real estate: Great Article on Temple Student Housing
- 10/15/10 03:53 AM
This article from today's Philadelphia Inquirer gives a nice overview of the world of student housing around Temple University - a must read for investors in this area: New Temple student housing stirs a renaissance west of Broad Street … (1 comments)
real estate: Vacant Land A Major Problem and/or Opportunity in Philly
- 09/30/10 11:28 AM
Since I work with a lot of real estate investors in Philadelphia I'm frequently asked about the vacant land parcels you see scattered about the city. Even in some of the nicest neighborhoods of Philadelphia you can find large chunks or single plots of vacant land that have been sitting for years without any change. Anyone who's lived near a vacant lot in the city knows the trouble they attract, and any developer who's ever tried to acquire land in Philly knows what a pain that can be. I found two articles from PlanPhilly.com (see below) that are do a great … (0 comments)
real estate: Are Buyers Starting to Re-Emerge?
- 09/23/10 05:00 AM
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)
real estate: Employment Picture Better than Expected
- 09/03/10 06:35 AM
If you've been reading my blog you know I expect the real estate markets to start recovering once the job market starts consistently growing. Well the national news today was a bit better than expected with reports of 67,000 private sector jobs being added in August. The June and July employment numbers were also revised upwards, another reason for a bit of optimism. While a positive surprise is nice (analysts expected only 41,000 new jobs in August), the economy still needs to more than double this monthly job growth figure if we want to really reverse the damage of the 'Great … (1 comments)
real estate: Breakdown of July's Existing Home Sales Data
- 08/30/10 04:22 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)
real estate: Back from Vacation to Find LOW Mortgage Rates
- 08/27/10 07:22 AM
I'm back from a long vacation and catching up on what I missed. There's a lot to cover, so check back for more blog posts over the next few days, but I'll start today with the REALLY good news for home-buyers or homeowners looking to refinance: interest rates are at all time lows! I'm seeing 30 year fixed FHA loans quoted as low as 4.0% which means your monthly mortgage payment (principal and interest) for a $200,000 house would be only $921.41 with only $7,000 down! And that payment is locked in for 30 years! If you're currently renting and having … (4 comments)
real estate: Read up On Philly's Past, Present, and Future
- 08/10/10 12:20 AM
I'm headed out of town for a couple weeks - but before I leave I thought I'd share a few recent articles that might increase your knowledge of Philadelphia's past, its present, and its likely future. All are at least somewhat real estate related and I learned a bit from each one. I'll be back in town on the 24th of August, but if you need expert real estate advice before then I highly recommend contacting Tim Garrity at my office. He can be reached at 215-825-2250 x.1007 or tgarrity@brownmckinney.com. Read up on the recent "condo boom" in Philly - we're … (1 comments)
real estate: Good Reading for Buyers and Sellers
- 07/28/10 04:00 AM
We're supposed to be headed out of the great recession right? The worst of the housing market is behind us right? That's the general story coming from the media lately, and to a large extent I agree. Foreclosure rates are gradually creeping down in most areas as banks streamline their systems for dealing with troubled borrowers and job losses seem to be moderating, even if new jobs aren't being created as quickly as we'd all like. So yes, nationwide things are getting better when you look at the big picture. On the ground in the world of real estate though, the … (1 comments)
real estate: A Musical Intro to Two Philly Neighborhoods - Powelton Village & Northern Liberties
- 07/16/10 07:40 AM
Powelton Village and Northern Liberties are two neighborhoods that are very popular with many buyers in Philadelphia, especially first-time buyers and those looking for a real sense of community within the city. This weekend is a great time to get to know either neighborhood and hear some great music at the same time. If you're into Jazz then Powelton Village is the place to be this Saturday for the 4th Annual Lancaster Avenue Jazz and Arts Community Festival. While you're in the neighborhood be sure to explore Drexel University's campus which has added several new and interesting buildings in the past … (0 comments)
real estate: Where Have All the Buyers Gone?
- 07/14/10 06:49 AM
According to this article purchase-money (as opposed to refinance) mortgage applications last week were at their lowest level since December of 1996. If you just woke up from a five year nap and read that you might think interest rates had soared up to the double-digits, but surprise, interest rates are at all time lows as well with 30 year mortgages coming in around 4.5% for qualified borrowers. So if mortgage rates are so attractive why aren't more folks applying for mortgage? Based on my personal experience there are two key reasons: 1. All the motivated buyers bought early this year. … (1 comments)
real estate: Interesting Mortgage Option with SUPER Low Rate
- 06/17/10 03:15 AM
I received an email today from INGDirect touting a new mortgage product that they're offering. It's not for everyone, but for the right buyer it could be a sweet deal. The basic terms are as follows: 5 year loan term, with option to extend for 5 more years at then current rates 30 year amortization Free Bi-weekly payments to help pay down principal more quickly 25% down-payment required No points Available for loans up to $750,000 Ridiculously low 3.524% APR interest rate! I see this loan program as being ideal for a very specific type of borrower who fits the following … (0 comments)
real estate: As Temperatures Rise Prices Drop!
- 06/14/10 09:45 AM
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)
real estate: Video Tour: 5714 Rodman St., Philadelphia
- 06/14/10 09:35 AM
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)
real estate: New Mixed-Use Development Near Temple University
- 06/07/10 05:30 AM
New York-based developer Jonathan Rose Companies is joining with local non-profit Asociacíon Puertorriqueños en Marcha to develop a 200,000 square foot mixed-use development near the Temple University transit center at 10th & Berks in North Philadelphia. According to this Philadelphia Business Journal article the development will consist of 164 mixed-income apartments, as well as parking, retail space, and a community technology center. The published cost of the project is $48 million, about 1% of which is federal funding with the rest being funded by Jonathan Rose Cos. Jonathan Rose Cos. has a long track record of successful transit-oriented development (TOD) in … (0 comments)
real estate: City Pools Get Funding Just in Time for the Summer Heat
- 06/03/10 04:16 AM
In today's inquirer, there was a bit of good news from the worlds of Philadelphia weather, politics, and banking - how often do you get that triumvirate? Just as temperatures are starting to regularly hit the high 80s & low 90s First Niagara Bank, which recently acquired Harleysville National Bank and has been quickly expanding its local presence, donated $400,000 to the city of Philadelphia to cover the costs of opening and operating all of the city's 72 outdoor public pools. This will provide welcome relief to Philadelphians in need of a place to cool down this summer, and it provides … (1 comments)
real estate: In Great Company
- 05/07/10 12:57 AM
If you ask real estate professionals or urban-studies nerds to name some of the most dynamic and successful big cities in America you'll find that Philadelphia is often low on the list. However, in one respect Philadelphia has joined ranks with three cities that are always near the top. According to this article from the Philadelphia Business Journal Philadelphia has just joined Boston, San Francisco, and Washington D.C. as the only cities out of America's twelve largest with an industry other than "trade, transportation and utilities" as the largest source of employment. In Philadelphia the education and health services industry, often … (3 comments)
real estate: Philly Condo Prices Starting to Make Investment Sense
- 05/06/10 11:39 AM
The title of this blog says it all. I'm finally starting to see condo prices in some Philadelphia condo buildings that make sense as buy-and-hold investment opportunities. Typically the business model of buying a condo unit and renting it out for cash-flow has been a long-shot in Philly. This is largely due to condo fees that cost you more than the amenities they pay for generate in rental premiums. However, the condo market seems to be lagging the rest of the market in terms of pricing recovery, and since there is still a glut of condos on the market it may … (0 comments)
real estate: Video Tour of 151 W. Seymour St., Philadelphia, PA
- 05/04/10 04:12 AM
Click here to see a video tour of my listing at 151 W. Seymour St. It's a great house for a first-time buyer who needs a lot of space or for a large family looking for a low-maintenance, beautifully renovated home in Germantown. … (3 comments)
real estate: Philly Spring Cleanup A Smashing Success
- 04/12/10 06:40 AM
Thank you to everyone who came out to our cleanup event on Saturday and to anyone who participated in other cleanups around the city. It was a lot of fun getting out on a sunny Saturday morning with friends and neighbors and working together to make our corner of Philadelphia a little bit nicer to look at. I don't know how much trash we cleaned up in terms of weight or volume but I can say that I was a bit sore from all the work the next day, so that's a good sign. Not only is this annual event a … (2 comments)
real estate: Homebuyer Tax Credit Expires Soon
- 04/09/10 07:06 AM
Don't forget tha the clock is ticking on the Homebuyer Tax Credit. To qualify for the credit you must have a property under contract by April 30th and close on it by July 1st. The credit for first time buyers is up to $8,000 and even if you’re not a first time buyer you may still qualify for a credit of up to $6,500. Combined with low interest rates and motivated sellers the tax credit makes it a great time to buy a home. The tax credit also affects sellers because once the credit expires there will probably be fewer motivated … (1 comments)
This article from today's Philadelphia Inquirer gives a nice overview of the world of student housing around Temple University - a must read for investors in this area:
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