Gregs Real Estate Blog

Investing in Rental Properties

Wed, 11 Jan 2012 14:14:31 -0500

Investing in rental properties is one of the oldest ways to make a return on investment. Millions of investors in North America hold multiple homes and many have increased their net worth by renting their property to tenants.

The owner, or landlord, is responsible for paying the mortgage, taxes and all costs associated with maintaining the property. The tenant pays the rent to enable the landlord to cover the expenses incurred and ideally to receive an amount in excess of expenses to remunerate the landlord for the investment risk and work of managing of the property.

A landlord may also charge more in order to receive a monthly profit but this will depend on what the rental market can support. The most common strategy however is to charge enough to cover the expenses until the mortgage has been paid down and the mortgage payment declines, at which time the increasing difference between the income and expenses becomes the landlord’s profit.

As well, the annual inflation rate may cause the property to appreciate in value over the course of the mortgage being retired, leaving the landlord with a more valuable asset in the end than when it was purchased.

There are, of course, risks to the investor on the face of what seems like an ideal investment. If you end up with a bad tenant who damages the property, or fails to pay the rent or, should you end up having no tenant at all for a period of time, then cash flow may be tight as the landlord would have to pay the mortgage and maintenance/repair expenses out of pocket. Having a reserve of cash that may have been accumulated from prior rental surpluses is advised whenever possible.

As well, there is the matter of finding the right property. Not all locations are the same when it comes to owning a income property. Indeed, some locations are downright bad choices for your investment. You will want to pick an area where vacancy rates are low and where the amenities and conveniences are appealing to those who want to rent.

One of the major differences between a rental property and other investments is the amount of time and work you have to devote to maintaining your investment. If you buy a bond or stock, it will simply sit in your brokerage account and either go up or down in value depending on the fluctuations of the economy and other factors without much of any effort on your part. If you invest in a rental property, there are several responsibilities that come with being a landlord.

Eg. Should the power go out or the plumbing begin to back up, you will be the one who gets the phone call. If you are able to do the handyman work, you may save something on the cost of the repair; otherwise, you may like to hire a professional property manager who would be happy to take the problem off your hands. Of course they do charge a fee for service and the rental income may not always exceed the added costs.

I have been a landlord for many years now and I have never lost money on a real estate investment. It has not always been easy work but it has always been profitable! If you would like to have more information on buying an investment property, be sure to give me a call. Helping investors of like mind is one of the things I love to do!

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About the Author: R. Greg Osmond is a Platinum Award winning Realtor dedicated to serving the people of St. John's, Mount Pearl, Paradise, Kilbride, Goulds, Conception Bay South (CBS), Portugal Cove-St. Philips, Torbay- Flatrock- Pouch Cove, and Logy Bay - Middle Cove - Outer Cove, Newfoundland and Labrador. For over 22 years Greg has been practicing in Real Estate. He can be reached at 709-895-2500.

Want to get in touch? Email rgosmond1@gmail.com. For more information, please visit http://www.rgregosmond.com. Thinking of selling your home? I have a passion for helping my clients with buying and selling real estate! If there is any way I can be of service to you today, please feel free to contact me!

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6 Wellington Crescent, Mount Pearl, Newfoundland, A1N 2E2, NOW Asking $269,900

Mon, 29 Aug 2011 18:16:21 -0400

NOW SOLD: REDUCED by $10,000. This registerd two appartment at 6 Wellington Crescent Mount Pearl, Newfoundland, A1N 2E2 is listed now for $269,900. This lovely home has had several upgrades including windows, doors, electrical, bathrooms, painting, colonial doors and trim and more. Its a well built home situated near schools, shopping and major bus routes. This one is an ideal investment home or a great owner occupied property with provision of rental income to help pay the mortgage. Lots of mature trees too!

This home is located on a quite crescent in Mount Pearl. The owners have purchased and want sold. Priced to sell. Nothing to do but move in. Don't hesitate on this one. Not likely to last long. For best service, call me.

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About the Author: R. Greg Osmond is a Platinum Award winning Realtor dedicated to serving the people of St. John's, Mount Pearl, Paradise, Kilbride, Goulds, Conception Bay South (CBS), Portugal Cove-St. Philips, Torbay- Flatrock- Pouch Cove, and Logy Bay - Middle Cove - Outer Cove, Newfoundland and Labrador. For over 22 years Greg has been practicing in Real Estate. He can be reached at 709-895-2500 .

Want to get in touch? Email rgosmond1@gmail.com. For more information, please visit http://www.rgregosmond.com. Thinking of selling your home? I have a passion for helping my clients with buying and selling real estate! If there is any way I can be of service to you today, please feel free to contact me!

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449 Main Road, Pouch Cove, Newfoundland, A0A 3L0

Fri, 22 Jul 2011 13:45:54 -0400

This house at 449 Main Road, Pouch Cove, Newfoundland is a great starter home for a younger couple. There is plenaty of space on this 3/4 acre lot with lots of trees and a view of the ocean as well. The home has had many upgrades including windows, roof, plumbing, and oil tank. The shed is wired, and there is a full unfinished basement for more development if required. NOW priced to sell at $169,900. Check out the MLS # 167958.

Have a look at the view of this home from the garden.

Don't wait on this one. There is great value here. If you would like to see it, give me a call.

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179 Old Petty Harbour Road, St. John's, NL, A1G 1R4

Wed, 29 Jun 2011 14:19:26 -0400

NOW SOLD! MLS 167204, here is a two apartment in St. John's that has three bedrooms up and three bedrooms in the apartment. The home is in a very quiet area in the west end and has quick access to the highway and/or downtown. This one shows well, with most windows being vinyl, the roof has been replaced within the last ten years and the kitchen cabinets are oak. Ideal for the inlaw or friends. Asking price is now $219,900.

For more information on the investment home or to set up an appointment to view it, give me a call. 709-895-2500.

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198 Nearys Pond Road, Portugal Cove-St. Philips, NL, A1M 2Y5

Thu, 19 May 2011 19:44:57 -0400

Here is a lovely country home at 198 Nearys Pond Road, Portugal Cove-St. Philips, NL. It is situated across from the pond and is on aproximately one acre of land with pleanty of trees and privacy. The gardener will love how many shrubs and bushes there are.

Inside, the house has hardwood floors, three bedrooms up and an inlaw apartment in the basement for family members or close friends. The livingroom has a fireplace, there is an oak kitchen and the master bedroom has an ensuite bathroom.

The asking price is $349,900. Come and see this great home in a lovely location. You can really have your dream home today!

As you can see from the photos, this is the ideal country home. It won't last long so be sure to get in touch today. I live in this area and I can attest personally that this is one of the nicest areas in Portugal Cove to live. I have lived there for 25 years now and I love it. And to make the best of it, this home is only 10 minutes away from the city of St. John's. Give me a call to view this lovely home at your earliest convenience. MLS 164901.

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All Wild at Quidi Vidi Lake, St. John's, Newfoundland

Fri, 18 Mar 2011 11:01:59 -0400

I couldn't help but stop on Wednesday to take this short video of the ducks, pigeons, seagulls and even a goose all having a wild time at Quidi Vidi Lake. It was cool but the sun was shining and some folks has just gone by to feed the ducks.

The ice was breaking up where the brook runs into the lake. St. John's and the surrounding area has lots of places for the waterfowl to gather and many of them hang around the St. John's all winter long. I hope you enjoy the video.

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Milestones

Thu, 03 Mar 2011 15:26:01 -0500

Well, this post represents my first real blogging milestone. It has been over a year since I have been blogging on Activerain and my point tally is now just over 100,000 with this post. I have to admit that being consistent with posting has been the biggest challenge this year. I see so many of my Activerain friends as dedicated, hardworking and successful, so the inspiration for perseverance is all around me.

I have been pushing a few balls up the hill these last couple of years with keeping my clients serviced, working on my Master of Business Administration (MBA) at Memorial University and trying to keep up with social media marketing using video, Twitter, Facebook, and blogging. It all takes time and some thoughful contributions to maintain a respectable presence. Most of the stories you read about great success in business are because someone has put a lot of work into making it so. As one professional has said, those who work the hardest are the luckiest people I know.

This spring I will be finished my MBA and there I will meet another milestone in my life. Higher education is not so much an option in this changing world. It is a real necessity if one is to remain on top of his game. That in part is why I made the tough decision to go back to university and do my masters degree in business at age 50.

I would encourage you to consider upgrading yourself at your own local university no matter what your age even if you are thinking it would be tough to do. While I haven't worked at it full time, by consistently plugging away, in only 3 years, I will soon have it done. I am attending my convocation in May 2011. Remember, time trickles on whether you are doing anything with it or not.

I want to thank the fine folks of Activerain for all of the quality posts and encouragement they have provided with the featured posts, Rain Camps and online seminars etc. They have been great! You guys have stayed committed to a very big vision and I commend you for that! No one will ever know all the people you have helped! Congratulations for your own milestones achieved!

And thanks to all my fellow Activerain bloggers who have read my blog and posted so many great comments. You guys are great too! Oh, and the business that we have shared as a result hasn't hurt a bit either. Thanks for the connections that lead to the improved bottom line because that is largely what it is all about.

Yet having said that, blogging is worth more than that. It is about connecting with the world, being understood, appreciated, gaining knowledge, sharing ideas and most of all being respected for who you are. This post today is a worthwhile milestone and its one I won't soon forget.

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A Panoramic View of St. John's, Newfoundland

Wed, 02 Mar 2011 17:17:20 -0500

A panoramic view of St. John's, Newfoundland was something I had to see today. We sure have been visited by old man winter in February, but today the sun was shining it all its glory, the sky was blue, and I think most Newfoundlanders were feeling pretty much on top shelf.

So I headed up to Signal Hill with my video camera and tried to capture the view so you could appreciate something of the beauty of St. John's in winter. The wind is always blowing even a little on top of Signal Hill so the audio gets a bit muffled in spots but I think you will get most of it.

I am still learning how to use this video technology so in time I hope the results will be a little more polished but for now, enjoy the amateur at work. You will get to see St. John's, the harbour, Fort Amherst, Cape Spear, the most easterly point in North America, the Atlantic Ocean, and Cabot Tower where Marconi sent his first wireless message across the Atlantic.

I did this strickly for your entertainment pleasure. Who knows, maybe one day I will do a music video of me break dancing right on the edge of the Battery. Yea, you know that's true! :)

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A Second Look At The Battery, St. John's, Newfoundland

Tue, 22 Feb 2011 08:58:26 -0500

Take a second look at the Battery in old St. John's, Newfoundland!

Some older homes are on occasion forgotten and left to succumb to the elements without notice of the inherent beauty afforded them by time. Much of old St. John’s has a character and personality that is stunning to see, whatever the occasion. But some days your eyes will widen a little more and your jaw might even start to sag. It was one of these days that this scene was skilfully captured here by my photographer friend Jim Costello.

He photographed the Battery seeing the colors bursting out from the snow like oil paints on a canvas awaiting the artist’s hand. Yet it seems the artist of this scene stopped crafting early and declared, “It is done!”

The landscape of the Battery in St. John’s, Newfoundland is rugged and dangerous yet often beautiful and inviting. The houses are built there each claiming a small protrusion of rock and clinging to it for life. They stand defiantly against the many harsh winds the North Atlantic has thrown their way. Yet each home is closely snuggled like gentle creatures who depend on each other for survival, camaraderie and maybe a little comfort.

These old homesteads, along with a few newer ones recently installed, overlook the St. John’s harbour and are always marketed as having a "million dollar view" gazing toward the old city. Yet, the view of them huddling together on this day is perhaps worth nearly as much.

My thanks again to Jim Costello for continuing to capture and preserve some of the beauty of old St. John's that in our busy lives we sometimes fail to see or appreciate. His work might even inspire a little respect for that old downtown charm that just asks for an eye for beauty and maybe a second look.

St. John’s has a lot more of these scenes and they are an inspiration to many. Be sure to bring your camera if you have a little time for site seeing the city because you never know what will be looking you straight in the eye.

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31 Roosevelt Ave., Mount Pearl, Newfoundland, A1N 1Z6

Thu, 10 Feb 2011 12:24:29 -0500

This home at 31 Roosevelt Ave., Mount Pearl, Newfoundland, is a wonderful find for you! Asking $279,900 MLS 162168. It has an above ground unregistered apartment in the basement. The home is perfect for you and your family or friends to live in with you. It has been completely renovated within the last few years and has a brand new two bedroom apartment.

It is conveniently situated near bus routes, schools, and only minutes from the grocery store. Wouldn't it be nice to own a home that you didn't need to do repairs to? You won't be disappointed when you see this one!

The main floor has hardwood floors, a fireplace in the living room, lots of oak cabinetry in the kitchen, and is nicely finished with colonial doors, crown moldings and trim.

The new apartment is bright, spacious and absolutely immaculate. You might even consider living in the apartment yourself and letting the in laws take the upstairs, its just that nice!

This two apartment home is ideal for just about anyone looking for a quality, well maintained home in an excellent location. I have a long list of upgrades to the home that will impress the most discriminating buyers. Don't delay! Call R. Greg Osmond at 895-2500 for more details and your own personal viewing today.

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About the Author: R. Greg Osmond is a Platinum Award winning Realtor dedicated to serving the people of St. John's, Mount Pearl, Paradise, Kilbride, Goulds, Conception Bay South (CBS), Portugal Cove-St. Philips, Torbay- Flatrock- Pouch Cove, and Logy Bay - Middle Cove - Outer Cove, Newfoundland and Labrador. For over 21 years Greg has been practicing in Real Estate. He can be reached at 709-895-2500 .

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The Warning Bell Rings Again

Mon, 17 Jan 2011 11:34:59 -0500

The warning bell rings again! Canadians are being put on notice that personal debt levels are expanding at a rate that can be damaging to themselves and the economy. The rate of debt to disposable income has risen to 147% and household debt has reach $147 trillion.

Finance Minister Jim Flaherty announced today that new mortgage regulations are being implemented to help discourage Canadians from borrowing too much.

There are three new rules implemented.

Mortgage amortization periods will be reduced from 35 years to 30 years.
The maximum that Canadians can borrow against their home equity is 85% reduced from 90%.
The government will withdraw its insurance backing on lines of credit secured by homes, such as home equity lines of credit.

These measures are being implemented to encourage responsible borrowing and lending practices by financial institutions. “While interest rates are at historic lows”, Flaherty says, “eventually they will rise.”

So will this impact the home buyers in Canada? First time home buyers will be limited as they will not be able to buy the higher priced homes and still keep the mortgage payment within their qualifying limit.

Those who would borrow against their home equity to finance home renovations, the purchase of an investment property or other consumer goods will be restricted in the amount they can borrow.

As well, there may be some who are already at their borrowing limit and in the unfortunate position of not being able to consolidate their debt. This would potentially forced some into personal bankruptcy. For those Canadians who overspent during the holiday season, perhaps Mr. Flaherty should have announced this a bit before Christmas.

For more information on how these new regulations might impact your situation, feel free to get in touch.

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About the Author: R. Greg Osmond is a Platinum Award winning Realtor dedicated to serving the people of St. John's, Mount Pearl, Paradise, Kilbride, Goulds, Conception Bay South (CBS), Portugal Cove-St. Philips, Torbay- Flatrock- Pouch Cove, and Logy Bay - Middle Cove - Outer Cove, Newfoundland and Labrador. For over 21 years Greg has been practicing in Real Estate. He can be reached at 709-895-2500 .

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Does An Open House Really Work?

Wed, 10 Nov 2010 12:28:59 -0500

One question that I sometimes get from sellers is, "Does an open house really work?" On the surface, it appears that they do because so many real estate professionals use them to generate traffic to their listings.

But, we should qualify the question a little before we answer it. The better question is, "Does an open house really work to sell my home?"

Generating traffic to a listing is something all vendors like to have but traffic is only one part of the marketing process. Sellers need to have qualified buyers viewing the home, not just "traffic". When the neighbors with all their family members and/or friends drop in on Sunday afternoon for a visit with the Realtor, it is unlikely to generate a sale for your home.

Here are six things that an open house will do.

1. It will allow potential buyers the freedom to come and view your home without asking a Realtor to take them through. This serves to motivate a prospective buyer who may initially think the home isn't suitable and they don't want to bother their agent. If they are wrong about the house, you just might see an offer from them.
2. It will allow the listing agent to present your home in the best possible light to all those who visit. Other agents might not take the time to learn what they can about your home but your listing agent will know the things that are important to the buyers.
3. It will give you some sense that your agent is working for your real estate fee. You might not see many of the things he or she is doing on your behalf. An open house at least will give you a feeling that you are getting something for your money when the deal closes.
4. It will help you to gage what things are being brought up as objections by potential buyers when they view it. Ask your agent to keep track of the comments so you can make any adjustments to the home decor that are problematic.
5. Holding an open house will motivate you to make the extra effort to ensure your home shows its best. We all need a little driver once in a while to get the house ready for viewings. There is nothing like the pressure of an open house to push your tidying to the next level.
6. An open house with several people viewing the home at once creates a sense of urgency. If you home is suitable to more than one buyer, this urgency may lead to multiple offers and that usually raises the selling price.

There are lots of sellers that don't like to do open houses and no doubt there are reasons why they might feel that way. We can explore those another day. But if you haven't tried one, perhaps you should. If a house isn't selling because of the market, taking some action is necessary to help you reach your goal. And doing an open house is one of those things that can easily be done. You might be surprised by how it helps you make the sale.

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About the Author: R. Greg Osmond is a Platinum Award winning Realtor dedicated to serving the people of St. John's, Mount Pearl, Paradise, Kilbride, Goulds, Conception Bay South (CBS), Portugal Cove-St. Philips, Torbay- Flatrock- Pouch Cove, and Logy Bay - Middle Cove - Outer Cove, Newfoundland and Labrador. For over 21 years Greg has been practicing in Real Estate. He can be reached at 709-895-2500 .

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Country Living and Privacy Asking $379,900 MLS 161391

Fri, 22 Oct 2010 11:56:04 -0400

This home is now reduced to $379,900. Looking for a spacious country home with privacy? This home at 146 Nearys Pond Road, Portugal Cove-St. Philips is an idea home for you. This is situated on a quiet street that serves as a school bus route for the kids. There is only a 10 minute drive to the city so you will find it easy to get back and forth to work and shopping. Portugal Cove has plenty of amenities to make living hassle free with a hardware store, convenience stores, a drug store, a movie shop, restaurants and more. This home is a five minute walk away from the pond which offers year around recreation. Take a walk up blueberry hill in the Fall and pick the blueberries, walk the dog or just have a picnic overlooking Conception Bay South. There are so many beautiful features about living in this area, you will be amazed. Check out the photos and the video at the end.

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308, 312 Main Road, Pouch Cove, Newfoundland, Canada MLS 158682

Mon, 27 Sep 2010 10:36:59 -0400

Just listed this acreage in Pouch Cove that may be developed into two lots. It has over 200 feet frontage and is 1.65 acres. There are plenty of trees and space for your dream home. The water services are in the street in front of the property.

For more information, call me at 709-895-2500.

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About the Author: R. Greg Osmond is a Platinum Award winning Realtor dedicated to serving the people of St. John's, Mount Pearl, Paradise, Kilbride, Goulds, Conception Bay South (CBS), Portugal Cove-St. Philips, Torbay- Flatrock- Pouch Cove, and Logy Bay - Middle Cove - Outer Cove, Newfoundland and Labrador. For over 21 years Greg has been practicing in Real Estate. He can be reached at 709-895-2500.

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31 Palm Drive, St. John's, Newfoundland, A1H 1C7 Asking $449,900 MLS 158709

Tue, 21 Sep 2010 13:10:59 -0400

31 Palm Drive, St. John's, Newfoundland, A1H 1C7 NOW asking $449,900, reduced by $10,000. MLS 158709.

Are you looking for the larger family home that can accommodate 4 kids and the dog? Are you also looking for quality and distinction? This may well be your home waiting for you to act today. Have a look at the photos and please note that this is only to whet your appetite. Come and view this lovely family home today. There is much more to see.

This very attractive 5 year old home has plenty of room with a large kitchen with Center Island, a spacious family room, beautiful hardwood floors, 5 bedrooms for the larger family and a fully developed basement with a rec room and bathroom.

The lot is fully fenced, with a large deck and a hot tub for relaxing in the evening with family or friends. A propane fire place will add comfort and esthetics's. This is a great home for entertaining and is located in Southlands. It is ready for you to simply bring your things and move in. Everything is done. For best service, call me at 895-2500.

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About the Author: R. Greg Osmond is a Platinum Award winning Realtor dedicated to serving the people of St. John's, Mount Pearl, Paradise, Kilbride, Goulds, Conception Bay South (CBS), Portugal Cove-St. Philips, Torbay- Flatrock- Pouch Cove, and Logy Bay - Middle Cove - Outer Cove, Newfoundland and Labrador. For over 21 years Greg has been practicing in Real Estate. He can be reached at 709-895-2500.

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Ferryland Lighthouse, Newfoundland - A "Must View" Place To Vist

Wed, 08 Sep 2010 09:51:27 -0400

The Ferryland Lighthouse, Newfoundland, is truly a "must view" place to visit. A few days ago my wife and I ventured out to the east side of the Avalon Peninsula to explore the sights and sounds around the Ferryland lighthouse. This lighthouse has been serving mariners who sail along Newfoundland's rugged east coast in all kinds of weather since 1870.

The sounds of the waves crashing along the rocks and the views were delightful. The magnificent Atlantic Ocean seems to touch you on three sides of that point of land that where the light house stands. We saw Humpback and Minke whales spouting and feeding, a couple of seals bobbing about, and numerous sea birds enjoying the shoreline. The vistas of rugged cliffs, isolated islands, the churning greens of the ocean and the distant rolling seas were well worth the 1 hour trip from St. John's.

Unfortunately, we didn't get there in time for the gourmet picnic luncheon that can be purchased at the lighthouse. After a 25 min hike from the parking lot, you can order a picnic and head out to the grassy hills along the coastline to wait for your picnic basket to be delivered to your side. By all accounts, the food is delicious and meticulously prepared. With a warm salt air breeze and this spread of fine food, this place impresses both the locals and tourists alike.

If you are planning a trip to Newfoundland, this is definitely one of the sites to see and it will be a favorite place to visit regularly if you end up settling down on the east coast of Newfoundland. In fact after seeing this place, you just might decide to buy your own retirement home right here on the Rock. By all means, ask me to assist you if you would like to make that part of your plans.

To read about the gourmet picnic lunches, check out the website at LighthousePicnics.ca and be sure to have a look at this Google map of the area here.

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About the Author: R. Greg Osmond is a Platinum Award winning Realtor dedicated to serving the people of St. John's, Mount Pearl, Paradise, Kilbride, Goulds, Conception Bay South (CBS), Portugal Cove-St. Philips, Torbay- Flatrock- Pouch Cove, and Logy Bay - Middle Cove - Outer Cove, Newfoundland and Labrador. For over 21 years Greg has been practicing in Real Estate. He can be reached at 709-895-2500.

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What Was I Thinking When Prices Were Low

Mon, 23 Aug 2010 10:59:57 -0400

So what was I thinking when prices for real estate were as low as they were? I have asked myself that question a few times. In St. John's we have seen real estate prices surge in the last three years. Those who were "smart" enough to buy investment properties with record low interest rates and un-inflated real estate prices have enjoyed one of the best growth markets in North America.

I have been in the real estate business for over 21 years and have had the opportunity to buy rental properties several times; but I did not do it. Well, I did not buy them to the extent that I might have or dare I say, even should have. Instead, I invested some of my hard earned cash in the stock market. With the exception of a few lucky trades, I watched my invested assets dwindle to losses or at best remain flat. Oh what a feeling when a plan doesn't come together!

Well during this past year, I have begun to correct this imbalance. I have purchased a couple of homes and am in the process of building a two more within the next two years. If this sounds like I am crazy, I remind you that the I thought the same way five years ago about buying real estate then. The reality is, Newfoundland has an oil based economy and this oil prosperity is certainly not done yet. Those who can accumulate a few rental properties over the next ten years will no doubt build some equity for their future.

Another factor for me is there are no real estate firms that offer a pension plan in our local market. Buying rental properties is one thing that make some sense in terms of generating income for the future. Yes, prices have moved up already. But unless the Newfoundland economy turns downward or the oil boom dies prematurely, it is more likely that real estate prices will be higher in five years than they are today, even though they may seem high to us right now.

If you are hoping to gain from this growth market you might want to give your head a shake as I did and buy a piece of real estate. Otherwise, it is likely in a few years time you will be asking yourself the same question. "What was I thinking when the prices were low?" And in case you haven't noticed, interest rates are still sitting at all time lows. Furthermore, to underscore the point a little more, the vacancy rate in St. John's is now at 1.1%. See CMHC News April 2010.

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About the Author: R. Greg Osmond is a Platinum Award winning Realtor dedicated to serving the people of St. John's, Mount Pearl, Paradise, Kilbride, Goulds, Conception Bay South (CBS), Portugal Cove-St. Philips, Torbay- Flatrock- Pouch Cove, and Logy Bay - Middle Cove - Outer Cove, Newfoundland and Labrador. For over 21 years Greg has been practicing in Real Estate. He can be reached at 709-895-2500.

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Why hasn't my home sold yet?

Wed, 21 Jul 2010 09:52:43 -0400

A few days ago I received an email from a lady who asked me, "Why hasn't my home sold yet?" She asked me that even though she has her house on the market with another Realtor. Her question expressed some frustration. I discovered that she had received one offer on the home but it was still not sold. She had reduced the price a couple of times but nothing seems to be happening. So she asked me for some advice.

I am happy to assist anyone with the marketing of their home but to assess what is going on with the marketing of a specific home without seeing it or knowing what work has been done is impossible. As the home is currently listed with another Realtor, I would not like to comment on what work has been done. So I had to answer her in general terms.

In general terms I can say that the market is subject to change at any time. It ebbs and flows depending on the supply and demand. One thing that I note is that most people want to sell their home in spring and summer when the gardens are showing their best. That means that more listings are competing with each other at that time of year.

It is not uncommon to see price reductions during the summer as a result. As homes take longer to sell, some sellers will drop their price to make sure theirs gets sold this year. This leads to others dropping their price and soon the market begins to show some weakness.

In times like these, one thing that sellers need besides a good marketing strategy is some patience. Selling a home can take longer now than in the winter and early spring when buyers find there is little to choose from. So as long as you have a good marketing plan, are willing to adjust your expectations to the market, and exercise a little patience, your home will sell. However, if any of these things are lacking you may find it difficult to get your home sold. If there is anything I can do to assist you, don't hesitate to ask.

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About the Author: R. Greg Osmond is a Platinum Award winning Realtor dedicated to serving the people of St. John's, Mount Pearl, Paradise, Kilbride, Goulds, Conception Bay South (CBS), Portugal Cove-St. Philips, Torbay- Flatrock- Pouch Cove, and Logy Bay - Middle Cove - Outer Cove, Newfoundland and Labrador. For over 21 years Greg has been practicing in Real Estate. He can be reached at 709-895-2500.

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225 Tolt Road, Portugal Cove-St. Philips, Newfoundland, A1M 1R6

Tue, 20 Jul 2010 14:13:00 -0400

ASKING $239,900 NOW REDUCED to $229,900. NOW $219,900. MLS 156572. This home at 225 Tolt Road, Portugal Cove-St. Philips, Newfoundland has quite the ocean view. The lot is 3/4 acre and the home is surrounded by trees on both sides. For the right person, this place could make a beautiful dream home location.

If you would like more info on this property, call R. Greg Osmond and arrange a personal viewing.

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About the Author: R. Greg Osmond is a Platinum Award winning Realtor dedicated to serving the people of St. John's, Mount Pearl, Paradise, Kilbride, Goulds, Conception Bay South (CBS), Portugal Cove-St. Philips, Torbay- Flatrock- Pouch Cove, and Logy Bay - Middle Cove - Outer Cove, Newfoundland and Labrador. For over 21 years Greg has been practicing in Real Estate. He can be reached at 709-895-2500.

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A St. John's, Newfoundland Mortgage Broker is Going To Jail

Wed, 16 Jun 2010 14:44:09 -0400

A St. John's, Newfoundland mortgage broker is going to jail.

This week a St. John's mortgage broker who owned the firm Newfoundland Mortgage Brokers has been found guilty of running a ponzi scheme and defrauding investors of over $500,000. Mr. Stirling Norman will be sentenced on June 24, but according to the Judge, is headed to jail before the sentencing hearing. Both the crown and the defence have recommended a 2 year term in a federal prison.

It is sad to see people with such potential lacking the principals to make a solid career for themselves and their family. According to reports, Sterling had been promising investors a return of 48% taking advantage of his clients trust and desire for gains.

It is well worth noting that many ponzi schemes are easily developed by appealing to investor greed and by offering an unreasonable rates of return. If someone promises unusually more than seems reasonable, one should be very careful about investing money with that individual. It's been said many times, if it sounds too good to be true, it probably is.

It is worth stating that this type of behaviour is not at all typical of the mortgage industry in St. John's. I know many of the mortgage brokers and have worked with several of them over the last 22 years. Most of them would be appalled by the actions of Mr. Norman and would prefer he be barred from working again as a mortgage broker.

I have known Mr. Norman as well and in the past I have noticed his management of some cases made me uncomfortable. I gave up dealing with him many years ago and unfortunately this confirms that my discomfort was well founded.

The lesson for all professionals is to be meticulous about representing your clients interest by adhearing to the golden rule. "Do unto others as you would have them do unto you." You might have heard that before but today it bears repeating.

To read more details, check out the CBC report.

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146 Nearys Pond Road, Portugal Cove-St. Philips, Newfoundland, A1M 2Y5 Video

Sat, 05 Jun 2010 08:29:44 -0400

Here are some of the features of this home captured in video. When I took the video it was a cool and wet day so the light is not as nice as I had hoped. Nevertheless, the home is well worth viewing. It would make a great place for a growing family. The primary school in the area is excellent and there is a bus system for higher level schools in St. John's that comes right by the front door. The trip to the city limits is only 10 minutes.

If you would like more info or to view this home, feel free to get in touch with me. You can reach me at 709-895-2500. Asking price was $409,900 and is now reduced to $384,900. MLS #154567.

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146 Nearys Pond Road, Porugal Cove-St. Philips, Newfoundland

Sat, 29 May 2010 20:09:27 -0400

This exceutive home is just right for the growing or blended family who would like to live on a larger lot in the country with privacy, trees, a beautiful pond only 5 minutes away and yet be just 10 minutes away from the city. MLS #159316 Asking $389,900. Recently added hardwood floors to the family room and master bedroom. Owners are transferred and want sold!

The kitchen is spacious and ideal for entertainment. The sun room will be a place to prepare yourself for the busy day ahead and a special daily retreat from the many demands. The family room is a place to relax in front of the fireplace on a cool fall evening. The home has hardwood floors, five bedrooms, a large games room and rec room.

The lot is 1/2 acrea fully landscaped, with flowers and shrubs. Walk up blueberry hill and look out Conception Bay. Run the loop and breath the fresh air. Take the dog for a walk around the neighborhood.

View Larger Map

If you would like to view this home or receive more information, please call R. Greg Osmond at 895-2500.

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Animals Crossings are Over The Top

Mon, 26 Apr 2010 13:56:48 -0400

Animal crossings in Alberta are over the top. When it comes to being serious about taking care of the local wildlife, the Alberta government will rank up there with the best in Canada.

I was impressed by the number of animal overpasses being constructed along the road through Banff National Park last week when I traveled through the Rockies with my wife and two of my sons. We were headed up to Sunshine Village to enjoy skiing the gentle slopes that overlook the mountain tops and the most beautiful sunshiny weather.

There were several of these structures built and others being developed for larger animals to travel from one side of the road to the other without being injured, killed, or worse, causing a motor vehicle accident that killed the occupants too. There are many animals that use these including moose, elk, sheep, and possibly a few goats who venture down from the mountain. All along the roadway a post and wire fence guides the animals toward the crossing areas. The new ones under construction will add a few more accesses so the animals won't have to travel so far in the future.

Newfoundland has some big issues with moose crossings that have yet to be substantially improved. According to the Newfoundland government website, there are hundreds of moose accidents each year in the province. It reports that in 2007 there were 447 motor vehicle collisions with moose in Newfoundland and Labrador. The highest risk for moose accidents has been in the months of June, July and August.

Recently friends of mine ran into a moose causing several thousand dollars of damage to their car and giving them a large fright for their life. There is a lobby group active in the province headed up by Mr. Eugene Nippard who knows first-hand the horrors of colliding with a moose. Six years ago his collision with a moose left him with two broken arms and feeling very fortunate to be alive.

He and the members of his action group have successfully lobbied the provincial government to cut back the brush from the roadways. Fences have been proposed but no surprise to me, the province is not interested to spend the kind of money it would take to fence the whole of the TCH throughout the province. That would likely cost several billion dollars.

Perhaps a good place for the province to start would be to engage the Federal government to fund and implement a fencing and animal overpass infrastructure program for animals throughout the national parks as they have begun in Alberta.

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About the Author: R. Greg Osmond is a Platinum Award winning Realtor dedicated to serving the people of St. John's, Mount Pearl, Paradise, Kilbride, Goulds, Conception Bay South (CBS), Portugal Cove-St. Philips, Torbay- Flatrock- Pouch Cove, and Logy Bay - Middle Cove - Outer Cove, Newfoundland and Labrador. For over 21 years Greg has been practicing in Real Estate. He can be reached at 709-895-2500.

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When Real Estate Was Easier it Wasn't as Much Fun

Mon, 29 Mar 2010 09:06:07 -0400

When real estate was easier it wasn't nearly as much fun was it? Today, you have to know so much more, but learning is so much fun!

You may know that since January 2008 I have been working part time on my Master of Business Administration degree (MBA) at Memorial University in St. John's, Newfoundland. It has been a fun couple of years given I have continued to work full time while doing two courses per semester. What a blast!

My friends and clients should not worry though. I have certainly not abandoned them for higher learning nor will I any time soon. On the contrary, I am building on my knowledge and skills bit by bit so that I can serve them better. Its just fun to offer a higher quality service.

The last two weeks in particular have been very demanding. Many of the course deliverables have become due. Consequently, my regular real estate blogging has been squeezed. But I've been showing homes, writing offers, and negotiating deals for my clients. You know how much fun that is!

There isn't much "let up" in the schedule at this point but the light at the end of the tunnel is getting somewhat brighter as the semester end approaches. Heaven help me if that light really is a train. By April 5th, I will have my final class for this winter semester finished and that will officially begin my last year of studies with 5 course remaining. I feel the fun mounting.

Starting an MBA degree at my age might seem a little crazy to you. The truth is, it has seemed that to me on occasion. What's my age you ask? Lets just say I blend in with my twenty-something classmates like an Alder and an Oak. They all have so much fun watching me ask the questions that they would prefer not to ask but secretly wanted to know. I enjoy making it fun for them.

The skills and resources that I am gleaning are well worth the effort even though some things in my life have been put on hold for three years. Some things, but not fun!

One of the latest deliverables was for my Internet Marketing course. This video is a part of a larger segment of the course called WhyHire.me that emphasizes identifying and promoting one's personal brand. Funny that! Wasn't "brand" a type of cereal? I still enjoy my Kellogg's "Brand" Flakes.

Honestly developing a video from scratch without much prior "know-how" reminds me of eating elephant. It takes a long time to get through it and you really should have help. It sure is fun to get that eaten though.

So I uploaded this to my WhyHire.me profile and thought I should share it here on my real estate blog too. Its only 6 minutes long but it took me well over 30 hours of fun-stration to get it together with some semblance of respectability. I hope you have fun watching it but don't think it is meant to be funny.

Admittedly, I have lots more to learn about producing effective and interesting videos. Today, I have a great appreciation for those talented broadcasters that can deliver live television and actually appear as comfortable, intelligent, and having fun. Those TSN guys take the cake some days.

Note to self. "Don't even think about a career in television." You can't take that much fun!

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About the Author: R. Greg Osmond is a Platinum Award winning Realtor dedicated to serving the people of St. John's, Mount Pearl, Paradise, Kilbride, Goulds, Conception Bay South (CBS), Portugal Cove-St. Philips, Torbay- Flatrock- Pouch Cove, and Logy Bay - Middle Cove - Outer Cove, Newfoundland and Labrador. For over 21 years Greg has been practicing in Real Estate. He can be reached at 709-895-2500.

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Real Estate Values Are Up Again in Newfoundland

Mon, 15 Mar 2010 08:52:10 -0400

Real estate values are up again in Newfoundland? A recent BusinessWeek headline about real estate values in Canada reports that new-home prices rose 0.4 percent in January from the previous month, the seventh straight gain.

The data, taken from Statistics Canada, shows that St. John's, Newfoundland was leading the way with the new house price index gaining 1.7 percent. After St. Johns came a 0.7 percent increase in Winnipeg, Manitoba.

Canada's mortgage rates are close to the lowest since the Korean War. Its no wonder home sales and prices indexes have been spurred upward. The country is slowly emerging from a recession but evidentally the real estate market didn't feel much of a recession in St. John's, Newfoundland.

Housing starts rose to the highest since October 2008 in February, and the government-owned Canadian Mortgage and Housing Corp. predicted on March 2 housing starts will rise this year and next.

The Bank of Canada, which cut its main interest rate to a record low 0.25 percent in April, signaled on March 3 that it won't extend its pledge to keep interest rates at a record low through June.

Perhaps when rates begin to rise, we will note some slowdown in the escalating prices in St. John's, Newfoundland. And for the sake of all the first time home buyers, I hope they do.

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About the Author: R. Greg Osmond is a Platinum Award winning Realtor dedicated to serving the people of St. John's, Mount Pearl, Paradise, Kilbride, Goulds, Conception Bay South (CBS), Portugal Cove-St. Philips, Torbay- Flatrock- Pouch Cove, and Logy Bay - Middle Cove - Outer Cove, Newfoundland and Labrador. For over 21 years Greg has been practicing in Real Estate. He can be reached at 709-895-2500.

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