The Philadelphia Real Estate Blog

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 !

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.

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.

*********************************************************************************************

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?

Subscribe to my blog

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

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts - Serving Massachusetts Home Buyers Since 1992

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough

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

***************************************************************************************

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.

**************************************************************************************

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

*************************************************************************************

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.

**************************************************************************************

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.

*************************************************************************************

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.

***************************************************************************************

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.

**************************************************************************************

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

**************************************************************************************

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.

***************************************************************************************

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 !

The Somers Team presents Philadelphia Real Estate "Deals and Steals" ~ Is your next home on the list?

Fri, 23 Oct 2009 08:28:20 -0500

The following list represents listings we consider to be great Deals and Steals in the Philadelphia Real Estate Market.

Is your next home on the list?

Short Sales

We have 2 Short Sale properties that offering a great opportunity for qualified buyers who can take full advantage of these potentially discounted homes.

If you're not sure what a Short Sale Opportunity is, our definition is When a homeowner sells their home to a buyer for less than what they owe on their mortgage and the bank agrees to accept that lesser amount as payment in full. In essence the lender agrees to forgive and forget. Hardship must be substantiated of course and some lenders may not completely forgive and forget but for the most part they do as that has been our experience.

2112 Fraley $39,000 (now under contract !)
7133 Lawndale $149,900

Kensington

3063 Potter - 3 BR Finished Basement Great Condition $39,000 Read more about this property and the neighborhood.

Richmond

A great opportunity for New/Seasoned Investors ~ 3009-11 Witte - 2 BR w/ lot. Cosmetics needed $44,900. Read more about this Must See Property and the Richmond neighborhood.

Port Richmond

Discover some great reasons for calling Port Richmond your new neighborhood and check out these great deals:

Great property for the 1st time homeowner or investor looking for a turn-key opportunity ~ 3139 Weikel - 2 BR Finished Basement Move-in Condition $59,900

3453 & 3455 Braddock - Remodeled 3 BR each $49,900 close to public transportation and shopping

Old Kensington

1917 Waterloo - 2 BR Modern Near Berks Street El Stop $79,900. Learn more about Life in Old Kensington (just went under contract ! )

Northern Liberties Steals and Deals

Located in the heart of Northern Liberties, walk to your favorite coffee shop, cafe, or restaurant. The Piazza and Liberties Walk are a stone's throw from this chic 3 story. 1027 N 4th Street - 1 BR 1.5 Bath Gated Courtyard Fireplace $260,000. Read about our HGTV Visit and Casting Call with HGTV.

1215 N Randolph Street - 2 BR 1 Bath w/ Deck Granite Hardwood $215,000

Truly unique and exquisitely tasteful, the Lawrence Street Condominiums raise the bar when it comes to luxury living spaces in Northern Liberties and Old Kensington. 1309 N Lawrence - 1 BR Deck or Patio 1 Car Parking from $219,900. Also superb finanacing options available for 10 percent and 5 percent down, low rates, no mortgage insurance !

Learn more about Life in Northern Liberties

***************************************************************************************

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 !

2727 E Venango Street ~ A home that is expertly renovated and located in the highly desired location of Port Richmond

Fri, 23 Oct 2009 06:40:56 -0500

New Port Richmond Listing at 2727 E Venango Street for $174,900

Welcome to this Port Richmond 3 bedroom, 1 full bath home with a 1st floor powder room.

This home is expertly renovated and situated in the highly desired location of Port Richmond. You enter this home through the ceramic tiled enclosed porch. The interior features include:

1. new ceramic tiled powder room

2. a spacious living room with Brazilian Cherry hardwood flooring leading through to

3. a formal dining room

4. to a beautiful modern kitchen with stainless steel appliances and subway tile backsplash.

Photo Gallery

There is a nice size cemented outdoor space which is perfect for fall entertaining.

The second floor features 3 roomy bedrooms that have new wall to wall carpets and a remodeled 3 piece contemporary bath.

The home offers the following NEW features:

new electrical wiring throughout
new central air & heating system
new high efficiency windows.

Close to daily conveniences which include Target, Home Depot, shopping and only a few minutes from Center City.

Learn more about living in Port Richmond:

Contact Elaine Kasavage at (215) 756-1531 or via email at elaine103@comcast.net to preview this great home.

**************************************************************************************

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 !

3244 Ryan Avenue is a meticulously maintained home located on a fantastic block in Mayfair

Thu, 22 Oct 2009 11:15:50 -0500

New Listing in Mayfair ~ 3244 Ryan Avenue for $229,900

This fantastic block of Ryan Avenue features a Twin style home for sale with 3 bedrooms, 2 full bathrooms and 1 powder room!

This home has been meticulously maintained over the years and everything is in excellent working order. It is spacious and has many elements that are highly desired.

The exterior has a charming front porch as well as a convenient back patio. The interior 1st floor features include an expansive living room, a formal dining room, and an inviting eat-in kitchen with plenty of cabinet space.

Photo Gallery

Downstairs there is a finished basement with terrain tile, a separate laundry area, and a convenient powder room.

The 2nd floor features a master bedroom including a master bath with stall shower. The 2nd & 3rd bedrooms all have hardwood flooring and plenty of closet space. There is central air conditioning, a garage, driveway parking as well as street parking.

First time buyers welcome. Contact Elaine Kasavage at 215-756-1531 or via email at elaine103@comcast.net.

***************************************************************************************

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 !

Our Clients Hire Us to Get the Results they’re looking for ~ to Replace "For Sale" with "SOLD"!

Thu, 22 Oct 2009 08:06:40 -0500

The Somers sell homes all over Philadelphia.

We've been quite busy the last few months with not only listing homes but getting our clients to the results they were looking for when they hired us - to get their property SOLD.

Here is a list of our most recent sales from August through October in Northern Liberties, Fishtown, Old Kensington, Port Richmond, Juniata and Bridesburg.

Enjoy the Slideshow of The Somers Team SOLD Homes

Northern Liberties

706 N Bodine Street - Listed in July and Sold

Discover more about Northern Liberties Life

Fishtown

1224 Crease Street

1608 E Hewson Street - Listed in July and Sold

2512 E Boston St

2546 Salmon Street

Discover more about Fishtown Life

Old Kensington

1450 N Orkney St

1505 N Hancock

Discover more about Old Kensington Life

Juniata

4020 M Street

Port Richmond

2350 E Allegheny

2994 Tilton Street

Discover more about Port Richmond Life

Bridesburg

4206 Richmond

~ Thank you ~

to all our clients who have entrusted us to represent them, market their homes and had confidence in us to guide them through the entire process - we are honored to have worked with all of you and hope you realize our committment to you continues well after the sale of your property!

**************************************************************************************

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 !

3242 Morrell Avenue ~ Well Maintained Morrell Park Home w/ plush rear yard, 1 Yr Home Warranty & More!

Wed, 21 Oct 2009 13:43:24 -0500

New Listing in Morrel Park~ 3242 Morrell Avenue for $184,900

This Morrell Park home is an end unit row with a plush green rear and side yard. It offers 1 car garage with inside access and 1 car driveway parking.

Beautiful hardwood flooring is visible beneath the carpets throughout. There is a bright & open living room with a formal dining room leading to a spacious kitchen with an adjoining breakfast room.

The kitchen appliances are in good working order and include a counter top range, built-in wall oven, and garbage disposal. You will also find plenty of storage in the kitchen pantry.

The finished basement is paneled, has a laundry room, drop ceilings, offers more storage options and provides access to the garage and yard as well as the utilities.

The second level has a master bedroom suite with 2 closets and private full bath. The 2 guest rooms have plenty of closet space and share the hall bath.

This home has central air, a newer roof, updated plumbing and electric.

This property is extremely well maintained and there is a generous 1 yr home warranty being offered with the sale.

Photo Gallery

We look forward to your visit!

***************************************************************************************

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 !

Breathtaking City Views from our new RE/MAX office of Northern Liberties and Philadelphia

Sun, 18 Oct 2009 09:23:28 -0500

Northern Liberties Real Estate - Breathtaking City Views from our new RE/MAX office at the Piazza

When I was in our new office the other day monitoring the fit-out, I could not help but take a couple of photos of our view. I doubt neither myself nor any of the agents working at our office, nor the clients visiting, will ever tire of the views. The views and location are simply magnificent. If you are in the area and wish to check it out, email or call us.

The Piazza is an amazing place of people, shops and energy. We love it when the Phillies are on the wide-screen. We can watch the games from our balcony !

We are very excited about our RE/MAX office moving to Northern Liberties ! Our fit-out is moving fast ! It is awesome to live and work in the fabulous Northern Liberties neighborhood !

Philadelphia Real Estate - Spring Market in the Fall ?

Sat, 17 Oct 2009 07:32:00 -0500

Philadelphia Real Estate - Spring Market in the Fall ?

In Philadelphia, the real estate market is typically the busiest in the spring year after year. This past spring, we were busy, but not super busy. However, now, in the fall, we are super busy ! Due to the first time homebuyer tax credit expiring November 30, 2009 combined with mortgage rates at historical 30 year lows, the recent activity in our Philadelphia market has been amazing !!

As a result, we apologize if our blog content has been just a tad behind in the last couple of weeks. You probably have noticed that the majority of it has been focused on new property listings in addition to properties that have been sold recently by The Somers Team . On top of that, we have been gearing up moving to our new Northern Liberties location ! The fit-out of the space is going very well. All of our furniture arrives mid-November so we have been quite busy planning the logistics of the office move as well.

Getting back to the market activity, it is is important to note that if you are a seller thinking about selling your property, the time is definitely now as there still are a couple of weeks for your property to sell to still settle prior to the November 30, 2009 deadline. And if you are a first time homebuyer on the fence, well then, the time is now for sure ! Hurry up though as many of the better properties are being scooped up !

This is an exciting time ! We can worry about the great debate whether or not the tax credit will be extended after it expires. More to come on that later. For now, we are too busy selling houses !

Our HGTV Casting Call in Northern Liberties !

Sun, 11 Oct 2009 09:47:24 -0500

Our HGTV Casting Call in Northern Liberties !

As a follow-up to our Roll Out the Red Carpet in Northern Liberties blog, this weekend we had our casting interview at our clients Philadelphia condominium in Northern Liberties. A HGTV representative came out to the property and conducted the interview on camera ! It was a lot of fun. They asked us questions in regards to how we were selected by the seller, what the challenges are for a "my first sale", the challenges in our local market, what surprises there may be and so forth ! Stephanie and I were delighted to take a break from our hectic schedules and do something fun and different ! Below is a photo the HGTV representative Karen took of Stephanie and myself and our clients Braiden and Meghan.

I think Stephanie had some great thoughts on the experience that she added in a comment in our previous blog post about this experience:

After reading the Release thet HGTV needed us to sign I was like "Whoa... wait-a-second here!"

The HGTV gods basically wanted us to agree to letting them have the exclusive rights all video and audio and manipulate them in any way negative or positive to portray us in any way they wanted forever in any capacity known to human or alien kind in all of the universe for eternity.

So, we agreed : )

I took the firm advice of one of the producers who emailed me the night before. I did my hair, put on some make-up (not that I had to be instructed to do so) and had a great time! Thanks for the opportunity HGTV! I admit I was a little nervous not knowing what to expect (thus the photo to the the right). But Karen, the person masterfully working the camera, was very cool and made us feel like we were just chatting amongst friends. Chris and I are so busy all of the time running our Remax office that we rarely take the time to do something fun and different. Well, this was fun and it certainly was worth it for us to participate just for the 15 minutes of fame (in my own mind) and the right to brag a little for marketing purposes.

Good luck with the rest of your casting HGTV. Thanks everyone for the well wishes.

Philadelphia is a great city ! Northern Liberties is a great neighborhood ! We invite you to visit us here any time.

Learn more about Life in Northern Liberties and discover why you should join us on Sunday for your personal tour of this spectacular condo and Northern Liberties neighborhood: http://activerain.com/blogs/thesomersteam/tags/northern%20liberties%20neighborhood

**************************************************************************************

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 !

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