Although the market is strong all together, there are certain pockets that are outperforming. One of the pockets is under $1M. With interest rates where they are and the continued rise in year-round rents, financially it makes more sense for a year-rounder to buy. Given the cost of living on Island and average wages, an average resident can only afford a down payment for a property under $1M. So, there is stronger demand at this price section than most others, which therefore pushes prices up. Higher prices means there are less properties in this price section, which further pushes prices up because less supply. The price increase has been fairly drastic since the building boom (which led to more jobs, which pushed rents up and caused this phenomenon) really got going 4+ years ago. Case in point, a property came on the market 4 years ago, my client bid $540K, which the Seller almost took, but then at the last minute decided not to sell. Recently it came back on the market, received multiple offers and went under agreement immediately for around $900K, which is over asking price. <\/p>\n","protected":false},"excerpt":{"rendered":"
Although the market is strong all together, there are certain pockets that are outperforming. One of the pockets is under $1M. With interest rates where…<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1767","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/posts\/1767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/comments?post=1767"}],"version-history":[{"count":6,"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/posts\/1767\/revisions"}],"predecessor-version":[{"id":1773,"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/posts\/1767\/revisions\/1773"}],"wp:attachment":[{"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/media?parent=1767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/categories?post=1767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jpfco.com\/dir\/wp-json\/wp\/v2\/tags?post=1767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}