Great opportunity for commercial property in East End St. John’s. 615 Torbay Road is located near the Stavanger Drive/Torbay Road intersection, adjacent to the Puglisevich building. Zoned commercial industrial and located in a high traffic area with great visual exposure. Survey being completed to determine actual lot size. Can be sold in conjunction with 619 Torbay Road which is listed on MLS as well. Asking price $209,900 Call Fraser or Stephen Winters for more information.
Located in the West End of St. John’s in Cowan Heights, this 12 year old two apartment home is in great condition. Vinyl siding, vinyl windows and more more. Eat in kitchen with oak cabinets and door leading to rear patio deck. Main floor unit has three bedrooms and a rec room plus additional 4th bedroom in basement. One bedroom basement apartment has its own laundry room and is currently rented. Property is fully fenced with rear patio and shed. Call Fraser or Stephen Winters for more details or for a viewing. Asking price $249,900 MLS Listing: 148302
Well, it’s been a few weeks since I’ve posted anything on my blog, but all with good reason – It’s a baby boy! Nicholas Winters is the quasi new member of the Father and Son Team. Or is it Grandfather and Father Team now.
The St. John’s Real Estate Market average house prices are still slowly increasing. Up to approx $211,000 now. CHMC haven’t released this quarters stats yet but I’d be curious to see if the trend has shifted from a buyers market to a balanced market. It does feel more balanced out there on the street. Active listings are still up in number but buyers are plentiful as well.
The local St. John’s housing market has been in the news the past week. I’ve watched news clips on both CBC News and the NTV Evening News. Both reports positive market conditions.
RE/MAX has released a press release titled Recovery underway in key Canadian markets ends buyer dominance in resale housing, says RE/MAX which boasted even more positive news for the St. John’s market. You can read the St. John’s Market-by-Market review here.
New listing on 154 Elizabeth Drive in Paradise. Fully developed 4 year old home with rear yard access to 16×20 detached garage. Eat-in country style kitchen with birch cabinets. Hardwood floors throughout main with porcelain tile in porch, kitchen and bathroom. Basement fully completed with separate den, large rec room and bathroom. Rec room has rough in for wet bar. Garage is insulated and fully wired. Landscaped, fenced and greenbelt at rear. Shows like new!! Asking price $245,900. Call Fraser or Stephen Winters for more information or a private viewing. 682-9245 or 682-9045.
Fraser and Stephen Winters just listed 24 Spruce Hill Estates. Absolute private country setting on a large lot with view of ocean. Vaulted ceiling with 2nd floor overlooking living area. Large eat in country kitchen with ceramic floors. Separate formal dining room. Family room with wood stove. Hardwood floors in family room & formal dining room. Large detached garage. Fully landscaped. For country living only minutes from the city,this is it!! Call Fraser or Stephen Winters 682-9245 or 682-9045 for more details. Asking Price $239,900 ** SOLD **
Why wait to build when you can move right in! 4 year old 2 storey home with attached garage in Clovelly Trails Subdivision. Hardwood floors throughout most of the main floor. Eat in country kitchen with access to rear patio. Seperate dining room. Living room includes tray ceilings and a bay window. Master bedroom includes walk-in closet and large en suite with stand-up shower and whirlpool tub. Basement exterior walls are gyproced and insulated. Back yard is fenced and fully landscaped. Asking price $299,900 Contact Fraser or Stephen Winters for more information.
Wow says it all for this hot property. Just like new 2 storey home located in Pineridge Creek. Birch hardwood through most of main floor. Open concept design. Living room with propane fireplace. Hardwood stairs leads to 3 well sized rooms. Master bedroom has large walk-in closet and ensuite with corner shower and separate whirlpool tub. Developed basement consists of rec room and large games room. Attached double car garage. Fully landscaped and fenced. Enjoy country privacy on your large patio deck. Asking price $379,900. Contact Fraser or Stephen Winters for more information.
***SOLD*** Just listed 25 Castors Drive. This two bedroom 2-apt home in Mount Pearl situated on a corner lot. Asking price is $199,900. 1085 square feet (per floor) bungalow. Lot size is 98X120X78X61. Features include oak eat in kitchen, dining room/living room combo. Rec room in basement for main unit. Main floor is rented for $750 (pou) and basement apartment for $550 (pou) Perfect as an investment property in Mount Pearl or for living in one unit and having the second unit help with the mortgage payments. Call Fraser & Stephen Winters for more information. Check out the virtual tour.
Investing in a rental property can be a great way to build wealth. Done right, you get someone else to pay your mortgage, then pocket a big payoff when you sell. With today’s St. John’s surging real estate prices, the prospect of making a fortune in the property market is luring many first-time landlords into the business.
What should you know before you take the plunge in the real estate market? Firstly, keep in mind is that property prices don’t always go up by double-digit amounts every year. (CMHC is estimating 6% increase for 2008, REMAX is estimating 12%) Restraining your enthusiasm can be difficult when prices are jumping all around you. Successful landlords base their investment decisions upon a property’s ability to put money in their pocket right now. Any capital gains when the time comes to sell are a bonus.
Before agreeing to buy a property, you should scan the classified ads to determine what you can reasonably charge in rent. This rental income should be enough to cover all of your operating costs — including mortgage payments, utilities, maintenance and property taxes — and generate income as well. Aim for an annual return of 6% to 9% of the amount you have invested.
Example: you plan to buy a house for $150,000 and you put down $50,000 as a down payment. Your goal should be to pocket $3,000 to $4,500 a year — that’s $250 to $375 a month — after the mortgage, taxes and maintenance are covered.
Be realistic: Will the rental market allow you to charge enough to cover that return? Don’t forget to build in a “rainy day fund” for the weeks or months the unit may be vacant.
True, in addition to your monthly income you’ll also be building equity in the property, but if the market turns down, your equity may evaporate. Many landlords go wrong by assuming their property’s value will inevitably go up. We have been seeing increases for quite a while in St. John’s, but that doesn’t mean we always will.
Even if the numbers look good, you have to ask yourself if you’re prepared for the day-to-day headaches of looking after a property. It’s not for everybody. The biggest difficulty is finding the right tenants. Dealing with tenants can be quite cumbersome. Familiarizer yourself with the Newfoundland Landlord Tenancy Act.
Incase you’re wondering, you have to claim your rental income to Canada Revenue. You can however deduct from the income any expenses related to the property, including property taxes, mortgage interest , house insurance, and any maintenance or fees for professional services. When the time comes to sell your property, you enjoy a bit of a tax break. Only 50% of any capital gain is added to your taxable income.
Most successful landlords regard real estate as a long-term investment. If you’ve bought at the right price, you enjoy a steady steam of rental income while watching your tenants pay off your property over a couple of decades. Then, if the market is good, you sell — or continue to enjoy your steady rental income.
If you require more information on investment properties in St. John’s please call or email Fraser or Stephen Winters and we’ll be happy to assist you.