Raising the roof

Homebuyers are in the driver’s seat right now in St. John’s, and they’ll likely stay there for the next couple of years according to realtor Larry Hann (pictured), owner of the The Hann Group. The reason: major projects in or near the city that once boosted employment and home sales (pre-engineering for the Hebron oil field development, for example) are finished or have moved to other areas of the province. Meaning: way more homes than buyers these days.

It also means that Hann and his fellow realtors have to work a little harder to find the right fit for (understandably) picky clients. Many of those clients, however, especially first-time buyers, know exactly what they want before they even call Hann. Usually, it’s a home that doesn’t need any extra work. “Their lifestyle is a lot different than when I was on the hunt for more of a finished product because they have busier lifestyles, and they’re willing to pay more for that.”

With energy prices on the rise, they’re also looking for homes that are as energy efficient as possible. Yet even when Hann finds a home that’s ready, polished and equipped with all of the green features under the sun, it’s never a done deal. There are just too many choices. Take a look at the condo market, in particular, he says. “The big concern is that there’s lots being built out there but it’s lots of the same stuff. So with condominiums, you have to be very, very specific about what you’re offering.”

That’s what he’s tried to do with 28 units in the Harbourside Condominiums building, which should finally start going up this July at 1 Temperance Street, near the east end of the harbour.

One key selling feature was the fiveyear lease contracts that put six per cent of the purchase price back into buyers’ pockets every year.

It was a unique piece of real estate marketing for St. John’s, but it shouldn’t be too surprising it arrived. When buyers are driving, sellers are perpetually trying to find them better seats.

By Jordan Whitehouse