philly: Price Reduction - Side-by-Side Shells Near Temple - 03/05/10 04:04 AM
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philly: Philadelphia Real Estate Investment Market Stats - 03/04/10 05:27 AM
Installment number four of my Philadelphia market stats shows growing strength in the 2-4 unit segment, where inventory has come down from 24.8 to 16 months in just four weeks. This is being driven by an increasing sales pace that is likely to be both seasonal and tax-credit driven - many buyers of 2-4 unit properties are owner-occupants who can take advantage of the tax credit if they buy soon.
Shell properties are also selling well with the average price/square foot creeping above $33. On the other end of the spectrum multifamily properties of 5+ units are having a tough time … (1 comments)

philly: Last Day to Sign Up for Free Tour of Homes - Roxborough & Manayunk - 03/01/10 08:20 AM
The free tour of homes on the market in Roxborough & Manayunk, specifically for first-time buyers is this Saturday, March 6th, and we still have room for a few more people. If interested give me a call or email at 267-496-7739 or jyoakum@brownmckinney.com. For more info see my earlier blog post @
http://brownmckinney.com/james/2010/02/first-time-buyer-tour-of-homes-roxboroughmanayunk/
 
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philly: Philadelphia Investment Market Stats - Week 3 - 03/01/10 04:55 AM
Due to the fourth big snowstorm of the season I'm a few days off track and didn't get these stats up last Thursday. However, I compiled them and snowstorm now they're ready for your review. The next installment will be coming out this Thursday, the 4th, at which point we'll have four consecutive weeks worth of data.
From this data-set one happy trend that I see is that inventory levels are dropping steadily for both shells and 2-4 unit properties. Inventory measures the number of sales relative to the number of active listings and gives an idea of whether buyers or … (0 comments)

philly: Philly Tax Abatement Happenings - 02/24/10 08:53 AM
Most of the political buzz that you hear around Philadelphia's 10 year tax abatement program calls for it to be scaled back or ended altogether. The program, which locks property taxes at their pre-construction/renovation levels for 10 years for residential properties that are newly-built or substantially renovated, has spurred development in many parts of the city, but is widely considered to have been less affected in some of Philly's poorer neighborhoods.
Now councilman Frank DiCicco is introducing a plan to increase the tax abatement to 15 years in those certain poorer neighborhoods in hopes that five additional years of low taxes … (0 comments)

philly: Philly Investment Market Stats Week 2 - 02/18/10 04:31 AM
See below for my second installment of Philadelphia Real Estate Investment Market statistics. While two weeks of data is certainly not enough to start analyzing trends, there are a few interesting observations to be made in these numbers. First it's clear from the variation from week 1 to week 2 that with such small sample sizes just a couple of new sales or listings can greatly affect these numbers. Also clear, and supported by my experience on the ground, is that smaller properties are selling quickly if they are priced right and larger properties are taking much longer to transact. Notice … (0 comments)

philly: Philadelphia Investment Market Statistics - 02/12/10 03:17 AM
I've always been a big fan of using statistics and numbers to guide my decision making when it comes to real estate investing. Unfortunately the numbers I'd like to have aren't always available so I've decided to start tracking some of them myself. After digging through a bit of data I've come up with the following three tables which I think should be helpful to many local investors, and I plan to update the numbers on a weekly basis which should provide a more and more helpful data-set as time goes on. If you can think of good datapoints that you'd … (1 comments)

philly: Philly Employment Picture Improves - 02/03/10 07:31 AM
If you follow my blog, or any other real estate or business related blog for that matter, you probably have picked up on the fact that everyone is waiting to see when job creation will return to the economy. Well at least in Philadelphia it seems like we're already headed in the right direction. According to this article in the Philadelphia Business Journal Philly's unemployment rate dropped from 11.1% in October to 10.6% in November. That's still a bit higher than the national average, but we're showing good momentum, and my gut feeling is that we added just as many jobs … (0 comments)

philly: Germantown Office Building for Sale - 02/02/10 08:57 AM
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philly: Germantown Warehouse/Flex Building for Sale - 02/02/10 08:55 AM
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philly: Fannie Mae Offers Closing Cost Assistance - 01/30/10 03:38 AM
Fannie Mae has pulled out all the stops when it comes to selling the properties it ends up with on it's books. Along with the established Homepath mortgage program it is now offering 3.5% of purchase price to home-buyers to help cover closing costs or to purchase new appliances. You can read more about this program by clicking here.
In Philadelphia the selection of Fannie Mae properties is limited (but growing) and is mostly comprised of properties in need of major repairs or renovations - good deals for investors, but not necessarily for owner-occupant buyers. However, if you find a few … (2 comments)

philly: Tax Reassessments Unlikely for Next Two Years - 01/26/10 10:20 AM
In a bit of good news for Philadelphia property owners and investors, the BRT today announced a moratorium on property tax reassessments for most Philadelphia properties through at least the 2011 tax year. This means that Philadelphia property owners can plan on their current (often very low relative to surrounding counties) property taxes staying at the same level for the next couple of years, barring an increase in the tax rate, an unlikely move that would require a very unpopular vote in City Council. This moratorium will not apply to new construction or rehabbed properties which will be reassessed, but it … (0 comments)

philly: A Rare Piece of Good News for Flippers - 01/24/10 09:53 AM
If you've talked to me about real estate investing over the past couple years I've probably advised you that trying to 'flip' houses for a quick profit in today's market is super risky. Most of this risk comes from the fact that even if you buy the property at a great price, execute a beautiful renovation while controlling rehab costs, and put it on the market at a fair price that doesn't guarantee that there will be any qualified, end-user buyers around who can actually close on the property. A newly announced rule change from HUD (see article) should help to … (2 comments)

philly: Philadelphia #7 on List of "Smart Buy" Cities - 01/24/10 05:58 AM
According to this article on Realtor.org Philadelphia ranks seventh on a list of cities where it makes sense (financially) to buy instead of rent. The list was compiled by Forbes magazine and looks at ownership costs as compared to rental costs, as well as estimates of housing appreciation over the next five years.
Anecdotally I have to agree that Philadelphia belongs on this list because in many neighborhoods it's possible to buy a home with a mortgage payment equal to about half what the rent would be for a similar property. This is true in my neighborhood in South Philly as … (0 comments)

philly: FHA Tightens Rules for Borrowers - 01/20/10 11:45 AM
According to this article the Federal Housing Administration is tightening the requirements for borrowers of FHA guaranteed mortgages. The changes will especially impact borrowers with lower credit scores as the minimum down-payment for those with less than a 580 credit score rises from 3.5% to 10%. Even borrowers with good credit will be hit by the increase in the mortgage insurance premium charged by FHA. This increase will add to both upfront closing costs and monthly costs over the life of the loan.
Even with these changes, intended to help the FHA avoid further financial distress, FHA loans are still a … (0 comments)

philly: Two Temple-Area Shells for Sale - Great Investment Opportunity - 01/12/10 02:57 AM
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philly: Learn About Philadelphia Closing Costs and Procedures - 01/11/10 02:32 AM
If you're thinking of buying or selling real estate in Philadelphia it's very important to understand the closing process and all the moving parts and closing costs associated with completing a real estate transaction. This video should answer many of the most common questions, but feel free to contact me if there's something we missed.
Part 1:

Part 2:
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philly: Summer Selling Season to Shift this Year? - 01/08/10 03:13 AM
Traditionally home sales in a given year peak in the summer. This common trend is driven by better weather for home-shopping, more relaxed work schedules for many buyers and sellers, and a desire to move during the summer while kids are out of school, avoiding mid-year school transitions.
2010 however may buck this trend and push the peak of home sales earlier, into the late winter or early spring. The reason for this expected shift is the $8,000 home-buyer tax credit which currently applies only to home sales under contract by April 30th and closed by June 30th. Last November, when … (0 comments)

philly: Philadelphia Crime Rates Down - 01/06/10 01:41 AM
According to this Philadelphia Inquirer article major crimes were down across the board in Philadelphia for 2009. To me this is the one area in which Mayor Nutter has had undisputed success and he and police Commissioner Ramsey deserve a pat on the back. Since 2007 the big headline grabber - homicides - have dropped over 22%. 305 homicides in 2009 still represents 305 too many, but it's encouraging to see Philadelphia making progress. Other crimes that greatly affect quality of life in the city are also down significantly, such as vehicle theft which dropped 23% from 2008 to 2009.
Digging … (2 comments)

philly: Jobs Will Return to Philly...Slowly - 01/04/10 07:45 AM
According to this article in the Philadelphia Business Journal the Philadelphia region should see a lower unemployment rate over the course of 2010, but job gains will be slow. Drivers of job growth are expected to be the health-care and education sectors as well as the two new casinos that are set to open in Philadelphia this year (don't hold your breath for that one, there are still plenty of people working to make sure Philadelphia never sees a single slot machine on the Delaware).
With Philadelphia's unemployment rate at 11.1% for October and expected to tick slightly higher in the … (0 comments)

 
James Yoakum, SFR (US Spaces, Inc.)

James Yoakum

SFR

Philadelphia, PA

More about me…

US Spaces, Inc.

Address: 2043 Locust Street, Philadelphia, PA, 19103

Office: (215) 829-8850

Mobile: (267) 496-7739

Observations from my work in the wide world of real estate with a frequent focus on the Philadelphia market.


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