People keep asking me "what's the latest?" for the local southeast PA real estate market. I've been mulling this over in the wee hours of the morning and come up with my first "top ten" list (I've always wanted one of my own - goes back to my old Letterman days). This is a list of the words or phrases that either the pubic or my fellow industry pros are "buzzing" about. So here goes:
10) Convention Center - the Lancaster city wrangle over the convention center continues to tantalize the real estate speculators.
9) Water in the basement - we are still seeing fallout from the heavy rains last year that messed up so many basements...3 ft of water, anyone? Buyers are still dealing with this.
8) Manheim Township - still the #1 location for out-of-towners who contact me. It's the schools. Hempfield is a close 2nd in the minds of relocators.
7) Density - or compact development - or smart growth (take your pick). Groups are making a concerted push to woo developers away from suburban sprawl. A good thing IF green building practices are included...
6) F&M's pullout of the student renters from the NW end of Lancaster City - mostly into the "College Row" dorm complex under construction along Harrisburg Pike. See my article on this.
5) Radon - the longtime issue is now becoming a common sticking point in transactions, as it should: it's a serious indoor air quality challenge.
4) Property Tax reform - still the politicians' buzzword that has yet to materialize.
3) Green - close to my heart, this is a growing buzzword which will hit RE hard in the next year. Hey, I'm ahead of the curve!
2) The "bubble" - yep, this is still one of the most common subjects that comes up anytime I'm talking to someone. "Aren't the prices going way down?" or "when's the bottom going to fall out?". Don't hold your breath.
And the number one thing is....
1) The subprime mortgage mess! EVERYONE is talking about this and how it will cause floods, earthquakes and other natural disasters for the RE market. See my quote in the Lancaster Sunday News about this
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Good list, Jeff, especially about the endless wrangling over the convention center, the dorms at F&M (Which I did a blog on), and subprime loans. I have folks who bought a city house on a subprime loan, fixed it up, and now won't be able to trade up to a better home due to the tightening of the subprime rules.