It's a listing call in a pricey zip code. You get to the house full of anticipation. The front door has seen better days. Inside, there is a lot more than real estate: There is a story...a sad one. And a problem to solve. Philadelphia realtor Rich McIlhenny proves that the best of us are not just about dollars. A lot of times we do much more than sell houses. Inside the once lovely Chestnut Hill, PA house, Rich found an 87 year old lady facing foreclosure. He spent months negotiating with the banks on her behalf, befriending the woman as the months went on. She came to his home for the holidays and for Mother's Day. The house is finally sold but Rich is still on the job: he's looking for an affordable assisted living home for the woman. Good work, Rich.

Chestnut Hill PA has been named one of the National Trust for Historic Preservation 2010 Dozen Distinctive Destinations.

Distinctive Destinations are cities or towns "that offer an authentic visitor experience by combining dynamic downtowns, cultural diversity, attractive architecture, cultural landscapes, and a strong commitment to preservation sustainability, and revitalization."

Chestnut Hill is now part of Philadelphia, but it was originally a small town serving the local farming community and later acted as a summer vacation spot for Philadelphians.  It was one of the earliest suburbs of Philadelphia and has a history predating the Revolutionary War.  In 1854, it became part of the City of Philadelphia under the 1854 Act of Consolidation when all government entities within the County of Philadelphia were consolidated under the City of Philadelphia government.

Today, "Chestnut Hill is one of Philadelphia's premier neighborhoods.  It has a long history of preservation beginning in the 1960s and has continued to keep its historic districts largely intact. Germantown Avenue and its adjoining streets have more than 150 boutique shops and restaurants, making them destinations for shoppers and architectural historians alike."

Residents and visitors to the Chestnut Hill PA area continue to enjoy its history and entertainment options offering a small town feel but still only minutes from all that the City of Philadelphia has to offer.  Congratulations for the designation.

David Henke
Long & Foster Real Estate Inc - Newtown Square,PA/Bear, DE
Office: 610-353-1199/Direct: 610-359-3853/Cell: 610-618-0808
www.DelawareCountyPennsylvaniaHomes.com

Chestnut Hill College, a picturesque college in the Northwest Philadelphia neighborhood of Chestnut Hill, recently announced plans to expand its campus from the current 45 acres to a total of 78 acres. It will grow its footprint to include the 32 acre property known as Sugarloaf across Germantown Ave. from the college's current main campus. The expansion project will add 10 new buildings, cost $500 million, and allow the school to expand enrollment from 900 to 1,500 undergraduate students.

While some Chestnut Hill residents are wary of the additional traffic and loss of green space that will accompany the school's expansion I think that overall a growing Chestnut Hill College can only serve to bring more life and vitality to what is already one of Philadelphia's most vibrant neighborhoods. Much like Penn did in the 1990's and Temple is doing now, Chestnut Hill College's growth, if well-managed, can serve as a catalyst for growth and progress in the larger Chestnut Hill community.

It sounds like the college is putting plans in place to deal with residents concerns. The expansion will add between 700 and 950 new parking spaces, more than offsetting the increased number of student vehicles even assuming one car per student. The initial plans also call for a 10 acre buffer of green space around the new campus' edge. Initial plans also call for the construction of four new dormitories which should lessen the new students' impact on the rental market in Chestnut Hill. With so many great examples of town-and-gown cooperation right here in Philadelphia I have every confidence that Chestnut Hill College will be able to use the lessons learned by Penn, Temple, and Drexel to expand its campus while simultaneously having a positive impact on its surrounding community.

Sources http://www.philly.com/inquirer/home_region/20090915_Chestnut_Hill_College_plans_major_expansion.html

            http://chestnuthilllocal.com/issues/2009.09.10/news1.html

It's Labor Day, the end of summer, and the one year anniversary of the federal government take over of Fannie Mae and Freddie Mac. Just a year ago the world was on the brink of world wide financial collapse. So, how are we doing now?

Client and friend continually ask me about the path we are on in the real estate market. These are my answers.

Is the recession over? No.

The economy is relatively stable here in Northwest Philadelphia, still there are signs of recession all around. I went to buy something from the pet store on City Ave. and found an empty store with a 'for lease' sign in front. My favorite clothing store in Chestnut Hill has closed, another empty store with another 'for lease' sign. Car wash 'entrepreneurs' are turning up on the streets. Some 'garage sales' have become ongoing enterprises. City revenues are down, and Mayor Nutter continues to threaten to enact his 'Doom's Day' budget, which would cut 3,000 City jobs. Philadelphia needs the State to pass it's budget and come to Philadelphia's rescue. Pennsylvania hasn't passed a budget because politicians don't want to make the difficult choices required by reduced funds. 

Are property prices still falling? In Philadelphia, some property prices are down while some are not. It depends on the price range, the type of property, and the condition. Why? There are fewer buyers. And, the financing that is presently available favors some price ranges and types of properties over others.

I wanted to refinance, why is my appraisal so low? An appraisal at present is based on only the most recent comparable sales. The market has been slow, so there may not have been any sales of properties that are really comparable to yours. Sometimes the appraiser, or the lender's underwriter, is anticipating falling prices and reducing the appraised value proportionately.

I want to take advantage of the Tax Credit, can I get a mortgage? There are some very attractive mortgages available presently, and the rates are low, so you should apply. The qualifying criteria are high. Some buyers will need to raise their credit scores and/or reduce their overall debt before they can buy. If you can't buy now, you can work on improving your credit score. If you need help knowing what to do Mt Airy USA provides Housing Counseling at no cost.

Is the $8000 Tax Credit artificially increasing the price of homes? I haven't seen any evidence of that here. Most buyers get the money after the sale has settled, so it's not part of the sale negotiation, and it is not something that the appraiser is going to consider.

Will the end of the Tax Credit mean the end of real estate sales? The Tax Credit motivates some people, but it doesn't help them buy a home. There are so many other factors involved in buying and selling real estate. A credit can't create or destroy the market by itself.

What needs to happen for the real estate market to recover? More financing is needed. Investors who fanned the flames of a hot market with 'no doc, no income, no credit, no cash' financing are still in a 'no lending' mode. FHA loans have become the primary loan option locally. Still, FHA has a limit on the maximum sale price, and can only be used for owner occupied 1 to 4 unit properties. And, FHA has raised it's mimimum down payment, raised it's minimum credit score, and no longer works with first time buyers who don't have enough credit history. Conventional loans from Fannie and Freddie and some local banks and credit unions are available, for those with more cash and very good credit.

How long will it take for prices to go back to where they were at the top of the market? We aren't going BACK, at least no one without a DeLorean is going back. Depending on how much prices have fallen from the high in 2006-2007, properties purchased at the top of the market should see the value return to that level in somewhere between 5 and 20 years.

A former investor client of mine owned a couple of properties that he bought and renovated at the top of the market in 1987. When he couldn't sell them without losing money, his strategy was to hold onto them and rent them out, taking the annual loss on his tax return, until they recovered their value. His estate sold these properties at a profit in 2006.

Should I sell my property now? Yes, if you are selling to move forward in your life. Yes, if the alternative is foreclosure. Maybe not, if you can wait and your property is in one of the categories which are under-selling in the present market. No, if you want to sell for the 2007 price.

Kathleen Sheridan (Weichert, Realtors(R) - McCarthy Associates)

NW Philadelphia Home Sales, Short Sales, Investement Properties