Andrew Perkins

Theatre Lofts/Best Halifax Condo Purchase

I recently visited an exciting new project in the North End of Halifax that is going to help reshape the neighborhood and make it even more attractive for people to live their. Theatre Lofts are beautifully designed contemporary loft-style condominium townhouses that are fresh and vibrant and will give a whole new look to Gottingen Street and the North End of Halifax. I was so impressed with this project that I am thinking of purchasing a unit myself. The development team is Atlantic Developments Inc. and the architect is Michael Napier an award-winning designer of nearly 2,000 highly acclaimed condominium units across Canada. I spoke with David Graham president of Atlantic Developments Inc. on February 12 about this exciting new project. Below are bullet points with relevant information that a prospective buyer should know.

- 43 residential units available and 2 commercial units

- prices start at $139,900 and go up to $299,900

- 28 underground parking spots, additional $10,000(only for larger units)

- completion date, summer of 2010

- storage unit for all residents

- condo fees range from $93.50 to $256.63

- to secure a unit you would need 5% of the purchase price down

- designed for maximum energy efficiency and comfort

- heating is in floor radiant on first two levels and electric baseboard on top level

- landscaped courtyard

- terraces and balconies

- all units are separately metered

With it's uniqueness and proximity to the downtown core I do not see these units lasting long. To get more information on this project you can contact me at 902-488-0012 or email andrewperkins@exitmetro.ca . As well If you are looking for a mortgage broker Scott Walker of Home Loans Canada would be more than happy to sit down with you and go over your options.

Below is an artists rendition of the project.

I also mentioned at the beginning of the week that I would be visiting McCully Worklofts on Agricola, Unfortunately that project as been put on hold.

Andrew Perkins

Your Halifax Condo Expert

It could not be a better time to start to renovate your home. The government has recently announced a new program to help home owners with renovation projects. Coupled with the the Eco Energy retrofit grants, this makes renovating your home not only logical but economical as well.

Below is a list of a few highlights of the program

- 15 per cent tax credit of up to $1,350 for eligible renovations to home or cottage

- The credit can be applied to projects like a new kitchen or bathroom, a new furnace, water heater, or a resurfaced driveway. Items like new furniture, appliances or home electronics would not be covered

- The total cost has to be in excess of $1,000 and the credit tops out after $10,000 - the 15 per cent credit is applied to the amount between the $1,000 minimum and $10,000 ceiling, hence $1,350. It's a non-refundable credit, which means it will reduce your taxes owing, but you don't get the cash if you have a positive balance.

- The federal goverment estimates as many as 4.6 million homeowners will take advantage of this new program

- Homeowners can also do some double-dipping, as the renovation credit can be claimed on projects that also qualify for ecoEnergy Retrofit grants. Under that program, Nova Scotians can qualify for a federal grant of up to $5,000, and a matching provincial grant of up to $1,500 for renovations that make your home more energy efficient.

- Last week's budget also included some tax relief for first-time homebuyers. This includes a credit of up to $750 to cover closing costs, such as legal fees, title insurance and deed transfer taxes. This credit covers 15 per cent of eligible closing costs, up to a maximum of $5,000.

- As well, the amount first-time buyers can withdraw from their RRSPs for a down payment has been increased from $20,000 to $25,000, the first major change to the RRSP homebuyers plan since it was introduced in 1992.

Information Taken From Chronicle Herald

This is great news for homeowners and first time home buyers. This will add a much needed boost to the ecomomy. If You would like more info on this program do not hesitate to contact me at 902-488-0012 or email andrewperkins@exitmetro.ca

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Your Halifax Real Estate Expert

4th Quarter MLS residential stats for Halifax, Dartmouth and surrounding areas, released by Canada Mortgage and Housing Corporation. Lets have a look at some of the highlights of this report.

Sales Decline but Prices Steady

# of Sales 6205 - down by 10.7% from last years record total of 6945

Despite the decline in sales 2008 remained above the 10 year average.

Dartmouth City had the most sales with 1669, only 4% fewer than 2007

Sales in Halifax City declined by 11%, Bedford-Hammonds Plains declined 15.6% and Sackville declined by 13.1%. Fall River showed the largest decline in sales by 22%. These numbers are based against last years stats which were a record for HRM.

Despite the decline in sales the average price continued to rise by 6.6%. Which is consistent with the annual 10 year average of 7.7%

Areas of Note

2. South End/ Sales down 17.6% Average price up 17.3%

7. Spyfield/ Sales Down 10.6% Average Price up 19.1%

13. Cricton Park/Alboro Lake, Dartmouth/ Sales up 13.4% Average Price up 15.8%

26. Beaverbank,Upper Sackville/ Sales down 28.2% Average Price up 12.6%

These areas saw dramatic increases and decreases in both sales and average price. If you would like to know what the numbers were in your area you can email me at andrewperkins@exitmetro.ca. I would be more than happy to provide you with those numbers.

I am still in the process of revamping my website and my blog. I am hoping to complete this in the near future. Change is always good.

If you are looking to buy or sell real estate in Halifax, Dartmouth and surrounding areas do not hesitate to call me at 902-488-0012.

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A recent release from Nova Scotia Association of Realtors states that the real estate market in our province is still going strong. 2008 was another great year according to Robert Wambolt, President of NSAR. See the below article

Nova Scotia Real Estate posts near-record results in 2008: NSAR

HALIFAX - The Nova Scotia residential MLS re-sale housing market defied national trends in 2008, posting near-record results for the number of units sold and the dollar value of residential transactions. The year also ended with a record residential average MLS price for the province and a record for the number of new listings. By comparison, the national housing market ended 2008 with a slight decline in average price, and with a 17 per cent drop in the dollar volume of residential transactions.

"There is no doubt 2007 was the record-setting year for real estate in Nova Scotia. It may be a while before we surpass those statistics," says Robert Wambolt, president of the Nova Scotia Association of Realtors. "That said, it's always a good time to buy in Nova Scotia. As the results of 2008 show, our market fundamentals are solid. Interest rates remain low, and there is still consumer confidence in the housing market in our province."

2008 Nova Scotia Real Estate Market Snapshot (2008 compared to 2007):
--There were 12,480 properties of all types sold through the MLS system (Down 9.1%);
--The total value of all sales processed was $2.2 billion, the second highest value of record (Down 5.3%);
--There were 10,874 residential properties sold (Down 8.4%);
--The total value of all residential sales $2.1 billion, the second highest value of record (Down 3.8%);
--The MLS average price of a residential property for the year was $189,902, an annual record (Up 5%);
--There were 20,117 new listings processed through the MLS system (Up 6%).

The number of new and active residential MLS listings began to increase in the final quarter of 2008, marking the move to a more balanced market. "The real estate market in Nova Scotia is moving towards a more balanced position for both buyers and sellers, and doing it without the major price and volume declines reported in other parts of Canada," adds Wambolt.

December 2008: The residential MLS average price in Nova Scotia set both an annual record in 2008 and a monthly record at the end of December. The monthly residential average in December was $181,646, up six per cent from the end of December 2007. This continues the trend through 2008 of monthly increases in average price of six per cent or less. The annual residential average price was $189,902, also a record.

"That's an important barometer showing we are escaping the major price fluctuations of other markets, and showing continued consumer confidence in our real estate market," Wambolt says.

The total value of all MLS sales reported in the province in December was $82.8 million, down 16 per cent from the total value of all MLS sales in the same month of the record-setting 2007. There were 504 properties sold through the MLS system in Nova Scotia in December, a decline of 16 per cent from December 2007.

During December, the decline in sales combined with a higher number of active listings continued to push the real estate market in Nova Scotia towards a more balanced position. There were 664 new MLS residential listings added in December, so by the end of the month there were 6,292 active residential listings, a 23 per cent increase in the number of active listings compared to December 2007.

"As sales activity continues to slow from its record-setting pace in 2007, listings are staying on the market longer," Wambolt adds. "That emphasizes how important it is for sellers to work with a realtor to price their homes realistically and benefit from their marketing expertise."

Based on the number of residential units, sales in December were most active in Cape Breton and the north shore. In the Halifax-Dartmouth region the value of MLS residential sales in December was $54.5 million, a decrease of 12 per cent compared to the same month a year ago. A total of 233 residential properties were sold in Halifax-Dartmouth through the Association's MLS system, a 22 per cent decline in units sold compared to December 2007. The average residential price in the Halifax region in December was $234,063, up 12 per cent compared to the average price in December 2007.

In the area served by the Annapolis Valley Real Estate Board, all MLS sales in December totaled $5.5 million, a 32 per cent decrease from December a year ago. There were 34 residential properties sold through the board's MLS system in December, down 32 per cent compared to the number of units sold in December last year.

The average residential MLS price in the Annapolis Valley in December was $125,849, a five per cent decline from the average price in December of last year. - Staff

This is a very positive report for the Nova Scotia Real Estate market. With all the news of how bad the economy is, it is good to see that the market is remaining strong.

I am in the process of making major changes to my website and my blog site. I am hoping to have things clued up in a couple of weeks. I am very excited for these changes so stay tuned.

If you are looking to buy or sell Real Estate in Halifax, Dartmouth and surrounding areas give me a call 902-488-0012, I would be more than happy to assist you.

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Predictions for the Halifax Real Estate Market 2009

The New Year is upon us and who knows what is in store for 2009. 2008 was a tough year on everybody. With all the doom and gloom in the financial industry it is safe to assume that in 2009 we may be in for a rough ride here in Canada. Hot Real Estate markets like Calgary, Vancouver, and Fort Mac Murray have seen a drastic declines in the number of sales and prices have tumbled.

What is in store for us in the Halifax Real Estate market? In my professional opinion I think Halifax is positioned nicely to not feel the sting of this so called recession we are in. Last year we saw a 6.5% increase in average price and this year TD financial fore casted another rise in price but only by 2%. This is a modest increase but it is still an increase unlike other markets in Canada or the United States where the average price has gone down in some places by more than 50%.

I see the first half of 2009 being a buyer's market, right now we are seeing record volumes of inventory and days on market has increased. Combine those two and there are deals to be had. Interest rates are getting close to an all time low which will help more buyers get into their next home.

If you are looking to buy a home this year make sure you get a Realtor to represent you in the transaction, it could be worth thousands of dollars in your pocket. A strong agent who understands this market is going to get you a better bang for your buck.

In the next few months look for new changes to my blog. In the meantime if you are looking to buy or sell Real Estate in Halifax, Dartmouth and surrounding areas you can email me at andrewperkins@exitmetro.ca.

Andrew Perkins

Your Halifax Real Estate Expert