New Listing in Grovesdale Park Near Memorial University – 6 Seaborn Street, St. John’s

*** SALE PENDING*** 6 Seaborn Street is a fully developed 5 bedroom property located near MUN and Health Sciences. Three bedrooms up and 2 bedrooms in the basement. Laminate and carpet flooring throughout most of property. Large eat-in kitchen has oak cabinets and patio door leading to a 10×10 patio. There is a rec-room in the basement as well as a 3 piece bathroom. Great investment property! MLS: 177791  Asking price is $269,900.  Call Fraser or Stephen Winters for more information.

Newfoundland 2008 Budget Highlights

April 30, 2008 · Filed Under Local St. John's · Comments Off 

The Newfoundland and Labrador Economy Highlights

  • Economic Performance 2007
    • Real GDP increased by 7.9% driven by exports of oil and minerals and consumer and government sector spending.
    • The unemployment rate fell to 13.6%, a reduction of 1.2 percentage points and the lowest rate in 26 years.
    • Personal income growth of 4.3% and personal disposable income growth of 5%.
    • Retail sales growth of 9.5%.
    • Increased residential construction investment of 9.9% with 2,652 housing starts.
    • Net in-migration of almost 2,000 people in last half of 2007.
  • 2008 Expectations
    • Real GDP forecast to decline by 2% due to lower offshore oil production.
    • Capital investment expected to increase by 15%. Combined investment in oil and gas projects estimated to be $1 billion for 2008.
    • Housing starts stable at 2,657 for the year.
    • Employment expected to increase by 1.5%, adding another 3,300 jobs, and the unemployment rate is expected to decline to 12.4%, a further decrease of 1.2 percentage points.

House insurance when renovating

February 27, 2008 · Filed Under Home Maintenance · Comments Off 

Have you completed any major home renovations lately? If so, make sure you inform your insurance company. A recent survey showed that of those homeowners with home/content insurance who renovated their home or finished their basement, only 62 per cent updated their policies.
A renovation usually increases the value of your home and can require an increase in the amount of home insurance coverage you’ll need. Of course this will increase the price or your annual home insurance but don’t let that small increase stop you.

Think about it…if you spent $25,000 on a basement renovation without notifying your insurance company and your house caught fire a few months later, you might not have sufficient insurance to cover this loss. Be sure to protect your upgraded investment by remembering to update your home insurance coverage.

Kirkland Balsom & Associates – Real Estate Market Overview

February 8, 2008 · Filed Under Market Trends, Real Estate Articles, St. John's Real Estate · Comments Off 

The fine folks at Kirkland Balsom & Associates just released their Real Estate Market Overview for 2008.

The estimations for growth may vary; nevertheless, the consensus with most local real estate players is that 2008 will be a robust year for residential real estate. Private real estate companies are predicting double digit increases while CHMC projects an increase of 7.6%. Increased job growth, higher personal incomes and continued relatively low interest rates will drive the residential real estate market in 2008. Condominium activity appears to have seen the most growth with an increase in sales activity of approximately 40% from 2006 to 2007. This increase is attributed to a growing demand due to demographics and several new condominium developments offered to the market. While purchasing a condominium for owner occupancy appears to be a wise decision, given the current attainable rents, purchasing as a pure investment is less attractive.
“Newfoundland and Labrador and a consortium led by Chevron have signed a multibillion-dollar memorandum of understanding to develop the Hebron offshore oilfield project in August 2007. Since the announcement the real estate market has spiked with tremendous optimism from buyers betting on increased values in coming years. This “need to buy now” mindset has spurred multiple offers on properties, often at above perceived market value. While demand increases it is even more important not to overpay or offer your property to the market without professional and independent advice.”

Make sure you view the complete Real Estate Market Overview here.

Facebook and Real Estate

January 27, 2008 · Filed Under St. John's Real Estate · 1 Comment 

Facebook is a social utility that connects people with friends, acquaintances and past school mates. The latest addition to this trendy website, it can now connect you with Facebook Real Estate Listings. Whether you are looking for rentals, leases or to purchase real estate, Facebook is becoming a hot spot for advertising.  The best part, most are posted here BEFORE they are seen on MLS.ca

To test it out I recently added a listing for a condo on 117 Queens Road, the number of emails received from posting on Facebook was over whelming.

Along with finding your long lost friend from high school, you can now find that 3 bedroom home in downtown St. John’s to rent or a 2-apartment home in East End St. John’s as an investment.

St. John’s Condos

January 20, 2008 · Filed Under St. John's Condos, St. John's Real Estate · Comments Off 

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

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