By Dennise Williams, Staff ReporterAT FIRST blush, Portland and its capital Port Antonio appear sleepy, serene and scenic. But scratch the surface and you will see a town experiencing a quiet real estate boom.
Property prices are going up, driven by the desire of returning residents to live in the cool temperate pace of life that is Portland. And one 'returning resident' in particular, Canadian billionaire Michael Lee Chin, seems to be the driving force that could propel Portland to tourism greatness. To date, the absolutely fabulous
marina, built by the Port Authority to attract luxury yachts, is seen as a sign of things to come.
In previous media reports it has been revealed that Mr. Lee Chin is spearheading a team that is in the process of designing a master plan for Titchfield Hill, Navy Island and Folly.
LUXURY TOURIST DESTINATION
In June of 2004, Mr. Lee Chin flew Jamaican dignitaries to the island of St Maarten, in the eastern Caribbean, to show them what a luxury tourist destination should look like. Because, as much as Mr. Lee Chin loves the town of his birth, in published statements, he believes that, "The East Harbour is a disgrace." However, Mr. Lee Chin is determined to lead the change to create Portland into a "wonderful destination." And property owners are jumping on the bandwagon, hoping to sell their properties at high prices.
Realtor Keith Miller, with over 20 years experience in the Portland real estate market, took the Financial Gleaner on a tour of the town. "The trend is that buyers are trying to get in early and sellers are trying to cash in on the prospective development." Consider the current asking prices for properties.
Mr. Miller explained what was happening for Portland real estate prices. "Titchfield was once an exclusive enclave for the elite 50 years ago, but has declined. Nonetheless, it will cost you at least $3 million for one of the very old houses."
EXCLUSIVE GATED COMMUNITY
Mr. Miller states that there is an expectation that Titchfield, which is right beside the famous Titchfield High School, will see the old, dilapidated and neglected buildings torn down and an exclusive gated community created on the bluff overlooking Port Antonio's beautiful natural harbour.
And even ordinary houses in the main town have benefited from the quiet boom. As you drive by, compact houses on 5,000 to 6,000 square feet of land are selling for no less than $3 million.
However, other than the marina, nothing significant has happened in Port Antonio and so while real estate is moving, it is moderate in movement.
Mr. Miller states, "The real estate market is still a bit slow. It is only returning residents that are buying. And even with the strong US dollar or English pound, they come to shop on a budget. Properties over $4 million are out of their range."
Owners of land, on the other hand, have to be a little more flexible in their pricing. States Mr. Miller, "For lots, Portland is a buyer's market. When a serious buyer comes along, you have to negotiate. It is as simple as that."
However, in Port Antonio commercial properties are a different case altogether. Mr. Miller states that, "Commercial properties are so much in demand. A lot of Kingston, Montego Bay and Ocho Rios business people want commercial properties so that they can be a part of the development that might take place. They are getting their foot in early."
Mr. Miller believes that it is the 'Lee Chin effect' that is propelling the drive in commercial real estate.
"Michael Lee Chin is the drawing card. I don't see any other factors." The result? Mr. Miller states, "Right now, any place on West Street, Harbour Street and William Street in Port Antonio sells for $10 million up."
And while properties have appreciated by at least 20 per cent islandwide, in the case of Portland, Mr. Miller believes that it is the push of "returning residents being anxious to get into Portland. So prices are not overvalued, because it is based on the demand, especially in Port Antonio."
LAND ONLY
Richmond Hill - 1/4 acre - $1.2 M
Boundbrook Heights
- 1/4 acre - $1.8 M
St. Margaret's Bay - 1/2 acre - $1.8 M
Rafters Rest
- 15,889 square feet - $2.2 M
San-San - 2.5 acres - $5.5 M
HOUSES
Natuall Road - 3 bedroom,
3 bathhouse with 1/4 acre - $3.5 M
Buff Bay - 5 bedroom,
4 bathroom with 1/4 acre - $10.5 M
Passley Gardens - 4 bedrooms,
3 bathrooms - $14 M
