Real estate brightens

The president of the St. John Board of Realtors said Thanksgiving has brought the strongest interest in purchasing island real estate in seven months. John McCann, of John McCann Realty,
said last weekend he toured 10 properties with two couples and found
other sales people also "at every house I showed."  McCann conceded
there has been some downward pricing pressure, caused in part by a
near-tripling of inventory.  "Sellers realize they need to be
competitive," McCann said. "In the past, people said, ‘Well, it’ll sell
eventually.’  Now they need to show how their property is different to
generate interest."

McCann echoed other real estate sales people saying that with some
pricing softness, "This is the time for people priced out of the market
previously to come back and say, ‘Wow, look at all the choices now.’"

The Realtor added that some land prices have also weakened, making
it possible for the brave soul who wants to be his/her own general
contractor to build a property in 18-24 months at a cost of $250-$300 a
square foot.

A conversation with McCann is this week’s News of St John podcast.

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