Developer couple taking a chance on Saint John

With the real estate market stagnant and the Energy East pipeline by no means a certain thing, property developers Nicole and Andreas Holmes are taking a chance on Saint John.

After studying the market carefully for several weeks the Australian natives have closed or are about to close on three older city buildings and are seriously looking at others.

"We love risk," said Andreas.

The couple are setting up shop in Saint John having decided real estate in Columbus, Ohio, where they previously renovated and developed properties, is becoming too expensive.

"The numbers [there] aren't working as well," said Nicole.

Their reasons for choosing Saint John over other cities are unorthodox.

Call it a feeling they got, after talking to dozens of regular people encountered during an exploratory visit.

Some of what they heard from business owners was not good. But they were inspired by, among other things, local restaurateurs who have been willing to invest in their businesses.

You're going to have more people here that are going to have that pride back.- Nicole Holmes, developer

"We look for certain things," said Andreas. "If we can find a place that has nice hip, trendy restaurants... that's a crazy indicator but that's something we use."

Their purchases include a duplex and a six unit building.

Both will need renovations or "rehabbing", as Andreas put it.

And they aren't expecting a quick turnaround on their investments.

Andreas Holmes says it could take three to six years for the market in the city to recover.

And that will happen, says Nicole Holmes.

"It's going to be up, you're going to have more people here that are going to have that pride back," she said.

In its latest Housing Market Outlook the Canadian Mortgage and Housing Corporation notes prices across the Saint John region have "remained essentially flat" since 2009. It predicts sales volumes to increase slightly in 2016 and 2017.