brown mckinney real estate: Good News for Powelton Village and Mantua - 10/06/10 01:43 PM
Drexel University's new president, John Fry, announced a goal of improving the neighborhoods surrounding Drexel's campus. Given that he was part of Penn's initiatives to improve University City during the 1990's and 2000's I think it's safe to be optimistic that he will have a positive impact on the Powelton Village and Mantua neighborhoods just north of Drexel. Along with expanding Drexel's security presence, Mr. Fry announced plans to encourage Drexel employees to purchase and maintain homes in the neighborhood, and also spoke of cracking-down on sub-standard off-campus housing, a serious problem that too often flies under the radar throughout Philadelphia.
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brown mckinney real estate: As Temperatures Rise Prices Drop! - 06/14/10 04:45 PM
I've noticed asking prices coming down more aggressively than usual on properties throughout Philadelphia over the past month. I think this is largely due to the expiration of the homebuyer tax credit which caused a lot of buyers to rush to get their deal done in April, leaving a dearth of buyers out in the market right now and forcing sellers to compete aggressively with price reductions. Two of my listings have seen price reductions in the past week, and they were reasonably priced to begin with, so I certainly think the tax-credit hangover is a real effect.
Check out my … (1 comments)
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brown mckinney real estate: Video Tour: 5714 Rodman St., Philadelphia - 06/14/10 04:35 PM
I just listed a beautifully rehabbed home in West Philadelphia - very close to Boys Latin Charter School, Mercy Hospital, and the Baltimore Ave. trolley. Check out the video tour below and give me a call to set up an appoitment: … (0 comments)
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brown mckinney real estate: As Gas Prices Rise Location Becomes Even More Important to Real Estate - 05/20/10 03:44 PM
Everyone knows that the three most important things in real estate are location, location, and location. Well I have just decided that the fourth most important thing in real estate is...you guessed it, LOCATION! Why do I think that location is even more important now than ever? Because gas prices have just topped $3.00/gallon again here in Philadelphia, and I wish that my home, office, grocery store, favorite restaurant, etc. were all located even closer to each other so I could spend less money on gas and less time in transit between one place and the next.
Not that I can … (0 comments)
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brown mckinney real estate: Low-Maintenance Home Near Temple - Great 1st Time Buyer Deal - 03/29/10 12:41 PM
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brown mckinney real estate: Just Listed - Great 1st-Time Buyer Deal in South Philly - 03/24/10 01:02 PM
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brown mckinney real estate: First Time Buyer Tour of Homes - Roxborough/Manayunk - 02/03/10 03:58 PM
Buying your first home can be a daunting experience for anyone, and it's often hard to get trustworthy advice on how best to approach the process. For that reason Brown McKinney Real Estate is pioneering a new, low-pressure way for first-time buyers to get started on the road to home-ownership - the First-Time Buyer Tour of Homes. The timing for this could not be better since first-time buyers who have a property under contract by April 30th can still qualify for the $8,000 tax credit!
Our first tour will focus on homes in the $200,000-$300,000 price range in two of Philadelphia's … (0 comments)
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brown mckinney real estate: Summer Selling Season to Shift this Year? - 01/08/10 11:13 AM
Traditionally home sales in a given year peak in the summer. This common trend is driven by better weather for home-shopping, more relaxed work schedules for many buyers and sellers, and a desire to move during the summer while kids are out of school, avoiding mid-year school transitions.
2010 however may buck this trend and push the peak of home sales earlier, into the late winter or early spring. The reason for this expected shift is the $8,000 home-buyer tax credit which currently applies only to home sales under contract by April 30th and closed by June 30th. Last November, when … (0 comments)
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brown mckinney real estate: Jobs Will Return to Philly...Slowly - 01/04/10 03:45 PM
According to this article in the Philadelphia Business Journal the Philadelphia region should see a lower unemployment rate over the course of 2010, but job gains will be slow. Drivers of job growth are expected to be the health-care and education sectors as well as the two new casinos that are set to open in Philadelphia this year (don't hold your breath for that one, there are still plenty of people working to make sure Philadelphia never sees a single slot machine on the Delaware).
With Philadelphia's unemployment rate at 11.1% for October and expected to tick slightly higher in the … (0 comments)
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brown mckinney real estate: Two Pieces of Good Economic News - 12/18/09 03:35 PM
Philadelphia got an early Christmas present with the release of two pieces of good economic data this week. First off the Pennsylvania unemployment rate for November dropped 0.4% to 8.5% - a full 1.5% below the national average. While the state-wide job count continued to decline, jobs were created in the construction and education and health services sectors. The other good news came from the Philadelphia Federal Reserve which reported the fifth consecutive month of positive manufacturing conditions for the region.
A final piece of good news this holiday season is that Philadelphia International Airport opened it's new free parking lot … (0 comments)
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brown mckinney real estate: A Confidence Booster for Philly - A Growing Population - 12/11/09 08:52 AM
You may have heard that as of last week, Philadelphia's 2008 estimated population was revised upwards by 93,000 people to 1,540,351. This is obviously a good sign for the city, not least of all because it should boost confidence among entrepreneurs and business owners thinking of investing in the city. For years anyone thinking of investing in a business in Philadelphia had to ask themselves "why should I work to build a business in a city where the population (the customer & employee base for any business) has been shrinking for a generation?" There were no easy answers to this question, … (2 comments)
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brown mckinney real estate: What Makes a Good Buyer's Agent? - 12/10/09 11:34 AM
In my post earlier this week I discussed Five Reasons Serious Investors Should Use a Buyer's Agent. Hopefully that convinced you that there are benefits to consistently working with a good buyer's agent to identify and purchase investment properties. That still leaves the question of how to identify a good buyer's agent. As with any business relationship gut feeling, dumb luck, and/or trial and error can often lead you to a great buyer's agent, but if you'd like to be a little more scientific about who you choose to work with consider the following guidelines:
1. Look for an agent who … (1 comments)
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brown mckinney real estate: New Mixed-Use Listing - Bank Owned - Perfect for Creative Developer - 12/08/09 06:08 PM
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brown mckinney real estate: Five Reasons Serious Investors Should Use a Buyer's Agent - 12/08/09 09:58 AM
I am often surprised at how little thought some sophisticated real estate investors put into their selection of business partners. Specifically many experienced (and inexperienced) investors work with a hodge-podge of agents and middle-men without ever consciously thinking about what makes the most sense for building their business. In my opinion one of the best things a serious real estate investor can do is to develop a strong relationship with a good buyer's agent who will represent that investor in all or most of their real estate purchases in a given market area. There are five basic benefits to investors from … (2 comments)
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brown mckinney real estate: When 10% Unemployment is Good News - 12/07/09 10:27 AM
A few years ago news of 10% unemployment would have been dire news. Oh how times have changed... When the latest unemployment figures were released on Friday the drop from 10.2% in October to 10% in November was hailed by many as a sign that we may really be at the bottom of this recession and starting on the long, hard climb back to strong economic growth. While the report still shows a net 11,000 job losses in November, that's far below past months and was a big surprise to economists who expected 130,000 lost jobs. Not only did the percentage … (1 comments)
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brown mckinney real estate: Philly Tax Amnesty - Potential Effects on Local Real Estate Market - 12/04/09 03:02 PM
According to the Philadelphia Inquirer the city of Philadelphia is considering a tax amnesty program to begin as soon as May 3rd. If such a program were implemented it could have wide-ranging effects on the local real estate market - most of them positive.
For one thing homeowners who owe back taxes could have a chance to pay those down and get out from under heavy fees and interest. This may help to reduce foreclosures in the city as many foreclosure victims also have large past-due tax bills that make their situation even more difficult.
Additionally, a large percentage of the … (1 comments)
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brown mckinney real estate: Thanksgiving Weekend Leftovers - 11/30/09 07:40 AM
I'm just back from a very nice Thanksgiving back home in Kentucky, and as I catch up on the latest news in the world of Philadelphia real estate I thought I'd link to some of the most interesting things that I'm reading so you can catch up on what's been happening as well.
1. News of the tax credit expansion is getting out and you may have questions about it - get some of them answered here and call me if you have more - there's no time to waste if you want to get this credit, I wouldn't expect them … (0 comments)
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brown mckinney real estate: Considering Real Estate Investing? - 11/16/09 04:15 PM
If you've ever stayed up late watching infomercials and thought "maybe I could make millions in real estate..." then you'll appreciate this website: www.landlordmentor.com. It seeks to provide much of the information that you would learn from the Real Estate Riches style programs without any of the gimmickry or sales pitches (it's a purely free, informational website written by a guy in Texas). While the site doesn't claim to be for everyone, it does give you in depth information about one successful investor's experience and does a good job of setting expectations at the right level - specifically that you can … (1 comments)
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brown mckinney real estate: A Second Chance for First Time Buyers - 11/16/09 10:14 AM
Over the past couple of weeks events have conspired to give first-time home buyers a second chance at snagging the deal of a lifetime! First the $8,000 tax credit was extended through April 30th of 2010 and expanded to include a tax credit for some repeat buyers, letting them in on the fun a bit as well. Additionally, mortgage rates have again dropped solidly below 5% - one banker I work with is quoting 30-year fixed-rate mortgages at 4.875% this morning, and they offer even lower rates for qualified first time buyers. Finally, there is still an abundance of housing inventory … (0 comments)
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brown mckinney real estate: Tax Credit Expansion Passes in Senate...Take it to the House! - 11/05/09 12:25 PM
The extension and expansion of the first-time buyer tax credit (now for some other buyers as well) passed through the Senate yesterday and should get through the house and onto the President's desk soon. The details of the expansion are:
$8,000 tax credit for first time buyers extended to those under contract by April 30, 2010 with 60 days to close after that.
Income limits increased to $145,000 for single taxpayers and $245,000 for married couples, with phaseouts beginning at $125,000 and $225,000 respectively.
Eligibility for up to $6,500 in tax credit is extended to repeat buyers who have lived in … (0 comments)
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