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Real estate under the hammer

Trevor Yearwood

Real estate under the hammer

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Some real estate businesses are having a tough time because of the troubled state of the economy.

The land sales market is not as robust as it used to be, even though price reductions have been occurring.

Realtor and auctioneer Trevor Brooks of BABCO Realtors made the disclosures yesterday after auctioning two properties in St George for Republic Bank (Barbados) Limited.

“The average Joe selling real estate now has a very difficult time and you’re seeing some dramatic reductions in prices,” he told the WEEKEND NATION.

Mohamed Desai of St Michael, made successful bids for the properties – $132 000 for 1 138.8 square metres (12 258 square feet) of land at Lot 10, Salters and of $60 000 for 665.7 square metres (about 7 166 square feet), at No 11, Mount Gardens, Ellerton.

The buyer has to make an initial deposit of ten per cent of the price. The bank has the right ultimately to accept or reject the offer.

Brooks said yesterday’s winning bid, in the region of $10 per square foot of land, was an indication of how things were trending in the market.

Please read the full story in today’s WEEKEND NATION, or in the eNATION edition.