Stephen Winters - St. John's Real Estate Blog

Home for sale in Cowan Heights West End St. John's

Stephen Winters - ABR (Remax Realty Specialists) — Sun, 04 Oct 2009 09:25:59 -0500

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 47 Greenspond Drive MLS Listing: 148302

New MLS Listing in East End St. John's

Stephen Winters - ABR (Remax Realty Specialists) — Sun, 04 Oct 2009 09:23:04 -0500

Location! Location! Fraser and Stephen Winters just listed 8 Kent Place. This three bedroom bungalow with inhouse garage is located on a great cul-de-sac in the East End St. John’s. Hardwood floors throughout most of home. Cozy living room with fireplace. Eat-in kitchen and separate dining area. There have been a lot of upgrades in recent years including some vinyl windows, shingles (2008), kitchen cabinets, upgraded electrical and upgrades to the bathroom. Property is well maintained and is situated on a deep lot with rear patio deck and mature grounds. Appraisal in place for $235,000. Asking price is $234,900. MLS listing Number 148434

Asking price is $234,900. MLS listing Number 148434

For sale - Great Investment Property in West End St. John's

Stephen Winters - ABR (Remax Realty Specialists) — Tue, 29 Sep 2009 05:43:54 -0500

Fraser and Stephen Winters have just listed this two apartment home on 60 Bonavista Street. An excellent investment opportunity in west end St. John's! There have been lots of upgrades in recent years. The main floor has spacious bedrooms and its own large recroom in basement. One bedroom basement apartment has its own laundry room and separate driveway complete with ground level entrance. The property is fully fenced with a rear patio, mature trees and shed. New MLS Listing 148295. Asking price is $239,900

Fraser and Stephen Winters - Father And Son Team

St. John's Real Estate

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St. John's Real Estate Market Trends Newsletter

Stephen Winters - ABR (Remax Realty Specialists) — Fri, 25 Sep 2009 07:18:41 -0500

What a great summer we are having (or is it had). Unfortunately you can feel the nights getting colder. On that note, it might be a great time to think of ways to make your home more energy-efficient AND receive grants through the ecoENERGY Retrofit Program. There you can find a list of improvements and retrofits that are eligible under the ecoENERGY Retrofit - Homes program and the corresponding grant amounts. The maximum grant you can receive for a home is $5,000. Don't forget the Home Renovation Tax Credit. You can claim a non-refundable tax credit on your 2009 income tax return based on eligible expenses incurred for work performed or goods acquired after January 27, 2009, and before February 1, 2010 resulting in a maximum tax credit of $1,350.

Here is a break down by area for the month of August

St. John's Real Estate: Listings = 187 Sales = 147
Average Sale Price is St. John's: $244,195 for the month of August

Mount Pearl Real Estate: Listings = 25 Sales = 26
Average Sale Price: $200,862

Paradise Real Estate: Listings =65 Sales = 33
Average Sale Price: $261,353

East Extern Real Estate: Listings = 36 Sales = 23
Average Sale Price: $250,678

Conception Bay South Real Estate: Listings = 37 Sales = 40
Average Sale Price: $228,363

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St. John's August Housing Starts

Housing starts decreased during August, according to preliminary data released by CMHC. August's housing starts totaled 151 throughout the St. John's real estate area versus 249 starts in August of 2008. An additional 18 starts were recorded in other urban areas across the province, for a total of 169 provincial starts compared to 316 the previous August. For the January to August 2009 period, the St. John's area posted 1,026 housing starts versus 1,079 starts during the same period last year, while provincial starts totaled 1,180 compared to 1,312 a year ago.

"Despite August's decline, the local residential construction sector has posted solid year to date results," said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. "Employment and population growth throughout the St. John's area this year continues to bode well for residential construction activity," added Janes.

Newfoundland Real Estate Stats for August

We are about to enter into the fall real estate market and things are still looking positive for the remainder of the year. Average MLS housing prices for Newfoundland have been steadily increasing throughout the year. Thanks to continuing low mortgage rates first time buyers and those looking to up size to bigger homes can still do so despite the large increase in Newfoundland housing prices since last year. Two apartment (2-apt) homes are still in high demand and if priced right usually sell fairly quickly and for top dollar.

The average price for a home in St. John's edged slightly higher again for another month, currently at $223,810 for a 12 month period) compared to the Newfoundland Average Sale Price of $201,799. This is up from $170,941 from last years prices.

Monthly Newfoundland Real Estate Market Stats

We'd love to answer any Real Estate question you may have. Just email us, we would be glad to be of assistance.

Curious to see the current price of your property in this hot real estate market? We are ready to assess the value of your home with a Free Market Evaluation. Allow us to show you how to maximize your value.

Remember to recommend our services to your family and friends.

We're never too busy for your referrals

Fraser & Stephen Winters
709-682-9245 or 709-682-9045
info@fatherandsonteam.ca

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Canadian housing markets buck recession and trend upwards, says RE/MAX

Stephen Winters - ABR (Remax Realty Specialists) — Thu, 24 Sep 2009 20:29:46 -0500

With the worst of the recession over, residential real estate markets in major Canadian centres are poised for growth in the final quarter of 2009, according to a report released today by RE/MAX.

The RE/MAX Bricks and Mortar Report found the bounce back that began in early Spring has made this recession one of the shortest on record for real estate. Low interest rates, pent-up demand, and improved affordability levels have all played a role in the recovery now well underway. Percentage increases in sales from January to August 2009 were led by Vancouver, (up a substantial 14 per cent to 23,158), Victoria (up 7.4 per cent to 5,266), Edmonton (up 6.2 per cent to 13,691), Regina (up five per cent to 2,597), Ottawa (up 2.4 per cent to 10,830) and Toronto (up 1.8 per cent to 58,421).

Housing values are already ahead of record-breaking 2008 levels in seven of the 11 markets surveyed, including Newfoundland Real Estate Market (18.1 per cent year to $203,584), Regina (6.4 per cent to $244,088), Halifax-Dartmouth (3.5 per cent to $239,633), Winnipeg (3.5 per cent to $207,006), Ottawa (3.3 per cent to $301,684), and Toronto (up 0.3 per cent to $385,978). Nationally, average price hovers at $312,585, up 0.5 per cent over one year ago.

“Markets are heating up across the country,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “Purchasers are clearly taking advantage of affordable prices and rock bottom interest rates. Those who missed the boat in years past have found that sitting on the sidelines can be a costly move. Prices are on the upswing and inventory levels are tightening, so the push toward home ownership is expected to continue throughout the Fall and possibly into early 2010.”

The recovery of Canada’s resale housing markets speaks to the tremendous value Canadians place on the importance of owning a home. The number of Canadians overall who own a home has increased since 1981 from 62.1 per cent to 68.4 per cent, with some markets posting even higher homeownership rates -- Calgary (74.1), St. John’s (71.5), Regina (70.1), and Edmonton (69.2). Significant gains have also been made over the same period in markets such as Ottawa -- where homeownership levels rose from 51.4 per cent to 66.7 per cent -- and Toronto, where levels rose fro m 57.3 to 67.6 per cent.

Fraser & Stephen Winters
St. John's Real Estate
709-682-9245 or 709-682-9045
info@fatherandsonteam.ca

Just listed in East End St. John's - 4 Heather Place

Stephen Winters - ABR (Remax Realty Specialists) — Sun, 23 Aug 2009 09:33:00 -0500

Stephen and Fraser Winters have another great new listing in the East End St. John’s. 4 Heather Place - $325,500 A great four bedroom 2 storey home on a quiet Cul-De-Sac off Oakridge Drive. Large eat in kitchen with oak cabinets, patio door to deck, family room with fireplace, formal dining room and main floor laundry. 1/2 bath on main. Master Bedroom with walk in closet and ensuite. Lots of Hardwood. Manicured lot with 8×10 shed. Upgrades include vinyl windows, re-shingled roof, new front door, all new built in appliances and new hot water tank. Crown mouldings being installed on top floor. Electric Heat with back up wood furnace. Only minutes from St. John's Airport, Stavanger Drive and Memorial University.

Innovative new program helps homeowners secure the value of their biggest investment

Stephen Winters - ABR (Remax Realty Specialists) — Tue, 12 May 2009 20:20:13 -0500

As home sellers in St. John’s real estate market adjust to increasingly competitive market conditions, RE/MAX has launched Fit To Sell, a timely program designed to secure a quick sale for top dollar.

“In the past two months, hundreds of homes have been listed for sale, but only 40 per cent have sold,” explains Michael Polzler, Executive Vice President, Regional Director, RE/MAX Ontario-Atlantic Canada. “This innovative new program encourages existing homeowners to increase their stake in the home-selling process by working with their real estate professional to maximize their homes’ potential.”

The launch of Fit To Sell coincides with the opening of the St. John’s Home Show, scheduled for April 30 through to May 3, at the Mile One Centre. RE/MAX will be presenting its Fit To Sell tips, developed with the help of popular staging expert Carla, host of the DVD series ‘How to Stage your own Home’ and owner of Nex-Step Design, at the event.

“We know that location, price, and condition are the three major factors that come into play when selling a home – and while location and price are clearly choices made by the buyer at the onset, condition is the one factor that a seller can influence,” says Polzler. “Sellers who make the right decision in preparing their home for sale can significantly improve their bottom line.”

Check out the Fit to Sell website www.fittosell.ca for a comprehensive package of videos and checklists to get top dollar for your St. John’s home.

Be sure to fill out your online ticket for a chance to win a $25,000 Viking Kitchen through the RE/MAX Ultimate Viking Kitchen Contest.

Existing homes in St. John's Remain Cool Says CMHC

Stephen Winters - ABR (Remax Realty Specialists) — Tue, 12 May 2009 20:03:00 -0500

The seller's market has certainly ended. Inventory has increased approximately 30 per cent and listings are taking longer to sell or expire (never sell during their contract period).

The St. John's real estate market boomed during 2008, driven mostly by optimism created by the Newfoundland Government budget surplus, the Hebron oilfield announcement, and the Vale Inco Hydromet in Long Harbour. In light of this, speculating buyers purchased homes from all price ranges in fear of property values zooming sky high. The market cooled after the third quarter peak in 2008 and remained cool during the first quarter of 2009 causing the seller’s market to weakened into balanced market by the end of 2008.

Prices, however, remain quite stable even during our current cooling market conditions. According to Stats Canada, new housing prices in the capital city area increased by 0.4 per cent in March compared to February.

The sky is not falling nor are St. John’s housing prices

Stephen Winters - ABR (Remax Realty Specialists) — Thu, 05 Mar 2009 15:50:21 -0600

CMHC held a seminar this week discussing the outlook for Newfoundland for 2009 with regards to economy and real estate market and prices. As in most recent reports and news releases the message was the same: Newfoundland is expected to remain strong in 2009.

While most of Canada and the world are in doom and gloom, somehow Newfoundland is expected to escape the mayhem. I know we are somewhat protected being on an island, but I can't see St. John's getting away virtually unscathed. Then again it's better to hear positive news then to hear the sky is falling on a daily basis.

In a quote from The Telegram's article entitled "Local housing market, economy remain strong" Chris Janes was reported to say

"It's still on the up and up locally in terms of our labour markets, economy, economic health overall, government's fiscal situation, migration factors ... and it's just a lot of positive activity that's hard not to be focused on," Janes said following his address to a packed housing seminar in St. John's Wednesday. "We still have very strong consumer spending, and that's key to any province's economic health and, right now in terms of all provinces in Canada, we have the strongest consumer spending of all."

Where does this leave the St. John's housing market......back to normal levels in my opinion. Resale markets are not as "hyper" as they were last year and new homes will start to taper off to the point where we'll see more and more "spec houses". If you remove last years 25% housing price increase, this year will be comparable to previous year before it...modest gains, balanced market, with the occasional multiple offer just to spice things up a little and keep it interesting.

St. John's Real Estate Prediction for 2009

Stephen Winters - ABR (Remax Realty Specialists) — Mon, 19 Jan 2009 05:43:21 -0600

We are into the third week of January and the most common real estate question I am being asked is "where will the housing prices be in 2009?" As in most years, it’s difficult to predict. Last year CHMC predicted 6% and RE/MAX stated at least 12%. I remember saying after the first quarter we’ll see much higher then 12%. The final tally for 2008 is not yet in but should be close to 23% in my opinion. Now….where do I see the St. John’s real estate market for 2009. Currently my mind is set at a 5% increase from 2008. How can I say this with the US housing market expecting to drop even more, Canadian markets are predicted to lower in some areas, and the UK, no real direct relation, but the world housing market seems to be taking a hit right now. It all boils down to consumer confidence, the provincial economy and a balanced market. All three we are seeing in Newfoundland currently. There are still a lot of "sale pending" left over from 2008 that will help keep the numbers up for unit sales in 2009, but there is clear evidence that it’s no longer a seller’s market. With mortgage rates still at VERY low levels, as well as increased inventory in new construction and pre-existing homes, this will leave more choices for buyers. Personally I do not see the market going into the negative numbers, but I do see houses sitting longer on the market and “price reduced” signs being more familiar then “sold signs”.

St. John’s Area Housing Starts Post Solid Growth in December

Stephen Winters - ABR (Remax Realty Specialists) — Mon, 19 Jan 2009 05:35:44 -0600

News release from Canadian Mortgage and Housing Corporation

Urban housing starts posted solid growth during the month of December, according to preliminary data1 released today by Canada Mortgage and Housing Corporation (CMHC). December’s total housing starts posted 55 per cent growth, with 202 starts recorded throughout the St. John’s area versus 130 in December of 2007. An additional 24 housing starts were recorded in other urban areas across the province for a total of 226 provincial starts, an increase of 44 per cent. For the year, urban housing starts totaled 2,229 throughout the province, up 22 per cent. Within the St. John’s region, starts reached a 33-year high of 1,863 in 2008, a 26 per cent gain over the 1,480 starts posted in 2007.

“Urban housing starts ended the year with considerable growth and were consistent with CMHC’s new home construction expectations for 2008,” said Chris Janes, Senior Market Analyst with CMHC in Newfoundland and Labrador. “Residential construction activity within the St. John’s metro area reached a 33-year high in 2008, with solid economic and demographic fundamentals creating unprecedented buyer demand and price growth throughout the year,” added Janes. For Canada’s urban centres, total housing starts decreased six per cent with 10,487 recorded in December compared to 11,157 during December of 2007. Single-detached starts fell 29 per cent to 4,335, while multiple starts of 6,152 represent a 22 per cent increase from a year ago. Throughout Atlantic Canada, there were 574 urban housing starts posted versus 651 the previous December, a decline of 12 per cent.

St. John's Real Estate Market Report

Stephen Winters - ABR (Remax Realty Specialists) — Mon, 20 Oct 2008 08:19:24 -0500

Third quarter average Newfoundland MLS residential house price surged 19% to $182,306 compared to $153,053 during the third quarter of 2007, with additional price growth expected throughout the remainder of this year and next. This third quarter surge comes after a stellar second quarter MLS stats. Average price is closer to $200,000 in St. John’s, Mount Pearl and Paradise.

MLS® sales advanced 11% to 1,695 units compared to last year’s third quarter sales of 1,529 units. The monthly break down for the third quarter: July, August and September MLS® sales were 610, 541 and 544, respectively.

Unprecedented demand for housing has driven active St. John's residential listings approximately 42% lower to the end of the third quarter. Active listings for July, August and September were 1,921, 1,693 and 1,524, respectively with new listings of 870, 632 and 744, respectively. New listings increased 6% during the third quarter, but the dramatic decline in active listings kept overall listings low.

There were 2,246 new residential listings during the third quarter compared to 2,120 during the same period last year. With sellers conditions, active listings averaged just 1,713 from July to September versus 2,756 during the third quarter of 2007.

Sales to active listings ratio hit 36% in September and averaged 33% during the third quarter versus 19% the third quarter of 2007.

Bank of Canada cut its rate 50 basis points (0.5%) October 8th, making it a full 2% in cuts since December 2007. Bank rate currently sits at 2.50% with the prime lending rate ranging from 4.25% to 4.35% at Canadian banks (as of October 17th). Quite possible that the Bank of Canada could cut its rate again by another 50 basis points by the end of this week lowering the lending rate to 2.00%

Hebron: the After Effect

Stephen Winters - ABR (Remax Realty Specialists) — Mon, 08 Sep 2008 13:29:33 -0500

Well, it's almost a week since the big Hebron deal was signed. Lots of talk, hype and rumors about the real estate market has surfaced. I've "heard" houses being jacked up 40k to 50k the day after and keep getting questions from my past clients....are they true? Remember the quote, "Believe half of what you see and none of what you hear." There have been a fair number of listings this past week. None to me seem 40 to 50k over where they should be. Does this mean that people will not be cashing in on the positive news? Of course they will. If I personally had my house to sell I would "try" it as well.

I was interviewed by CBC Radio last week, the same day that Hebron was signed, and asked my opinion on the effect of the news. Here is a clip of the interview. (Click here for the full article NL housing prices jump as Hebron signed)

Steve Winters, a realtor with Remax, said he noticed the trend begin in the spring, as speculation swirled of a coming Hebron deal.

"We're starting to see the prices jump, and what $150,000 could get you last year is not going to get you near this year," Winters said, adding that people from Western Canada, in places such as Fort McMurray and Vancouver, are buying homes on the northeast Avalon sight unseen.

Winters said some people in Newfoundland may get pushed out of the market because of the sudden increase, and that home buyers may not be able to buy the house for which they just received mortgage approval from a bank.

Personally, my thoughts for the rest of this year: gains will be fairly consistant in an upward trend. Maybe another 5% gain til the end of 2008. Remember we have already seen at least a 20% increase from the beginning of the year from current stats.

CHMC is stating that the next 3 - 5 years look VERY promising for Newfoundland Real Estate. A 15% - 20% increase per year. Quite possible to double the cost of a property in St. John's in 5 years in a good area.

Investing in real estate in St. John's Newfoundland now seems to be the hype throughout Canada and even the United States. With the housing market meltdown in the States, a general slow down and pull back in prices throughout most of Canada, Newfoundland seems to be the real estate hot spot. With 15% - 20% increase per year expected, that's better then most blue chip stock reviews.

Steve Winters - Remax St. John's, Newfoundland
http://www.stjohnsrealestateonline.com

Herbon a GO for Newfoundland

Stephen Winters - ABR (Remax Realty Specialists) — Wed, 20 Aug 2008 11:47:16 -0500

Worth potentially 20 billion dollars to Newfoundland over the next 20 years and over 3000 jobs to be had. Today Danny Williams unveiled the Hebron deal in a live news conference at the Fairmont Hotel in St. John's. Start of construction is aimed for 2012 with oil projected to flow in 2017.

So far this year St. John’s Real Estate has jumped about 20% with a projected 15% increase in 2009. In the beginning of the year CHMC went on record saying 7 - 8% increase in housing prices while Remax was deemed highly optimistic with their 12% projection for 2008.

With this news release, how will the St. John's real estate market react? When will the oil companies start moving people into the St. John’s and start buying up properties? Is too much of a good thing too fast good for Newfoundland Real Estate? Will it be buy on rumor sell on news scenerio?

Say Goodbye to 100% financing and 40 year mortgages in Canada

Stephen Winters - ABR (Remax Realty Specialists) — Thu, 10 Jul 2008 20:43:47 -0500

The Canadian Government is making it tougher for home buyers to obtain a mortgage and with good reason. Starting October 15 of this year, the new rules will take effect.

We are all familiar with the sub-prime mortgage meltdown in the States the past year but while Canada is not even close to this disaster the government still feels it necessary to secure and maintain a strong mortgage and housing market.

The changes include:

Cutting the maximum amortization period to 35 years from 40.
Requiring a minimum down payment of five per cent, whereas loans for 100 per cent of the price are possible now.
Establishing a requirement for a consistent minimum credit score.
Introducing new loan-documentation standards.

The people effected are the purchasers with less the 20% downpayment for a property as they are the people that require mortgage insurance with the purchase of real estate. Those with pre-existing mortgages will not be effected.

Mortgage insurance protects lenders (ie Royal Bank, Scotia Bank etc) when a borrower (the Purchaser) defaults on the loan if the sale of the property doesn’t cover the debt.

I for one am in agreement with this change. The zero down, 40 year mortgage that was introduced a couple years ago allowed home buyers the ability to purchase a home yet become heavily in debt. There was a lot of buyers that entered the real estate market in Canada during this time and probably shouldn’t have.

In a perfect world you want to pay off your mortgage as fast as possible. The idea of no mortgage and having the extra cash flow per month is excellent. However....this is not a perfect world and not everyone has the ability to do this.

It will be interesting to see the public’s reaction, particularly first time buyers, to these changes.

St. John's Investment properties have increased in price....when will the rents?

Stephen Winters - ABR (Remax Realty Specialists) — Tue, 08 Jul 2008 05:12:48 -0500

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.

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.

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

St. John’s Newfoundland Remax Affordability Report 2008

Stephen Winters - ABR (Remax Realty Specialists) — Wed, 23 Apr 2008 06:23:21 -0500

Although a recent report pegged St. John’s as one of the most affordable cities in the G7 nations, affordability is a growing concern. Buyers continue to face challenging market conditions, including unprecedented demand and extremely tight inventory levels.

Multiple offers are quite prevalent. It is not uncommon to see quality, new listings generate three to four offers after only a few days on the market, with most selling for more than list price. Bungalows are especially coveted.

Despite a sense of urgency in the marketplace, buyers remain quite determined. Most are willing to compromise by way of necessity, while others ante up more money to compete. Some entry-level purchasers are sitting on the fence, waiting for more product to come on stream with the Spring market and better weather.

Currently, average price in Greater St. John’s hovers at $172,000. Although the St. John's downtown core has more affordable options, most purchasers prefer Woodlands, Cowan Heights, and Mount Pearl, where three-bedroom, resale homes start from $180,000.

Condominiums are a viable alternative, but this type of product is popular with only a small percentage of first-time buyers. St. John's Condos can start from $100,000 for a one-bedroom unit in an old military conversion to $130,000 for a two-bedroom in an older building in the northwest end of the city. Duplex product, though limited, is also growing in demand, and more units are coming on stream.

The least expensive sales recorded to date in St. John’s include a detached home with some new upgrades that changed hands for $140,000 and an 800 sq. ft. condo apartment that sold for $95,100 in an older, but renovated, building. Both were located in the city’s east end.

With average prices forecast to experience double-digit momentum yet again this year, it is expected that the first time buyer segment will remain very active as purchasers try to buy in before prices rise further.

Comparing Fort McMurray house prices to St. John's

Stephen Winters - ABR (Remax Realty Specialists) — Tue, 22 Apr 2008 05:51:56 -0500

I was delving deeper into my Filogix MLS Real Estate system to investigate some features I've yet to explore. I discovered we have access to "inter real estate boards" listings and stats.

The first on the drop down tab was Fort McMurray homes for sale, so I decided to check it out. Floored at some of the prices and similar style houses compared to St. John's houses, I found a listing from Remax Fort McMurray that just shocked me.

A mobile home noted as "Amazing starter home at an amazing price". Amazing price alright....this property was listed for $354,900. Sold and closed in less then one month. The description continued..."quick possession. You’d better act fast – this one won’t last long!" He wasn't kidding!! It sold and closed (transfered owner) in less then a month.

Average price for a similar mobile home in St. John's is about $90,000. Coincidentally, I would call this an "amazing starter home at an amazing price" at a price $260,000 less then in Fort McMurray. So tell me....which of the two property photos shown is for sale in Fort McMurray and which property is for sale in St. John's?

35 Unit Apartment Building for Sale

Stephen Winters - ABR (Remax Realty Specialists) — Thu, 17 Apr 2008 19:46:54 -0500

Looking for a great investment property in Newfoundland? 35 unit commercial apartment building located just 90mins outside St. John's. Complete with laundry and exercise room, four units and large suite furnished. Each unit metered separately with own hot water tank. Building is equipped with a fire alarm system. Electrical is a three phase 800 amp 208V service. Upgrades over recent years. Paved lot for approximately 40 vehicles. Next door to two senior citizens complexes and near local hospital. Live in and run your own business. A clear phase 1 environmental assessment completed in 2005 and on file. Engineering Inspection completed in 2005 and on file. Asking price is $1,025,000 1 Scarlet Ridge Carbonear - Virtual Tour

MLS Trends St. John's First Quarter

Stephen Winters - ABR (Remax Realty Specialists) — Thu, 17 Apr 2008 19:31:31 -0500

MLS Residential Sales Post Solid First Quarter

MLS® residential sales increased 14.3 per cent to 713 units compared to last year’s first quarter sales of 624 units

January, February and March MLS® sales were 236, 238 and 239, respectively and were held back by a lack of active listings

Driven by low inventory, the first quarter average MLS® house price jumped 13.6 per cent to a record $156,953 compared to $138,167 during the first quarter of 2007

Resale Market Classified as Sellers

The resale market headed quickly to a sellers classification last Fall and remained there throughout the first quarter of 2008

Average time-on-market trended lower during the quarter, strong price growth continued and many choice properties enjoyed multiple purchase offers

Current trends indicate the market will favor sellers once again during the second quarter, but an expected improvement in active listings may provide some relief for buyers

Active Listings Remained Low

After falling nearly a half by January, active listings rebounded slightly during February and March, but remained low, restricting unit sales growth accordingly

The supply of active residential listings averaged approximately 1,150 during the first quarter compared to almost double that number at 2,100 a year ago

First quarter new listings were near last year’s first quarter level of 1,600, while active listings retreated 45 per cent compared to the first quarter of 2007

Mortgage Rates to Remain Low

With U.S. recessionary pressures continuing, the Bank of Canada is widely expected to cut rates 50 basis points by June 10th

Accordingly, mortgage interest rates are expected to remain low in 2008 and start to creep higher in 2009 as investors gain more confidence in financial markets

One and five-year mortgage rates are forecast to be in the 6.25-7.25 and 6.50-7.50 per cent range, respectively, in 2008 and beyond

80 Karon Drive - Pineridge Creek

Stephen Winters - ABR (Remax Realty Specialists) — Tue, 25 Mar 2008 07:13:28 -0500

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.

Virtual Tour of 80 Karon Drive

15 Larner Street - Clovelly Trails

Stephen Winters - ABR (Remax Realty Specialists) — Tue, 25 Mar 2008 07:11:52 -0500

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.

15 Larner Street Virtual Tour

Seven Reasons to Relocate to St. John's

Stephen Winters - ABR (Remax Realty Specialists) — Tue, 25 Mar 2008 07:10:02 -0500

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.

New home construction economic clause

Stephen Winters - ABR (Remax Realty Specialists) — Tue, 26 Feb 2008 19:15:58 -0600

There has been quite a debate around the "St. John's real estate water cooler" in recent weeks. Towards the end of 2007 some local builders and subdivisions in St. John's implemented a new "Economic Clause" to their contracts. Buyers have been noted to shy away from certain subdivisions and proceed to others that do not insert this clause. The debate is over whether this clause protects the buyer or the builder. Does it protect the buyer from an increase in purchase price of the house? Does it allow the builder the option to raise the price of the house prior to starting construction?

The clause states:

"This Agreement of Purchase and Sale is subject to the Vendor confirming to the Purchaser or the Purchaser's Agent in writing the final sale price on or before the expiry of 14 days prior to excavation of the dwelling. If no written confirmation of the final sale price is issued by the Vendor on or before the expiry of 14 days prior to excavation of the dwelling the Purchase Price referenced herein before shall be deemed to be the final sale price. If written notification of an increase in the final sale price is issued with which the Purchaser is not satisfied then this Agreement of Purchase and Sale shall be void and of no effect. Upon receipt of the written notice of the increased final sale price from the Vendor the Purchaser must acknowledge in writing within 72 hours their agreement with the increase in price, and failure to do so renders this Agreement of Purchase and Sale void and of no effect with the Vendor returning the Purchasers Deposit or down payment."

What are your thoughts on this clause? Are you in favor of the builder being protected or the buyer?

St. John's MLS Trends for 4th Quarter 2007

Stephen Winters - ABR (Remax Realty Specialists) — Sat, 02 Feb 2008 11:02:52 -0600

MLS® Residential Sales Post Record Fourth Quarter - MLS® sales surged 43 per cent to a record 1,326 units compared to last year’s fourth quarter sales of 926 units - October, November and December MLS® sales were 475, 497 and 354, respectively - Fourth quarter average MLS® residential house price jumped 11.4 per cent to a record $153,196 compared to $137,478 during the fourth quarter of 2006

Resale Market Returned to Balanced Classification
- The current sales-to-active listings ratio trend and other factors combined, suggest the Market is heading quickly to a sellers classification and already has in some neighbourhoods
- Average time-on-market trended lower during the quarter and price growth was very strong - A further firm reclassification to sellers will depend on first quarter 2008 results, but likely to occur based on current market trends

Active Listings Decline
- After climbing since 2003 and hitting a record high in July, active listings declined during the fourth quarter for the first time since the second quarter of 2004
- The supply of both new and active residential listings averaged 2,070 during the quarter compared to 2,216 a year ago
- New listings decreased 15 per cent, while active listings retreated 7 per cent compared to the fourth quarter of 2006

Click here for the full St. John's MLS Trends Q4 2007 including graphs.