51 new developments slated for the St. John’s Mount Pearl Area means 51 new reasons to invest in St. John’s Real Estate

January 26, 2011 · Filed Under Local St. John's, Newfoundland Economy, St. John's General and St. John's Real Estate · Comment 

There are approximately 51 major developments that could take place in St. John’s this year. Of these developments, Pleasantville appears to be the hottest topic (as well as the largest development)  A new Canadian Forces Base  as well as 975 residential spaces. I have received a number of calls in the past few months on this new subdivision already.  This will be the hot spot for East End St. John’s homes for sure.

The old Woolworth building is slated to become an office tower/parking garage.

An $18million dollar hotel is to be built at the corner of Prescott and Water Street.

A $15million dollar hotel/condo building is being built on Temperance Street.

The old Arcade building on Water Street as well as the old CBC building are aimed to be converted to office buildings and condos.

On Tiffany Lane in the East End of St John’s a new $10million dollar condo development will be built.

In the West End of St. John’s a new $8million dollar seniors condominium complex will be built as well as another in the Center of the City on Blackmarsh Road.

A 200 home project is expected to get underway off Ruby Line and Heavy Tree Road in Mount Pearl.

Lots of new Box Stores being constructed up on Stavanger Drive Area.  (Best Buy, Kesleys, a new RONA building, a new Canadian Tire building) as well as new ones on Kesley Drive near Kenmount Terrace.

Things are certainly booming here in St. John’s.  Good times, prosperous times are ahead for Newfoundlanders.

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House for sale in Windsor Heights Portugal Cove – 98 Bugden Drive

January 11, 2011 · Filed Under New MLS Listings and St. John's Real Estate · Comment 

**SALE PENDING** Superbly built 2 story home with both attached (20X24) and detached (24X32) garage located on a 0.85 acre lot. approx 3700 total sqft (2400 developed). Large open concept kitchen with travertine tile floors and eat-in dining room. Adjacent family room is perfect for entertaining. Separate formal living room.  Crown mouldings throughout most of  home.   9FT ceilings.  Lots of pot lights.  In-ceiling sound system.  Large walk-in pantry off the kitchen. Three bedroom home. Large master with ensuite and walk-in closet. The entire home is heated with a high efficiency electric hot water  furnace. Enjoy in-floor heating in EVERY room, including the basement.  Basement is fully insulated with spray foam insulation and is partially developed.  Main floor laundry. Detached garage  is wired and has wood stove. 10mins from Stavanger Drive, COSTCO and major shopping centers. Asking price is $469,900.  Call Fraser or Stephen Winters for more information.

Virtual tour for 98 Bugden Drive.

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December Housing Starts for the St. John’s Newfoundland

January 11, 2011 · Filed Under CMHC Reports · Comment 

This news was just released from Canadian Mortgage and Housing Corporation.

ST. JOHN’S, January 11, 2011 – Housing starts in the St. John’s region were lower during the month of December, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). December’s housing starts totaled 172 throughout the St. John’s area versus 201 starts in December of 2009. There were 27 additional starts recorded outside the St. John’s area, for a total of 199 provincial urban housing starts compared to 223 last December. For 2010, total starts were above 2009 levels, with 1,816 recorded throughout the St. John’s region versus 1,703 in 2009.

“Despite the record mild weather, total starts fell short of December 2009 levels due to both lower multiple unit and single-detached unit starts activity,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “New home construction slowed during the final months of 2010, but finished the year up seven per cent overall,” added Janes.

In urban centres across Canada, total housing starts recorded in December were down two per cent to 12,040 units compared to 2009’s total of 12,268.  Single-detached starts declined 20 per cent to 4,981 units, while  multiple starts increased 17 per cent to 7,059 units in 2010. In the Atlantic region, 611 new units were started in December 2010 compared to 672 units during the same period in 2009.

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What! You’re going to charge a penalty on my mortgage?

January 10, 2011 · Filed Under First Time Buyers, Mortgages and St. John's Real Estate · Comment 

This is a guest post from Jeff Burton with Royal Bank. Jeff is a Mortgage Specialist and can be reached anytime at 709-685-4816

With spring just around the corner, many people contemplate selling their home.  There are many variables to consider. A commonly asked question is; “if my mortgage is not up for renewal, can I sell my home?” or “if I sell my home before it is up for renewal, will there be a pre-payment charge or most commonly referred to as a penalty?”

The good news is, you have options.

Your mortgage may be portable and/or assumable.  If your mortgage is not up for renewal and you sell your home, then most likely there will be a pre-payment charge if you do not avail of one of the previously mentioned options.  The amount of this pre-payment charge will vary depending on a number of factors and best answered one on one by a mortgage professional.

Porting your mortgage refers to transferring your mortgage from one property to another.  By taking advantage of this option, you will avoid the pre-payment charge since the financial institution does not loose your business. Most often a blended rate will occur.  This is when the financial institution looks at your current rate (and the time remaining in that term) and blends it with the closest term (to time remaining) and its rate to calculate a blended rate.  Normally you have a 90 day period to port your mortgage.  So from the sale date of your existing home to the purchase of your new home, it should be within 90 days.  It is possible to port your mortgage anywhere in Canada.  Again this is best discussed one on one with a mortgage professional.

If you are selling your existing home but not buying a new property within the 90 day period or you are moving outside of the Canada, you may avail of having someone assume your mortgage.  In short, an assumable mortgage means someone can take over your mortgage.  Since the financial institution still maintains the mortgage, this will allow you to move forward in your plans and avoid the pre-payment charge.  There maybe be underlying conditions if your mortgage is assumed, again this is best discussed with a mortgage professional.

Don’t worry if you didn’t understand every point made above. The important thing is being aware of the options available.  This allows you to make an informed decision that is right for you. Ask questions. Re-ask if you are unsure of the answer.  This is your future and you deserve to know what is available to help you accomplish your goal.

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Staging your St. John’s Home – The catch phrase for 2011

January 4, 2011 · Filed Under Home Staging and Tips for Selling your Home · Comment 

The word de-clutter is now a thing of the past. “Home Staging” is a thing of the future. It seems that every time you turn around people are talking about staging when the time comes to sell their home in St. John’s.  Of course staging your home requires you to de-clutter so you will not get away with piling everything in the closet.

If you haven’t heard of “staging”, it’s a fairly straightforward concept. It simply involves cleaning, organizing and decorating your home in such a way as to make it look its best for potential buyers.
One of the most difficult rooms to stage is the kitchen because it’s one of the most used. It’s not like you can set it up to look nice for tours and then never go in it! Yet, an effectively staged kitchen can help sell your home because it’s the room that buyers often scrutinize and remember most.

Here are some basic kitchen staging tips:

  • Be relentless when de-cluttering your kitchen. Stow or get rid of any unnecessary items.
  • Clear the countertops. Leave no more than two appliances in view. This will give the impression that there’s lots of surface space available
  • Make sure the sink shines. If regular cleaners don’t work, there are a number of specialty products available for cleaning sinks of all kinds, including stainless steel.
  • Consider making upgrades. This could be as simple as replacing cabinetry hardware to as involved as installing a new countertop. Your decision to make upgrades depends on the age and condition of your kitchen.
  • Paint and stain. One of the most affordable improvements you can make to the kitchen is painting.  A new coat of stain or other finish can make older, worn cabinets look like new.
  • Fresh flowers in a vase brighten up any room, especially the kitchen.
  • Make it double-duty. Not enough space for a kitchen table? If there’s room, put in a small table with a couple of stools. Buyers like to see that there’s at least the option to eat-in.

Need more tips on making your home show well, so it sells faster and for the price you want? Call us today and we will gladly be of assistance.

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