The Philadelphia Real Estate Blog

Random Thoughts for The Week ! (Economy, Health Care, Raincamp...)

Sun, 22 Nov 2009 07:44:16 -0600

Each week I post some random thoughts related to the housing market, the Philadelphia real estate market and related topics. Please share some of your insight as well in a comment !

1. Dining Recession ? Not in Philly - It does not appear to be a recession when you go out to dinner in Philly (Old City) on a Saturday night. Last weekend, two places had waits for over an hour. We ended up at Union Trust, a high-end steakhouse, that was packed ! It was great to see. The filet mignon and raw oysters were both incredible !

2. Health Care "Reform"- I expect after all the "hoopla" that a significantly watered down health care bill will get passed that will not be "reform" at all, but more government inefficiency. I think the focus instead should be on stimulus to small businesses in America which can have both immediate short term and long term benefits to the country.

3. Got my Raincamp ticket yesterday !

See Brad Andersohns "What is Raincamp ? "

And Bob Stewart's "Raincamp is Coming to New York City January 12, 2010"

4. Will be taking The Somers Team to Triple Play in Atlantic City in December and should now be attending Real Estate Bar Camp Atlantic City ! I think December and January are excellent times and opportunities to attend these types of conventions ! Give yourself a chance to learn all the latest trends and technology in your industry, network and have some fun too by taking a break during a slower time of the year.

5. Stock Market - Expect the financial markets to remain choppy but overall to trend higher. Would expect this coming up week to be positive and to have a Santa Claus rally going into XMAS. Happy holidays !!

Please comment on some of these thoughts and add what you are thinking or post your own random thought in a comment below ! And if you have not subscribed to this blog as of yet, what are you waiting for ? The best is yet to come !

Feel free to subscribe to our blog to stay up to date with our latest posts and information on the Philadelphia Real Estate Market. You can also sign up to receive the Philadelphia Real Estate Blog via email.

1737 Fox Chase Road – Bells Corner 2 Story Twin Spacious, Eat in Kitchen w/ New Deck, and Finished Basement - One to put on your list of homes to see!

Fri, 20 Nov 2009 08:51:09 -0600

New Listing in Bells Corner ~ 1737 Fox Chase Road for $209,000

Welcome home to this lovely spacious 2 Story Twin on a desirable block in Bells Corner.

Modern and spacious living room, separate dining room, and a full eat-in kitchen with exit to a new deck for outdoor entertaining, compliments this home.

Other Features of this home:

Additional Powder Room on 1^st Floor
Neutral wall to wall carpeting throughout
New Central Heating and Air
Finished Basement w/ separate laundry area & exit to rear outdoor concrete space
Garage for storage or parking

Photo Gallery

The 2nd floor features 3 oversized bedrooms.

The master bedroom has a private full bath as well as full center hall bath.

To schedule your tour of this great home contact Elaine Kasavage at 215-756-1531 or via email at elaine103@comcast.net.

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If interested in buying or selling properties in Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612. For investment properties, check out our new investor site at Philly Investor Hub! If interested in checking out our new office in Northern Liberties, let us know !

The Somers Team - Philadelphia Real Estate

Search the MLS Properties Here in Philadelphia

Areas of specialty include: Northern Liberties, Old City, Center City, Fishtown, Graduate Hospital, Art Museum, Queen Village, Pennsport, Old Kensington, Port Richmond, Bridesburg, Society Hill, Loft District, Spring Garden and more !

Stephanie Somers takes you on a "Sneak Peak" Tour of the new Remax Office in Northern Liberties Philadelphia

Thu, 19 Nov 2009 08:39:12 -0600

Stephanie Somers takes you on a Sneak Peak Tour of the new Remax Office in Northern Liberties.

As you can see there's lots still happening in our new office space on the 5th floor of The Rialto Building, as we prepare to make our official move into this amazing location in Northern Liberties.

Top agents and consumers will love being surrounded by an incredible array of gastro pubs, fine restaurants and casual fooderies as well as shopping, galleries, boutiques, and entertainment. Parking is free and abundant so we hope you'll stop by to see the Somers Team on your next trip to Philadelphia.

So grab your ticket and come along with me as I take you on your sneak peak tour of the new Remax Office at 1033 N 2nd Street, 5th floor in Northern Liberties , Philadelphia.

Contact us today for more info regarding the new location in Northern Liberties at thesomersteam@yahoo.com or @remaxaffiliates or @phillyrealty on Twitter ! Stay tuned for more information and updates to come !

Related Posts:

Remax Affiliates is Moving

Chris Somers says Hello from the New Remax Office in Northern Liberties

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The Somers Team - Philadelphia Real Estate

Search the MLS Properties Here in Philadelphia

Chris Somers says Hello from the New Remax Office in Northern Liberties

Wed, 18 Nov 2009 08:13:55 -0600

Have you heard the great news?

Remax Affiliates, soon to be Remax Access, is moving to Northern Liberties !

Any day now we'll be in our new space on the 5th floor with its great views of all of Philadelphia at The Rialto Building, a 7 story all glass professional building. It is part of the Piazza project, an area surrounded by an incredible array of gastro pubs, fine restaurants and casual fooderies as well as shopping, galleries, boutiques, and entertainment.

The excitement is building amongst our staff and clients who all love our more centralized location which will allow us to serve a great portion of the Riverfront Community as well as serving the Philadelphia, Bucks and Montgomery real estate markets.

Here's Chris from his new office space saying hello and welcoming you to see the amazing views from the Remax office space of the Rialto Building in Northern Liberties:

Related Posts:

Remax Affiliates is Moving

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The Somers Team - Philadelphia Real Estate

Search the MLS Properties Here in Philadelphia

Random Thoughts for the Week - November 15, 2009

Sun, 15 Nov 2009 18:36:01 -0600

Here are a couple of things that Stephanie and I were thinking about this week:

1. Smartphone revolution- I switched from a Blackberry to a Palm Pre this past weekend to have a touch screen. I have not been super happy with my blackberry, plus my wife Stephanie has been very happy with her Palm. These gadgets are just amazing. I think soon everyone (outside of business professionals) will have smartphones. So if you agree, own some Apple (APPL), Research in Motion (RIMM) or Palm (PALM) in your portfolio (disclosure - we own PALM) and I am sure we own the others in various mutual funds.

2. Toll Brothers - Did the recent news that Toll Brothers announced suggest that the end of the housing market has come and gone ? Their press release is worth reading - you can read it here .

3. Lawrence Yun at NAR - 2010 forecast - Wow !!!! See it here: 2010 Sales to Rise 15 percent . I think most Realtors will really like what he is saying about Realtors incomes for 2010. I am bullish on the economy and the housing market in 2010 but think his forecast is too optimistic.

4. Lesson Learned - "Fear is fueled by lack of knowledge, and only by facing that fear can you overcome that fear." Stephanie Somers

For the longest time we have been putting off buying a music system for ourselves. Music happens to be something that we both enjoy very much and is extremely therapeutic, whether we listen to punk rock or a classical composer that we do not understand. Thus, we finally went and bought something that we will enjoy for our home. But the fear of all the technology involved was really a deterrent for us. We sucked it up, we bought it, we got tangled up in instructions, freaked out several times, but we made it through. The fear is behind us and have a future of musical bliss ! HARD WORK ALWAYS PAYS OFF !

5. Expertise- In order to be an expert at something, you need to have many many hours of experience. It takes a long long time to be an expert. We agree with Malcolm Gladwell, author of "Outliers" where he talks about the most successful folks that become experts at something put in about 10,000 hours into that. That seems to be the common denominator ! Is a lot of hours but so be it !

Please comment on what your thoughts are in regards to these items or please share your own random thoughts from your week !

Northern Liberties Contemporary Condo - 813 N Hancock Street, Unit 3 – 20’ High Ceilings, Exposed Timber Beams and Great Architectural Elements

Thu, 12 Nov 2009 17:11:46 -0600

New Listing in Northern Liberties - 813 N Hancock Street, Unit 3 for $359,900

This Condo, in the heart of Northern Liberties, has over 1400 sq feet of living space. There is 8 years left on the 10 year tax abatement, 1 car off street deeded parking, and easy street parking.

The master bedroom suite has a master bath with 20' high ceilings, painted brick, a formal vanity space, and exposed timber beams.

The main gathering room is enormous with 20' tall ceilings and 20' high timber beams.

The original brick has been white washed and offers a perfect background for art, decorative textile, or hanging sculpture.

There is also a 2nd floor loft level w/ a bedroom suite including a full bath with washer and dryer.

Photo Gallery

The contemporary and restoration style architectural elements are not overwhelmingly industrial.

Desirable Features of this Condo include:

Skylights
Hardwood Floors
Full Open Kitchen
Large Back room w/ recessed lighting, 2 closets and views of the great room

This home is truly a fabulous space for entertaining and can easily be converted from a 3 bedroom to a practical live/work space.

We look forward to your visit.

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The Somers Team - Philadelphia Real Estate

Search the MLS Properties Here in Philadelphia

New Listing in Northern Liberties - 813 N Hancock Street, Unit 4 – A warehouse conversion with an Open & Modern Layout, Low Condo Fees & 1 Year Home Warranty

Wed, 11 Nov 2009 09:24:15 -0600

New Listing in Northern Liberties - 813 N Hancock Street, Unit 4 for $290,000

This 1 bedroom 1 bath Loft Style Condo offers 1 car covered garage parking. The property is a warehouse conversion with 4 units. This unit is on the 2nd floor rear of the building.

There is an open and modern layout, exposed beams and duct work and hardwood floors.

Enjoy preparing your favorite meal in this kitchen with its beautiful granite, stainless steel appliances with a breakfast bar, gas cooking, dishwasher, microwave and disposal. There is space for a dining area that is open to the main living space.

The bedroom loft area overlooks the living room. The bedroom has amazing closet space and offers enough square footage for a huge bed and several pieces of furniture to create a sitting area or work space.

Photo Gallery

Other features on this Unit include:

cathedral ceilings
multiple skylights for plenty of natural light
a large full bathroom
small deck
extra storage under the stairs.
Full size stack washer and dryer

Condo fees are very low. 1 Year Home Warranty being offered by the seller. (Seller is a licensed PA Realtor.)

We look forward to your visit.

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The Somers Team - Philadelphia Real Estate

Search the MLS Properties Here in Philadelphia

RE/MAX Chief Executive Officer, Margaret Kelly, talks about the government's extension/expansion of the first-time homebuyer tax credit

Tue, 10 Nov 2009 12:17:46 -0600

RE/MAX Chief Executive Officer, Margaret Kelly, talks about the government's extension/expansion of the first-time homebuyer tax credit. Certain existing homeowners can now qualify for the credit and homebuyers have until April 30, 2010 to put a contract on a house.

If you need further assistance in understanding how this homebuyer tax credit applies to you or need assistance in locating a new home please contact the Somers Team today - we look forward to hearing from you.

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The Somers Team - Philadelphia Real Estate

Search the MLS Properties Here in Philadelphia

Random Thoughts for the Week

Mon, 09 Nov 2009 06:39:51 -0600

Each week I will start to post some random thoughts related to both the national real estate market and our local Philadelphia real estate market in addition to related thoughts about the economy, investing and so forth.

October flurry- I met with Jim Makara today on a home inspection in Old Kensington. Jim mentioned that October was his best month EVER for home inspections. He did 57 of them !! Wow ! This was more for Jim than any given month even in the heyday in 2004 and 2005. On a side note, Jim is one of the best home inspectors in the Philadelphia area. His company is Countywide Home Inspections .

Home Buyer Tax Credit Extension- I do not expect the extension to have a huge lift on the market November through January. In fact, expect these months to be slow, maybe even VERY slow. For the most part, I think that every first time homebuyer that wanted to purchase a property DID. It will take a few months to gear this back up again which could make for a very busy spring. Hear that sellers ?? Have your property on the market in January and February. For more info on the credit, see this wonderful blog by Loreeno Yeo:

First Time Home Buyer Tax Credit Extended and Expanded to Include Repeat Buyers

Investors left out ? - I still wonder why there are no incentives for investors for non-owner occupant properties. These are the ones that we need real stimulus as the financing is the hardest to procure !

Realtor.com - It appears that Realtor.com is fading fast. If you did not see the action in MOVE this week, I would check it out. (MOVE is the publicly traded company that owns and operates Realtor.com) MOVE got clobbered on a weak quarter as well as a sluggish forecast. The value of enhanced listings on Realtor.com is not nearly as valuable as it used to be. I am glad we decided to focus on other areas of the Internet for our Internet Marketing.

Investment Idea- There are many regional banks that are not carrying the bad loans... they have strong balance sheets and super management. These banks will benefit dramatically from all the other banks that are going out of business courtesy of the FDIC. Spot them out in you area and consider making an investment in them. These stocks could easily double or triple in the next couple of years. Jim Cramer wrote about this as well in "Getting Back to Even".

Customer Service- If you are a bank doing a REFI for a local Realtor, by all means give that Realtor customer service in terms of returning calls or emails. Otherwise, you just lost a great referral source. This happened to me recently. It was frustrating, but I just took my business to a different bank. Not just my REFI business, but all of the accounts of our main office / business as well. And guess where those future referrals will be going ?

Short Sales- I get at least one call a week from companies wanting to negotiate the whole short sale deal (saying I do not have to do anything) and of course they would be the buyer. Every time I say I am not interested. How can I tell my seller "Oh by the way, I know you hired me, but now I am going to have some third-party company negotiate your short sale for you. Basically what they are trying to do is defraud your lender into giving them a great deal and bribe me to do both sides of the commission as well as the resale of the property". Just watch, we will be hearing more about this subject in the future.

Please comment or elaborate on any or all of these thoughts !

First Time Home Buyer Tax Credit Extended and Expanded to include Repeat Buyers

Sun, 08 Nov 2009 06:45:16 -0600

One of my favourite bloggers on Active Rain, Loreena Yeo, put together this great blog on the new Home Buyer Tax Credit that breaks down all the specifics.

Via Loreena Yeo - Broker|Realtor(R) of www.Frisco-TX-Homes.com (214) 783-2210 (3:16 team REALTY):

FEATURE Jan 1 – November 30, 2009
Rules as enacted February 2009 December 1 – April 30, 2010
Rules as enacted November 2009

First-time Buyer – Amount of Credit $8000 ($4000 married filing separate) $8000 ($4000 married filing separate)

First-time Buyer – Definition for Eligibility May not have had an interest in a principal residence for 3 years prior to purchase -Same-

Current Homeowner – Amount of Credit No Provision $6500 ($3250 married filing separate)

Effective Date – Current Owner No Provision Date of Enactment

Current Homeowner – Definition for Eligibility No Provision Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years

Current Homeowner – Home Purchase Price N/A There is no provision that the "repeat" homebuyer must purchase a property more expensive than the one sold. Only that the home purchase must be less than $800K.

Termination of Credit Purchases after November 30, 2009.(Becomes April 30, 2010 on Date of Enactment.) Purchases after April 30, 2010

Binding Contract Rule None Written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close

Income Limits $75,000 – single, $150,000 – married, Additional $20,000 phase out $125,000 – single, $225,000 – married,
Additional $20,000 phase out

Limitation on Cost of Purchased Home None $800,000

Purchase by a Dependent No Provision Ineligible

Antifraud Rule None Purchaser must attach documentation of purchase to tax return

Purchase by a Dependent

There was no age limitation on the original bill and amended for the November Tax Credit. Taxpayer must be at least 18 years old to qualify for the credit. For married taxpayers, the taxpayer shall be treated as meeting the age requirement if the taxpayer or spouse meets the age requirement.

Repeat Buyers

There is no criteria that home buyers must "move up" in house. Only that they lived in the house for the past 5 out of 8 years as a primary residence. The new purchase price must not exceed $800,000.

Date of Enactment = November 6 2009.

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All contents are original. Consider subscribing to my blog for more real estate commentaries.

Subscribe via Email if you are not an Active Rain member here.

Contact:

Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com

Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.

Copyright © 2009 by Loreena Yeo (3:16 team REALTY)
Originally Posted on First Time Home Buyer Tax Credit Extension & Expansion

The New and Improved Home Buyer Tax Credit

Sun, 08 Nov 2009 06:31:33 -0600

Instead of re-inventing the wheel regarding the tax credit extension, am reblogging a featured post on Active Rain about it. What I like about it is that one has to be under contract by April 30 instead of settling by April 30. I think this should bode well for the spring market.

Since she wrote this, the President did sign this bill so it is official. There is a lot of debate over the tax credit. The good news is that it is REAL stimulus. I still think it should be open to all buyers and there should be some sort of incentive for investors, but that is another story. At least for now, the housing market did receive the necessary extension and expansion of the the Home Buyer Tax Credit !

Via Claudette Millette - Metrowest Mass Exclusive Buyer Broker (The Buyers' Counsel):

The much-anticipated extension to the home buyer tax credit has finally been approved. The Senate's vote yesterday resulted in a 98-0 win and today it was passed in the house. The bill now moves to the President's desk for a final signature.

First-time home buyers have been eligible for tax credits of up to $8,000 since last January as part of this year's economic stimulus package. The newly backed program will expand the credit to include existing home owners.

Under the revised program, those who have owned a home for at least five years will be able to apply for tax credits of up to $6,500 when they purchase their next home.  To qualify, buyers will have to sign a purchase agreement by April 30, 2010 and close by June 30.

The maximum purchase price on a home will be $800,000 with vacation homes not eligible. Income limitations are $125,000 for single tax payers and $225,000 for joint filers.

The National Association of Realtors (NAR) and the National Association of Home Builders (NAHB) have been lobbying hard for the extension and expansion of the tax credit. NAR claims that so far, about 1.4 million first-time homebuyers have qualified for the program and they estimated that 350,000 of these buyers would not have otherwise purchased.

The tax credit is also set to be extended for another year for military personnel serving outside of the United States until June 30, 2011.

Senator Johnny Isakson, who heavily pushed for the extension, along with his own version that would have increased the credit to $15,000 stated, "This is probably the last extension."

But, is this really true? When April 2010 comes around and the housing market is still not in full recovery mode, will the politicians be able to let this go and actually come to an end, or could it possibly become a more permanent subsidy?

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Copyright 2009 - Claudette Millette, Broker, Owner, TheBuyersCounsel - 800-392-1446  - E-mail

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A Winning Formula for Short Sale Success

Fri, 06 Nov 2009 16:11:09 -0600

Philadelphia Short Sales: A Winning Formula for Short Sale Success !!

Stephanie Somers here from The Somers Team. Call me a pessimist. Call me a realist. Call me what you will, but I never really been called "lucky". Though in hindsight, perhaps I am particularly with Philadelphia Short Sales.

I think I may have stumbled onto what seems like a formula for a successful short sale:

P + R + L = SSS

Pessimism + Realism + Luck = Short Sale Success

This formula is based on 3 different factors to be taken with a dose of humor and awe at the utter randomness I have unveiled ! Too much Freakonomics !

1) Back-out Buyers (Be careful what you wish for)

2) Customer Service Representatives

3) Good ole Lady Luck

Pessimism Spurred by Back-out Buyers

As a Realtor partner of Chris Somers the Team Leader, I pretty much do a majority of the back end work on our Short Sales. I will call on Chris, nick name "big guns", when I have exhausted all of my charm with the negotiators of Short Sale deals. Very recently I have taken notice that "Back-out Buyers" are a growing phenomenon with almost every Short Sale that parks itself on my desk lately. It has become so prevalent that I have vowed from now on, I will assume that at least 1 buyer will back away from every short sale we do between the time we begin the process until we reach the end. Call me a pessimist ! I have started to tell our clients to expect to go through more than 1 buyer during the Short Sale process. I have also begun to develop a list of Back-up Buyers in the event that a Back-out occurs. If or when it happens, I want my client to be prepared. The short sale process is difficult enough for the seller and if they are blindsided by a back-out buyer, they may loose hope in the process and loose faith in me thier Realtor and advocate.

Realism: It is what it is. Deal with it.

I think we'd all agree that educating the consumer is certainly part of the Real Estate profession. And I will be the first to admit that there are Realtors out there that could use a few tutorials. I wonder why the Bank's Customer Service Employees, the ones that heard all of the incoming Short Sale calls, do not have more education regarding Short Sales and Customer Service ? In my experience, it is not uncommon for the customer service person in the Short Sale department of any given bank, not to know what they are talking about. The right hand typically does not know what the left hand is doing. They may not know how to use the computer software to access the note on your file. They may not fully read the digital files and miss telling you about important tings that will impact your Short Sale. They may not be familiar enough with the terms used in the notes to feel comfortable reading them to you, and thus omit very important information. This is not true in all cases but it is sadly true in many many many cases. I mean no insult. It is what it is. I expect it and deal with it though persistence.

Just the other day I found that one of our short sale files was "closed-out". A close-out often occurs when the Short Sale Package is incomplete and the negotiator gives up trying to work on the file due to lack of data or communication from the customer or Realtor. They just shut the file down and focus on another file. I do not blame them. They are beyond busy. BUT, they closed-out one of MY Short Sales!!! They claimed that they have been emailing me for a week or two and I had not returned their email ! Absurd I say ! I had called at least 2x per week for the last 3 months and each time I called I had to give all of my contact info to the representative including my email and phone number every time ! Somehow they wrote down the wrong email once. Then they used the wrong email address. Talk about luck... and when I had called in as usual the customer service reps I spoke to NEVER communicated that they were trying to contact me. I was tipped off that something was wrong when I was transferred to an automated message: DO NOT CALL AGAIN FOR ANOTHER 30 DAYS. IF YOU DO, IT WILL JEOPARDIZE THE SHORT SALE PROCESS. (Bank of America) Luckily I had caught this mistake within minutes of the Close-out and was able to salvage the process. I guess luck was on my side.

No logical explanation can make sense of what can sometimes transpire with Short Sales. Just go into it with Pessimism + Realism + Luck and you may get a taste of Short Sale Success !

Good luck out there !

Be Careful What You Wish For ?

Thu, 05 Nov 2009 07:46:58 -0600

Recently, we have had 2 long, hard-fought short sale deals where we went to war per se to get the deals approved. With diligent follow-up and negotiation and up against a deadline on both deals, the great news is that we got both deals approved ! Woo hoo !!! Wait, wait... the buyer is no longer interested ?? What ??? Thanks for telling me now buyer agent. How long have you known this ?? This is 100 percent different from our conversation just one week ago.

One deal was approved within our contract time-line and the other deal was a few days after-wards. So at least in one case the buyer is in default. But more importantly than that, what about the time lost for each of these sellers ? Each deal took approximately 3 months to get that short sale approval. What are these buyers thinking ?

Is this a trend ? Are others seeing this in their markets ? I hope it is just an isolated case for us.

The good news for us is that our streak of every short sale listing we have taking on has received short sale approval. We will continue to work hard to get new buyers for these properties to maintain our streak of having every short sale listing go to settlement too.

I guess it goes back to that saying for these "remorseful buyers"..... BE CAREFUL WHAT YOU WISH FOR !

Please share similar experiences or what your thoughts are in regards to this situation.

Philadelphia Real Estate - Multiple Lots in Old Kensington - Purchase Individually or As Package

Tue, 03 Nov 2009 07:25:40 -0600

These lots are located in a desired subdivision just North of Northern Liberties. Old Kensington is the home of the Crane Arts Building, Temple University, as well as a haven for homeowners, artists, entrepreneurs, and investors.

Here's a listing of the lots available:

1422 N Orianna - $65,000

237 W Jefferson - $65,000

629 W Oxford - $29,900

641 W Oxford - $29,900

1435 N Orkney - $29,900

1613 N 7th - $29,900

1625 N 7th - $29,900

1643 N 7th - $29,900

1822 N 4^th - $19,000

158-68 W York - $125,000

Lots can be purchased individually or as a package.

Lot 158-68 W York

Large commercial (C-2) Lot available immediately. Located close to Front Street El Stop, the shopping corridor at Kensington Ave. and just North of Norris Square Park. This property can also be purchased individually or as a package with any of the above residentially zoned individual parcels in Old Kensington.

Full list is available. All offers will be presented.

Investors search here

Articles and Info on Old Kensington

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If interested in buying or selling properties in Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612 . You can connect with us on Facebook and Twitter . For investment properties, check out our new investor site at Philly Investor Hub ! If interested in checking out our new office in Northern Liberties, let us know !

The Somers Team - Philadelphia Real Estate

Search the MLS Properties Here in Philadelphia

The Philadelphia Real Estate Blog

Click here to receive our Blog updates via email !

Areas of specialty include Northern Liberties, Old City, Center City, Fishtown, Graduate Hospital, Art Museum, Queen Village, Pennsport, Old Kensington, Port Richmond, Bridesburg, Society Hill, Loft District, Spring Garden and more !

3484 Weikel Street ~ Updated Harrowgate Home Move-in Condition New Windows, Carpets and More!

Mon, 02 Nov 2009 15:27:21 -0600

New Listing in Harrowgate ~ 3484 Weikel Street for $55,000

This is an adorable, updated, clean, 2 bedroom home in move-in condition in the Harrowgate section of Philadelphia.

Everything is new or recently installed. The heater is 5 years old, there are new windows throughout, and the entire home has been freshly painted and carpeted.

The bathroom and kitchen are also updated. There is forced air heating and updated electric. The basement is dry and spacious and there is a nice fenced-in rear yard.

This home is close to shopping on Aramingo Avenue.

Photo Gallery

We welcome your visit and invite you to explore more about living in Port Richmond.

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The Somers Team - Philadelphia Real Estate

Search the MLS Properties Here in Philadelphia

The Philadelphia Real Estate Blog

Click here to receive our Blog updates via email !

Poplar Estates is now VA Approved: A Philadelphia Condominium Success Story !!

Sun, 01 Nov 2009 13:23:41 -0600

Poplar Estates is now VA Approved: A Philadelphia Condominium Success Story !!

I was thrilled when an offer came in after a few days on the market for a Northern Liberties condo we had listed that was in Poplar Estates. However, when I saw that the mortgage would have to go VA my excitement disappeared quickly. I thought it would be great for this deserved veteran to purchase this fab condo, but could the building possibly get VA approved ?

The more I thought about it, the more I thought that it could work. After all, Poplar Estates met all the Fannie Mae requirements for FHA loans. And I just sold a condo that I owned personally in Old City that was FHA. And if FHA could go through, how much harder could VA be ? In addition, the offer was high enough that it made sense for the owner to give it a shot based on my belief that it could work.

So speaking of work, the work began... We provided the VA office with the documents that was needed. And then they required more.... and more.... and more. The management company was getting worn down and testy. An attorney had to get involved to help with the communication between the condominium building and the VA office. In addition, the Realtors made an agreement that we would pay some of the attorney's fees along with the buyer and seller. The process was longer than waiting for a dial-up modem to play a video. It was painful !! The buyer moved into the property on a short term lease as we continued the wait. The buyers agent went down to City Hall to get one of the documents recorded that the management company insisted did not need to be done. But VA wanted it done so it had to be done !!

We needed the condo association board members to sign a document, and then another one, and then another one. They were very patient with each request. And when it got to the point that no one could take much more, kaboom ! We received the VA approval !! The property settled about 2 weeks ago. Below is a photo of our sellers (far right), the new buyer (middle) and the buyers agent (far left) all holding their checks !! And just in time ! The new buyer got deployed to the Middle East a week later. Let us all keep him and all the veterans in our thoughts and prayers !

Now, moving forward, we have tremendous pride that we were a catalyst for helping all of these great people in this transaction. But in addition to that, Poplar Estates has VA approval for all potential re-sales to future buyers. Thus, we made the building that much more marketable. How cool is that ?

Success stories rock. Do you have any that you would like to share with a link or a quick story ?

Happy Halloween Weekend from Philadelphia !

Sat, 31 Oct 2009 20:32:51 -0500

Happy Halloween Weekend from Philadelphia !

Both Stephanie and I have been so busy the last week or two we barely have had time for ourselves, let alone a holiday ! Halloween is such a festive and fun holiday we hope everyone took some time to enjoy it.

Earlier in Northern Liberties, while looking at a property, we experienced a fun and festive Halloween crowd ! It was great to be a part of it and see all of the smiles, the costumes and the families. The energy alone gave us inspiration to go out to dinner at Jones- one of our favorite, trendy spots in Center City / Old City.

The filet mignon was incredible and the service and ambiance was exquisite. We even came home in time to have not missed a pitch from game 3 of the World Series since it was delayed. As I am writing this, the game is just about to begin.

This is a reminder that no matter how busy you are, it is so important to take a moment and enjoy ! Smile ! Life is beautiful !!

1638 W Champlost Street ~ Excellent Property for 1st Time Home Buyer or Investor – Completely Renovated

Fri, 30 Oct 2009 17:14:10 -0500

New Listing in West Oak Lane ~ 1638 W Champlost Street for $109,900

This Move-in Ready property with front lawn and garage is ideal for a first time home owner or investors. Everything in this property is new (new heater, water heater, electric, windows and more) and completely renovated.

Photo Gallery

Enter into this home from a covered front porch into this very large home with straight-through layout. There are laminate floors throughout the first floor. You will also find a tiled kitchen with all new counters, dishwasher and stove.

The second floor has brand new carpeting throughout with a new tiled bathroom and excellent closet space.

There is also a very dry, well cemented basement with a freshly poured concrete floor that is completely finishable.

Investors can search here

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The Somers Team - Philadelphia Real Estate

Search the MLS Properties Here in Philadelphia

The Philadelphia Real Estate Blog

Click here to receive our Blog updates via email !

7446 Rhoads Street - 3 BR Beautiful Large Home w/ Finished Basement, New Appliances and Hardwoods

Fri, 30 Oct 2009 12:01:18 -0500

New Listing in Overbrook ~ 7446 Rhoads Street for $159,900

This is a beautiful, very large row home with finished basement and garage located in the Overbrook section of Philadelphia.

This is a great home on a quiet block that is close to transportation and shopping (69th street, City Line Ave) and a few blocks from Morris Park.

Photo Gallery

Walk past the front patio through the front vestibule into a huge open straight through layout~ living room, dining room and kitchen. Kitchen has all newer appliances - a dishwasher, water filtering device, breakfast bar and a removable island. Enjoy outdoor living and entertaining on the cement patio/deck just off the dining room.

Other great features in this home:

Hardwood floors throughout the second floor.
2 Full bathrooms, one in the hallway and one off of the master bedroom.
Half bathroom in the finished basement, water softener, laundry room and central air.

This is a great home on a quiet block that is close to transportation and shopping (69th street, City Line Ave) and a few blocks from Morris Park.

PROPERTY IS SUBJECT TO SHORT SALE.

Contact our associate, Sean Dundon at seanestate@gmail.com for more details and to schedule your visit.

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The Somers Team - Philadelphia Real Estate

Search the MLS Properties Here in Philadelphia

The Philadelphia Real Estate Blog

Click here to receive our Blog updates via email !

430 N 38th Street – Powelton Village ~ 5Br Home located near Drexel and transportation Hardwoods 2 Kitchens & more!

Fri, 30 Oct 2009 08:21:16 -0500

New Listing in Powelton Village ~ 430 N 38^th Street for $259, 900

Awesome 5 bedroom, 2 bathrooms, plus 2 kitchens in this home located in Powelton Village, a few blocks away from Drexel.

Ideal for a home owner wanting to live close to transportation (train.)

Features of this home:

Hardwoods on first floor.
Additional Kitchen on Third floor.
Newer Windows, furnace, sewer line and roof.
Huge, dry basement with cemented walls (Can be finished) - great for storage.

More Photos

This home, subject to Short Sale, is in good condition but needs cosmetics (carpets/paint). Home was previously rented for $2600/month.

Please contact us to schedule your visit.

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The Somers Team - Philadelphia Real Estate

Search the MLS Properties Here in Philadelphia

The Philadelphia Real Estate Blog

Click here to receive our Blog updates via email !

5742 Tackawanna Street located on a lovely street in Wissinoming !

Tue, 27 Oct 2009 08:39:18 -0500

New Listing in Wissinoming ~ 5742 Tackawanna Street for $107,500

This 3 bedroom property is located on a lovely street in Wissinoming, PA. The exterior front yard has a wrought iron fence surrounding a professionally landscaped yard. The property offers ample street parking, driveway parking and a 1 car attached garage.

Enter in through the bright and cheery living room with plush wall to wall carpeting. The formal dining room and kitchen have new wood grain laminate flooring and upgraded lighting fixtures. The kitchen is a galley style with plenty of cabinets and counter space, a beautiful tile back splash, and the appliances are included.

Visit this Home's Photo Gallery

The basement is finished with an extra den/family room that can double as a 4th bedroom.

The second floor has 3 bedrooms, all with new wall to wall carpeting and a pristine shared hall bath with skylight. There is plenty of closet space in the master bedroom. You will find this home, freshly painted throughout and ready for you to move right on in immediately! Welcome to this great neighborhood closeto the park and shopping.

We look forward to your visit.

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The Somers Team - Philadelphia Real Estate

Search the MLS Properties Here in Philadelphia

The Philadelphia Real Estate Blog

Click here to receive our Blog updates via email !

2130 E Huntingdon Street ~ Remodeled throughout and in move-in condition this home is located just off of the Frankford Arts Corridor

Mon, 26 Oct 2009 09:29:04 -0500

New Listing in Fishtown ~ 2130 E Huntingdon Street for $169,900

Remodeled throughout and in move-in condition, this 3 bedroom home is located just off of the Frankford Arts Corridor.

Photo Gallery

Enter to an open and contemporary layout with a spacious living room/dining room combination that offers plenty of natural sunlight throughout the home. You will also find a welcoming eat-in kitchen with stainless steel appliances.

You will enjoy an opportunity to relax on the newly constructed deck as well as the great additional yard space. The basement is very clean, dry and it's full size allows for a variety of different uses.

The 2nd floor features 3 spacious bedrooms with 3 piece ceramic tiled bathroom.

The roof is brand new and the seller is also offering a generous 10 Year Transferable Warranty.

Other NEW features of this home include:

Electric, windows, central heating and central air conditioning.

Living in Fishtown you will enjoy the local galleries, cafes, and dining spots as well as an active neighborhood association. It's also close to Center City and public transportation.

Fishtown Life: http://activerain.com/blogs/thesomersteam/tags/fishtown

We welcome your visit and encourage First Time Home Buyers to preview this great home. Contact Elaine Kasavage at (215) 756-1531 or via email at elaine103@comcast.net for more details.

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The Somers Team - Philadelphia Real Estate

Search the MLS Properties Here in Philadelphia

The Philadelphia Real Estate Blog

Click here to receive our Blog updates via email !

Perspective: A snapshot of one person's revelation overlooking Northern Liberties !

Sat, 24 Oct 2009 10:36:29 -0500

Have you ever had a moment when suddenly you see yourself in perspective ?

Perhaps it happens when you peer down at the earth through the white fluffy clouds from your window seat during a flight. Maybe it was that time when the enormous steel freighter ship looked more like a plastic toy in the massiveness of the ocean. Or when you first held your newborn child and you became deeply humbled by the thought there must be a loving and intelligent designer with a plan for this precious new life.

For me, I had one of those moments when I took this photograph of Chris in our new Northern Liberties office. In life, the most impacting moments are often very personal realizations that create perspective.

When was your last moment when perspective was revealed to you ?

1318 Patrick Henry Place - An Old Kensington / Yorktown Property to help you take advantage of the $8,000 Tax Credit

Fri, 23 Oct 2009 15:02:32 -0500

New Listing in Yorktown ~ 1318 Patrick Henry Pl for $149,900

Here is your chance to own a property, with driveway parking and a nice front lawn, that's close to the center of the city in a quiet CulDeSac.

Situated in an ideal location close to University, Broad Street, and Hahnemann hospital. This home is very well maintained and offers central air/heat, washer and dryer, a nice sized backyard with a patio area and shed.

We welcome your visit to take a look at this well maintained home and take advantage of the $8,000 tax credit.

View More Photos

Neighborhood articles and info: http://activerain.com/blogs/thesomersteam/tags/old%20kensington

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The Somers Team - Philadelphia Real Estate

Search the MLS Properties Here in Philadelphia

The Philadelphia Real Estate Blog

Click here to receive our Blog updates via email !

2716 & 2721 E Albert Street ~ Offering 2 great homes on Albert Street in Fishtown

Fri, 23 Oct 2009 11:34:02 -0500

2716 E Albert Street in Fishtown for $125,000

This home is an extremely well maintained just like "grandma's house." It is a 3 story three bedroom 1 full bath property.

The first floor features a spacious open living room and an extremely large eat-in kitchen with plenty of cabinets and counter space galore.

The basement is clean and has been updated for optimal use. There is a very large concrete patio in the rear of the home.

The second floor has the master bedroom and there is a nice size bathroom located in the hall. The third floor has two ample size bedrooms with plenty of room for a bed and a full bedroom set.

More Photos

Property is very clean and is in move-in condition and updating can be done one project at a time. First time home buyers are welcome.

Learn more about Life in Fishtown: http://activerain.com/blogs/thesomersteam/tags/fishtown

2721 E Albert Street in Fishtown for $92,000

This home is a fantastic value for an investor or Handy Home Owner

The property is a very large 2 bedroom straight through design with a living room entrance and an eat-in kitchen. There is access from the kitchen to an extremely over sized rear yard with a side yardthat leads to Tilton St. (which is separately deeded).

The second floor has 2 roomy bedrooms. The bathroom is a galley style and is located in the hall on the second floor.

Photo Gallery

Cosmetic TLC is needed throughout and is just waiting for a handy home buyer or HGTV watcher to put their special touches on this great property. The 2^ndfloor also has drop ceilings and paneling which are 2 potential projects for the new home owner.

The basement is full and the roof is new within the last few years. The washer and dryer are included (3 years old) and the wall air conditioning units are also included with the sale. We look forward to your visit.

To preview either one of these great homes contact Elaine Kasavage at 215-756-1531 or via email at elaine103@comcast.net.

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If interested in buying or selling properties in Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612 . You can connect with us on Facebookand Twitter . For investment properties, check out our new investor site at Philly Investor Hub ! If interested in checking out our new office in Northern Liberties, let us know !

The Somers Team - Philadelphia Real Estate

Search the MLS Properties Here in Philadelphia

The Philadelphia Real Estate Blog

Click here to receive our Blog updates via email !

FEATURE	Jan 1 – November 30, 2009 Rules as enacted February 2009	December 1 – April 30, 2010 Rules as enacted November 2009
First-time Buyer – Amount of Credit	$8000 ($4000 married filing separate)	$8000 ($4000 married filing separate)
First-time Buyer – Definition for Eligibility	May not have had an interest in a principal residence for 3 years prior to purchase	-Same-
Current Homeowner – Amount of Credit	No Provision	$6500 ($3250 married filing separate)
Effective Date – Current Owner	No Provision	Date of Enactment
Current Homeowner – Definition for Eligibility	No Provision	Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years
Current Homeowner – Home Purchase Price	N/A	There is no provision that the "repeat" homebuyer must purchase a property more expensive than the one sold. Only that the home purchase must be less than $800K.
Termination of Credit	Purchases after November 30, 2009.(Becomes April 30, 2010 on Date of Enactment.)	Purchases after April 30, 2010
Binding Contract Rule	None	Written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close
Income Limits	$75,000 – single, $150,000 – married, Additional $20,000 phase out	$125,000 – single, $225,000 – married, Additional $20,000 phase out
Limitation on Cost of Purchased Home	None	$800,000
Purchase by a Dependent	No Provision	Ineligible
Antifraud Rule	None	Purchaser must attach documentation of purchase to tax return