I just stumbled upon a Realtor in Vancouver – Kye Grace on Twitter that just completed hosting a 72 hour open house. Talk about being creative and thinking outside the box. To add to his off-the-wall marketing he broadcasted and recorded the event live on the internet. Dubbed “Kye TV” Personally I think this was a great way to promote his million dollar 2700 sqft loft. Awesome idea Kye!
Check out the time lapsed video he created on YouTube
VOCM.COM reports that Newfoundland is leading the way in consumer confidence.
This province has been bucking the trend in consumer confidence. In fact, a researcher says consumer confidence in Newfoundland and Labrador is possibly the highest in the western world. Corporate Research Associates CEO Don Mills says it will take a lot to shake that. Mills says this province leads the country in consumer confidence and continues to enjoy a high level of satisfaction with government. He says we’re in a unique situation, as the rest of the country deals with layoffs and downsizing. He says if there are a lot of people coming back from Alberta, it could make a difference. Mills says CRA will be going back into the field for research next month. Finance Minister Jerome Kennedy says the continued confidence will help the province pull through.
Some of the highlights of the report are:
- Great news for people with investment properties and rentals – “Increased economic activity and job opportunities throughout 2008 have pushed residential apartment vacancy rates to less than 1 percent. Rental rates increased an average of 5 percent; however, remain below levels sufficient to warrant new construction. With no significant supply entering the market in over 25 years further rent increases are imminent.”
- In referring to 2 – 6 unit properties - “Prices continue to strengthen with much of the activity driven by out-of province investors anticipating growth from enhanced employment and economic spin-off. This trend is expected to continue through 2009.”
- “There is an increasing trend towards investors purchasing older apartment buildings and converting them to condominiums. Higher priced condominiums are expected to grow in demand with the aging population in the greater St. John’s region.”
- Water taxes in St. John’s will increase by $80 per unit in 2009 to a rate of $520 per year.
An interesting point they mention is to have the assessed value of your home reviewed. With the big jumps in prices last year and the upcoming assessment for property tax for 2010, tax payers can expect to pay more property taxes.
The key questions to ask are as follows:
- Is the value assigned to my property above market value as of January 1, 2008?
- Is the value assigned fair when compared to similar properties?
Very important especially in the market we saw last year. I know I will be paying particularly close attention to mine. Remember, you only have 30 days to appeal when you receive your assessment. Make sure you call Kirkland Balsom & Associates and have your assessment reviewed.
The St. John’s Newfoundland MLS listings numbers where down for the 4th quarter of 2008. However there was a noticeable increase in price. MLS sales fell 9% to 1,203 units compared to 2007’s record fourth quarter sales of 1,326 units. The average St. John’s MLS price surged 27% to $193,529 compared to $152,160 during the fourth quarter of 2007, representing the only growth market in Canada. October, November and December MLS sales were 549, 373 and 281, respectively.
The Sellers market we saw for most of 2008 weakened during the 4th quarter, bringing us back into a balanced real estate market. Sales to active listings ratio fell to 21% in December, but averaged 26% during Q4 versus 21% the fourth quarter of 2007. New MLS listings increased 11% in the fourth quarter and when combined with the 9% decline in sales, total active listings began to stabilize. There were 1,463 new residential listings during the fourth quarter compared to 1,320 during Q4 of 2007, an increase of 11%. Active listings averaged 1,528 from October to December 2008 versus 2,067 during the fourth quarter of last year.
** SOLD ** Just like new two-storey, three bedroom home in Sunset Gardens, Paradise. Eat-in kitchen with door leading to padio deck. Hardwood throughout most of main floor. Master bedroom has three piece ensuite and walk-in closet. Main floor half bathroom. This property has rear yard access. Undeveloped full sized basement with lots of potential.
Asking price: $229,900
Call Fraser & Stephen Winters for more information.
The stats have been tallied and once again RE/MAX is leading the way in market share for St. John’s and surrounding areas. Over 40% of the real estate business in St. John’s is being transacted with RE/MAX Realtors and the RE/MAX branding.
As reported back in July for the first two quarters in 2008 for St. John’s real estate market update, RE/MAX has been consistantly hovering near 40%. In fact for over 5 years I’ve seen RE/MAX going from the mid thirties and up.