps it may be easier and less expensive if you purchase a home that can meet these needs now, rather than moving up to a larger home a few years down the road.

Tune in next week to find out more.

The Ministry of Agriculture and Fisheries is hosting the fifth hemispheric meeting of Agriculture Ministers of the Caribbean and the Americas, between October 25 and 31, at the Ritz-Carlton in Montego Bay.

Jamaica has the distinction of being the first English-speaking country in the hemisphere to host this forum; and in keeping with the Government’s thrust for increased private sector involvement for the advancement of sustainable agriculture, this will be a new feature of the 2009 ministerial meeting.

The theme of the meeting is Capacity Building for Food Security.  Tuesday, Earl Jarrett, Managing director of Jamaica National Building Society, will lead “Private Sector Dialogue.”  This presentation will focus on affordable financing, credit, and risk management; regional trade agreements and marketing; and research and technology transfer.  The objective of the forum will be to identify policy options for addressing these issues through public/private sector partnership interventions.

Jamaica is very pleased to host the leaders of the Caribbean and Americas Agricultural efforts.

Prime Minister, the Hon. Bruce Golding, broke ground last week for the $6.2 million construction and expansion of an entrance gate and the re-establishment of ‘Holy Ground’, at the Jamaica College (JC) campus in Kingston.

The re-establishment of ‘Holy Ground’ is in honour and memory of the Jamaica College old boys who died in World War Two. The expansion of the entrance gate will allow for the creation of a dual road for entrance to the school and proper walkways for students.

Chairman of the JC Old Boys reunion committee, Joseph Matalon, explained they wanted to leave a permanent record of their reunion and to give a special gift to the school.

Prime Minister Golding said the standards of the school have suffered during its efforts to accommodate all students, not just the wealthy, but the school is now trying hard to rebuild.  As reported by JIS.Gov, “Golding said schools are challenged to deal with the wide cross section of students that they now take in, and this is not something the government can manage by itself. He said the government wants to get private sector interest to take over schools and provide the management of some of these institutions in much the same way as churches and other organisations have successfully done in the past. He pointed out that government is in the process of developing such a policy to address this new direction.”

A total of 104 outstanding Jamaicans, who have contributed to nation building, will be recognised at the National Honours and Awards Ceremony, on National Heroes Day, Monday, October 19, on the lawns of King’s House in Kingston.

Professor Mervyn Eustace Morris will receive the Order of Merit (OM) for distinguished contribution to the field of West Indian Literature.  Eight persons will receive the Order of Jamaica (OJ), for their outstanding contribution to Education, Health, Athletics, Public Service, and Human Rights Advocacy.

31 persons will receive the Order of Distinction in the Officer Class (OD).  7 will be awarded the Badge of Honour for Gallantry (BHG).  Sixteen Jamaicans will receive the Badge of Honour for Meritorious Service, and 25 persons will receive the Badge of Honour for Long and Faithful Service.

The ceremony, to be presided over by Governor-General, His Excellency the Most Hon. Sir Patrick Allen, will be streamed live on the JIS website at: www.jis.gov.jm.

Kingston St Andrew home on Jamaica for sale, Coldwell Banker Realtors

This exceptionally beautiful home is located in Kingston 8 and offers breathtaking views of the city and mountains. It consists of 10,000 sq. ft., and sits on 1/2 acre of land. This elaborate residence is made of the finest material and consist of a grand master suite of 1,200 sq. ft., 4 bedrooms 3.5 bathrooms, formal living room, formal dining room, living room, dining room, family room, grand foyer, a modern kitchen with stainless steel appliances, spacious passage ways, terraces, 4-car enclosed garage, generator room, pool, jacuzzi by the pool side, a bar plus many extras. The home offers separate entrances which allow versatility in entertaining indoors or by the pool which boost great entertaining areas.  Listed at $1,350,000.

Visit our Coldwell Banker Listing page for more photos.

*  Buyers usually seek the least expensive home in the best neighborhood they can afford, which means they want a home that fits in the neighborhood but is not over-improved.
*  Improvements should be made so that the property looks good, but at the same time, is consistent with the neighborhood.
*  The cost of these improvements should not exceed what can be made up from the sale.
*  A well-cared for property is more desirable to buyers because if what they see is maintained and repaired, what they can’t see has probably also shows pride of ownership.

Basic, simple and inexpensive improvements can provide an enhanced emotional response in a potential buyer.  An example could be something as small as a crack in the paint on a wall.  Simply by applying some plaster and touch up paint, you eliminate what may be an unstated concern that your home was poorly maintained.   If you are working with a small budget, these simple techniques will do absolute wonders:

1.  The Magic of Mirrors:  Mirrors can provide a greater sense of space and elegance when properly placed. Be careful not to overdo it, but when located throughout a home, each area will seem larger to the potential buyer.  You may want to visit a local garage sale; you can almost always find an old mirror or two.  Putting one-foot square mirrors on a closet door in the master bedroom is also an attractive touch.

2.  Adding Additional Closet Space:  One of the biggest complaints heard from potential buyers is that there just isn’t enough closet space. Simply purchasing an inexpensive closet organizer and installing it in any or all of your closets can make a big difference.  You can also try putting a rod across one corner of a bedroom for hanging clothes, or put up a screen made from a variety of materials. The screen could match the material of the bedspread, drapes etc. The idea here is to be creative so that the “fake closet” looks as though it was a part of the room.

3.  Make a Bare Wall Beautiful:  Wallpaper is inexpensive, quick and easy to do! The right wallpaper can brighten a room or hallway and bring it back to life. Be careful to choose something with a neutral design or pattern.  Or, paint one wall a neutral but different color than the rest of the room.

4.  Bring Old Floors Back to Life:  Except for dirt, nothing turns off a potential buyer quicker than dull, dingy, disgusting-looking floors. Whether you have wax, wooden or tile floors, do whatever you can to make them shine again. For wax floors, either rent a floor machine and do it yourself, or if it’s in your budget, hire a professional.  If you have carpet, you should either steam clean or install new carpeting. This may sound expensive, but new carpeting can add thousands of dollars to the value of your home.

5.  Adding a Room Without Calling in the Contractor:  This simple but seldom used technique can give a buyer the feeling there are more actual rooms in your house. Floor to ceiling room dividers are inexpensive and simple to install.  When a buyer walks through your house, they will generally count the rooms in a subconscious manner. Each room will evoke an emotional response.  By dividing and designing each side of your room, you create a “separate room” feeling in the potential buyer. It may sound crazy, but it works!  A Staging Professional and add invaluable help with this technique.

6.  Clean Up the Bathroom:  We’ve probably all heard that phrase a hundred times. Well, guess what? It’s still valid. Give your bathroom a face-lift if needed; fresh paint, decorative moldings, good tile grout, new designer faucets are all attractive eye catchers.   And repair leaky faucets, broken fixtures, and cracked tiles.  Clean, clean, clean.

7.  Curb Appeal:  Putting a few dollars into a new outdoor fixture, mailbox, house numbers, or decorative plants can make the house look more appealing.  Painting the outside will make buyers want to see the inside, and say volumes about your Pride of Ownership.  Be sure and clean up the landscaping and put away the tools and toys.

8.  Light and Bright Inside Too:  Check every room to see if it’s time for a new coat of paint.  Make sure you use light, bright colors inside the home.  You want to appeal to the largest group of people, and sticking with neutral colors will be your best bet.  If you stick with off-white and beige colors indoors, the rooms will look bigger and brighter.  You may also want to replace some of the light fixtures.  You can get really inexpensive fixtures at many places that will put more of a shine on your house.  Be sure and clean all the windows and mirrors and keep them clean.

Contact your Coldwell Banker Agent for more ideas on how to make your home sell fast for the best price.