Reid 's Blog

Great New Listing In Northern Liberties

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Mon, 09 Nov 2009 10:39:44 -0600

120 W. Wildey Street ---- $349,900

NORTHERN LIBERTIES

This is a beautiful and spacious 3 bedroom 2 full bath townhome in a rapidly developing neighborhood in Philadelphia.

Great Floor Plan, Beautiful, Original Hardwood Floors throughout, rustic and lightfilled bathrooms, 3 large bedrooms, updated kitchen, and large master bedroom with vaulted, exposed beams ceiling and exposed brick walls. Serene master bath with antique claws foot tub and exposed brick walls.

Great New Listing In Northern Liberties

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Mon, 09 Nov 2009 08:07:23 -0600

1. AMAZING DEVELOPMENT OPPORTUNITY, INCOME PRODUCING RENTAL PROPERTY OR FIRST TIME HOME BUYER HOME.

41-45 W. Wildey Street in the Northern Liberties. $250,000

3 Bedroom, 2 Bath with Large side lot currently being used as a patio. Washer and Dryer, Updated kitchen with new cabinets and subway tile backsplash and new beautiful bathrooms.

NEW TAX CREDIT INFORMATION

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Mon, 09 Nov 2009 07:26:09 -0600

News Release

NATIONAL ASSOCIATION OF REALTORSÒ

The Voice For Real Estate®

500 New Jersey Avenue, NW

Washington DC 20001

PUBLIC AFFAIRS

For further information contact:

Lucien Salvant, 202/383-1176

lsalvant@realtors.org

Tax Credit Extension a Positive Step Toward Sustained Real Estate Recovery, Say

Realtors®

WASHINGTON (November 5, 2009) - The National Association of Realtors® today commended the

U.S. Senate and House of Representatives for passing a bill that includes an extension and expansion of the

current home buyer tax credit as an important step in ensuring a real estate and economic recovery.

"RealtorsÒ appreciate the swift action by Congress to extend the home buyer tax credit and expand it to

some current homeowners," said NAR President Charles McMillan, a broker with Coldwell Banker Residential

Real Estate in Dallas-Fort Worth. "As the leading advocate of housing and real estate issues, we urge President

Obama to sign this legislation into law quickly to keep the momentum going in the fragile recovery of the

nation's housing market."

McMillan praised the efforts of several senators to put the recovery above politics. They are Sen.

Johnny Isakson, (R-Ga.); Senate Majority Leader Harry Reid (D-Nev.); Finance Committee Chairman Max

Baucus (D-Mont.); Sen. Chris Dodd (D-Conn.), chairman of the Banking, Housing and Urban Affairs

Committee; and Sen. Joe Lieberman (I-Conn.), chairman of the Homeland Security and Governmental Affairs

Committee.

NAR economists estimate that the current tax credit has contributed approximately $22 billion to the

general economy, and approximately 2 million people will take advantage of the tax credit this year.

"The substantial rise in home sales we've seen over the past few months proves that the tax credit is

working and is being used by buyers who were waiting for the right opportunity to get into the market,"

McMillan said. "This important incentive is helping to stabilize the housing market, stimulate the economy and

create new jobs in communities all across our great nation. Extending and expanding the home buyer tax credit

will enable even more families to take advantage of current low interest rates and affordable prices to invest in

their future through homeownership."

-more- #129

REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are

members of the NATIONAL ASSOCIATION OF REALTORSÒ and subscribe to its strict Code of Ethics. Not all real

estate agents are REALTORSÒ. All REALTORSÒ are members of NAR.

Tax Credit Extension a Positive Step - add 1

The bill would extend the present $8,000 tax credit for first-time home buyers through April 30, 2010.

Current homeowners are eligible for a $6,500 tax credit through April 30, provided they have lived in the home

they are selling, or have sold, as principal residence for five consecutive years in the past eight years. If potential

home buyers have a binding contract on or before that date, they will have until July 1 to close the transaction.

Income limits for eligible home buyers are expanded to $125,000 for single buyers and $225,000 for

couples. The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are

required to attach documentation of purchase to their tax return.

Detailed information about provisions in the tax credit legislation is available on Realtor.org.

The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade

association, representing 1.2 million members involved in all aspects of the residential and commercial real

estate industries.

# # #

Information about NAR is available at www.realtor.org. This and other news releases are posted in the

News Media section.

NEWS ABOUT THE FIRST TIME BUYER TAX CREDIT FROM OUR CEO

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Thu, 13 Aug 2009 13:04:19 -0500

As many of you may know there is currently an $8000 Tax Credit for First Time Home Buyers that was put in place to stimulate the real estate market. This significant buyer incentive program is due to expire on November 30, 2009.

The NAR and other industry groups are lobbying Congress to: extend the credit for another year, expand the incentive to include all buyers and possibly increase it to $15,000. This proposed extension and increase would be invaluable in assisting the continued recovery of our local real estate market.

We have been asked to assist by writing to our US Representatives and Senators and encouraging them to act now to continue to support our recovery.

If you agree that it would be a big help if buyers continued to have an incentive to buy please click the link below and send e-mails to your Congressman and Senators. If we all speak up it can make a big difference. Feel free to forward this to your clients, friends and family. The more emails that are sent, the greater the chance for success.

http://www.prufoxroach.com/taxpetition.cfm

Thanks for your help.

Larry Flick

AMAZING NEW LISTING IN QUEEN VILLAGE

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Thu, 18 Jun 2009 22:37:58 -0500

This is home! Beautiful sundrenched 3BR/2.5ba townhome w/1 car deeded parking & an airy & comfortable open floor plan. Finished basement w/half bath. This home is in impeccable condition w/handsome Brazilian cherry hrdwd flrs & the finest Burber carpeting t/o. The kitchen will satisfy the finest of chef's w/GE Profile stainless steel appliances, custom cherry cabinets, beautiful granite countertops, subway style tile backsplash & double sink. Tons of storage. Kitchen opens into large DR/LR combo w/gas fireplace. Use the glass French doors to exit onto slate enclosed private patio. Master bedroom is set up perfectly w/Juliet balcony, walk-in closet, grand bathroom w/double sinks, glass stall shower & separate tub & a sitting room w/more closets. Upper floor is used as a great room w/wet bar and vaulted ceilings. This room receives tons of light all day and walks out to an amazing roof deck large enough for an outdoor table and furniture. Finished basement w/half bath is used as another entertainment room

GREAT NEW LISTING

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Tue, 02 Jun 2009 13:37:44 -0500

Great Price! Rarely available "The Hartley Model"! in Naval Square. One of Center City, Philadelphia's premier gated communities. A wonderful 3 bedroom bi-level brick end unit townhome with private entrance in the popular gated community of Naval Square. Entry foyer, 9' ceilings, cherry hardwood floors, gorgeous kitchen w/granite counters & stainless steel appliances. Wood blinds t/o. Formal Dining Room, custom paint. Powder room with pedestal sink. 3 nice sized bedrooms, custom closets. 2nd floor laundry. Great porch off of home office on 2nd floor. Custom storage area in garage. Luxurious master suite with beautiful master bedroom bath with cherry cabinets, granite counters, tile floor, jacuzzi bath, stall shower and private commode. Great location, steps away from the fitness center and clubhouse and pool (to be completed soon). This bi-level is on the first and second floor of this building. PARKING!

GREAT NEW LISTING AT THE WANAMAKER HOUSE IN RITTENHOUSE SQUARE

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Sat, 14 Mar 2009 22:30:12 -0500

Beautiful, spacious, bright and comfortable new listing at the highly sought after Wanamaker House in Rittenhouse Square. This is a 3 bedroom, 3 full bath with amazing Northern and Western views of the city and river. Beautiful kitchen with granite countertops, tile backsplash, stainless Fridgedaire appliances and modern cabinetry. Large, main bedroom with built in speaker system, Berber carpets, two large closets, one a walk-in, and a grand marble bathroom equipped with a Jacuzzi, steam shower with two heads, and his and hers sinks. Herringbone hardwood floors throughout main areas and foyer. 2nd bedroom's bathroom comes tiled floor to ceiling with bath/shower combo and frosted bowl sink. Bosch stackable washer and dryer, crown molding throughgout. Large patio off 2nd and 3rd bedrooms. A must see!

January Existing-Home Sales Fall, Inventory Down

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Thu, 26 Feb 2009 21:04:09 -0600

WASHINGTON, February 25, 2009

Existing-home sales declined in January with some buyers waiting to see how details of the economic stimulus package would affect them, according to the National Association of Realtors^®. At the same time, inventories fell to a two-year low.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 5.3 percent to a seasonally adjusted annual rate¹ of 4.49 million units in January from a level of 4.74 million units in December, and are 8.6 percent lower the 4.91 million-unit pace in January 2008.

Lawrence Yun, NAR chief economist, said there was understandable hesitation by some home buyers. “Given so much stimulus package discussion in January, some would-be buyers simply sat out for clarity and certainty on the nature of housing stimulus,” he said. “The housing market will soon get a lift from very favorable buying conditions – not only from improved affordability, but also from the stimulus of an $8,000 first-time home buyer tax credit, and higher conforming loan limits that will allow more people to tap into 50-year low mortgage rates.”

NAR estimates the impact of the stimulus package and lower interest rates on the housing market to be about 900,000 additional home sales in 2009 compared to conditions before the stimulus package. Inventory is expected to fall below an 8-month supply by the year end, which would be consistent with home price stabilization.

Total housing inventory at the end of January fell 2.7 percent to 3.60 million existing homes available for sale, which represents a 9.6-month supply² at the current sales pace. Because sales were down, the January supply is up from a 9.4-month supply in December.

“The drop in total inventory is an encouraging sign because the number of homes on the market has declined steadily since peaking in July 2008, and inventory is at the lowest level in two years,” Yun said. In January 2007 there were 3.54 million homes for sale.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said foreclosure relief needs to be fair. “Though President Obama's foreclosure relief plan is a step in the right direction with a net positive benefit for the housing market, serious issues of moral hazard and fairness need to be better addressed,” he said.

“The plan should be wider in scope with equal opportunity for all rather than targeting specific groups. Responsible homeowners who have been making payments consistently on time but do not have traditional refinance options should also qualify for potential loan modifications,” McMillan said.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low at 5.05 percent in January from 5.29 percent in December; the rate was 5.76 percent in January 2008.

A high prevalence of distressed home sales, and of those in lower price ranges, has skewed the median price to be markedly lower than under normal market conditions. The national median existing-home price³ for all housing types was $170,300 in January, down 14.8 percent from a year earlier when the median was $199,800; the median is where half of the homes sold for more and half sold for less.

McMillan said we are living in a bifurcated market divided between distressed sales and traditional homes. “It appears that in many instances a buyer can get a really good deal on a distressed sale, although that home may require some significant effort to bring it up to standard.” A preliminary analysis by NAR suggests that non-distressed properties are holding their value much better.

“Distressed sales activity appears to be leveling off, although there are wide differences locally. For example, close to 80 percent of all sales are either foreclosed properties or short sales in Santa Ana, Calif., but less than 20 percent in the Chicago region,” Yun said. About a quarter of all inventory is listed as being distressed, but NAR estimates that distressed sales – foreclosed or those requiring a lender-mediated short sale – comprised about 45 percent of all sales in January. “Home buyers are evidently competing for homes with deep discounts,” he said.

Yun said it will take a while for the stimulus to show in housing data. From the time a buyer starts looking for a home until it is reported as a closed sale can take as long as five months: a median of 10 weeks to search and make an offer, about 6 weeks to close the transaction and up to 4 weeks to collect and report the data. “This means improvement from the economic stimulus isn’t likely to show as closed home sales before summer, although we may see an earlier lift from lower mortgage interest rates,” he said.

Significant local market variations continue. “A majority of markets experienced sales declines of more than 20 percent from a year ago, but some markets appeared to have reached the tipping point of accelerating home buying,” Yun said. “For example, home sales in Las Vegas have more than doubled with some reports of multiple bids.”

Single-family home sales fell 4.7 percent to a seasonally adjusted annual rate of 4.05 million in January from a pace of 4.25 million in December, and are 7.1 percent less than a 4.36 million-unit level in January 2008. The median existing single-family home price was $169,900 in January, which is 13.8 percent below a year ago.

Existing condominium and co-op sales dropped 10.2 percent to a seasonally adjusted annual rate of 440,000 units in January from 490,000 units in December, and are 20.3 percent lower than the 552,000-unit level a year ago. The median existing condo price⁴ was $174,400 in January, down 20.6 percent from January 2008.

Regionally, existing-home sales in the Northeast dropped 14.7 percent to an annual pace of 640,000 in January, and are 23.8 percent lower than January 2008. The median price in the Northeast was $228,200, down 14.7 percent from a year ago.

Existing-home sales in the Midwest fell 5.7 percent in January to a level of 1.00 million and are 16.7 percent below a year ago. The median price in the Midwest was $138,100, which is 6.8 percent lower than January 2008.

In the South, existing-home sales declined 5.7 percent to an annual pace of 1.64 million in January, and are 15.9 percent below January 2008. The median price in the South was $152,100, down 7.4 percent from a year earlier.

Existing-home sales in the West were unchanged at an annual rate of 1.20 million in January and are 29.0 percent stronger than a year ago. The median price in the West was $220,000, which is 25.5 percent below January 2008.

# # #

NOTE: References to performance in states or metro areas are from unpublished raw data used to analyze regional trends; please contact your local association of Realtors^® for more information.

¹The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 to 90 percent of total home sales, are based on a much larger sample – more than 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.

Each February, NAR Research incorporates a review of seasonal activity factors and fine-tunes historic data for the previous three years based on the most recent findings. Revisions have been made to monthly seasonally adjusted annual sales rates for 2006 through 2008, as well as the inventory month's supply data. There are no revisions to raw inventory, or to single-family and condo home prices, aside from the normal prior month revisions. However, minor variances in sales ratios between single-family and condo resulted in slight revisions to weighted prices for total home sales.

²Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982. Condos were tracked quarterly prior to 1999 when single-family homes accounted for more than nine out of 10 purchases.

³The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported.

⁴Because there is a concentration of condos in high-cost metro areas, the national median condo price can be higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.

Existing-home sales for February will be released March 23. The next Pending Home Sales Index & Forecast is scheduled for March 3; release times are 10 a.m. EST. For more information, please visit: www.realtor.org/research/research/ehsdata www.realtor.org/research/research/ehsdata

More Information on Federal Stimulus Package

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Tue, 17 Feb 2009 20:02:09 -0600

Tax Credit for Homebuyers

First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.

The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.

Additional Housing-Related Provisions

Tax Incentives to Spur Energy Savings and Green Jobs — This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.

Landmark Energy Savings — This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills.

Repairing Public Housing and Making Key Energy Efficiency Retrofits To HUD-Assisted Housing—This provision provides a total of $6.3 Billion for increasing energy efficiency in federally supported housing programs.Specifically, it establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section 8) to increase energy efficiency, including new insulation, windows, and frames.

Expanding Housing Assistance—This provision increases support for several critical housing programs. It includes $2 Billion for the Neighborhood Stabilization Program to help communities purchase and rehabilitate foreclosed, vacant properties.

More Help for Homeowners in the Future

Another thing to keep an eye on in the coming weeks is President Obama's plan to help struggling borrowers before they are faced with a default on their mortgage.

According to reports, the Obama administration is discussing plans to help borrowers who are struggling to stay afloat, but who have not yet fallen behind on their payments. At this point, details are scarce; however, reports indicate that President Obama is looking to spend approximately $50 Billion to directly help homeowners before they face foreclosure and financial disaster.

While this is good news for individual homeowners, it will likely be good for the housing industry as a whole. That's because, assisting struggling borrowers before they default should help stop the wave of foreclosures, which are estimated to top two million this year. That, in turn, will help stabilize home prices.

GREEN DESIGNATION

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Tue, 17 Feb 2009 17:35:32 -0600

I just completed the Green Designation course offered through the National Association of Realtors. I recommend this for any Realtor who wants to stay on top of the latest real estate trends as well as anyone who is interested in helping save our environment. In the near future, Green New Construction and Greener existing homes are going to be in huge demand due to informed customers looking to save money and live healthier lifestyles or who just want to be part of the whats cool or "Eco Chic" movement. Weatherizing and making homes more efficient is not only going to save you money every year but its going to help make the Earth a healthier place for generations to come. Building new homes without VOC's or Volatile Organic compounds or replacing materials in existing homes containing these materials will lead to healthier lives. VOC's are gases from materials such as paints, glues, and carpets that easily enter the air of your home. New energy star rated or LEED rated homes use passive designs such as Southern facing orientations and open floor plans for ventilation and a healthier indoor air quality. Green homes also use more efficient appliances, lighting, hvac systems,energy sources, and more air tight pre-fabricated building materials. LEED certified homes go as far as recycling all of the leftover building materials and use rain water to irrigate their Green roofs as well as all the landscaping. They use more porous driveway and patio materials so that water doesn't run off the properties and pollute the local water sources, instead the water naturally filters through the property to underground sources. So Green homes arent just about their components but more importantly about where these components were manufacured, how much energy is needed to transport them and how they are disposed of at the end of their lifecycles. All in all, Green Homes may be more expensive but the money you will save over time, the tax credits and health benefits you will receive will be well worth the initial expense.

Philadelphia has many new and exciting green developments either in progress or already up for sale. Please contact me if you would like to set up a showing of these listings.

Today, the National Association of Realtors (NAR) reported existing home-sale statistics for the fourth quarter of 2008

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Thu, 12 Feb 2009 15:04:49 -0600

National: median home price was $180,100, down 12.4 percent from the fourth quarter of 2007

Northeast: median home price was $248,800, down 4.7 percent from the fourth quarter of 2007

The Greater Philadelphia Region fared better than the national market and slightly below the Northeast with prices falling 6.8 percent. Other local real estate data, listed below, was released by Prudential Fox & Roach, HomExpert Market Report® and compares how the local market has impacted your audience.

National: median home price was $180,100, down 12.4 percent from the fourth quarter of 2007

· Northeast: median home price was $248,800, down 4.7 percent from the fourth quarter of 2007

December Pending Home Sales Index© Shows 18 Percent Drop from Last Year's Greater Philadelphia Region Real Estate Activity

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Tue, 03 Feb 2009 18:18:38 -0600

Index shows increase comparing November 2008 to December 2008

DEVON, PA - February 3, 2009 - The Greater Philadelphia region* saw an 8.6 percent increase in December real estate activity moving to an index of 73.2 from the November index of 67.4, according to the Prudential Fox & Roach, REALTORS® HomExpert Pending Home Sales Index©. December's increase in the region's activity follows a 21 percent increase in the November index, but is 18.3 percent lower than December 2007 when the index stood at 89.7.

Compared to findings reported by the National Association of Realtors® (NAR) Pending Home Sales Index, real estate activity in the Greater Philadelphia region fared better than both the Northeast and the National indices. The NAR index showed a 1.7 percent decrease in pending sales in the Northeast and a 6.3 percent increase across the nation. In November, the NAR index indicated a 7.2 percent decrease in pending sales in the Northeast and a four percent decrease nationwide.

Based on the forward-looking indicator, real estate activity in the five-county Southeastern Pennsylvania area increased 7.9 percent from an upwardly revised index of 72.1 in November to 77.9 in December. The October index stood at 57.8. Delaware County saw the largest increase in Southeastern Pennsylvania real estate activity, rising 12.9 percent to an index of 75.5. The increase follows a 23.5 percent increase in the November index. Philadelphia County saw a 9.1 percent increase in December activity, rising to an index of 102.4 - the highest index since February 2008 when it stood at 104.6. Bucks County was the only county in Southeastern Pennsylvania to see a decrease, falling 1.8 percent to an index of 65.9.

Following a 12.2 percent increase in November, Center City pending home sales rose 14.6 percent in December to an index of 89.1. Meanwhile, the Main Line area saw a 4.8 percent decrease, falling from an index of 82.7 in November to 78.7 in December.

Southern New Jersey pending home sales increased 15.5 percent in December. The index rose to 67, from the upwardly revised November index of 58. The October index stood at 47.9. Burlington County saw the highest increase in the 12-county region, rising 19.8 percent to an index of 67.5 in December. This is the highest index recorded in Burlington County since the January 2008 index, which stood at 71.4. Mercer County followed closely with an 18.8 percent increase to an index of 61.5 in December. Following a 5.2 percent decrease in the November index, Salem County fell 16.3 percent in December falling from 73.7 in November to an index of 61.7 in December.

Delaware real estate activity fell 2.5 percent in December moving from an upwardly revised index of 67.5 in November to an index of 65.8 in December. Following a 14.1 percent decrease in November, Kent County saw a 29.9 percent decrease in pending home sales. The index fell to 55.4 from an index of 79 in November. New Castle County activity increased 7.1 percent to an index of 68.7 in December.

"Winter months are normally slow for the real estate market. However the November adjustment following the October financial meltdown rolled into December as well," said Steve Storti, senior vice president, marketing for Prudential Fox & Roach, REALTORS. "While there's still uncertainty in the national market, future government actions including a significant housing stimulus would help improve our market."

While the December pending homes sales index for the Greater Philadelphia region increased 8.6 percent, it is 18.3 percent below the December 2007 index, moving from an index of 89.7 in 2007 to 76.2 in 2008. The Southeastern Pennsylvania index is 20.1 percent below a year ago, Southern New Jersey is down 11.4 percent and the Delaware area fell 23.6 percent below last year's December index.

The index, based on contracts signed in December, monitors real estate market activity by tracking pending sales of homes reported to the TREND® Multiple Listing Service, the region's primary real estate reporting tool for 32,000 real estate professionals. A sale is listed as 'pending' when a contract has been signed but the transaction has not closed. Sales are typically finalized within one or two months of signing. An index of 100 is equal to the average level of contract activity during 2002. The Prudential Fox & Roach, REALTORS' HomExpert Pending Home Sales Index is modeled after the national index created by the National Association of Realtors®, which is available at www.realtor.org.

The following is the December 2008 HomExpert Pending Home Sales Index for the Greater Philadelphia region:

CENTER CITY YEAR END MARKET DATA 2008

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Mon, 02 Feb 2009 23:29:08 -0600

Center City Housing Prices Increased 2.1 Percent in 2008;
16.9 Percent Decrease in the Number of Residential Homes Sold

The Fairmount/Art Museum area posted the largest percent increase

in median sale price in Center City, rising 7.6 percent

DEVON, PA – Center City median home prices increased 2.1 percent to $357,295 in 2008, according to Prudential Fox & Roach, REALTORS’^® HomExpert Market Report^©. The median sale price in 2007 was $350,000.

In 2008, Center City saw 1,235 homes sold, a 16.9 percent decrease, compared to 1,487 homes sold in 2007. The average number of days a home remained on the market increased from 92 days in 2007 to 96 days in 2008. Additionally, monthly average inventory for 2008 was 1,694 homes for sale compared to 1,891 in 2007.

The Fairmount/Art Museum area (zip code 19130) posted the largest percent increase in median sale price in Center City, increasing 7.6 percent in 2008 to $331,500, followed by the Center City area (19102) at 5.2 percent to $352,500, Washington Square (19107) at one percent to $359,900, while Rittenhouse Square (19103) decreased 0.3 percent at $438,700, Northern Liberties/Fishtown (19123) decreased 6.3 percent to $309,000 and Old City (19106) fell 13.6 percent to $350,000.

Rittenhouse Square (19103) posted the highest median sale price at $438,700, followed by Washington Square (19107) at $359,900, the Center City area (19102) at $352,500, Old City/Society Hill (19106) at $350,000, the Fairmount/Art Museum area (zip code 19130) at $331,500 and Northern Liberties/Fishtown (19123) at $309,000.

The Fairmount/Art Museum area posted the highest number of homes sold in 2008 at 376, a 23.1 percent decrease, followed by Rittenhouse Square (19103) (306, 3.4 percent), Old City/Society Hill (19106) (223, -5.9 percent), Washington Square (19107) (139, -33.2 percent) and Northern Liberties/Fishtown (19123) (131, -35.5 percent

*Editor’s Note: Additional charts and graphs available upon request. Top municipalities listed include 30 or more sales in 2008. Days on Market (DOM) data measures the number of days a property is listed from initial list date in the multiple listing service (MLS) until the property goes under contract

Municipalities in Center City

by 2008 Median Sale Price

Area	2008	2007	% Change
Rittenhouse Square (19103)	$438,700	$439,950	-0.3%
Washington Square (19107)	$359,900	$356,500	1.0%
Center City (19102)	$352,500	$335,000	5.2%
Old City/Society Hill (19106)	$350,000	$405,000	-13.6%
Fairmount/Art Museum (19130)	$331,500	$308,000	7.6%
Northern Liberties/Fishtown (19123)	$309,000	$327,500	-5.6%

PHILADELPHIA YEAR END REAL ESTATE DATA 2008

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Mon, 02 Feb 2009 23:23:40 -0600

Greater Philadelphia Housing Prices Decreased 2.6 Percent in 2008;

23.9 Percent Decrease in the Number of Residential Homes Sold

Philadelphia County in Pennsylvania posted the only percent increase in median sale price

in the tri-state region, rising 0.8 percent

DEVON, PA – Greater Philadelphia region* median home prices decreased 2.6 percent to $223,000 in 2008, according to Prudential Fox & Roach, REALTORS’^® HomExpert Market Report^©. The median sale price in 2007 was $229,000. The region’s median sale price decreased 0.8 percent compared to 2006 when the median sale price stood at $224,900.

In 2008, the region saw 57,877 homes sold, a 23.9 percent decrease, compared to 76,084 homes sold in 2007. The region decreased 32.2 percent compared to 2006 when 85,302 homes sold. The average number of days a home remained on the market increased from 65 days in 2007 to 77 days in 2008. In 2006, homes remained on the market for an average of 54 days. Additionally, monthly average inventory for 2008 was 60,530 compared to 60,166 in 2007 and 54,009 in 2006.

Philadelphia County was the only county in the region to increase in median sale price, rising 0.9 percent in 2008 to $141,237. Salem County fell 1.2 percent to $169,950, Chester County
-1.9 percent to $304,250, New Castle County -2.1 percent to $228,000, and Mercer County
-2.5 percent to $268,000.

Chester County posted the highest median sale price at $304,250, followed by Bucks County at $282,500, Mercer County at $268,000, Montgomery County at $263,000 and New Castle County at $228,000.

Philadelphia County posted the highest number of homes sold in 2008 with 13,159, a 22.9 percent decrease compared to 2007, followed by Montgomery County (8,047, -20.7 percent), Bucks County (5,495, -20.7 percent), Delaware County (5,309, -28.7 percent) and New Castle County (4,984, -28.9 percent).

Center City

· Center City median home prices increased 2.1 percent to $357,295 in 2008, compared to the median sale price in 2007 which stood at $350,000.

· In 2008, Center City saw 1,235 homes sold, a 16.9 percent decrease, compared to 1,487 homes sold in 2007. The average number of days a home remained on the market increased from 92 days in 2007 to 96 days in 2008.

Top Five Municipalities in Philadelphia County

by 2008 Median Sale Price

Municipality	2008	2007	% Change
Center City Philadelphia	$357,295	$350,000	2.1%
Northwest Philadelphia	$195,000	$190,000	2.6%
South Philadelphia	$180,400	$177,850	1.4%
Northeast Philadelphia	$145,000	$150,000	-3.3%
West Philadelphia	$90,000	$95,000	-5.3%

Reid J Rosenthal

THE ROSENTHAL GROUP

GREAT NEW LISTING IN UNIVERSITY CITY

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Sun, 01 Feb 2009 18:30:44 -0600

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BEAUTIFUL NEW LISTING IN CENTER CITY!!

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REID ROSENTHAL

www.RittenhouseCondos.com

THE ROSENTHAL GROUP

PRUDENTIAL FOX AND ROACH REALTORS

Existing-Home Sales Show Strong Gain In December

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Mon, 26 Jan 2009 09:23:08 -0600

WASHINGTON, January 26, 2009

Existing-home sales rose unexpectedly while inventory declined, led by a surge of sales in the West, according to the National Association of Realtors^®.

Existing-home sales - including single-family, townhomes, condominiums and co-ops - jumped 6.5 percent to a seasonally adjusted annual rate¹ of 4.74 million units in December from a downwardly revised pace of 4.45 million units in November, but are 3.5 percent below the 4.91 million-unit pace in December 2007.

For all of 2008 there were 4,912,000 existing-home sales, which was 13.1 percent below the 5,652,000 transactions recorded in 2007. This is the lowest volume since 1997 when there were 4,371,000 sales.

Lawrence Yun, NAR chief economist, said home prices continue to fall significantly. "It appears some buyers are taking advantage of much lower home prices," he said. "The higher monthly sales gain and falling inventory are steps in the right direction, but the market is still far from normal balanced conditions. Buyers will continue to have an edge over sellers for the foreseeable future."

Total housing inventory at the end of December fell 11.7 percent to 3.68 million existing homes available for sale, which represents a 9.3-month supply² at the current sales pace, down from a 11.2-month supply in November.

Yun said the market is underperforming and hurting the broader economy. "We've added 25 million people to our population over the past decade and housing affordability conditions are the best we've seen since 1973, but household formation is much lower than expected," he said. "Consequently, there is a pent-up demand which could be unleashed with the right stimulus, including a non-repayable home buyer tax credit. The Obama administration and Congress need to move fast to stimulate a spring sales upturn which will help to stabilize home prices and set the foundation for a sustainable economic recovery."

The national median existing-home price³ for all housing types was $175,400 in December, which is 15.3 percent below December 2007 when the median was $207,000. There remains a significant downward distortion in the current median from a large number of distress sales at discounted prices, currently 45 percent of transactions; the median is where half of the homes sold for more and half sold for less. For all of 2008, the median price was $198,600, down 9.3 percent from $219,000 in 2007.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said it's an excellent time for first-time home buyers with good jobs. "The typical buyer plans to stay in their home for 10 years, which is the correct approach in today's market," he said. "With historically low mortgage interest rates, flexible sellers, a large inventory, and homes that are selling for less than replacement construction costs in much of the country, buyers who've been on the fence should take a closer look at today's market."

McMillan added that first-time buyers may want to consider an FHA loan, which offers downpayments of 3.5 percent on a safe 30-year fixed-rate mortgage.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.29 percent in December from 6.09 percent in November; the rate was 6.10 percent in December 2007. Last week, Freddie Mac reported the 30-year rate was 5.12 percent.

Single-family home sales rose 7.0 percent to a seasonally adjusted annual rate of 4.26 million in December from a level of 3.98 million in November, but are 1.4 percent below a 4.32 million-unit pace in December 2007. For all of 2008, single-family sales fell 11.9 percent to 4,349,000.

The median existing single-family home price was $174,700 in December, down 14.8 percent from a year ago. For all of 2008, the single-family median was $197,100, which is 9.5 percent below 2007.

Existing condominium and co-op sales increased 2.1 percent to a seasonally adjusted annual rate of 480,000 units in December from 470,000 in November, but are 18.4 percent below the 588,000-unit level a year ago. For all of 2008, condo sales dropped 21.0 percent to 563,000 units.

The median existing condo price⁴ was $181,400 in December, down 18.3 percent from December 2007. For all of 2008, the median condo price was $210,000, which is 7.2 percent below 2007.

Regionally, existing-home sales in the Northeast slipped 1.4 percent to an annual pace of 720,000 in December, and are 14.3 percent below December 2007. The median price in the Northeast was $235,000, which is 7.8 percent lower than a year ago.

Existing-home sales in the Midwest increased 4.0 percent in December to a level of 1.04 million but are 10.3 percent below a year ago. The median price in the Midwest was $140,800, down 11.4 percent from December 2007.

In the South, existing-home sales rose 7.4 percent to an annual pace of 1.74 million in December, but are 11.2 percent lower than December 2007. The median price in the South was $158,600, which is down 8.0 percent from a year ago.

Existing-home sales in the West jumped 13.6 percent to an annual rate of 1.25 million in December and are 31.6 percent higher than a year ago. The median price in the West was $213,100, down 31.5 percent from December 2007.

# # #

Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau's series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 to 90 percent of total home sales, are based on a much larger sample - more than 40 percent of multiple listing service data each month - and typically are not subject to large prior-month revisions.

²Total inventory and month's supply data are available back through 1999, while single-family inventory and month's supply are available back to 1982. Condos were tracked quarterly prior to 1999 when single-family homes accounted for more than nine out of 10 purchases.

Existing-home sales for January - including monthly revisions to sales rates for the past three years - will be released February 25. Each February, NAR Research incorporates a review of seasonal activity factors and fine-tunes historic data for the previous three years based on the most recent findings. Revisions will made to monthly seasonally adjusted annual sales rates for 2006 through 2008, as well as the inventory month's supply data. There will be no revisions to raw inventory or home prices aside from the normal prior month revisions.

The next Pending Home Sales Index & Forecast is scheduled for release February 3; release times are 10 a.m. EST. For more information, please visit: ww.realtor.org/research/research/ehsdata

November Pending Home Sales Index© Shows a Seasonally-Effected Increase

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Wed, 07 Jan 2009 09:52:27 -0600

Kent County saw the largest increase, nearly fifty percent from October

DEVON, PA - January 7, 2008 - The Greater Philadelphia region* saw a 23.7 percent increase in November real estate activity moving to an index of 67.4 from the upwardly revised October index of 54.5 according to the Prudential Fox & Roach, REALTORS® HomExpert Pending Home Sales Index©. November's increase in the region's activity follows a 28 percent decrease in the October index and is 23.3 percent lower than November 2007 when the index stood at 87.8.

Compared to findings reported by the National Association of Realtors® (NAR) Pending Home Sales Index, real estate activity in the Greater Philadelphia region fared better than both the Northeast and the National indices. The NAR index showed a 7.2 percent decrease in pending sales in the Northeast and a four percent decrease across the nation. In October, the NAR index indicated a 0.6 percent decrease in pending sales in the Northeast and a 0.7 percent decrease nationwide.

Based on the forward-looking indicator, real estate activity in the five-county Southeastern Pennsylvania area increased 24.2 percent from a revised index of 57.8 in October to 71.7 in November. The September pending index stood at 79.9. Bucks County saw the largest increase in real estate activity rising 33.3 percent to an index of 68.5, which followed a 33.5 percent decrease in October. Philadelphia County also saw an increase in homes under contract at 33.1 percent, rising to an index of 94. Center City rose 18.9 percent in November, following a 42.8 percent decrease in the October index. Meanwhile, the Main Line area saw a 6.9 percent increase to an index of 66.4.

Southern New Jersey pending home sales increased 21.2 percent in November. The index rose to 58.1, from the revised October index of 47.9. Salem County saw the largest increase rising 37.1 percent to an index of 71.1 in November from October's index which stood at 51.9. Following a 36.3 percent decrease in October, Gloucester County saw a 28.5 percent increase in November real estate activity. The counties pending index moved from 88.6 in September down to 56.5 in October and increased to 72.5 in November.

Delaware real estate activity rose 26.3 percent in November moving from a revised index of 54.7 in October to an index of 69.1 in November. Kent County saw a 48.1 percent increase in pending home sales. The index rose to 80.7 and is the highest index recorded for the county since the pending home series began in August 2007. New Castle County activity increased 20.2 percent to an index of 65.8 in November.

"October was the height of the financial meltdown and paralyzed many homebuyers in the marketplace causing a steep drop in pending sales activity in October. In November, the market saw a shift back to more typical activity for a November. So, the change in activity combined with the seasonality adjustment that comes into play for November, any return to normality in market activity looks like an increase," said Steve Storti, senior vice president, marketing for Prudential Fox & Roach, REALTORS.

While the November pending homes sales index for the Greater Philadelphia region increased 23.7 percent, it is 23.3 percent below the November 2007 index, moving from an index of 90.8 in 2007 to 68.3 in 2008. The Southeastern Pennsylvania index is 25 percent below a year ago, Southern New Jersey is down 24.4percent and the Delaware area fell 9.5 percent below last year's November index.

The index, based on contracts signed in November, monitors real estate market activity by tracking pending sales of homes reported to the TREND® Multiple Listing Service, the region's primary real estate reporting tool for 32,000 real estate professionals. A sale is listed as 'pending' when a contract has been signed but the transaction has not closed. Sales are typically finalized within one or two months of signing. An index of 100 is equal to the average level of contract activity during 2002. The Prudential Fox & Roach, REALTORS HomExpert Pending Home Sales Index is modeled after the national index created by the National Association of Realtors®, which is available at www.realtor.org.

The following is the November 2008 HomExpert Pending Home Sales Index for the Greater Philadelphia region:
NovemberOctober Percent
CountyIndexIndexChange
Philadelphia94.571.033.1%
Bucks68.551.333.3%
Chester53.148.110.4%
Delaware66.354.122.6%
Montgomery80.854.212.3%
PENNSYLVANIA71.757.824.2%
Burlington56.847.619.5%
Camden55.348.214.6%
Gloucester72.556.528.5%
Mercer51.841.125.8%
Salem71.151.937.1%
NEW JERSEY58.147.921.2%
Kent80.754.448.1%
New Castle65.854.820.2%
DELAWARE69.154.726.3%
12-COUNTY REGION67.454.523.7%
Center City79.566.918.9%
Main Line66.462.16.9%

Existing-Home Sales Soften on Economic Volatility

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Tue, 25 Nov 2008 12:19:53 -0600

WASHINGTON, November 24, 2008

Existing-home sales declined on the heels of a strong gain in September as uncertainty and economic concerns increased in October, according to the National Association of Realtors^®.

Existing-home sales - including single-family, townhomes, condominiums and co-ops - fell 3.1 percent to a seasonally adjusted annual rate¹ of 4.98 million units in October from a downwardly revised pace of 5.14 million in September, and are 1.6 percent below the 5.06 million-unit level in October 2007.

Lawrence Yun, NAR chief economist, said consumer hesitation is understandable. "Many potential home buyers appear to have withdrawn from the market due to the stock market collapse and deteriorating economic conditions," he said. "We have favorable affordability conditions, but we need more than that to give buyers with jobs the confidence they need. This is why a housing stimulus is so critical now to encourage more buyers to draw down the inventory and stabilize home prices. Without home price stabilization, there will not be an economic recovery."

Total housing inventory at the end of October slipped 0.9 percent to 4.23 million existing homes available for sale, which represents a 10.2-month supply² at the current sales pace, up from a 10.0-month supply in September.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 6.20 percent in October from 6.04 percent in September; the rate was 6.38 percent in October 2007. "Mortgage interest rates have been moving up and down in a historically low range, with the fixed rate down to 6.04 percent last week," Yun noted.

Even with the overall decline, Yun identified a number of areas with solid sales gains from a year ago, including many California and Florida markets, as seen previously, as well as Boston, Minneapolis, and Denver.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said the need for professional assistance is growing. "Navigating the transaction process is easier said than done without professional assistance in today's market," McMillan said. "Proper valuation when many homes are being sold below replacement construction costs is very challenging - buyers remain in the driver's seat."

The national median existing-home price³ for all housing types was $183,300 in October, down 11.3 percent from a year ago when the median was $206,700. There remains a significant downward distortion in the current price from a large number of distress sales at discounted prices; the median is where half of the homes sold for more and half sold for less.

Single-family home sales declined 3.3 percent to a seasonally adjusted annual rate of 4.43 million in October from a level of 4.58 million in September, but are unchanged from a 4.43 million-unit pace in October 2007. The median existing single-family home price was $181,800 in October, down 11.2 percent from a year ago.

Existing condominium and co-op sales eased by 1.8 percent to a seasonally adjusted annual rate of 550,000 units in October from 560,000 in September, and are 12.0 percent below the 625,000-unit pace a year ago. The median existing condo price⁴ was $193,000 in October, which is 13.0 percent below October 2007.

Regionally, existing-home sales in the Northeast slipped 1.2 percent to an annual pace of 830,000 in October, and are 9.8 percent lower than a year ago. The median price in the Northeast was $241,700, down 9.8 percent from October 2007.

Existing-home sales in the West eased by 1.6 percent to an annual rate of 1.21 million in October but are 37.5 percent higher than October 2007. The median price in the West was $231,400, down 27.0 percent from a year ago.

In the South, existing-home sales declined 3.2 percent to an annual pace of 1.84 million in October, and are 10.2 percent below a year ago. The median price in the South was $161,100, which is 5.8 percent lower than October 2007.

Existing-home sales in the Midwest fell 6.0 percent in October to a pace of 1.10 million and remain 9.1 percent below October 2007. The median price in the Midwest was $149,400, down 6.7 percent from a year ago.

# # #

NOTE: References to performance in states or metro areas are from unpublished raw data used to analyze regional trends; please contact your local association of Realtors^® for more information.

Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau's series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 percent of total home sales, are based on a much larger sample - more than 40 percent of multiple listing service data each month - and typically are not subject to large prior-month revisions.

Existing-home sales for November will be released December 23, and the next Pending Home Sales Index & Forecast is scheduled for release at 10 a.m. EST December 9.

For more information visit: www.realtor.org/research/research/ehsdata

NAR at a Glance

Economic & Housing Indicators

NAR Fact Sheet

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REALTOR® Logo & Usage

REALTORS® in the Community

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Federal Policy Priorities

NEW PHILADELPHIA REGION HOME SALES DATA

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Mon, 10 Nov 2008 11:53:32 -0600

September Pending Home Sales Index© Shows Decrease
in Greater Philadelphia Region Real Estate Activity

12-County Region Outpaced the Northeast; Gloucester and New Castle Counties Both Saw Increases

DEVON, PA - November 7, 2008 - The Greater Philadelphia region* saw a 4.7 percent decrease in September real estate activity moving to an index of 68.2 from the upwardly revised August index of 71.6 according to the Prudential Fox & Roach, REALTORS® HomExpert Pending Home Sales Index©. September's decrease in the region's activity follows a 2.9 percent increase in the August index and is 17.9 percent lower than September 2007 when the index stood at 83.

Compared to findings reported by the National Association of Realtors® (NAR) Pending Home Sales Index, real estate activity in the Greater Philadelphia region fared better than the Northeast index and fell slightly below National index. The NAR index showed a 16.8 percent decrease in pending sales in the Northeast and a 4.6 percent decrease nationally. In August, the NAR index indicated an 8.4 percent increase in pending sales in the Northeast and a 7.4 percent increase nationwide.

Based on the forward-looking indicator, real estate activity in the five-county Southeastern Pennsylvania area decreased four percent from a revised index of 76.2 in August to 73.1 in September. Center City saw the largest increase in real estate activity rising 20.2 percent to an index of 110.3, which follows a 21.9 percent decrease in August. Despite the rise in pending home sales activity in Center City, Philadelphia County fell 4.4 percent in September to an index of 90.2. Delaware County faired the best in the five-county decreasing 0.4 percent to an index of 68.2, followed by Chester County falling one percent. Pending home sales in Montgomery County decreased 6.6 percent to an index of 67 in September - the lowest index for the county since the HomExpert Report started tracking pending activity in February 2007. Meanwhile, the Main Line area saw a 17.1 percent decrease to an index of 77.5.

Southern New Jersey pending home sales decreased seven percent in September, after seeing a 2.8 percent decrease in August and a 13 percent increase in July. The index fell to 59.4 from the revised August index of 63.9. Gloucester County lead the 12-county Greater Philadelphia market and was the only county in Southern New Jersey to see a rise in residential real estate activity, increasing nine percent to an index of 75.3 in September. Following a 4.7 percent decrease in the August index, Salem County fell 30.7 percent to an index of 49.1 - the lowest index recorded in the 12-county region since the HomExpert Report started tracking pending activity in February 2007.

Delaware real estate activity fell 3.2 percent in September moving from a revised index of 68.2 in August to an index of 66 in September. Kent County saw the largest decrease in the two-county region falling 22.8 percent to an index of 53.8. Following a 2.4 percent decrease in August, New Castle County pending home sales increased 2.5 percent to an index of 69.4 in September.

"We're seeing a stalled market throughout the 12 counties," said Steve Storti, senior vice president of marketing for Prudential Fox & Roach. "Sellers are waiting to sell before they purchase. Meanwhile, people wanting to sell are in a wait-and-see period before putting up the for sale sign until the economy shows some improvement. With inventory starting to shrink, buyers are still taking advantage of the market conditions but taking longer to make a decision. We're keeping an eye toward next month's index to see how big the impact of the national stock market downturn was to October activity."

While the September pending homes sales index for the Greater Philadelphia region decreased 4.7 percent, it is 17.9 percent below the September 2007 index, moving from an index of 83 in 2007 to 68.2 in 2008. The Southeastern Pennsylvania index is 17.4 percent below a year ago, Southern New Jersey is down 20.7 percent and the Delaware area fell 13.5 percent below last year's September index.

The index, based on contracts signed in September, monitors real estate market activity by tracking pending sales of homes reported to the TREND® Multiple Listing Service, the region's primary real estate reporting tool for 32,000 real estate professionals. A sale is listed as 'pending' when a contract has been signed but the transaction has not closed. Sales are typically finalized within one or two months of signing. An index of 100 is equal to the average level of contract activity during 2002. The Prudential Fox & Roach, REALTORS HomExpert Pending Home Sales Index is modeled after the national index created by the National Association of Realtors®, which is available at www.realtor.org.

The following is the September 2008 HomExpert Pending Home Sales Index for the Greater Philadelphia region:

* Editor's note: The Greater Philadelphia region includes counties in Southeastern Pennsylvania, Southern New Jersey and Delaware, which are: Philadelphia, Bucks, Chester, Delaware, Montgomery, Burlington, Camden, Gloucester, Mercer, Salem, Kent and New Castle.

About Prudential Fox & Roach, REALTORS®
Prudential Fox & Roach, REALTORS ®, the nation's fourth largest provider of home services, is an independently owned and operated member of the Prudential Real Estate Affiliate, Inc. and the largest Prudential affiliate in the country. As the Tri-State area's real estate leader, the company has more than 64 sales locations and 4,000 associates. Through its affiliate, the Trident Group, the company provides one-stop shopping and facilitated services to its clients including mortgage financing and title, property and casualty insurance. Visit our Website at www.prufoxroach.com.

About HomExpert Data©
The HomExpert Market Report© and HomExpert Pending Home Sales Index© are exclusive products of the Prudential Fox & Roach, REALTORS' Research Division. Findings are compiled using the company's exclusive HomExpert Data, which analyzes TREND Multiple Listing Service (MLS) data and provides the timeliest information available in the industry. The HomExpert Market Report offers exclusive analysis of real estate activity regionally, by county, MLS area or zip code across the Prudential Fox & Roach service area, while the HomExpert Pending Home Sales Index forecasts market activity based on pending home sales. Visit our Website at www.HomExpertReport.com.

###

Greater Philadelphia Housing Prices Decrease 2.2 Percent in the First Nine Months of 2008;

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Tue, 21 Oct 2008 14:12:42 -0500

Salem County in New Jersey posted the largest percent increase in median sale price
in the tri-state region, rising three percent

DEVON, PA - Greater Philadelphia region* median home prices decreased 2.2 percent to $225,000 in the first nine months of 2008, according to Prudential Fox & Roach, REALTORS'® HomExpert Market Report©. The median sale price in the first nine months of 2007 was $230,000.

In the first nine months of 2008, the region saw 44,439 homes sold, a 26.3 percent decrease, compared to 60,280 homes sold in the first nine months of 2007. The average number of days a home remained on the market increased from 65 days in the first nine months of 2007 to 76 days in the first nine months of 2008.

Additionally, monthly average inventory for the first nine months of 2008 was 62,320 compared to 59,662 in the first nine months of 2007. To sell the entire inventory listed on the market during September 2008, it would take 12.1 months, compared to 10.4 months during September 2007 and 7.9 months during September 2006.

Salem County posted the largest percent increase in median sale price in the Greater Philadelphia Region, increasing three percent in the first nine months of 2008 to $175,050, followed by Mercer County at 1.8 percent to $280,000, Philadelphia County at 1.3 percent to $145,000, while both Chester County and New Castle County decreased 1.3 percent to $310,000 and $229,900, respectively.

Chester County posted the highest median sale price at $310,000, followed by Bucks County at $287,000, Mercer County at $280,000, Montgomery County at $265,000 and Burlington County at $230,000.

Philadelphia County posted the highest number of homes sold in the first nine months of 2008 at 10,098, a 25.1 percent decrease compared to the first nine months of 2007, followed by Montgomery County (6,189, -23.5 percent), Bucks County (4,212, -24.3 percent), Delaware County (4,056, -27.2 percent) and Chester County (3,805, -21.2 percent).

Other First Nine Months of 2008 HomExpert Market Report© findings:
· Elk Township in Gloucester County posted the largest percent increase in median sale price in the Greater Philadelphia Region, increasing 32.4 percent to $225,000 in the first nine months of 2008, followed by West Vincent Township in Chester County at 22.8 percent to $620,000, Salem City in Salem County at 20 percent to $96,000, zip code 19146 in Philadelphia County at 19 percent to $230,000 and Thornbury Township in Chester County at 18.1 percent to $525,000.

· Princeton Township in Mercer County posted the highest median sale price in the Greater Philadelphia region at $895,000, followed by Princeton Borough in Mercer County at $702,000, West Vincent Township in Chester County and Easttown Township in Chester County both at $620,000 and Radnor Township in Delaware County at $600,000.

·         The Newark/Glasgow area in New Castle County posted the highest number of homes sold in the first nine months of 2008 at 1,184, a 29.9 percent decrease, followed by the Wilmington area in New Castle County (633, -31 percent), the Brandywine area in New Castle County (598, -25.4 percent), the Elsmere/Newport/Pike Creek area in New Castle County (579, -25.1 percent) and Upper Darby Township in Delaware County (578, -35.3 percent).

·         Pennsylvania led the tri-state region in highest median sale price in the first nine months of 2008 at $230,000, followed by Delaware at $225,000 and New Jersey at $220,000.

·         Pennsylvania led the tri-state region in the number of homes sold in the first nine months of 2008 at 28,360 (-24.4 percent), followed by New Jersey at 11,267 (-28.3 percent) and Delaware at 4,812 (-31.6 percent).

·         Pennsylvania led the tri-state region in median sale price percent change for the first nine months of 2008 decreasing 0.6 percent, followed by Delaware falling 2.2 percent and New Jersey decreasing 3.5 percent.

Top Five Counties in the Greater Philadelphia
Region by First Nine Months 2008 Median Sale Price

CountyFirst Nine Months 2008First Nine Months 2007% Change
Chester County$310,000$314,000-1.3%
Bucks County$287,000$300,000-4.3%
Mercer County$280,000$275,0001.8%
Montgomery County$265,000$275,000-3.6%
Burlington County$230,000$245,000-6.1%

Top Ten Municipalities in the Greater Philadelphia Region
by First Nine Months 2008 Median Sale Price

CountyMunicipality/AreaFirst Nine Months 2008First Nine Months 2007% Change
MercerPrinceton Township$895,000$825,6008.4%
MercerPrinceton Borough$702,000$682,5002.9%
ChesterWest Vincent Township$620,000$505,00022.8%
ChesterEasttown Township$620,000$565,0009.7%
DelawareRadnor Township$600,000$562,5006.7%
BucksUpper Makefield Township$561,500$680,000-17.4%
BucksBuckingham Township$550,000$577,500-4.8%
BucksSolebury Township$529,000$640,000-17.3%
ChesterThornbury Township$525,000$444,45018.1%
DelawareThornbury Township$519,315$610,000-14.9%

*Editor's Note: The Greater Philadelphia region includes counties in Southeastern Pennsylvania, Southern New Jersey and Delaware, which are: Philadelphia, Bucks, Chester, Delaware, Montgomery, Burlington, Camden, Gloucester, Mercer, Salem, Kent and New Castle. Additional charts and graphs available upon request. Top municipalities listed include 25 or more sales in the first nine months of 2008. Days on Market (DOM) data measures the number of days a property is listed from initial list date in the multiple listing service (MLS) until the property goes under contract.

About Prudential Fox & Roach, REALTORS®
Prudential Fox & Roach, REALTORS ®, the nation's fourth largest provider of home services, is an independently owned and operated member of the Prudential Real Estate Affiliate, Inc. and the largest Prudential affiliate in the country. As the Tri-State area's real estate leader, the company has more than 64 sales locations and 4,000 associates. Through its affiliate, the Trident Group, the company provides one-stop shopping and facilitated services to its clients including mortgage financing and title, property and casualty insurance. Visit our Website at www.prufoxroach.com.

About HomExpert Data©
The HomExpert Market Report© and HomExpert Pending Home Sales Index© are exclusive products of the Prudential Fox & Roach, REALTORS' Research Division. Findings are compiled using the company's exclusive HomExpert Data, which analyzes TREND Multiple Listing Service (MLS) data and provides the timeliest information available in the industry. The HomExpert Market Report offers exclusive analysis of real estate activity regionally, by county, MLS area or zip code across the Prudential Fox & Roach service area, while the HomExpert Pending Home Sales Index forecasts market activity based on pending home sales. Visit our Website at www.HomExpertReport.com.

NAR REPORT

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Wed, 24 Sep 2008 10:36:01 -0500

xisting-Home Sales Slide on Tight Mortgage Availability

WASHINGTON, September 24, 2008

Existing-home sales were down in August following a healthy gain in July as tight mortgage credit curtailed activity, according to the National Association of Realtors^®. Sales rose in the Midwest and South but fell in the Northeast and West.

Nationally, existing-home sales – including single-family, townhomes, condominiums and co-ops –declined 2.2 percent to a seasonally adjusted annual rate1 of 4.91 million units in August from an upwardly revised pace of 5.02 million in July, but are 10.7 percent below the 5.50 million-unit pace in August 2007.

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said the pendulum in the mortgage market has swung too far. “The difficulty in obtaining a mortgage increased over past couple months, making it more challenging for creditworthy borrowers to find financing,” he said. “Our hope is that overly tight lending criteria can be loosened with reasonable standards and credit so that sales activity can catch up with demand. Interest rates have already declined, but there is a serious question as to whether a cash infusion by the U.S. Treasury into Wall Street would help consumers by improving mortgage funding.

“We urge Congress to restore access to sound mortgage credit so people have the ability to make and keep a long-term investment in the American dream of homeownership. Congress needs to take care of Main Street and not just bail out Wall Street.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 6.48 percent in August from 6.43 percent in July; the rate was 6.57 percent in August 2007. However, last week the 30-year fixed had dropped to 5.78 percent.

Lawrence Yun, NAR chief economist, said the recent drop in interest rates is an immediate impact of recent government action. “August sales reflect higher interest rates before the government takeover of Freddie Mac and Fannie Mae, and the sudden drop in mortgage interest rates over the past couple weeks is improving housing affordability,” he said. “With higher loan limits and a beefing up of the FHA program, all the mechanisms have been falling into place to increase mortgage availability.

“However, home sales will be constrained without a freer flow of credit into the mortgage market. The faster that happens, the sooner we’ll see a broad stabilization in home prices that in turn will help the economy recover,” Yun said. “Historically, housing has led the nation out of economic doldrums – there will not be an economic recovery without a housing recovery.”

The national median existing-home price2 for all housing types was $203,100 in August, down 9.5 percent from a year ago when the median was $224,400.

“The median home price reflects more transactions related to subprime loans,” Yun said. “Fewer than 10 percent of homeowners have subprime loans, but these mortgages are accounting for a disproportionately high share of sales in the current market. On the other hand, areas that have had sharp price cuts are seeing a turnaround in sales, which are rising very fast now in parts of California, Florida and Nevada.”

Total housing inventory at the end of August fell 7.0 percent to 4.26 million existing homes available for sale, which represents a 10.4-month supply3 at the current sales pace, down from a revised 10.9-month supply in July.

Single-family home sales slipped 1.4 percent to a seasonally adjusted annual rate of 4.35 million in August from an upwardly revised pace of 4.41 million in July, but are 9.6 percent below the 4.81 million-unit level a year ago. The median existing single-family home price was $201,900 in August, down 9.7 percent from August 2007.

Existing condominium and co-op sales dropped 8.2 percent to a seasonally adjusted annual rate of 560,000 units in August from an upwardly revised level of 610,000 in July, and are 19.0 percent below the 691,000-unit pace in August 2007. The median existing condo price4 was $212,600 in August, which is 7.2 percent below a year ago.

Regionally, existing-home sales in the Midwest rose 0.9 percent in August to a pace of 1.14 million but are 12.3 percent below August 2007. The median price in the Midwest was $168,000, down 5.6 percent from a year ago.

In the South, existing-home sales increased 0.5 percent to an annual pace of 1.86 million in August, but are 15.1 percent below a year ago. The median price in the South was $176,500, which is 3.4 percent lower than August 2007.

Existing-home sales in the West fell 5.3 percent to an annual rate of 1.07 million in August, but are 4.9 percent higher than August 2007. The median price in the West was $251,600, down 23.9 percent from a year ago. “The highest concentration of foreclosures is in the West, which is weighing down the median price because many buyers are taking advantage of deeply discounted prices,” Yun said.

In the Northeast, existing-home sales dropped 6.6 percent to an annual pace of 850,000 in August, and are 15.0 percent below a year ago. The median price in the Northeast was $271,000, down 3.8 percent from August 2007.

# # #

Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 percent of total home sales, are based on a much larger sample – nearly 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.

²The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the geographic composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported.

³Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982. Condos were tracked quarterly prior to 1999 when single-family homes accounted for more than nine out of 10 purchases (e.g., condos were 9.5 percent of transactions in 1998, 8.5 percent in 1990 and only 6.1 percent in 1982).

Existing-home sales for September will be released October 24, and the next Pending Home Sales Index is scheduled for October 8. For more information: http://www.realtor.org/research/research/ehsdata

JULY PENDING HOME SALES IN GREATER PHILADELPHIA REGION

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Tue, 09 Sep 2008 22:34:04 -0500

DEVON, PA – September 9, 2008 – The Greater Philadelphia region* saw a 9.1 percent increase in July real estate activity moving to an index of 73.34 from the upwardly revised June index of 67.21, according to The Prudential Fox & Roach, REALTORS^® HomExpert Pending Home Sales Index^©. July’s increase in the region’s activity is 21.2 percent lower than July 2007 when the index stood at 93.1.

Compared to findings reported by the National Association of Realtors^® (NAR) Pending Home Sales Index, real estate activity in the Greater Philadelphia region outperformed both the Northeast index and National index. The NAR index showed a 7.5 percent decrease in pending sales in the Northeast and a 3.2 percent decrease nationally. In June, the NAR index indicated a 3.4 percent increase in pending sales in the Northeast and a 5.3 percent increase nationwide.

Based on the forward-looking indicator, real estate activity in the five-county Southeastern Pennsylvania area increased 5.4 percent from an upwardly revised index of 73.9 in June to 77.9 in July. Only Bucks County saw a decrease in the July Southeastern Pennsylvania index. Chester County saw the region’s largest increase in real estate activity, rising 21.2 percent from an index of 60.01 in June to 72.73 in July – the first increase since April when it reached an index of 73.3. Meanwhile, Bucks County fell 6.9 percent after last month’s 5.3 increase. Center City and the Main Line area both saw decreases in pending home sales, decreasing 6.7 percent and 6.3 percent respectively.

Southern New Jersey pending home sales increased 12.8 percent in July, to an index of 66.2 from the revised June index of 58.7. This is the highest the South Jersey index has been since January and the largest increase all year. Camden, Gloucester, Mercer and Salem Counties all saw double digit percent increases. Burlington County experience a more modest 3.1 percent increase. Gloucester County saw the region’s largest increase, increasing 32.2 percent from an index of 57.7 in June to 76.3 in July.

Following a 4.2 percent decrease last month, Delaware real estate activity increased 24.1 percent in July – the highest increase of the three states within the Greater Philadelphia region. The two-county Delaware area moved from a revised index of 55.3 in June to an index of 68.6 in July. Kent County increased the most in Delaware County and second most in the Greater Philadelphia Region, improving 27.8 percent from an index of 50.7 in June to 64.8 in July. New Castle came in third for the entire region, increasing 24.1 percent.

“The summer typically brings more sales and the July index shows that this summer was no different,” said Steve Storti, senior vice president of marketing for Prudential Fox & Roach. “The fact that sales activity increased shows that the Greater Philadelphia market is still healthy despite the larger national economy. August will be another test because it will be the one year anniversary of last year’s credit crisis. The news of Fannie and Freddie Mac could be the move that helps bring back traditional buyers as interest rates start to fall again.”

While the July pending homes sales index for the Greater Philadelphia region increased 9.1 percent, it is 21.1 percent below the July 2007 index, moving from an index of 93.1 in 2007 to 73.4 in 2008. The Southeastern Pennsylvania index is 20.1 percent below a year ago, Southern New Jersey is down 22 percent and the Delaware area fell 25.3 percent below last year’s July index.

The index, based on contracts signed in July, monitors real estate market activity by tracking pending sales of homes reported to the TREND^® Multiple Listing Service, the region’s primary real estate reporting tool for 32,000 real estate professionals. A sale is listed as 'pending' when a contract has been signed but the transaction has not closed. Sales are typically finalized within one or two months of signing. An index of 100 is equal to the average level of contract activity during 2002. The Prudential Fox & Roach, REALTORS HomExpert Pending Home Sales Index is modeled after the national index created by the National Association of Realtors^®, which is available at www.realtor.org.

The following is the July 2008 HomExpert Pending Home Sales Index for the Greater Philadelphia region:

	July	June	Percent
County	Index	Index	Change
Philadelphia	91.1	85.4	6.6%
Bucks	70.1	75.2	-6.9%
Chester	72.7	60.0	21.2%
Delaware	74.5	70.3	6.0%
Montgomery	72.1	70.0	3.0%
PENNSYLVANIA	77.9	73.9	5.4%
Burlington	59.4	57.6	3.1%
Camden	65.4	58.0	12.9%
Gloucester	76.3	57.7	32.2%
Mercer	68.4	61.1	11.9%
Salem	77.7	65.5	18.6%
NEW JERSEY	66.2	58.7	12.9%
Kent	64.8	50.7	27.8%
New Castle	69.7	56.6	23.1%
DELAWARE	68.6	55.3	24.1%
12-COUNTY REGION	73.4	67.2	9.1%
Center City	118.6	127.0	-6.7%
Main Line	90.6	96.7	-6.3%

About Prudential Fox & Roach, REALTORS^®

Prudential Fox & Roach, REALTORS ^®, the nation’s fourth largest provider of home services, is an independently owned and operated member of the Prudential Real Estate Affiliate, Inc. and the largest Prudential affiliate in the country. As the Tri-State area’s real estate leader, the company has more than 64 sales locations and 4,000 associates. Through its affiliate, the Trident Group, the company provides one-stop shopping and facilitated services to its clients including mortgage financing and title, property and casualty insurance. Visit our Website at www.prufoxroach.com.

The HomExpert Market Report^© and HomExpert Pending Home Sales Index^© are exclusive products of the Prudential Fox & Roach, REALTORS’ Research Division. Findings are compiled using the company’s exclusive HomExpert Data, which analyzes TREND Multiple Listing Service (MLS) data and provides the timeliest information available in the industry. The HomExpert Market Report offers exclusive analysis of real estate activity regionally, by county, MLS area or zip code across the Prudential Fox & Roach service area, while the HomExpert Pending Home Sales Index forecasts market activity based on pending home sales.

Mortgage Market News

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Mon, 08 Sep 2008 10:45:17 -0500

U.S. Stocks Jump, Joining Global Rally, on Fannie, Freddie Plan

By Elizabeth Stanton

Sept. 8 (Bloomberg) -- U.S. stocks climbed the most in a month, adding to a rally across Europe and Asia, as the government takeover of Fannie Mae and Freddie Mac improved the outlook for a global financial system battered by $507 billion in credit losses.

Citigroup Inc., Wachovia Corp. and Bank of America Corp. added more than 5 percent in New York trading after Treasury Secretary Henry Paulson said the government will provide short- term funding to mortgage lenders Fannie and Freddie. Pulte Homes Inc. and Lennar Corp. jumped more than 6 percent, leading homebuilders to a four-month high. A rally in banks from Germany to Japan sent the MSCI World Index up the most since April.

The takeover ``goes a long way toward addressing the number one negative, the downward spiral in housing prices,'' said Henry Herrmann, president and chief executive officer of Waddell & Reed Financial Inc., which manages $70 billion. ``If the market ended the day lower I'd be stunned.''

The Standard & Poor's 500 Index gained 25.19 points, or 2 percent, to 1,267.5 at 10:31 a.m. in New York. The Dow Jones Industrial Average rose 266.98, or 2.4 percent, to 11,487.94. The Nasdaq Composite Index advanced 18.93, or 0.8 percent, to 2,274.81. About five stocks climbed for each that fell on the New York Stock Exchange.

All 24 industry groups in the S&P 500 advanced and Treasuries fell, pushing 10-year note yields up by the most since July, as investors sought higher-yielding assets. The dollar advanced against the euro for an eighth day.

Financial Rally

Citigroup climbed $1.77 to $20.84, while AIG added $2.03 to $24.37 and Wachovia jumped $1.85 to $18.60. JPMorgan Chase & Co., the third-biggest U.S. bank, increased 8.5 percent to $42.96.

The S&P 500 Financials Index climbed 3.8 percent, reaching its highest level since Aug. 5.

The Federal Housing Finance Agency will take over Fannie and Freddie under conservatorship, replacing their chief executives and eliminating their dividends. Under the plan, the Treasury will receive $1 billion of senior preferred stock in coming days, with warrants representing ownership stakes of 79.9 percent of Fannie and Freddie.

``The market likes less uncertainty and this takes care of that,'' said E. William Stone, who oversees $66 billion as chief investment strategist at PNC Wealth Management in Philadelphia. ``If this helps re-stabilize the housing situation it's got to be looked at as a positive.''

Freddie lost 76 percent to $1.20, while Fannie Mae dropped 83 percent to $1.23. Citigroup and Lehman Brothers Holdings Inc. lowered their recommendations on the shares. Merrill Lynch & Co. cut its share-price forecast for Fannie Mae to 50 cents and its estimate for Freddie Mac to 25 cents.

Financial stocks in the S&P 500 had fallen 26 percent this year before today as banks from Merrill Lynch to Citigroup were forced to raise capital to cover losses stemming from the collapse of the subprime mortgage market. Fannie and Freddie had slumped more than 82 percent in 2008.

Preferred Shares

Banks with large holdings of Fannie Mae and Freddie Mac preferred shares may fail to join in the advance as the takeover eliminated the two companies' dividends.

Sovereign Bancorp Inc., the second-largest U.S. savings and loan, had stakes in Fannie and Freddie valued at $623 million as of June 30. Sovereign slid 8.7 percent to $8.82. Other lenders with significant holdings of Fannie and Freddie preferred shares include Gateway Financial Holdings Inc., Midwest Bank Holdings Inc. and Frontier Financial Corp.

Washington Mutual Inc. rose as much as 20 percent to $5.12. The biggest U.S. savings and loan replaced Kerry Killinger as chief executive officer, naming Alan Fishman of Meridian Capital Group to replace him. Killinger's expansion into subprime mortgages contributed to $6.3 billion in losses in the past three quarters and an 88 percent slump in WaMu's stock in the past 12 months.

Goldman Sachs

Goldman Sachs Group Inc. climbed 2.9 percent to $167.94 in New York. Merrill analyst Guy Moszkowski raised his recommendation on the shares to ``buy'' from ``underperform.''

The rally in banks came even as Oppenheimer & Co. analyst Meredith Whitney slashed her third-quarter earnings estimates for Goldman, Lehman Brothers Holdings Inc., and Merrill, citing a decline in trading volumes and share sales.

UST, Cognizant

UST Inc. gained 79 cents $68.34 in New York after Altria Group Inc. agreed to buy the largest U.S. snuff producer for $10.3 billion in cash.

Cognizant Technology Solutions Corp. added 3.8 percent to $28.80. Cognizant, which provides on-site computer-technology support as well as cheaper labor abroad, may climb to $40 a share as the U.S. and global economies recover, Barron's reported, citing Sanford C. Bernstein & Co. analyst Rod Bourgeois.

U.S. stocks declined last week, sending the S&P 500 to its steepest weekly retreat in three months, led by commodity producers as falling fuel and materials prices signaled global economic growth is slowing

Inga Saffron article.

Reid Rosenthal (Prudential Fox and Roach REALTORS) — Tue, 02 Sep 2008 12:40:11 -0500

Philadelphia needs alot more outspoken critics highlighting the "Almost good enough" mentality that sets apart first class cities from our almost first class city. The article below explains one aspect of what I mean.

Changing Skyline: A Wal-Mart of a penthouse atop an art deco tower

By Inga Saffron

Inquirer Architecture Critic

It's hard to pass the corner of 18th and Locust without gasping at the sight of the just-renovated Parc Rittenhouse. There, on the ground floor, is what one local wit calls "Epcot North," Stephen Starr's knee-weakening simulacrum of a Paris brasserie from the Roaring Twenties. You're tempted to quit your day job, grab a table, and get to work on the Great American Novel.

Step a bit closer and you might instead conclude that you've stumbled onto Central Park West, so furious is the onrushing stream of blondage, 6-inch heels, and glossy shopping bags into the building's very proper lobby. But should you reverse direction and widen the view, expect all your fantasies to puddle like sorbet in the August heat.

Who plopped the discount store on the roof of the historic former Penn Athletic Club?

With the repurposing of this once-dowdy apartment house and hotel into the chic Parc Rittenhouse condos, Philadelphia now has a graphic demonstration of one of the paradoxes of contemporary design: Though interior decorators are capable of re-creating an authentic 1920s Paris bistro right down to the tobacco-stained paint, our architects can't seem to fashion a credible-looking penthouse structure on an American building of the same vintage.

The three-story addition, which overlooks Rittenhouse Square and features three immense raw lofts that are going for $7 million apiece, is papered together with bland stucco panels and has all the aesthetic finesse of a parking garage. It was designed by Jim Garrison of Hillier in a contemporary style, ostensibly so it could be differentiated from the original 1927 art deco building by Zantzinger, Borie & Medary, one of the architects for the Philadelphia Museum of Art.

The new penthouse structure is different all right, but in all the wrong ways. The rooftop box is the sort of disaster, like a particularly bad car crash, that makes you wish you could rewind history, to understand how things got so out of control.

Garrison is a well-regarded preservation architect who has turned out some of the best work in Hillier's Philadelphia office. He presided over the sparkling restoration of Girard Trust Co., now a Ritz-Carlton Hotel.

It's evident from his lovely restoration of the Parc Rittenhouse's original 15 floors that he has a deft hand with historic buildings. He fiddled significantly with the facade's original design, sneaking in French windows, new balconies, steel railings and spandrels. Those elements look absolutely right, even though the balconies and spandrels are high-density urethane - plastic, that is - faux-painted to look like real stone.

Clearly, though, replicating the past requires skills different from inventing something from whole cloth. It may not have helped matters that the city's Historical Commission encouraged a contemporary addition that has virtually no grounding in traditional architecture.

The thinking - standard in preservation - is that new structures should look new, and not attempt to flimflam the viewer by mimicking the past. But Garrison and developer Allan Domb complain that the demand was especially hard to fulfill at the Parc Rittenhouse. At one point, they even submitted a traditional design with rows of indented arches. It was rejected in favor of the adobe-village approach.

Garrison did succeed in borrowing one element from the past: Like the limestone crown on the Rittenhouse Plaza and other early skyscrapers, the Parc's penthouse is a different shade from the rest. But there's not enough contrast and, unlike those old Gothic crowns, the rooftop doesn't reference elements below. It just sits there like a cowboy hat on a bride.

Would things have turned out better if the Parc Rittenhouse had been allowed to go traditional?

Only if designers could have used the same hefty materials and high standards of craftsmanship that were the norm in Zantzinger's day.

The real villain, I'd argue, isn't modern style; it's modern materials. The Parc Rittenhouse's original facade is a rich tiramisu of variegated, caramel-toned brick and terra cotta. The penthouse panels have no depth.

There's no doubt that certain synthetics, like the high-density urethane Garrison used for the balconies, work just fine when judiciously applied. But when an entire structure is clad in an artificial material, our high-priced condos tend to display a family resemblance to big-box stores. The balconies look good because they don't call attention to themselves. Unfortunately, that penthouse won't let us alone.

These last years have been the best and worst of times for Philadelphia architecture, with dozens of new towers and townhouses filling out the city. But rapid increases in material costs and inflated wage rates prompted developers to cut costs where they could - on design. It's bad enough to see the cheapening in isolated subdivisions, but it's an assault on the public realm when the same low standards make their way to Rittenhouse Square.

The Parc Rittenhouse isn't the only offender overlooking our urban living room. Now that the factory-made brick panels are being wallpapered onto Ten Rittenhouse, a luxury condo by architect Robert A.M. Stern, the fakery there is evident. The joints between the panels slice randomly through the limestone-colored lintels and horizontal coursing, reminding us that corners both literal and figurative have been cut.

Philadelphia has never been a city of architectural icons, like New York and Chicago. What it offers is something more down to earth and, in a way, more precious in modern America. Our buildings are the real deal, crafted by men who laid brick and cut stone. Because of their solidity, the fake stuff looks worse here.

This isn't to say that Philadelphia must take refuge in brick, the original bargain material - although brick can be beautiful if used with integrity. Some of our most appealing new buildings, like Skirkanich Hall at Penn and the Murano tower on Market Street, include ample amounts of glass, concrete and metal. What makes those two examples work so well in our city of stone is the same thing that made our historic architecture work: craftsmanship.

Reid 's Blog

Great New Listing In Northern Liberties

Great New Listing In Northern Liberties

NEW TAX CREDIT INFORMATION

NEWS ABOUT THE FIRST TIME BUYER TAX CREDIT FROM OUR CEO

AMAZING NEW LISTING IN QUEEN VILLAGE

GREAT NEW LISTING

GREAT NEW LISTING AT THE WANAMAKER HOUSE IN RITTENHOUSE SQUARE

January Existing-Home Sales Fall, Inventory Down

More Information on Federal Stimulus Package

Tax Credit for Homebuyers

Additional Housing-Related Provisions

More Help for Homeowners in the Future

GREEN DESIGNATION

Today, the National Association of Realtors (NAR) reported existing home-sale statistics for the fourth quarter of 2008

December Pending Home Sales Index© Shows 18 Percent Drop from Last Year's Greater Philadelphia Region Real Estate Activity

CENTER CITY YEAR END MARKET DATA 2008

Center City Housing Prices Increased 2.1 Percent in 2008; 16.9 Percent Decrease in the Number of Residential Homes Sold

PHILADELPHIA YEAR END REAL ESTATE DATA 2008

Greater Philadelphia Housing Prices Decreased 2.6 Percent in 2008;

23.9 Percent Decrease in the Number of Residential Homes Sold

GREAT NEW LISTING IN UNIVERSITY CITY

BEAUTIFUL NEW LISTING IN CENTER CITY!!

Existing-Home Sales Show Strong Gain In December

November Pending Home Sales Index© Shows a Seasonally-Effected Increase

Existing-Home Sales Soften on Economic Volatility

NEW PHILADELPHIA REGION HOME SALES DATA

Greater Philadelphia Housing Prices Decrease 2.2 Percent in the First Nine Months of 2008;

NAR REPORT

xisting-Home Sales Slide on Tight Mortgage Availability

JULY PENDING HOME SALES IN GREATER PHILADELPHIA REGION

About Prudential Fox & Roach, REALTORS®

Mortgage Market News

Inga Saffron article.

Center City Housing Prices Increased 2.1 Percent in 2008;
16.9 Percent Decrease in the Number of Residential Homes Sold

About Prudential Fox & Roach, REALTORS^®