Cost of an HDC house......need price for econ presentation. URGENT!!!!!

[teems1]

1.3M = super mansion?

Tell us more

1.3m to build a house alone would get you a huge 2 storey.

Remember the current flat houses which sell for 1.6m - 1.8m have to cater for the cost of land and profit for the contractor/investor.

[brainchild]

Anyone have inside info on the Mahogany Courts development in Mt. Hope? I'm hearing a 2 bedroom starting at 1.2 million. Who are they catering for here?

[eurotuner]

Anyone have inside info on the Mahogany Courts development in Mt. Hope? I'm hearing a 2 bedroom starting at 1.2 million. Who are they catering for here?

DF!

[ProtonPowder]

So they scaled back the income cap for HDC to 25k/month, and units start at 1.2m in certain locations. Looks like they planning to jam people for the max debt:income ratio that TTMF willing to provide a mortgage for.

Don't be house poor folks. Just cause the banks willing to take 35%-45% of gross income as a mortgage payment dont mean the house expenses stop there. They always give people more than enough rope to hang themselves.

[bluefete]

That is correct!
2 of the buildings are up already.
Middle class have to pay more.

Anyone have inside info on the Mahogany Courts development in Mt. Hope? I'm hearing a 2 bedroom starting at 1.2 million. Who are they catering for here?

[adnj]

So they scaled back the income cap for HDC to 25k/month, and units start at 1.2m in certain locations. Looks like they planning to jam people for the max debt:income ratio that TTMF willing to provide a mortgage for.

Don't be house poor folks. Just cause the banks willing to take 35%-45% of gross income as a mortgage payment dont mean the house expenses stop there. They always give people more than enough rope to hang themselves.

31% of gross is an international standard debt load for home mortgages. California has typical debt loads of 50% of gross.

Additionally, Trinidad has lower transportation and utility costs than average along with zero costs for heating. Trinidad does, however, have lower wage growth than most simililar countries.

[Country_Bookie]

That is correct!
2 of the buildings are up already.
Middle class have to pay more.

Anyone have inside info on the Mahogany Courts development in Mt. Hope? I'm hearing a 2 bedroom starting at 1.2 million. Who are they catering for here?

Is mahogany courts being distributed thru the HDC or to be sold on the open market?

[brainchild]

I'm guessing a three bedroom will cost bout 1.4m in that case. No matter how i work it out, that deal looking to put a middle class family in serious debt. Unless it's a 23yr old couple with no kids earning 24k mthly, and still the mortgage working out to be the majority of one of them salary.

[brainchild]

That is correct!
2 of the buildings are up already.
Middle class have to pay more.

Anyone have inside info on the Mahogany Courts development in Mt. Hope? I'm hearing a 2 bedroom starting at 1.2 million. Who are they catering for here?

Is mahogany courts being distributed thru the HDC or to be sold on the open market?

Through HDC, it's their first public private partnership initiative.

[ProtonPowder]

I'm guessing a three bedroom will cost bout 1.4m in that case. No matter how i work it out, that deal looking to put a middle class family in serious debt. Unless it's a 23yr old couple with no kids earning 24k mthly, and still the mortgage working out to be the majority of one of them salary.

Couples earning that sort of money at that age are young professionals, who should rent somewhere for 2.5-3k per month until they can save for a 20% downpayment on a proper mortgage to build a house themselves. Not to mention that young professionals dont get married straight out of UWI, they usually wait until 27+ unless they were together since the start of university.

And also, HDC waiting list is long enough for their salary to pass 25k way before they get considered for placement.

[brainchild]

I agree, which is why i don't get exactly which middle class HDC is targeting with this development. Being a stones throw from murder-hole mt dor doesn't exactly make it prime real estate either.

[ProtonPowder]

So they scaled back the income cap for HDC to 25k/month, and units start at 1.2m in certain locations. Looks like they planning to jam people for the max debt:income ratio that TTMF willing to provide a mortgage for.

Don't be house poor folks. Just cause the banks willing to take 35%-45% of gross income as a mortgage payment dont mean the house expenses stop there. They always give people more than enough rope to hang themselves.

31% of gross is an international standard debt load for home mortgages. California has typical debt loads of 50% of gross.

Additionally, Trinidad has lower transportation and utility costs than average along with zero costs for heating. Trinidad does, however, have lower wage growth than most simililar countries.

Trinidad might have low transport costs due to relatively low gas prices and short commutes, however the way that cars are imported and sold, because of high taxes, means that car payments in TnT are usually a higher fraction of take-home income. Car dealerships in TnT shoot for 30% debt:income, and this is just for a damn car.

the 35%-45% figure i said was from republic bank when i was dealing with them a few months back

[Kronik]

That is correct!
2 of the buildings are up already.
Middle class have to pay more.

Anyone have inside info on the Mahogany Courts development in Mt. Hope? I'm hearing a 2 bedroom starting at 1.2 million. Who are they catering for here?

Is mahogany courts being distributed thru the HDC or to be sold on the open market?

Through HDC, it's their first public private partnership initiative.

I don't think so, because there is one in chin chin where they offering houses for 1mil, they said it's a public private partnership, and that was offered since middle of last year

[brainchild]

Starting at a million...same contractor...same issue