PROMMA REALTY - Property Marketers and Managers Co

The years 2006 and 2007 have experienced and unprecedented slow down on the marketing time of properties. A property that normally took 6 months to sell is now taking at least a year. Furthermore, prices in Puerto Rico rarely went down. We were used to see and enjoy our properties to increase in value @ approximately a 3-5% every year. The slow down of PR's economy during these two years and the slow down on selling time have caused that owner's wanting to sell become desperate and lower their selling prices. These have caused that when local appraisers search for comparatives the sales prices have decreased and thus, the property for sale will be appraised in a lower value. This is the first time I know this has happened in Puerto Rico during the last 30 years. Therefore, we are in a buyers market. You - the buyer - may dictate your price and the sellers have to listen to it carefully.

Therefore, a slow down in sales have prompted for government tax incentives. Surely they will last for a short time. 2008, being an election year, makes no promises for short-term improvements. Therefore, we may hope that whoever gets elected int 2008 MOVES the economy.

Post your comments about this topic or create a new one.