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St Johns, NL Real Estate News

By R. Greg Osmond, MBA, Red Maple Realty
(Sutton Group-Capital Realty Ltd.)
St. John's is an old city with lots of character and charm.  In fact its acclaimed as the oldest city in North America.  As the Capital city of Newfoundland, it has become the center for the Provincial Government and the hub for economic activity in the province. Many government offices for Newfoundland and Labrador are based in St. John's.  The most prominent structure is the Confederation Building.  The Confederation Building serves as the seat of the Newfoundland and Labrador House of Assembly.  It was built in 1959 and replaced the Colonial Building. The Confederation Building was built on a hill overlooking the St. John's.  The building has 11 stories and at its peak is 64 metres tall.  It was built at a cost of $9 million.   The building was substantially renovated in 1991.  It in...
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By Stephen Winters
(Remax Realty Specialists)
The seller's market has certainly ended.  Inventory has increased approximately 30 per cent and listings are taking longer to sell or expire (never sell during their contract period). The St. John's real estate market boomed during 2008, driven mostly by optimism created by the Newfoundland Government budget surplus, the Hebron oilfield announcement, and the Vale Inco Hydromet in Long Harbour.  In light of this, speculating buyers purchased homes from all price ranges in fear of property values zooming sky high.  The market cooled after the third quarter peak in 2008 and remained cool during the first quarter of 2009 causing the seller’s market to weakened into balanced market by the end of 2008. Prices, however, remain quite stable even during our current cooling market conditions. Acc...
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By R. Greg Osmond, MBA, Red Maple Realty
(Sutton Group-Capital Realty Ltd.)
The St. John's metro area has seen a 45% growth in housing starts over the same month last year says Chris Janes, senior market anlaysist with CMHC in Newfoundland and Labrador.  The strength of the local economy has sustained new home construction and buyers looking for newly built custom homes have driven the demand.  The year to date growth in St. John's metro area was up 30%. In Atlantic Canada, the housing starts in Urban centers was down by 31% in April compared with April of 2008.  For Canada's urban centers housing starts were down by 53% in April compared to April 2008.  We are seeing a continued strength in the Newfoundland market while there still is year over year weakness in the rest of the country.  This strength in our market when the rest of Canada's real estate market i...
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By R. Greg Osmond, MBA, Red Maple Realty
(Sutton Group-Capital Realty Ltd.)
Two days ago I attended a presentation from the Morris Real Estate Marketing Group from Toronto.  The speaker, Mr. Phil Hollander presented.  The purpose of his presentation was to engage Realtors in St. John’s, Newfoundland to think about the importance of referrals and repeat marketing.  His premise was that repeat business and referrals from existing clients are important because if we can generate a steady stream of referrals and repeat business from our existing clients, we will have effectively created an annuity that will generate hundreds of thousands of dollars in future income. Since Realtors do not receive any kind of guaranteed income or salary or pension like people with “normal” jobs, that has to be very important to them.  A commission based life style is not very secure ...
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By R. Greg Osmond, MBA, Red Maple Realty
(Sutton Group-Capital Realty Ltd.)
Purchase price just reduced by $50,000 to $640,000 on this one 1.06 Acre of land, centrally located in St. John's Newfoundland.  Ideal location for a condo development, apartment building, or a commercial development.  Close to Dominion Supermarket on Blackmarsh Road.  Investors take note.  For more information, call R. Greg Osmond at 709-895-2500.  MLS 141157.
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By R. Greg Osmond, MBA, Red Maple Realty
(Sutton Group-Capital Realty Ltd.)
If you are facing unforeseen financial circumstances that impact your ability to make regular mortgage payments, it will be important take quick action.  With early intervention and a reasonable plan, you can work together with your lender to find a solution.  In tough economic times, many people face similar problems.  Do not leave it.  Most problems are managed best by taking action sooner than later. Here are three simple steps that can make a big difference in resolving your financial difficulties. 1. Take Stock Of Your Financial Picture Prepare a detailed list of financial obligations including any credit cards, loans, household bills with the amounts owing and their due dates.  Be sure to include information about your current income, savings accounts, investments, and any other a...
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By R. Greg Osmond, MBA, Red Maple Realty
(Sutton Group-Capital Realty Ltd.)
If you want to maximize the value of your home when you sell, you will need to put energy into preparing your home for the market. Depending on how much time you have spent on keeping the property in top shape, there will be a varying number of things needed to make your home show its best. Here is a to do list for the inside of your home that will help make the sale happen quickly and help you get the best value too. 1. Floor coverings should be free of stains, scratches and excessive wear. 2. Walls and ceilings should be free of stains, holes, mildew, cracks, water damage and nail pops. Neutral colors are best for attracting buyers. 3. Doors should all function properly, be free of squeaks and stains and have working handles and latches. 4. Windows should have clean unbroken glass, be...
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By R. Greg Osmond, MBA, Red Maple Realty
(Sutton Group-Capital Realty Ltd.)
Previously I discussed negotiating for real estate so that you could understand the basics of how to be successful making a deal with the vendor.  I now want to delve a little deeper into the subject. A buyer needs to know the answer to this important question before making an offer.  “Will there be competition for the home?”  In some cases it is always wise to assume you will have competition but many times, you may be the only one bidding for the home.  Knowing if another buyer will be offering at the same time will help you decide what to offer.  If it is not possible to know with certainty, seek to get a commitment from your agent that you will be informed should another offer on the property be presented to the vendor with yours.  In this case, you would have a opportunity to revis...
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By R. Greg Osmond, MBA, Red Maple Realty
(Sutton Group-Capital Realty Ltd.)
A Realtor from Greater Vancouver just posted this on his blog.  Please Help Me Invest 50 Million Euros.  This request comes by way of an email he received from a prospective buyer.  OK, I am calling him/her/it a prospective buyer but I use the term with my eyes rolling over in my sockets.  You will get my drift when you read this.        Dear David, Thanks for your mail. I would like you to know that i really want to invest on Property and i want to invest 50 Million Euro on the project. I would like you to know that i am presently in USA for my check up due to my Illness, I mean i am having a Cancer of Lungs and i also have a hole in my heart. I and my wife did a business before i lost her and my unborn baby which worth about 50.6 Million Euro. Due to my illness and my doctors Advice i...
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By R. Greg Osmond, MBA, Red Maple Realty
(Sutton Group-Capital Realty Ltd.)
When house hunting, a buyer should be careful not to speak too openly in the company of the vendor's agent or another buyer's agent.  All Realtors have a fiduciary duty to disclose to their client whatever they know if it may influence the result of the negotiating process.  When a vendor's agent hears you express strong interest in the home or that you are moving from a city where houses are twice as expensive, that information will be given to the vendor and may be used against you during negotiations.  The same is also true with the Realtor who represents you.  If the vendor or the vendor's agent discloses information to your agent, s/he has a fiduciary duty to share that with you if it will influence the negotiations.  As a buyer you should know that your sensitive information shoul...
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By R. Greg Osmond, MBA, Red Maple Realty
(Sutton Group-Capital Realty Ltd.)
Here is a tool that will help when you are trying to find your way around St. John's, Newfoundland.  It's my Google Map of St. John's, Newfoundland.  Its a work in progress of course which in time will be rich in detail. I will add places and information to it as time and inspiration allows.  If you would like to see something added that is of interest to you, drop me a line and I will be happy to include your suggestion. I invite you to click on the link below "View Larger Map" and then add it to "Favorites" in your web browser. This will make it easy to find when you need it.  The beauty about a Google map is that it is easy to navigate, it can include links, photos and videos and it will enable you to find your way from one place to another by clicking on "Get Directions".  In fact, ...
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By R. Greg Osmond, MBA, Red Maple Realty
(Sutton Group-Capital Realty Ltd.)
If you walk through downtown St. John's, Newfoundland, you will notice old buildings, narrow roads, and one way streets all characteristic of the old capital city.  There are not a few bars and restaurants along your route so you can stop in for a drink or relaxing lunch.  Sitting at the harbour front, you will observe several ships docked with anticipation for the next trip out to sea while others are coming and going.  St. John's is a major port of call for the oil industry services and many Canadian east coast shippers.  In summer, don't be surprised to see a luxurious cruise ship resting there for the day. Rumpelstiltskins Eatery and Bar is a restaurant that offers you a comfortable table overlooking the harbour.  It sits at the base of a street called "Hill O Chips", just a two min...
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By R. Greg Osmond, MBA, Red Maple Realty
(Sutton Group-Capital Realty Ltd.)
When buying your first home it is common for some to feel overwhelmed with all that faces them.  However, buyer apprehension can be remedied with a bit of good information.  Here are seven important things to DO that will make your home buying experience successful.    1.  At the risk of sounding self serving, I strongly suggest that the number one DO is to solicit help from a professional Realtor in whom you can trust.  Buying a home is probably the most important investment of your life.  An experienced Realtor who knows the market, the areas of town to avoid, the methods for negotiating effectively, the things to look out for in the home, and who has the proper documents to affect a legally binding contract tailored to your needs will help you avoid making one or more of a myriad of ...
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By R. Greg Osmond, MBA, Red Maple Realty
(Sutton Group-Capital Realty Ltd.)
Newfoundland home prices have advanced substantially from one year ago.  When comparing average home prices to the end of February 2009 with those of other provinces in Canada, Newfoundland ranks 5thlowest.  However, statistics from the Canadian Real Estate Association (CREA) show that the average price of a home one year ago placed Newfoundland 3rd lowest in the country.  Apparently we jumped two places in the last 12 months.  That tells you a bit about our market for home buying in 2008.  It was very competitive.       Feb-09 1 Prince Edward Island  $131,911.00 2 New Brunswick  $147,575.00 3 Nova Scotia  $187,688.00 4 Manitoba  $188,795.00 5 Newfoundland  $195,072.00 6 Quebec  $207,927.00 7 Saskatchewan  $227,382.00 8 Yukon  $267,192.00 9 Ontario  $284,843.00 10 Alberta  $326,785.00 1...
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By R. Greg Osmond, MBA, Red Maple Realty
(Sutton Group-Capital Realty Ltd.)
Each month, The Canadian Real Estate Association compiles the statistics of existing homes and properties sold through the Multiple Listing Service®. This provides an overview of the existing housing market in Canada, and tracks market trends for prices and properties sold in each of the respective provinces. The following table will show the latest statistics for major markets across Canada, based on the MLS® reports provided by local real estate Boards.  The latest average home prices are listed from East to West.  Newfoundland has led the group with a 29% growth in average home prices year over year. Province Feb-08    Feb-09  Year over Year         Newfoundland  $ 151,244.00  $  195,072.00 28.98% Nova Scotia  $ 188,110.00  $  187,688.00 -0.22% Prince Edward Island  $ 131,594.00  $  ...
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By R. Greg Osmond, MBA, Red Maple Realty
(Sutton Group-Capital Realty Ltd.)
I don't want to write this today.  The occasion is one of deep sadness as again more Newfoundlanders are lost to the sea.  The extraction this time is a result of a helicopter crash offshore yesterday at 9:48 AM.  Cougar Helicopter's flight 491 was forced into the Atlantic on its way to the oil rigs.  The crew noted a mechanical problem and decided to return to base.  But things turned terribly wrong.  For reasons that are yet unknown the chopper was forced to ditch in the ocean.  There were 18 people on board and today the province is coming to grip with what seems inevitable.  There is one survivor, one confirmed dead and sixteen others as yet unaccounted for.  Searching is ongoing as I write this but unfortunately hope for the missing passengers and crew becomes bleaker by the minute...
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By R. Greg Osmond, MBA, Red Maple Realty
(Sutton Group-Capital Realty Ltd.)
Canada Lands Corp., a federal Crown corporation owns 65 acres of prime real estate in the St. John's east end.  The Pleasantville site which was developed as a US military base in the early 1940s is about to be redeveloped for residential homes, condominiums and apartments.  There will be up to 1000 housing units in the development when it is complete. The St. John's city council approved the development on Monday March 9th and all that remains now is for the provincial government to give approval.  This will undoubtedly be forth coming in due course.  I am expecting the site work to begin there this summer.  Some residents of St. John's east have legitimate concerns about inadequate open space and increased traffic.  No doubt the final layout is under review and will be modified somewh...
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By R. Greg Osmond, MBA, Red Maple Realty
(Sutton Group-Capital Realty Ltd.)
Sometimes we just need a short synopsis of how to get something done.  This is a friendly list of things to do to help you sell your home quickly for top dollar.  If something here troubles you, please understand that I am being brief and cannot completely cover the essence of why these suggestions work.  If you like, we can talk about them.  Here we go: 1. List your home on the Multiple Listing Service (MLS).  Most people who are buyers are shopping through MLS agents or at the very least are searching the MLS online to find a home.  You should make very sure that your home is one of those listed on that system.  It is by far the most effective way to sell your home fast for top dollar.  In my view, "It must be seen by as many as possible to be appreciated by at least one!" 2. Here is ...
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By R. Greg Osmond, MBA, Red Maple Realty
(Sutton Group-Capital Realty Ltd.)
Housing starts for February 2009 have declined in St. John's, Newfoundland by 12% as compared to the February 2008 stats, according to a market report from CMHC.  The senior market analyst Chris Janes indicated that this decline compares favourably to that of a 59% pull back in urban Canada.   According to Mr. Janes, the decline in St. John's has allowed builders to catch up from the strong demand of 2008 which kept them behind for most of the year.  He said, new home construction in Canada is slowing to more sustainable levels and is forecast to be 160,000 units for 2009. On the surface one might expect this moderation of demand to have a negetive impact on pricing but there has been nothing to indicate that builders are reducing prices.  What we might expect in 2009 is for price incre...
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By R. Greg Osmond, MBA, Red Maple Realty
(Sutton Group-Capital Realty Ltd.)
As expected, 2009 is shaping up to be a moderately slower year for real estate sales in Newfoundland than was 2008.  We see from the MLS statistics report published by the Newfoundland and Labrador Association of Realtors that new listings for the year are down slightly by 3% from the 2008 level, expired listings are up significantly by 42% and the total number of sales is down by 21% from 2008.    We also note that total sales dollar volume YTD is $76 million as compared to $79 million in 2008.  This is a modest reduction in volume and is still well ahead of the of the $53 million level recorded for 2007, especially in light of the weak real estate market in the other parts of Canada and the USA.  It is interesting to note that the listing numbers are below 2007 levels on a YTD basis. ...
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