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market: Are Buyers Starting to Re-Emerge? - 09/23/10 12:00 PM
The summer of 2010 will be remembered by folks in the real estate business as a long vacation from serious, qualified buyers. Since the tax-credit deadline of April 30th, the number of active buyers in my market, Philadelphia, has been very slim, and I've heard similar stories from people in other parts of the country. This has been great for the few serious buyers who were looking this summer - they were able to negotiate great deals in a once-in-a-lifetime buyers' market. On the other hand, sellers have been having a very tough go of it the last few months with … (2 comments)
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market: Breakdown of July's Existing Home Sales Data - 08/30/10 11:22 AM
The release last week of July's existing home sales figures from the National Association of Realtors was all over the news, where it was spun mostly as a sign that we might be headed for a 'double dip' recession driven by a continuing weakness in the housing market. If you dig a little deeper into the numbers though you see that what we're seeing isn't so much a weakening housing market, as a tale of two housing markets: the market with the $8,000 tax credit and the market without it.Home sales in the first six months of 2010 were VERY strong … (0 comments)
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market: New Market Coming to Our Back Yard! - 03/29/10 03:05 PM
According to this article and the construction crews I pass on my way into the office everyday, exciting things are happening in the Francisville neighborhood where our office is located. Francisville has long been considered one of the 'next' up-and-coming neighborhoods of Philadelphia, but it has never really had a big, exciting driver to put it on the map.
Well the 30+ vendor market described in the article may be just the thing. Details are still scarce, but I'm hoping for a miniature version of the Reading Terminal Market where I can grab lunch, get a few groceries, and maybe pick … (2 comments)
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market: Investment Market Stats - Set 6 - 03/19/10 04:08 PM
I just finished compiling my sixth weekly set of Philadelphia investment market statistics, tracking the trends for shell properties, 2-4 unit properties, and 5+ unit multifamily properties. If you'd like the full data set send me an email and I'll send it along.
No surprising trends this week, although a lack of 5+ unit multifamily sales (only one in the past 30 days) makes that market look very oversupplied from an inventory standpoint. Overall it looks like it's a buyer's market for all the investment property types that I'm tracking, although shells and duplexes are by far the least out-of-whack in … (0 comments)
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market: Philadelphia Real Estate Investment Market Stats - 03/04/10 01:27 PM
Installment number four of my Philadelphia market stats shows growing strength in the 2-4 unit segment, where inventory has come down from 24.8 to 16 months in just four weeks. This is being driven by an increasing sales pace that is likely to be both seasonal and tax-credit driven - many buyers of 2-4 unit properties are owner-occupants who can take advantage of the tax credit if they buy soon.
Shell properties are also selling well with the average price/square foot creeping above $33. On the other end of the spectrum multifamily properties of 5+ units are having a tough time … (1 comments)
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market: 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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James Yoakum, SFR
Philadelphia,
PA
More about me…
Brown McKinney Real Estate Company
Address: 1733 Spring Garden Street, Philadelphia, PA, 19130
Office Phone: (215) 825-2250 x 1002
Cell Phone: (267) 496-7739
Email Me
Observations from my work in the wide world of real estate with a frequent focus on the Philadelphia market.
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