Volume X, Number 4 – December  2007

                            MEMBER PROFILE:                              

NEW CRU MAKING NAME FOR HERSELF

& REIC IN CARIBBEAN
 

You may think having a career in the Caribbean would be all fun in the sun- yet it’s not. Just like Vancouver, Toronto, Halifax or Montreal it requires hard work and determination to establish an individual's career.

Jasmine Eddy is one of those individuals.

Eddy was born in the Parish of St. George’s, St. Kitts in March 1971 as the second of three children. She cites her mother as a major influence in her life – staying at home to successfully raise three young children.

At the age of 17, she left school and took a job as a sales clerk at a record and book shop. However, she did not wish to settle and within two years was working with the Development Bank of St. Kitts and Nevis.

“The banking industry was never my first thought in terms of a career. However, just like anything else, it started as innocently as a job opportunity. And I soon developed a passion in this arena, and craved more exposure in the Financial and Real Estate Industry.” Eddy recalls.

 
While still employed at the bank, Eddy continued to receive education at local schools and colleges before enrolling at the University of West Indies where she earned a BSc with honours in Business Administration during the fall of 2007.

With her degree behind her, Eddy continues to strive for education. She currently is pursuing her MBA in Business Administration with a specialty in Finance at the Heriot Watt University in Edinburgh.

It is her passion for Education that drew interest in the Real Estate Institute of Canada and resulted with successfully earning her CRU designation June 2007.

“Earning my CRU and becoming a member of the Real Estate Institute of Canada was due to the fact that I realized that my future job prospects would be radiating. This designation allows me a future on my own as a Certified Residential Underwriter.”

While earning degrees and designations, Eddy continued climbing the ranks at the bank she started at close to 18 years ago. Today she holds the position of Senior Loans Officer, a roll she savors.

“The most satisfying aspect of my job is being able to look at projects and determine whether or not they would require additional financing, refurbishing or demolishing and re-constructing.”

When asked about homes sales in St. Kitts & Nevis and how they compare to North America, cost is one factor that doesn’t appear to vary as one may have expected it to do so.

“Real estate prices in St. Kitts & Nevis are quite reasonable in comparison to the price of oceanfront property on the U.S. coastline, or on other similar Caribbean islands. While the minimum investment is likely to be approximately $250,000 (US), you should expect to spend at least $300,000 (US) for a quality-built single-family home in a well-tended residential estate. For an additional $100,000 (US) you can purchase a substantial villa with its own swimming pool.”

If someone considers buying property in the islands they should keep in mind the extra costs that can quickly add up. “In addition to the initial purchasing costs, you should budget about another 9% to cover real-estate transfer taxes, conveyance fees and title insurance. Furnishing your home will also be an additional expense. However, all furniture and fittings can be imported duty-free, and while there are no personal taxes in St. Kitts & Nevis, there is an annual 5% tax on the rental value of property based on an assessment of its annual rental value. This tax rarely exceeds US$1,000/year, and if you do rent out the property, your actual rental income is tax-free.”

Eddy strongly urges anyone who is interested in purchasing real estate in the islands to consult a specialist.

“The circumstances are always different in each scenario and not all real estate in St. Kitts & Nevis is considered as a qualifying investment for purposes of acquiring economic citizenship."

The most popular aspect of the real estate market in the Caribbean at the moment is condo sales, according to Eddy. The outlook of the industry also looks good for the islands. “The pace of change in new homes will be much faster over the next 10 years than in recent years, and buyers can expect that all homes will be significantly "greener" and more resource efficient than today.”

With a promising outlook like that, Eddy should continue to be busy in her career for quite some time.
 

Top of the Page