East End St. John’s Condo for sale

August 10, 2008 · Filed Under New MLS Listings, St. John's Condos and St. John's Real Estate · Comment 

25 Tiffany Lane unit 314

$194,900

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

Click here for a virtual tour of 25 Tiffany Lane Unit 314.

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St. John’s Investment properties have increased - when will the rents?

July 8, 2008 · Filed Under Market Trends, St. John's Investments and St. John's Real Estate · Comment 

For the last few years 2-apartment homes have been increasing in demand and in price, particularly in the past 6 months.  The majority of investment properties in the St. John’s, Mount Pearl, Paradise real estate market have been selling in days, with multiple offers and selling well over the asking price.  This time last year your standard 2-apt home was around $180,000 to $199,000.  Currently they are $220,000 to $240,000 (East End St. John’s) and can be built new for approx $260,000.

The bases behind people purchasing a 2-apt is obviously as an investment, to have the rental income greater then the expenses and create a positive cash flow.  Last years price of $180,000 your monthly mortgage would be approx $1050 (assuming a 5% mortgage rate).  In today’s market, your $240,000 investment mortgage payment is approx $1400. (again assumed 5% interest rate).  That’s a $350 dip into your cash flow.

St. John\'s vacancy Rates

When will the rents increase locally?  I haven’t seen them increase in quite some time.  Average rentals are approximately $900 for a main floor 3 bedroom unit and about $600 for a basement apartment.  At those rentals, you are left with a $100 positive cash flow and you haven’t included property taxes and other investment property expenses.

Another factor is the average price in St. John’s and surrounding areas have increased for a single dwelling.  June MLS stats show the average price for a single dwelling home in St. John’s is approx $190,000, considerable higher then the average price from 2007.  First time buyers are being pushed out of the real estate market and are being forced to rent, creating an even further demand for investment properties.  St. John’s vacancy rate was 2.6 per cent in December 2007 compared to 5.1 per cent in 2006. (Forecast for 2008 is slightly lower vacancy rate according to CMHC). This marks the first decline in the vacancy rate since 2003 and largely reflects the impact of a decrease in the home ownership rate among first-time buyers and increased economic activity.

It’s only a matter of time….but the rents have to increase.

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Seven Reasons to Relocate to St. John’s

March 25, 2008 · Filed Under Newfoundland Top 7 · 1 Comment 

Anyone who has ever been to North America’s Oldest City can attest to the fact that it’s a great city. St. John’s has become a great place to relocate for a variety of recent economic reasons. Here are my reasons why St. John’s Newfoundland is a good choice for relocation.

7. Scenery - View Newfoundland’s spectacular coastlines, panoramic views, icebergs, whales and provincial parks.

6. Affordable Housing - Average real estate price for in St. John’s is lower then most cities in Canada. We are seeing more and more emails from people in Vancouver, Calgary and Toronto looking to relocate back to Newfoundland or looking to invest in Newfoundland.

5. Quality of living - Enjoy a high standard of living, low population, great schools, little traffic, fresh clean air and genuine Newfoundland hospitality.

4. Proximity - Your commute to and from work, schools and amenities is VERY short. You can drive from East End St. John’s to West End in about 15mins. With the Outer Ring Road, commute time from Paradise and CBS has been reduced significantly.

3. Nightlife - There is always something to do in the evenings. Plays, theater, beautiful restaurants and live music at most George Street bars.

2. Outdoor Activities - There are lots of winter sports (skiing, ice fishing, skating, snowboarding, ice hockey, snowmobiling, etc.) and endless summer activities (golfing, baseball, soccer, swimming, jogging, sea kayaking, rowing etc.). Hike or camp the trails in provincial parks or the East Coast Trail. Hunt moose, rabbit, caribou or pick blueberries. There is something here for everyone.

1. The next few years are looking very promising for Newfoundland. There is a lot of hype on our oil and gas industry. Hebron, White Rose, Hibernia, and the Terra Nova Project, all major contributors to the Newfoundland Economy. This combined with the low cost of living makes St. John’s an attractive city to relocate.

Allow Fraser and Stephen Winters to assist you when relocating to St. John’s or surrounding areas. Email us for a relocation package.

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