Moderator: 3ne2nr Mods
It really hasn't especially for new houses. The prices haven't gone up but nothing has fallen.j.o.e wrote:Property prices have fallen. Anyone can see that
ProtonPowder wrote:Comparable evidence. Its what is used for the absolute majority of cases of residential land.
Look for land of a similar size, topography and accessibility in the area or similar areas. They use factors like those, among some others to determine a unit rate per sq. foot (or metre) and multiply it back by the size of the subject parcel to determine a market value.
But before all that; real estate agencies ask for way too much, way in excess of market value in all cases.
Being a buyer's market is relative. Trinidad's home price to gross annual income ratio is still better than that in many countries of the world.The_Honourable wrote:Market flooded with homes the average citizen can’t afford
Letter to the Editor
I have read with interest worldwide that it’s a buyers market with regard to housing prices.
However, this does not obtain in Trinidad and Tobago, as the prices for homes are not dropping to the extent where the average person can afford one.
The average cost of a three-bedroom home is $1.2 million, and if we are in an economic recession this price should be drastically reduced. I am seeing some reductions, but not to the extent where the average person like, me can, afford it.
Rent-to-own options are few and far between, with down-payments ranging from $200,000 to $300,000. I commend the few real estate agents who offer this option, but realistically one has to work for over $20,000 to afford this.
I wish to thank Home Construction Ltd, as it provided quality and reasonably priced homes in the 1980s/’90s to lower- and middle-class income-earners. I am sure if this was not done, the HDC application waiting list would have been longer!
There are hundreds of thousands of citizens who are longing for quality, reasonably-priced homes and have given up waiting on the HDC. My fear is that in T&T, maximum profit is the motive and thus the majority may not own a home in this lifetime.
There is the need for a developer like the HCL that can cater for citizens in the $8,000-to-$15,000-per-month category. We need more homes in the $500,000 to $900,000 price range. There are too many people who cannot afford the $1 million-plus homes currently available.
I understand we live in a capitalist economy where demand and supply determine the market prices. In T&T, the housing market does not follow the economic law of demand— but of supply, where high-priced houses dominate the industry.
In other developed countries, the law of demand prevails, where buyers demand less of a costly home. This, in turn, leads to a price reduction of homes, which makes it more affordable to the average worker.
I long for the day when the rent-to-own home options are widely accessible. It may not be the perfect solution, but it is a small step for many citizens who cannot afford a home.
Dionne Joseph
Arouca
Source: https://trinidadexpress.com/opinion/let ... a32c9.html
You just did.timothymcdavid wrote:Home price to annual income ratio ... Seems like another BS statistic to me.
What is the avg home price in Trinbago?
What is the average salary?
If we were to go at 8k avg salary (96k per annum) versus avg. home price 1200k ... that is a BS statistic right there ... so kindly state your sources?
Exactly. If you don't want to pay the $1.2m price tag, buy land somewhere reasonable and build what u can afford. I've seen land in central for less than $500k a lot and there are contractors who can build a starter house according to your budget.rspann wrote:Is real estate really expensive or people want expensive real estate cheap ? People must learn to face reality and get what they could afford . A lot of people want to invest small money in property that will have high value later on . So the bypass the ones they can afford .
matr1x wrote:Sweet sweet profits. Sufferers cry over prices
Hard work is for injuns only.MaxPower wrote:matr1x wrote:Sweet sweet profits. Sufferers cry over prices
You’re Sure right bro!
Only the cry of sufferers.
Even if someone’s business or finances are doing well, they do NOT HAVE to pipe out their property to no cheap ass low balling free thirsting Trinis.
Regardless of the economy, Trinis forever complaining about things they cannot afford and VEX when they don’t get what they want.
Land and houses are affordable in Laventille and Maloney not so? But Trinis dont want that. They want Prime areas for bess price ent? Steups!
Work harder Trinis so one day you can write that check with your Montblanc pen and fling it at the feet of the owners.
rspann wrote:Is real estate really expensive or people want expensive real estate cheap ? People must learn to face reality and get what they could afford . A lot of people want to invest small money in property that will have high value later on . So the bypass the ones they can afford .
adnj wrote:You just did.timothymcdavid wrote:Home price to annual income ratio ... Seems like another BS statistic to me.
What is the avg home price in Trinbago?
What is the average salary?
If we were to go at 8k avg salary (96k per annum) versus avg. home price 1200k ... that is a BS statistic right there ... so kindly state your sources?
With two wage earners (typical) per family, 1.2M/192K is 6.25.
A172 wrote:if a couple working for 20k combined salary and they get a 1.5m mortgage at say 7000 per month then their DSR is only 35% so it should be gt
however the reality is they have 100% financing car loan on some "new bran" sufferer mobile, a buncha credit cards and renting so reality their DSR well over 50%
and of course, they have no savings so they aint even have a 150k to pay down to get the mortgage
so while real estate prices might be hot is not the market fault your state of affairs is sh1t
MaxPower wrote:matr1x wrote:Sweet sweet profits. Sufferers cry over prices
You’re Sure right bro!
Only the cry of sufferers.
Even if someone’s business or finances are doing well, they do NOT HAVE to pipe out their property to no cheap ass low balling free thirsting Trinis.
Regardless of the economy, Trinis forever complaining about things they cannot afford and VEX when they don’t get what they want.
Land and houses are affordable in Laventille and Maloney not so? But Trinis dont want that. They want Prime areas for bess price ent? Steups!
Work harder Trinis so one day you can write that check with your Montblanc pen and fling it at the feet of the owners.
pugboy wrote:ah hear by ft george
apts for $1m
not sure what size bed fitting in the bedrooms
rspann wrote:pugboy wrote:ah hear by ft george
apts for $1m
not sure what size bed fitting in the bedrooms
I went to see a two bedroom apt in Westhills , the second bedroom could only hold a children’s bed and you have to bypass the stove to get at the washer/ dryer.
rspann wrote:MaxPower wrote:matr1x wrote:Sweet sweet profits. Sufferers cry over prices
You’re Sure right bro!
Only the cry of sufferers.
Even if someone’s business or finances are doing well, they do NOT HAVE to pipe out their property to no cheap ass low balling free thirsting Trinis.
Regardless of the economy, Trinis forever complaining about things they cannot afford and VEX when they don’t get what they want.
Land and houses are affordable in Laventille and Maloney not so? But Trinis dont want that. They want Prime areas for bess price ent? Steups!
Work harder Trinis so one day you can write that check with your Montblanc pen and fling it at the feet of the owners.
Max yuh bring back memories dey. My mother cut out an ad in the express a few years back for house and land In Morvant with deed for $50 g and tell me look a deal , I could buy it and rent it out . I say Ma , you know where Mon Repos is ? You can’t go there to collect rent .
I want to laugh eh but the smart ones would know just how true this is.zoom rader wrote:Hard work is for injuns only.MaxPower wrote:matr1x wrote:Sweet sweet profits. Sufferers cry over prices
You’re Sure right bro!
Only the cry of sufferers.
Even if someone’s business or finances are doing well, they do NOT HAVE to pipe out their property to no cheap ass low balling free thirsting Trinis.
Regardless of the economy, Trinis forever complaining about things they cannot afford and VEX when they don’t get what they want.
Land and houses are affordable in Laventille and Maloney not so? But Trinis dont want that. They want Prime areas for bess price ent? Steups!
Work harder Trinis so one day you can write that check with your Montblanc pen and fling it at the feet of the owners.
When you see them in market rubber slippers you know they toting bank roll.
Jordans means you probably have a $30 on person
rspann wrote:A172 wrote:if a couple working for 20k combined salary and they get a 1.5m mortgage at say 7000 per month then their DSR is only 35% so it should be gt
however the reality is they have 100% financing car loan on some "new bran" sufferer mobile, a buncha credit cards and renting so reality their DSR well over 50%
and of course, they have no savings so they aint even have a 150k to pay down to get the mortgage
so while real estate prices might be hot is not the market fault your state of affairs is sh1t
Cerahtoe and brands > house and land . Credit card important for online Shopping . Say no more.
88sins wrote:adnj wrote:You just did.timothymcdavid wrote:Home price to annual income ratio ... Seems like another BS statistic to me.
What is the avg home price in Trinbago?
What is the average salary?
If we were to go at 8k avg salary (96k per annum) versus avg. home price 1200k ... that is a BS statistic right there ... so kindly state your sources?
With two wage earners (typical) per family, 1.2M/192K is 6.25.
Looking at that avg of 8k, all I go say is allyuh does really swing for the fences with dem guesstimates.
I honestly sseriously doubt that the average person in middle class society in T&T making 8k, I suspect it's more like 4.5k on the lower end - 6.5k on the upper end.
adnj wrote:88sins wrote:adnj wrote:You just did.timothymcdavid wrote:Home price to annual income ratio ... Seems like another BS statistic to me.
What is the avg home price in Trinbago?
What is the average salary?
If we were to go at 8k avg salary (96k per annum) versus avg. home price 1200k ... that is a BS statistic right there ... so kindly state your sources?
With two wage earners (typical) per family, 1.2M/192K is 6.25.
Looking at that avg of 8k, all I go say is allyuh does really swing for the fences with dem guesstimates.
I honestly sseriously doubt that the average person in middle class society in T&T making 8k, I suspect it's more like 4.5k on the lower end - 6.5k on the upper end.
With a two-earner household income of $11K ($130K per year), the home price would be in the $850K range. I saw a 600 sq ft house built for under $100K plus land with basic finishes.
I realize that you will typically attempt to pass off personal opinion as fact but even at the numbers that you suggest, building a house is at your suggested income levels is possible.
Salary surveys and IMF data support the TTO median (not average) income range of $80K to $100K per year. A laborer at $300 per day earns $75K. There is also non-taxed cash payment to consider.
Return to “Ole talk and more Ole talk”
Users browsing this forum: Google Adsense [Bot], wx_klb and 111 guests