By Rhea-Simone Auguste
© MoonLight Rental Ltd.
For those of you unfamiliar with the way the real estate market operates, there are two terms you should get familiar with: Buyer’s Market and Seller’s Market. At present, it is safe to say it is a Buyer’s Market. What this means is there are many houses for sale on the market leading to better prices for buyers. Sellers looking to move on want to SELL and FAST for less than the actual value of their property. Instead of listing a property for sale and waiting for a long period (over a year in some instances) to get it sold, sellers are more open to negotiate the selling prices of their house/land. If you’re thinking about buying a property for residential use or as an investment – now is the best time to buy.
As a buyer, you now have more choices within a price bracket. Let’s say you are looking for property under 1.2 million in East Trinidad, you can choose from a number of new developments including gated community properties where the starting price for some of the houses is $825,000 (Coral Park, St. Helena) or some hovering closer to the 1.2 maximum in The Crossings, Arima.
Areas close to St. Augustine have maintained steady prices with properties closer to the University of the West Indies commanding higher prices with sellers demanding well over $400 per square foot in some instances because of the commercial possibility of the area. It is a highly sought-after location for student housing and renting a one-bedroom apartment in the area can cost between $2500-$4000 depending on the furnishings and amenities offered
A must-watch area for investors is Trincity. Old-fashioned homes close to the Mall can be bought for under 1 million but with minor improvements – roof changes and aircondition installation together with minor infrastructure adjustments – properties can be resold for over 1.5 million in this highly demanded area
Also on the rise is St. Helena. Roughly 10 minutes drive from the Piarco traffic light, the area is rapidly developing into a townhouse and apartment complex hotspot. The area will likely see an increase in properties being built by year end with the value of properties likely climbing higher in years to come.
In the San Juan/Santa Cruz area, a number of new developments may well be in the plannings. Vast stretches of residential land is on the market for sale at present – opening the way for investors to buy and build residential communities. Santa Cruz offers properties on par in terms of land structure to Maraval however the prices are much more reasonable with land being sold around $100/sq.ft compared to Maraval where $130/sq.ft is the on the lower end of the price scale and not necessarily in the best areas.
In the Western end of Trinidad, prices continue to be on the higher end for houses – think multiple millions for a three-bedroom flat in Westmoornings. However, if you’re open to the idea of building – you can get land between TT$65- TT$95 per square foot in Glencoe with all the conveniences of a West property including a shorter commute to Port of Spain.
Central Trinidad is rapidly gaining popularity among buyers as the new overpass constructed by Grand Bazaar has helped to ease the traffic woes of those heading into South-bound lanes from Port of Spain after 4PM. Additional changes to road infrastructure including newly paved areas in some parts of Cunupia and environs has opened areas for development. Although buyers can access more land for their money in Central Trinidad, caution must be exercised when buying in and around areas prone to flooding including parts of Caroni, Freeport and Gasparillo.
Thinking about going down San Fernando to live? Southern home prices continue to climb with homes in Palmiste climbing to supremacy with sprawling mansions with asking prices crossing 8 Million and up. More affordable homes can be found in Vistabella from as low as $1.5 Million. Buying land and building is the best for the under 1.5 Million buyer interested in San Fernando and environs but locating land under $100/sq.ft. may present a challenge unless you have a diligent real estate agent looking for spots as they come up.
It is an excellent time to buy and if the economy continues in its present direction, more properties will likely be put on the market as homeowners battle with rising costs of living and the decision to sell property becomes more enticing.