Real Estate Submarkets and Their Characteristics | Real estate

The Jamaica real estate submarketThe general market for goods and service is made up of many submarkets. When left free to operate without private or governmental interference, each submarket and the general market as a whole should theoretically regulate itself by the laws of supply and demand.One of the submarkets of the general market for goods and service is the Jamaica real estate market. While the real estate market differs in a number of distinctive ways from other markets, it acts much like all markets with respect to changes in supply and demand, but with a slower response time. It has the appearance of being a single, simple entity when in fact the real estate market is itself composed of many complex sub markets. This would include Jamaica homes for rent as well. This would be known as a parent category.Real estate is a commodity just as wheat, gold and sugar. By combining the other factors of production with land we can produce wheat, gold and sugar or buildings.Major sub markets of Jamaica Real Estate
Most authorities agree that the five major submarkets of Jamaican real estate are:
1. Residential homes for rent in Jamaica;
2. Commercial;
3. Industrial;
4. Agricultural;
5. Governmental and special – purpose propertiesEach of these five categories is further divided into minor submarkets. For example, “residential” as a major submarket can itself be divided into minor submarkets as follows:
1. Urban;
2. Suburban; and
3. RuralEach of the minor submarkets can be divided further into single-family and multifamily, which could then each be classified as owner-occupied and rental. The point is what appears to be one big, but simple real estate market is in reality, a complex structure of many individual submarkets, each of which contributes to the overall market.The characteristics of the real estate market
If the real estate market were allowed to operate without any interference or restraint whatsoever, each person could use his or her property in any way that would produce the greatest return. This could result in one person’s use of Jamaican property causing a loss in value to another person’s property. Obviously, we cannot permit land to be used for whatever purpose the owner thinks best for his or her private gain.For example, if you lived in a very fashionable up-market residential subdivision and your neighbor bought two undeveloped lots adjoining your property for use as a pig farm or for a paper mill with its offensive odors, the social costs to you and the rest of the subdivision would far outweigh the private gain to your neighbor. Therefore, the real estate market cannot be permitted to operate free of all controls and restraints.Listed below are five primary characteristics affecting ownership and sale that set real estate apart from other markets.
1. The market is local in nature; the product is immoveable.
2. It is slow to respond to change in supply and demand.
3. There is relative permanence of improvements; land is durable and fixed in location.
4. The market is not organized and is without central control; there is no standard product and no central information.
5. Governmental controls influence the market through zoning, building codes, taxes, etcLocal in Nature – The market for real estate is uncommonly local in nature compared with other markets. The reason, of course, is that land and the improvements thereon are immoveable. For example, we cannot transport sugar cane lands from Westmoreland to Kingston. If we were in the market for tomatoes we could haul our produce to the place where demand might be greatest. However, despite the demand for housing in Area A, we cannot produce an apartment complex or single-family subdivisions on land located in Area B and take it to where there is greater demand.Slow Response – The property market is unusually slow to respond to changes in supply and demand. Very often the number of houses (supply) in an area begins to fall behind the demand, however, since the design, land acquisition, site preparation and construction phases of real estate are so time consuming by the time demand responds the market becomes flooded. The equilibrium between supply and demand is thus destroyed because the supply of the town houses exceeds the demand at the time.Permanence of improvements – The characteristic referred to as permanence of improvements is also closely related to the above characteristics. The typical bungalow-housing unit has a long economic life compared to other commodities. Once we have built a block of offices we are stuck with it when perhaps we could have invested our time and money in a hotel. Therefore, the permanence of the improvements created eliminates many alternatives available to markets.Decentralized nature – Another characteristic of the real estate market is the lack of a single, central exchange for dealing with the real estate island wide. If one wishes to buy 100 shares in General Motors, California, the product will be the same as General Motors, Florida. However, if one wishes to buy 100 hectares of beachfront property in Westmoreland, Jamaica the product will be different in many respects from beachfront property in Portland. This focuses the attention on the two main reasons why there is not a central exchange for real estate.First, the product cannot be standardized. No two tracts of land are the same. Even two lots side by side on a street have different geographical locations on this earth. This concept is referred to as heterogeneity or non-homogeneity.Second, no central data bank or information source tells about all real property in Jamaica. Also, one needs to be careful when using information about properties in one area to assess properties in another. If one wants to know about real property in any location, it is best to go to that particular place and seek local information.Governmental Controls – The fifth and last of the primary characteristics of the real estate market, governmental controls, plays an inordinately important role when compared to other markets. Most people are familiar with direct controls such as zoning and building codes which govern construction and use of property.Governments also exercise indirect controls, such as the monetary policies of Central Government. For example, if Government reduces the overall money supply to slow the inflation rate, higher rates for mortgage bans turn, drives many potential buyers out of the real estate market in Jamaica. This does impact heavily on the drafting of a rent agreement in Jamaica.

Gardening Information – Choosing Your Perfect Garden | gardening

What is the perfect garden for you?Now that you’ve been thinking of a garden for yourself perhaps your considering what type of garden to create. The choices are unlimited and the kinds of gardens are as varied as the number of gardeners. Yet you will want to think about some basic issues related to making the perfect garden for who you are and your lifestyle.A flower garden will add color and look nice in several areas of your yard. You can choose perennial flowers which will be there next year and the years to come, or you can choose annuals which will need to be replaced every spring with new plants. The benefit of perennials is you only plant once the benefit of annuals is no commitment. Say this is kind of like dating and marriage isn’t it? With annuals you never get stuck with wort’s, start again next spring. Perennials you adjust to habits you may not be happy with, though thankfully you never have to worry about the toilet seat. Ha!You must decide for yourself how much time you want to spend on gardening, if you haven’t gardened before perhaps just do a little as time permits till you get a small garden underway. If you find yourself with more time, energy and desire later start another garden. Next season you will have an idea of how much time and thus how large a garden you can comfortably commit to.As a seasoned gardener you know what kind of gardener you are and what your time commitment is thus you need only decide on how to change this years gardening from what you have done in the past. Perhaps you want to grow a certain kind of plant to blue ribbon status. Tomatoes and Squash in the vegetable garden of certain flowers, roses to see how well you can do concentrating on one or two varieties.Many folks are turning to vegetable gardens to offset the cost of food. It’s appalling to realize that nowadays the “good” food is nearly beyond the financial reach of many people with oranges running as high as $1.69 yesterday where I shopped. If you have the climate you may want to plant a few fruit trees. I have had years of enjoyment from my two, Bing Cherry, cherry trees my favorite summer fruit.Tip: with the demise of the honey bee in our nation, I had to order mason bees and install their nest under the eves of my house closest to the cherries in order to get the blossoms pollinated. You can order them online no problem. Also with trees you need to be able to prune and harvest, I also sprayed my trees for insects such as aphids every year, some considerations for you to think about.A benefit if the vegetable garden is the pay off of course, fresh veggies and oh my, I can just taste that fresh corn on the cob and new potatoes, oh yeah. Though perhaps more time consuming the vegetable garden is so rewarding to work in, talk about a stress reliever. Also it is place for quite conversations with family members something for everyone to do together and I have yet to meet a child or grandchild who is not interested in the garden.I enjoy all aspects of gardening, even the weeding as I think most gardeners do. Not only to deal dirt and fertilizer, choosing a pesticide thinning out excess plants or branches, its all out doors fulfilling because you get to enjoy the results of your labor. Indoor or outdoor a garden can provide comfort and soothing release from stress, a place and time of reflection, a family project.Whatever your reason for gardening you’ve only to decide what you want to plant, how and where to plant it and then, dig in (literally).

An Introduction to Dram Shop Law | laws and issues

A “dram shop” is legal term unique to the US. It refers to any establishment that serves or sells alcoholic beverages. Many states have dram shop laws, or statutes that make such an establishment responsible for any injuries suffered or inflicting by a person who has illegally purchased alcohol from them.This seems like a strange concept to many people who believe in holding everyone responsible for their own actions, even the highly inebriated. To provide some context for these laws, which may help to explain the reasoning behind them, here is a brief overview of our country’s dram shop laws and their historical origins.What Exactly Do Dram Shop Laws Say?In some states a business is not automatically responsible for any damage caused by one of their intoxicated customers. In order to be held legally liable, they have to sell regulated beverages in an illegal way. The exact laws differ by state, but in general it is illegal for businesses to:
Sell alcohol to a person under the age of 21
Continue serving drinks to a person who is visibly inebriated
Fail to respect regulations about the hours of operation for bars or liquor stores
It is important to note that in some states the sale does not even have to be illegal. A bar or liquor store can be held responsible for injuries caused even by a perfectly legitimate customer.If an establishment breaks this law and the intoxicated person in question causes injury to himself or a third party, the establishment could face a lawsuit filed by the injured third party. In some states, a person can even sue for injuries he inflicted on himself while inebriated.Other states include further restrictions than the ones outlined about. In some places a business can be held liable for serving drinks to a person who is “habitually drunk.” In Massachusetts a business can even be used for offensive or vulgar behavior from intoxicated customers.Where Did These Laws Come From?The origins of these laws are usually traced back to the early 20th century Temperance movement. This was a group of people, largely women, who wanted to reduce the amount of liquor consumed in their country, if not end it entirely. They were a driving force behind Prohibition, the period between 1920 and 1933 during which alcohol was illegal in the US.The Temperance movement is often misunderstood. While Prohibition ultimately failed, when one learns more about the issues these women were trying to address, their attempt becomes more understandable. Rather than hating alcohol for its own sake, they were trying to fight the parental neglect, domestic violence, and poverty often associated with drug abuse.For more information on dram shop laws, contact Milwaukee defense lawyers Kohler & Hart.