** SOLD ** Welcome to 9 Janeway Place Unit 404. Completely renovated two bedroom condo located on the top floor. Hardwood and ceramic flooring throughout most of the condo. Crown mouldings, stylish kitchen with modern back splash. Enjoy an extra-large master bedroom with separate sitting/reading area. Spacious and bright open concept living room with doors leading to a balcony deck. Enjoy the evening sun and the panoramic views of Signal Hill, downtown St. John`s and the Bally Hally golf course. The Virginia River walking trail is only steps from your door downtown is within walking distance. MLS: 188807 Asking price is $229,900. For more information contact Fraser of Stephen Winters.
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** SOLD ** NEW PRICE – $329,900 SELLING BELOW APPRAISED VALUE. Tiffany Lane is one of the most sought after locations in St. John’s. Fraser and Stephen just listed 12 Tiffany Lane, a beautiful executive end unit townhouse (known as “The Cedars”) next to Tiffany Towers. Hardwood floors throughout most of the main floor. Separate dining room. Spacious living room with wood burning fireplace. Two large bedrooms on the second floor. Basement has a large rec-room and 3 piece bathroom. Lots of upgrades in recent years. This condo has one of the biggest lots for the “The Cedars.” The backyard has a patio deck and is fully fenced.
Asking price $334,900 REDUCED: $329,900 MLS: 179982.
Kirkland Balsom and Associates have just released their Real Estate Market Overview 2010 for St. John’s. I’ve shared this report the past 2 years and once again this year they are “spot on” with their assessments.
Here is an outline of their report:
Strong demand with less supply results in higher prices
The residential market just keeps on rolling! Demand remains strong and supply remains tight for well located and appropriately priced homes. The underlining drivers for this strong demand appears to be the fear of having to pay more in the future, easy access to favourable financing and strong employment throughout the region. A substantial increase in land values over the past year spurred new home construction cost and more than offset a slight softening in the sub-trades. Anticipated higher borrowing cost in late 2010 may serve to increase demand in the first half of 2010; however, could weaken demand in the second half. Pending an unforeseen increase in listing inventory, further price increases is
Effective full occupancy
With the apartment complexes at effective full occupancy and no new inventory on the horizon, rental rates should continue to increase. Not surprisingly in light of these trends, investor interest remains strong. A number of older apartment buildings in the university area have been purchased, renovated and converted to condominium units. Market activity also remains strong in the small scale 2-6 unit projects as entry level investors compete for limited supply.
Prices/demand continues to strengthen in condominiums at all price points. Escalating construction costs and an aging population will stimulate condo demand and values in the coming year.
25 Tiffany Lane unit 314 $194,900 - SOLD-
Located near Kents Pond in East End St. John’s, this 2 bedroom condo has it all. Open design concept, hardwood floors throughout most of property. Two spacious bedrooms. Two bathrooms. Separate storage room located inside condo as well as plenty more in basement of building. Lots of upgrades in past few years including new roof and new vinyl windows. Building is well maintained and beautifully landscaped. Secure building with elevator. Near walking trails and all amenities. Asking price is $194,900. Call Fraser or Stephen Winters today for more information. 682-9245 or 682-9045
58 Charter Ave Unit #302 – $137,900 - SOLD –
Fantastic two bedroom condo with plenty of upgrades. Mostly hardwood & ceramic floors. White kitchen cabinets. Spacious living room with patio door to balcony overlooking Quidi Vidi Lake and Signal Hill. Laundry room inside condo. Great location in St. John’s Pleasantville area. Near downtown St. John’s. Asking price is $137,900. Call Fraser or Stephen Winters for more details.
A major residential development for downtown St.John’s has been given the green light. St. John’s City Council has given the okay for six residential condominium buildings to be located on the former Standard Manufacturing site on Water Street East. Each building will have eight units for the total of 48 and there will be one level of indoor parking. Condos of this status are much needed in the downtown core. The condos will be a great attraction for oil companies, investors and new employees moving to Newfoundland due to the oil and gas industry.
Condos in St. John’s have become an increasingly attractive home ownership option. I’ve noticed a number of new high end condo developments in St. John’s East end, St. John’s downtown and Mount Pearl in the past year. Owning a condo is a viable option for anyone who wants to own a property without the worry of repairs, maintenance and in our Newfoundland climate, shoveling snow. Great investment for you baby boomers and Snow Birds.
Do not forget that when you buy a condo, you are also buying into the entire building in which your condo is located. Your condo fees (range from $150 – $400 depending on the condo) cover the costs for corrective work required in common areas, such as the roof, heating system, or foundation. They also help pay for the garbage removal, snow removal, possible landscaping as well as security. Each condo is unique and has different by-laws found in the Condominium Act.
There are two types of condominiums: Condominium Apartments and Condominium Townhouses.
The condominium apartment is a “unit” inside a building, similar to an apartment building. A townhouse, is usually an attached (sometimes detached or semi-detached) unit with separate entrance and usually has the luxury of a front and back garden.
Be sure to include a satisfactory viewing of all condo corporation documents when making an offer to purchase. As well, making the sale conditional to a satisfactory review of the corporation’s financial condition.
Advantages to purchasing a St. John’s condo:
- less maintenance then a single family home
- increased security
- lower monthly heating and light bills
- community living
- no need for activities like mowing the lawn shoveling snow
Some disadvantages to St. John’s Condos:
- regulations on renovation and upgrades
- older units may require more maintenance
- community living (yes both a pro and a con)
- lack of parking spaces (some condos)
- condo fees (can be costly for first time buyers on a budget)
For more information on condos contact Fraser and Stephen Winters
A written contract is the foundation of a real estate transaction. Oral agreements are not legally enforceable when it comes to the sale of real estate. Therefore, you need to enter into a written contract, which starts with an Agreement of Purchase and Sale.
The Newfoundland and Labrador Association of Realtors have standard purchase agreements and your Realtor will help you put together a written, legally binding offer that reflects the price as well as terms and conditions that are right for you. Your Realtor will guide you through the offer, counteroffer, negotiating and closing processes.
What is in an Offer?
The purchase offer you submit, if accepted as it stands, will become a binding sales contract. So it’s important that the purchase offer contains all the items that will serve as a “blueprint for the final sale.”
The purchase offer includes items such as:
- address and the legal description of the property
- sale price
- seller’s promise to provide clear title (ownership)
- possession date for closing (the actual sale)
- amount of deposit accompanying the offer and how it’s to be returned to you if the offer is rejected – or kept as damages if you later back out for no good reason
- provisions about who will pay for survey and real property report
- Property Disclosure Statement
- a provision that the buyer may make a final walk through inspection of the property just before the closing
- a time limit (preferably short) after which the offer will expire
- contingencies, which are an extremely important matter and that are discussed in detail below
Contingencies – “Subject to” Clauses
If your offer says “this offer is subject to a certain event,” you’re saying that you will only go through with the purchase if that event occurs. Here are two common contingencies contained in a purchase offer:
- The buyer obtaining specific financing from a lending institution: If the loan can’t be found, the buyer won’t be bound by the contract.
- A satisfactory Home Inspection: for example, “within 4 days after acceptance of the offer.” The seller must wait 4 days to see if the inspector submits a report that satisfies the buyer. If not, the contract would become void. Again, make sure that all the details are explicitly stated in the written contract.
This is a deposit that you give when making an offer on a house to show “good faith.” A real estate company usually holds the deposit in a trust account. This will become part of your down payment.
The Vendor’s Response to Your Offer
You will have a binding contract if the seller, upon receiving your written offer, signs an acceptance just as it stands, unconditionally. The offer becomes a firm contract as soon as you are notified of acceptance.
If the seller likes everything except the sale price, or the proposed closing date, or some of the applicances you want left with the property, you may receive a written Counter Offer including the changes the seller prefers. You are then free to accept it, reject it or even make another offer.
Each time either party makes any change in the terms, the other side is free to accept, reject or counter again. The document becomes a binding contract only when one party finally signs an unconditional acceptance of the other side’s proposal.
Buyers: Withdrawing an Offer
Can you take back an offer? In most cases the answer is yes, right up until the moment it is accepted. If you do want to revoke your offer, be sure to do so only after consulting a lawyer who is experienced in real estate matters. You don’t want to lose your deposit or find yourself being sued for damages the seller may have suffered by relying on your actions.
When the Vendor receives a purchase offer from a would-be buyer, remember that unless you accept it exactly as it stands, unconditionally, the buyer is free to walk away. Any change you, the Vendor, makes in a counteroffer puts you at risk of losing that chance to sell.
117 Queens Road – Unit #14 $132,500 UPDATED: SOLD
Very well maintained 2 bedroom condo in the heart of downtown St. John’s. Hardwood floors in living room and eating area. Picture yourself cooking and entertaining in the open concept kitchen. Crown moulding and modern colours. 2 bedrooms on second floor. This condo comes with underground parking. Great for the young professional! Visit www.FatherAndSonTeam.ca for more photos or view the virtual tour.
Call Fraser or Stephen Winters (682-9245 or 682-9045) for more information