Philadelphia Real Estate Blog

Center City Condos Website

2010-05-02T12:26:00.003-04:00

This week the Philadelphia Real Estate Blog will spotlight CenterCityCondos.com and owner Mark Wade who specializes in Philadelphia Center City Condos.

About Mark Wade and CenterCityCondos.com:

Mark Wade, Seller Representative Specialist
Prudential Fox and Roach Realtors
CenterCityCondos.com Owner/Team Leader
Email: Mark@CenterCity.com Phone: 215.521.1523

During the late 1980s, Mark fell in love with the Philadelphia real estate market. The first condo he bought for himself was in Old City. Working with bank foreclosures on multi-unit buildings, Mark began to carve his niche as a condominium specialist. Since that time, Mark has progressed into helping developers turn apartment buildings into condominium buildings. Having been inside countless condos in the Center City real estate area, Mark is intimately familiar with the available properties. Mark prides himself and impresses others of his vast knowledge of what’s trendy and knows which finishes buyers look for when selecting a home…. so much so that he’s been seen on HGTV’s What You Get For The Money, CN-8’s Money Matters and was the 2005 winner of Philadelphia Magazine’s Kitchen of the Year contest.

Please feel free to provide any feedback of your experiences with CenterCityCondos.com in Philadelphia.

RE/Max City Space Philadelphia Real Estate Hub

2010-04-10T16:33:00.002-04:00

This week the Philadelphia Real Estate Blog will spotlight CITYSPACE (Philadelphia Real Estate Hub), RE/Max City Space is a real estate brokerage dedicated to real estate in Center City, Philadelphia. They are located at 2200 Walnut Street, Philadelphia, PA 19103. RE/Max City Space’s business model, characterized by a commitment to local communities, green living and technology, provides a unique perspective for their clients and agents. Educating their agents on quickly changing market trends and supporting their use of the latest technological tools are a priority.

At RE/Max City Space, they continue to embrace their forward thinking, results-oriented marketing. Things have changed drastically for the real estate industry in the past few months. It’s no longer an effective marketing strategy to simply list a property on MLS, run an ad in a local paper and host open houses. Current market conditions require new solutions – a substantial online presence, a focused individualized marketing plan and a agent, who adjusts to changing conditions throughout the entire process. RE/Max City Space is not content to provide the status quo. They will continue to strive to be a step ahead, offering creative solutions that will speak for themselves.

City Space’s agents currently include:

MARYAM K. AMAKER
CHARLES BALDUCCI
MELISSA BARRETT
ANDREA BOELTER
CARL CALDAS
ELIZABETH CLARK
JACI DAGUANNO
PATRICK DONOHOE
KYLE DYER
JOHN ECCLESTONE
KEITH ELSEN
TOM ENGLETT
RONNIE FEDERMAN
MICKEY GALATOLA
MICHAEL GARDEN
SALVATORE GARDNER
JAMIE GORDON
MARIANA GUY
AMY JONES
DAVID KRUPP
CLAUDIA LIPPMAN
RACHEL LIPTON
JOHNNY MCDONALD
KEVIN MCNEAL
KELLY MONK
BOB MURPHY
ALISON PEARLSTEIN
CALVIN PHUN
RYAN QUINN
AL RABADY
MELINDA RICKARD
SARAH ROBERTSON
PATRICK ROSE
DANIEL SANDOVAL
TRAVIS SEAL
STEPHANIE SHEALY
ALEXA SHUPIK
JOSH SOLOW
DESIREE STAFFORD
GINNI STILES
GERARDO SUAREZ
ERIC SWEENEY
JOE SWEENEY
DANIELLE THOMPSON
STEPHANIE UFF
DUSKA WOODS

Please feel free to provide any feedback of your experiences with RE/Max City Space in Philadelphia.

Philadelphia Mercury Real Estate Group

2010-03-13T16:08:00.001-05:00

Mercury Real Estate Group Profile

This week the Philadelphia Real Estate Blog will spotlight Mercury Real Estate Group of South Philadelphia. Mercury Real Estate Group is located at 1328-32 Shunk Street, Philadelphia, PA 19148.Mercury Real Estate Group is a local Philadelphia independent office with a medium group of real estate agents who live in Philly and know the areas very well. Mercury has a staff of 40 people, including 35 full-time Realtors, who are dedicated to providing the finest service to all of their clients.

Mercury Real Estate Group specializes in Residential & Commercial Sales in South Philadelphia, Packer Park, Pennsport, Whitman, Girard Estate, Center City, Bella Vista, Queen Village, Graduate Hospital and Grays Ferry. They also service Southwest Philadelphia, Society Hill, Northern Liberties, Fishtown, Kensington, Port Richmond, Brewerytown, Girard, West Philadelphia and more.

Mercury current agents are listed below:

Fawwaz Beyha
Doreen Cardillo
Courtney Childs
Jackie Coppola
Joseph Cristinzio
Michael D'Emilio
Gregg Ferry
Jean Fung
Jason Giancaterino
Doug Gungor
Fahd Hammad
Demorra Hawkins
Melissa Impagliazzo
Larry Lanci
Elisa Linsley
Denise Margerum
Mike Moss
Kathi Piccoli
Michael Ricci
Mike Rosania
Bill Rosetti
Maria Rosetti
Rob Simiriglio
Randall Skelton
Maria Stagliano

If you are a Philadelphia Mercury Real Estate Group real estate agent, please feel free to post a comment about you or your organization below. If you are a customer of Mercury Real Estate Group in Philly, feel free to post a review of your experience there.

Philadelphia Mercury Real Estate Group real estate agents can also use this section to post an advertisement of your listings for sale or for rent. Please feel free to add as much detail about your property so that the readers of this site can learn more about what products you are offering.

Philadelphia Real Estate Agent Earnings

2010-02-02T11:52:00.003-05:00

What does the average real estate agent make in Philadelphia?

I have received several emails from readers who want to know the answer to how much the average Philadelphia real estate agent earn a year. In most cases, these professionals are paid 100% commission with ranges from several million dollars a year to nothing (that’s right zero dollars). Who would want to work for nothing? Not many people would want to work for nothing but there are many Philly real estate agents who may have last year and in 2008. However, in 2005, at the peak of the real estate market, the average real estate agent in Philly was probably earning triple than that today.

I have set this post aside to take a poll for those kind Philadelphia real estate agents who are brave enough to give their honest feedback below. You can post anonymously if you want. This post can serve as an invaluable resource for people looking to get into the real estate business. Please don’t post lies about you salary or wages in order to distract people from getting involved in real estate. This blog is set up to provide assistance to those interested in the Philadelphia real estate market and honest feedback is encouraged.

Philadelphia Open House Schedule

2010-01-29T19:51:00.005-05:00

Here is a little something different from the Philadelphia Real Estate Blog. The following is the open house schedule for Philadelphia. This schedule is for this weekend only. Please provide feedback here if you have visited any of these properties.

Rittenhouse – 19102

1431 Spruce St 1R $217,500 Sun 130-230 pm
1500 Chestnut St 18B $449,000 Sun 130-230 pm
1500 Chestnut St 11B $539,900 Sun 12-1 pm
1431 Spruce St 3F $549,000 Sun 130-230 pm
314 S 16th St $799,000 Sun 12-4 pm
50 S 16th St 4403 $830,000 Sun 12-4 pm
50 S 16th St 4002 $995,000 Sun 12-4 pm
50 S 16th St 4202 $1,050,000 Sun 12-4 pm
50 S 16th St 4205 $1,155,000 Sun 12-4 pm
50 S 16th St 4401 $1,395,000 Sun 12-4 pm
50 S 16th St 4702 $1,495,000 Sun 12-4 pm
50 S 16th St 4705 $1,495,000 Sun 12-4 pm
50 S 16th St 4008 $2,150,000 Sun 12-4 pm
50 S 16th St 4703-4 $3,500,000 Sun 12-4 pm

Rittenhouse Square- 19103

1919 Chestnut St 613 $130,000 Sun 12-4 pm
1919 Chestnut St 1313 $140,000 Sun 12-4 pm
1919 Chestnut St 2213 $150,000 Sun 12-4 pm
1919 Chestnut St 902 $166,561 Sun 12-4 pm
1919 Chestnut St 2902 $169,000 Sun 12-4 pm
1919 Chestnut St 2502 $181,148 Sun 12-4 pm
1919 Chestnut St 1214 $230,000 Sun 12-4 pm
2201 Chestnut St 203 $249,900 Sun 12-1 pm
1919 Chestnut St 1910 $250,000 Sun 12-4 pm
1919 Chestnut St 1409 $260,000 Sun 12-4 pm
1931 Spruce St 1C $260,000 Sun 3-4 pm
1919 Chestnut St 2209 $265,000 Sun 12-4 pm
1919 Chestnut St 2016 $275,000 Sun 12-4 pm
1919 Chestnut St 1903 $284,340 Sun 12-4 pm
1919 Chestnut St 708 $285,000 Sun 12-4 pm
1919 Chestnut St 607 $300,000 Sun 12-4 pm
1919 Chestnut St 2624 $325,000 Sun 12-4 pm
2201 Chestnut St 102 $349,900 Sun 12-1 pm
1919 Chestnut St 818 $350,000 Sun 12-4 pm
2047 Walnut St 1R $374,000 Sun By App pm
1919 Chestnut St 1605 $375,000 Sun 12-4 pm
2047 Walnut St 2R $449,000 Sun By-App pm
1919 Chestnut St 801/24 $567,146 Sun 12-4 pm
2047 Walnut St 1F $575,000 Sun By App pm
2100 Cherry St $599,000 Sun 12-1 pm
341 S 26th St $599,900 Sun 12-1 pm
1901 Walnut St 2F $599,999 Sun 230-330 pm
1919 Chestnut St 809/10 $600,000 Sun 12-4 pm
210 W Rittenhouse Sq 1402 $719,000 Sun 12-2 pm
131 N 20th St $789,900 Sun 130-230 pm

Society Hill/Old City – 19106

301 Race St 520 $255,000 Sun 11-1 pm
246 N 3rd St 5D $259,000 Sun 12-2 pm
309-313 Arch St 304B $259,900 Sun 130-3 pm
413 Spruce St 6 $259,900 Sun 130-230 pm
604 S Washington Sq 210 $269,900 Sun 130-230 pm
10 S Letitia St 504 $299,900 Sun 12-1 pm
233 S 6th St 805 $319,900 Sun 130-230 pm
260 Wood St 1B $339,900 Sun 12-1 pm
209 Cuthbert St 202 $344,750 Sun 130-230 pm
209 Cuthbert St 104 $349,900 Sun 130-230 pm
309-313 Arch St 207 $359,000 Sun 130-3 pm
209 Cuthbert St 403 $359,160 Sun 130-230 pm
209 Cuthbert St 204 $365,820 Sun 130-230 pm
309-313 Arch St 307 $369,000 Sun 130-3 pm
309-313 Arch St 408 $369,000 Sun 130-3 pm
209 Cuthbert St 102 $370,475 Sun 130-230 pm
209 Cuthbert St 304 $371,700 Sun 130-230 pm
309-313 Arch St 508 $379,000 Sun 130-3 pm
309-313 Arch St 308 $379,900 Sun 130-3 pm
209 Cuthbert St 404 $382,200 Sun 130-230 pm
306-08 Cherry St 300 $385,000 Sun 12-230 pm
320 Race St E $385,000 Sun 12-2 pm
209 Cuthbert St 101 $387,630 Sun 130-230 pm
321 S 2nd St B $389,500 Sun 130-230 pm
210 Locust St 12G $399,900 Sun 12-1 pm
209 Cuthbert St 506 $417,813 Sun 130-230 pm
209 Cuthbert St 201 $418,950 Sun 130-230 pm
209 Cuthbert St 301 $429,900 Sun 130-230 pm
209 Cuthbert St 401 $434,715 Sun 130-230 pm
220 Locust St 20A $439,000 Sun 1130-1 pm
209 Cuthbert St 501 $442,380 Sun 130-230 pm
309-313 Arch St 309 $459,900 Sun 130-3 pm
736-38 Pine St C $472,500 Sun 12-1 pm
265 S 4th St D $499,000 Sun 12-1 pm
338 S 3rd St $529,900 Sun 130-230 pm
309-313 Arch St 205 $549,900 Sun 130-3 pm
309-313 Arch St 206 $599,900 Sun 130-3 pm
144-46 N 3rd St A $625,000 Sun 130-230 pm
310 Cypress St $645,000 Sun 130-230 pm
257 N 2nd St 202 $649,000 Sun 12-2 pm
304-6 S American St $659,900 Sun 3-4 pm
257 N 2nd St 302 $679,000 Sun 12-2 pm
337 S 6th St $725,000 Sun 12-1 pm
257 N 2nd St 301 $749,000 Sun 12-2 pm
317 Vine St 509 $950,000 Sun 12-2 pm
317 Vine St 514 $990,000 Sun 12-2 pm
227 Delancey St $1,100,000 Sun 12-2 pm
100 Pine St $1,295,000 Sun 3-4 pm

Washington Square – 19107

927 Spruce St 1F $199,000 Sun 12-230 pm
927 Spruce St 1R $199,000 Sun 12-230 pm
927 Spruce St 2R $224,900 Sun 12-230 pm
314-22 N 12th St 1003 $239,900 Sun 130-230 pm
927 Spruce St 2F $249,000 Sun 12-230 pm
924 Spruce St LL2 $259,900 Sun 12-1 pm
1305 Spruce St 2B $279,900 Sun 2-3 pm
903-05 Clinton St 903 1R $339,900 Sun 12-1 pm
927 Spruce St 3 $399,000 Sun 12-230 pm
802-10 Locust St 104 $575,000 Sun 130-230 pm
316 S Juniper St $619,900 Sun 130-230 pm
915 Clinton St 303 $838,000 Sun 12-130 pm

Burholme – 19111

1822 Lansing St $199,990 Sat/Sun 1-3 pm
601 Rhawn St $349,900 Sun 2-4 pm

Torresdale – 19114

9200 Blue Grass Rd H181 $174,000 Sun 2-4 pm
3953 Eden St $499,900 Sun 12-3 pm
3945 Eden St $524,900 Sun 12-3 pm

Somerton – 19116

13029 Worthington Rd $259,900 Sun 1-3 pm
10202 Rubin Ln $294,900 Sun 2-4 pm
1856 Garth Rd $330,000 Sun 1-3 pm
11991 Audubon Ave $340,000 Sun 1-3 pm

Mount Airy – 19119

512 E Vernon Rd $159,900 Sun 12-2 pm
112 W Sedgwick St $199,900 Sun 2-4 pm
519 Burnham Rd $359,900 Sun 2-4 pm

Olney- 19120

201 W Sulis St $114,999 Sun 12-1 pm
434 Sentner St $139,900 Sun 1-3 pm
5432 Tabor Ave $143,500 Sun 1-3 pm

Jinogi/West Kensington – 19122

1325 N 2nd St $279,900 Sun 130-230 pm

N. Liberties/Loft District – 19123

511 N Broad St 1002 $119,500 Sun 130-230 pm
1001 N Marshall St A $144,900 Sun 1-3 pm
1001 N Marshall St B $144,900 Sun 1-3 pm
1001 N Marshall St C $144,900 Sun 1-3 pm
530 W Girard Ave 1 $199,000 Sun 12-1 pm
530 W Girard Ave 2 $209,000 Sun 12-1 pm
1006 N 5th St 1 $245,000 Sun 3-4 pm
997 N 6th St 1 $249,900 Sun 130-230 pm
1112 N 3rd St 3 $279,000 Sun 1-2 pm
701 Brown St A $294,900 Sun 3-4 pm
1112 N 3rd St 5 $299,000 Sun 1-2 pm
1112 N 3rd St 6 $299,000 Sun 1-2 pm
530 W Girard Ave 3 $369,000 Sun 12-1 pm
811 N Hancock St $379,900 Sun 3-4 pm
530 W Girard Ave 4 $459,000 Sun 12-1 pm
1112 N 3rd St 7 $539,000 Sun 1-2 pm
603-17 N American St 201 $546,700 Sun 130-230 pm
1004 N Bodine St $549,000 Sat/Sun 12-4 pm
1112 N 3rd St 10 $599,000 Sun 1-2 pm
600 N American St A $619,900 Sun 130-230 pm
314 Brown St 100 $1,125,000 Sat/Sun By App pm

Fishtown – 19125

852 Mercer St $175,000 Sun 12-3 pm
1413 Orange St $259,900 Sun 2-4 pm
1714 Memphis St 306 $289,900 Sun 12-4 pm
2529 E Thompson St $294,900 Sun 130-230 pm
1714 Memphis St 309 $329,900 Sat/Sun 12-4 pm
1714 Memphis St 203 $374,900 Sat/Sun 11-1 pm
1714 Memphis St 318 $389,900 Sat/Sun 11-1 pm
1714 Memphis St 310 $439,900 Sun 11-1 pm

Oak Lane – 19126

902 Oak Lane Ave $375,000 Sun 2-4 pm

Manayunk – 19127

4716 Silverwood St $224,900 Sat/Sun 1-3 pm
4511 Silverwood St $525,000 Sat/Sun By App pm
4513 Silverwood St $525,000 Sun By App pm

Roxborough – 19128

5437 Quentin St $175,000 Sun 12-3 pm
7220 Ridge Ave A $225,000 Sun 12-2 pm
7220 Ridge Ave D $225,000 Sun 12-2 pm
506 Acorn St $237,900 Sun 1-3 pm
538 Righter St $249,000 Sun 1-3 pm
7220 Ridge Ave E $259,000 Sun 12-2 pm
7220 Ridge Ave F $259,000 Sun 12-2 pm
4776 Silverwood St $262,000 Sun 1-4 pm
845 W Bells Mill Rd $268,900 Sun 1-3 pm
7220 Ridge Ave G $269,000 Sun 12-2 pm
7220 Ridge Ave H $269,000 Sun 12-2 pm
7220 Ridge Ave B $279,000 Sun 12-2 pm
7220 Ridge Ave C $279,000 Sun 12-2 pm
8728 Sagamore Rd $320,000 Sun 1-4 pm
251 Paoli Ave $429,000 Sun 2-5 pm
253 Paoli Ave $429,000 Sun 2-5 pm
257 Paoli Ave $471,000 Sun 2-5 pm
308 Dupont St $479,900 Sat/Sun 12-4 pm

East Falls – 19129

3686 Eveline St $189,999 Sun 1-4 pm
3735 Calumet St $235,000 Sun 2-4 pm

Art Museum/Fairmount – 19130

609 N 16th St 1 $199,000 Sun 12-2 pm
2601 Pennsylvania Ave 102 $199,900 Sun 130-230 pm
889 N Taney St $200,000 Sun 12-2 pm
2401 Pennsylvania Ave 3C49 $217,500 Sun 12-1 pm
2601 Pennsylvania Ave 849 $234,900 Sun 12-2 pm
853 N Uber St A $239,900 Sun 215-330 pm
855 N Uber St A $255,900 Sun 215-330 pm
609 N 16th St 3 $259,000 Sun 12-2 pm
853 N Uber St B $267,900 Sun 215-330 pm
1728 Wallace St 102 $300,000 Sun 12-130 pm
2614 Folsom St $319,000 Sun 230-4 pm
739 N Croskey St $349,900 Sun 130-230 pm
1615 Green St 1 $369,900 Sun 12-1 pm
1613 Green St 2 $374,900 Sun 12-1 pm
831 Corinthian Ave $439,900 Sun 12-1 pm
724 N 24th St $599,900 Sun 12-1 pm
905 Corinthian Ave $625,000 Sun 12-2 pm
2211 Parrish St $669,000 Sun 2-4 pm

Port Richmond – 19134

2074 Kingston St $74,900 Sun 1-3 pm
2762 Salmon St $224,900 Sun 230-4 pm

Tacony – 19135

6818 Edmund St $95,900 Sun 1-4 pm
6610 Glenloch St $119,500 Sun 230-4 pm
6725 Ditman St $125,000 Sun 1-3 pm

Holmesburg – 19136

8931 Ashton Rd $198,000 Sun 1-3 pm
8939 Ashton Rd $275,000 Sun 1-4 pm

Bridesburg – 19137

2858 E Bristol St $224,900 Sun 12-2 pm

West Oak Lane – 19138

1741 Mohican St $139,900 Sun 12-2 pm

University City Philadelphia – 19143

4742 Pine St 105 $199,000 Sun 12-1 pm

Germantown – 19144

4915 Laurens St $125,900 Sun 1-3 pm
438 W Clapier St $149,900 Sun 1-3 pm
5325 Wakefield St $220,000 Sun 12-2 pm
224 W Johnson St $274,900 Sun 130-230 pm

South Philly Passyunk – 19145

2741 McKean St $165,000 Sun 1-2 pm
2308 S Lambert St $205,000 Sun 12-1 pm
2226 S 16th St $234,900 Sun 12-2 pm
2903 S 15th St $279,900 Sun 12-2 pm

Graduate Hospital/Grays Ferry – 19146

1409 S Newkirk St $69,900 Sun 12-1 pm
1518 S Opal St $140,000 Sun 12-2 pm
1225 S 24th St $179,900 Sun 12-1 pm
1729 Christian St B $199,000 Sun 1-4 pm
2338 Fitzwater St C $216,900 Sun 3-4 pm
2415 Kimball St $229,900 Sun 130-230 pm
415 S 19th St 3F $264,900 Sun 1-3 pm
2011 Pemberton St $335,000 Sun 12-2 pm
1913 Webster St $424,900 Sun 12-1 pm
715 S Bancroft St $425,000 Sun 12-130 pm
2332 Saint Albans St $449,900 Sun 130-230 pm
403 S 21st St $560,000 Sun 130-230 pm
618 S 16th St $585,000 Sat/Sun 12-3/12-2 pm
708 S Bancroft St $585,000 Sun 12-130 pm
710 S Bancroft St $585,000 Sun 12-130 pm
712 S Bancroft St $585,000 Sun 12-130 pm
722 S Bancroft St $598,500 Sun 12-130 pm
706 S Bancroft St $609,000 Sun 12-130 pm
2018 Addison St $639,000 Sun 130-3 pm
714 S Bancroft St $669,000 Sun 12-130 pm
416 S Carlisle St $688,000 Sun 1-3 pm
2107 Bainbridge St $699,900 Sun 12-1 pm
506 S Taney St $849,000 Sun 2-4 pm
440 S Broad St 2005 $995,000 Sun 1-3 pm
400-26 S Broad St 2102 $1,050,000 Sun 1-3 pm
440 S Broad St 2302 $1,795,000 Sun 1-3 pm

Bella Vista/Queen Village – 19147

505 Kauffman St $224,900 Sun 1-3 pm
1229 S Iseminger St $229,000 Sun 2-330 pm
802 S 6th St #7 $249,900 Sun 12-1 pm
200-10 Lombard St 701 $269,000 Sun 130-230 pm
1236 S 13th St $275,900 Sun 12-1 pm
200-10 Lombard St 503 $279,000 Sun 130-230 pm
205 Christian St $280,000 Sun 130-230 pm
200-10 Lombard St 516 $284,000 Sun 130-230 pm
1136 Waverly St 1R $299,000 Sun 12-130 pm
718 Addison St C $319,900 Sun 130-230 pm
1 Christian St 40 $329,900 Sun 130-230 pm
1118 E Moyamensing Ave $329,900 Sun 3-4 pm
828 Kater St $329,900 Sun 3-4 pm
623 S 6th St C $335,000 Sun 3-4 pm
746 E Passyunk Ave B $335,000 Sun 1-230 pm
777 S 2nd St $335,000 Sun By App pm
1110 Lombard St 19 $349,900 Sun 130-230 pm
208 Carpenter St $350,000 Sun 130-230 pm
517 S 6th St C $357,500 Sun 130-230 pm
714-22 Bainbridge St 9 $369,000 Sun 12-1 pm
1211 S 3rd St $369,900 Sun 12-1 pm
200-10 Lombard St 720 $379,000 Sun 130-230 pm
310 Fitzwater St $392,900 Sun 130-230 pm
200-10 Lombard St 723 $395,500 Sun 130-230 pm
841 S American St A $399,900 Sun 3-4 pm
1327 Ellsworth St $419,000 Sun 12-1 pm
221 Carpenter St $420,000 Sun 12-1 pm
125 Catharine St $459,000 Sun 130-230 pm
912 S 6th St $459,000 Sun 12-1 pm
527 S 7th St $469,900 Sun 3-4 pm
730 Lombard St $479,900 Sun 3-4 pm
517 Randolph Ct E $489,000 Sun 3-4 pm
531 Christian St $489,900 Sun 130-230 pm
1319-21 E Moyamensing Ave $495,000 Sat 11-12 pm
121 Federal St $499,000 Sun 130-230 pm
793 S Front St $499,000 Sun 130-230 pm
803-05 S 2nd St $499,900 Sun 130-230 pm
126 Alter St $519,000 Sun 12-1 pm
1122 Fitzwater St $519,900 Sun 130-230 pm
125 Ellsworth St $521,700 Sun 12-1 pm
410 Bainbridge St $549,000 Sun 3-4 pm
615 Kater St $549,900 Sun 12-1 pm
131 Bainbridge St $550,000 Sun 130-230 pm
614 S American St $579,900 Sun 130-230 pm
840 Independence Ct $609,000 Sun 1-3 pm
844 Independence Ct $609,000 Sun 1-3 pm
846 Independence Ct $609,000 Sun 1-3 pm
230 Christian St $639,000 Sun 130-230 pm
838 Independence Ct $639,000 Sun 1-3 pm
848 Independence Ct $639,000 Sun 1-3 pm
1322 Federal St $699,000 Sun 12-1 pm
836 S Swanson St $699,000 Sun 1-3 pm
907 Lombard St $699,000 Sun 1-3 pm
736 S Front St $699,900 Sun 130-230 pm
245 Monroe St $709,000 Sun 12-1 pm
215 Monroe St $779,900 Sun 12-1 pm
718 S 8th St $795,000 Sun 12-1 pm
747 E Passyunk Ave $839,000 Sun 3-4 pm
133 Salter St $975,000 Sun 12-1 pm
222 Gaskill St $1,225,000 Sun 3-4 pm
318 Fitzwater St $1,250,000 Sun 3-4 pm

South Philadelphia - Whitman – 19148

2439 S Lawrence St $144,500 Sun 1-3 pm
2410 S 5th St $219,900 Sun 12-2 pm
1821 S 11th St $249,900 Sun 330-430 pm
2732 S 7th St $258,900 Sat 1-3 pm

Frankford – 19149

3334 Brighton St $162,900 Sun 1-4 pm

Cedarbrook – 19150

1602 E Cardeza St $227,500 Sun 2-4 pm

Overbrook – 19151

1045 N 67th St $138,000 Sun 2-4 pm
1044 N 67th St $156,900 Sun 2-4 pm
1606 N 72nd St $329,000 Sun 1-230 pm

Rhawnhurst – 19152

2533 Maxwell St $209,900 Sun 1-3 pm
7505 Brous Ave $214,900 Sun 1-4 pm
1919 Fuller St $375,000 Sun 1-3 pm

Parkwood – 19154

3529 Drumore Dr $214,900 Sat 2-4 pm
3535 Teton Rd $218,500 Sun 1-3 pm

Source: Philadelphia Trend MLS

Philadelphia Real Estate 2009 Year End Analysis

2010-01-05T12:26:00.003-05:00

Philadelphia Real Estate 2009 Year End Analysis

As 2009 has come to a close, it is time to take a look at where our Philadelphia real estate market stands currently and what has been accomplished in 2009.

2009 was a very difficult year for the United States and Global real estate markets. However, Philadelphia stood strong compared to many other major cities in the U.S. In Philadelphia there are still positive signs of construction all around us. These signs are not as obvious as several years back when every construction company appeared to have plenty of work for them and their workers. Now it is more segmented.

Certain companies appear to be recession proof and still have work for their employees but in moderate dosages while many others are living day by day. It appears to be more about who you know and what company or union you are working for in order to land more consistent work. If you are a small time contractor and are working for a company that is not as aggressive in their marketing campaign, then you may have seen little employment. This also applies to the larger contractors as well. When the recession hits hard you need to be on the right team to weather the storm. If your union or contracting firm does not have a good recession plan then they may have a hard time surviving, which will affect the livelihood of their employees or members.

The Philadelphia real estate market has had a push from the new Obama administration in 2009 with various legislation passed in favor of economic stimulation. These laws include first time home buyers laws and various lending laws in support of the consumer. Despite all of this new legislation, many people are still scratching their head as to whether this “support” from the federal government has done anything really worthy of praise. The unemployment rate is still at an all time high; the federal funds rate can barely go any lower than it is now, the health insurance industry is still massacring civilians with its premiums; and the promised rebuilding of our nation’s infrastructure has yet to make the majority of Americans sleep safe at night knowing that tomorrow’s commute won’t end with a collapse of the bridge that he or she will be driving on.

What about war? War is still everywhere in the Middle East with more soldiers deployed daily. With all of this money to spend on war…how about allocating a little bit to help the many homeless people that we now have in America?

What about the Green Revolution? This could be a very positive thing for the world. Building homes that are more environmentally friendly only makes sense. However, Governor Jesse Ventura does have a point that many rich people may be planning to capitalize on this new trend. Regardless of whether being green is a conspiracy, builders building with the planet’s best interest in mind should always be the focus. In Philadelphian, the Green Revolution is already here and strong. For example, many contractors are already putting green roofs on to conserve energy. Are people going to profit from being green in ways that would make the average American shiver? Yes, but at least there is a positive result that may occur from this new business.

In 2009, many smart builders have found a way to use the recession as a means of survival by switching their focus to green. Some green strategies for builders include: adding green roofs, recommending more energy efficient lighting, paint, and plumbing. This is resulting in a more eco friendly Philadelphia and this trend will continue increasingly over the next 10 years. If Philadelphia keeps up the momentum then they may position themselves as one of the leaders in the Green revolution along with San Francisco. This can lead to more money to be brought into the Philadelphia real estate market, which will have a positive impact on all of its community members.

Despite the many complications and obstacles that the Philadelphia real estate market has faced in 2009, there still appears to be signs of smoke clearing in 2010. Building is still taking place. Although construction is at a much smaller rate, the fact that there is still construction occurring automatically positions Philadelphia as a recession resistant city compared to many other major U.S. cities (particularly on the West Coast where cities were built over night, i.e., Phoenix, AZ). From an optimistic standpoint, any construction is better than no construction. Building equals growth of a city even at minimal levels. From sky rises to residential housing, Philadelphia was building (and thus growing) in 2009. The question is will Philadelphia be able to increase that construction to more productive numbers in 2010 to balance out all of their financial troubles?

Philadelphia will be able to be a leader in 2010 if the city can get a better grip on its financial game plan. This includes working hard to lobby federal money for the improvement of Philly’s infrastructure. There are countless bridges that need to be repaired in Philly. This can creates plenty of jobs and thus will revive the whole economic cycle in Philly. If workers have steady paying jobs then they will spend. If workers spend then the cash flow process is circulating. This is how you revive an economy. Also, if the Philadelphia government can incorporate the green revolution into its financial plans then we can be recognized as a leader in this industry. This can lead to positive financial growth for our city.

Although the Philadelphia real estate market did not rebound as quickly as many analysts said it would in 2007 when the global financial meltdown began, Philly is superior to many of its counterparts as we have a very strong, time tested economy. When things get rough in the real estate market, smart investors always put their money back into more secure markets. What is more secure then the oldest real estate market in America? For several centuries, Philadelphia has been building strong and will continue to do so.

I am speculating that the end of the real estate recession will be occurring in the later part of 2010. Due to the severity of this recession, the comeback may be a longer path than normal. In the end, Philadelphia will remain one of the healthiest real estate markets in the country and again will prove to the world how resilient we are to any economic situation that we encounter.

Yelson Group Philly Real Estate Services

2009-12-01T12:31:00.002-05:00

This week the Philadelphia Real Estate Blog will spotlight Yelson Group located at 407 South 12th Street, Philadelphia, Pennsylvania.

If you are a Yelson Group Philadelphia real estate agent, please feel free to post a comment about you or your organization below. If you are a customer of Yelson Group in Philly, feel free to post a review of your experience there.

Yelson Group Philadelphia real estate agents can also use this section to post an advertisement of your listings for sale or for rent. Please feel free to add as much detail about your property so that the readers of this site can learn more about what products you are offering.

Zip Realty Philadelphia Real Estate Services

2009-11-23T11:49:00.002-05:00

This week the Philadelphia Real Estate Blog will spotlight Zip Realty located at 3 Bala Plaza, Belmont Hills, Pennsylvania. Established in 1999, Zip Realty has over 70 real estate agents in Philadelphia.

If you are a Zip Realty Philadelphia real estate agent, please feel free to post a comment about you or your organization below. If you are a customer of Zip Realty in Philly, feel free to post a review of your experience there.

Zip Realty Philadelphia real estate agents can also use this section to post an advertisement of your listings for sale or for rent. Please feel free to add as much detail about your property so that the readers of this site can learn more about what products you are offering.

About Zip Realty

ZipRealty, Inc. provides home sellers and buyers with an innovative real estate solution. By using the efficiencies of the Internet, they have streamlined the real estate process and are able to pass significant savings on to their clients. Their licensed Zip Agents have years of experience in the areas they serve, allowing you to save thousands, without compromising on service.

Mission Statement

To delight their clients by bringing great people, technology, and value to the experience of buying, selling, and owning a home.

Their Services

Their neighborhood ZipAgents have years of experience in the areas they serve and are active members of their local, state and national real estate and MLS associations. In addition, their website provides a step-by-step approach to guide their clients through the home selling and buying processes.

Zip Realty History

ZipRealty, Inc. was founded on the belief that selling or buying a home could be faster, easier and more efficient. On August 29, 1999, this belief was turned into a reality when ZipRealty was launched. Three weeks later, on September 21, 1999, ZipRealty celebrated the acceptance of its first real estate offer. Since then, the company has continued to expand its services, offering excellent service, savings, and convenience to clients nationwide.

Pine Realty Philadelphia Real Estate Review

2009-11-17T09:45:00.001-05:00

This week the Philadelphia Real Estate Blog will spotlight Pine Realty located at 1503 Pine Street, Philadelphia, Pennsylvania 19102. Established in 1959, Pine Realty (licensed real estate broker is Michael Sher) does both real estate management and sales in Philadelphia. Their main specialty is in the following neighborhoods: Rittenhouse Square, Washington Square, and Center City.

If you are a Pine Realty Philadelphia real estate agent, please feel free to post a comment about you or your organization below. If you are a customer of Pine Realty in Philly, feel free to post a review of your experience there.

Pine Realty Philadelphia real estate agents can also use this section to post an advertisement of your listings for sale or for rent. Please feel free to add as much detail about your property so that the readers of this site can learn more about what products you are offering.

JMH Realty Concepts Office Locations

2009-11-10T10:34:00.002-05:00

This week the Philadelphia Real Estate Blog will spotlight JMH Realty Concepts, Inc. JMH Realty Concepts, Inc. has 2 locations. Their Art Museum Office is located at 2200 Fairmount Avenue, Philadelphia, PA 19130. Their Society Hill Office is located at 415 South Second Street, Philadelphia, PA 19147.

If you are a JMH Realty Concepts Philadelphia real estate agent, please feel free to post a comment about you or your organization below. If you are a customer of JMH Realty Concepts, Inc. in Philly, feel free to post a review of your experience there.

JMH Realty Concepts, Inc. Philadelphia real estate agents can also use this section to post an advertisement of your listings for sale or for rent. Please feel free to add as much detail about your property so that the readers of this site can learn more about what products you are offering.

Maxwell Realty Company Philadelphia

2009-11-03T21:13:00.002-05:00

This week the Philadelphia Real Estate Blog will spotlight Maxwell Realty Company, Inc. Philadelphia’s Maxwell Realty Company, Inc. is located at 1736 Pine Street, Philadelphia, PA 19103.

If you are a Maxwell Realty Company Philadelphia real estate agent, please feel free to post a comment about you or your organization below. If you are a customer of Maxwell Realty Company, Inc. in Philly, feel free to post a review of your experience there.

Maxwell Realty Company, Inc. Philadelphia real estate agents can also use this section to post an advertisement of your listings for sale or for rent. Please feel free to add as much detail about your property so that the readers of this site can learn more about what products you are offering.

About Maxwell Realty Company

Founded in 1970, Maxwell Realty Company, Inc. is one of the most prestigious realty companies in Philadelphia. For nearly 40 years, Maxwell Realty Company, Inc. has prided itself on maintaining the highest ethical standards in all its business transactions as well as employing the most talented realtors in the business. By knowing the intricacies and the broader attributes of the Philadelphia real estate market, Maxwell Realty Company, Inc. is committed to achieving superior results for their clients, while maintaining a fun, inspiring and rewarding work environment for their associates. Genuine care for the needs of their customers coupled with a passion for the beauty and unique qualities of Philadelphia are what differentiate them from their competitors. Whether the goal is selling, buying or renting properties, or simply obtaining a mortgage, Maxwell Realty Company, Inc. clients can feel comfortable that they have the best in the industry working on their behalf. They have their finger on the pulse of the city and know how to make the most advantageous transactions to satisfy their clients.

Their mission at Maxwell Realty Company, Inc. is to meet the needs of their clients by striving for excellence in all they do every day. Through their strong negotiating skills, creative marketing techniques, and in-depth knowledge of the real estate marketplace, no company works smarter to ensure their clients get the best solution for their housing needs. Their satisfaction is predicated on their clients’ happiness.

Long and Foster Real Estate Review

2009-10-26T19:40:00.004-04:00

This week the Philadelphia Real Estate Blog will spotlight Long and Foster Real Estate, Inc. Philadelphia Long & Foster Real Estate, Inc. is located at 601 Walnut Street, Philadelphia, PA 19106 (Independence Hall).

If you are a Philadelphia Long & Foster Real Estate, Inc. real estate agent, please feel free to post a comment about you or your organization below. If you are a customer of Long & Foster Real Estate, Inc. in Philly, feel free to post a review of your experience there.

Philadelphia Long & Foster Real Estate, Inc. real estate agents can also use this section to post an advertisement of your listings for sale or for rent. Please feel free to add as much detail about your property so that the readers of this site can learn more about what products you are offering.

About Long & Foster Real Estate, Inc.

Long & Foster is the largest real estate company in the Mid-Atlantic region. Their goal is to bring you the total home ownership experience. That means providing services that go beyond the exchange of real estate. They can help with your mortgage, title, and insurance. They also provide relocation and settlement services. And, when it comes to maintenance, repairs and upgrades to your home, they know people. Their partnerships with some of the region’s top service providers make them a convenient, single stop when you’re ready to get work done on your home.

Corporate OfficesThe Long & Foster Companies® Corporate offices are located at 14501 George Carter WayChantilly, VA, 20151.

The main contact numbers at this location are as follows:

800-237-8800 (toll free)

703-653-8500 (local)

703-591-6978 (fax)

They have over 200 real estate sales offices and 13,700 sales associates covering the region.

Long & Foster History

Founded in 1968, Long & Foster has grown from a single, 600-square-foot office in Fairfax, Virginia, to the largest privately-owned real estate company in America.

Wes Foster began his real estate career in 1963 as a sales manager at Michew Corporation, a home builder. In 1966, he moved to Nelson Realty as vice-president of sales. He sold over one million dollars worth of residential real estate each year for six consecutive years.

Long & Foster began with Wes Foster handling the residential real estate arm of the business and Henry Long handling commercial. In July 1979, eleven years after establishing Long & Foster, Wes Foster became sole owner. Long & Foster Real Estate, Inc. currently has offices and associates in Virginia, Maryland, Washington, D.C., Pennsylvania, New Jersey, West Virginia, Delaware, and North Carolina.

William Festa Realty

2009-10-20T10:09:00.003-04:00

William Festa Realty Profile

This week the Philadelphia Real Estate Blog will spotlight William Festa Realty of South Philadelphia. William Festa Realty is located at 3001 South Sydenham Street, Philadelphia, PA 19145.

William Fest Realty is a local Philadelphia independent office with a small group of real estate agents who live in Philly and know the areas very well. The Philadelphia real estate broker, Bill Festa, is also the 2008 President of the Greater Philadelphia Association of Realtors.

If you are a Philadelphia William Festa real estate agent, please feel free to post a comment about you or your organization below. If you are a customer of William Festa in Philly, feel free to post a review of your experience there.

Philadelphia William Festa real estate agents can also use this section to post an advertisement of your listings for sale or for rent. Please feel free to add as much detail about your property so that the readers of this site can learn more about what products you are offering.

Coldwell Banker Philadelphia Real Estate

2009-10-12T21:46:00.006-04:00

Coldwell Banker Philadelphia Real Estate Overview

This week the Philadelphia Real Estate Blog will profile Coldwell Banker Philadelphia real estate. Coldwell Banker has approximately 15 offices in the Philly area, which include the following:

Coldwell Banker Preferred
Address: 170 West Independence Mall,
Philadelphia, PA 19106

Coldwell Banker Realty One
Address: 12339 Academy Road
Philadelphia, PA 19154

Coldwell Banker Realty Corp. Associates
Address: 1631 Locust Street,
Philadelphia, PA 19103

Coldwell Banker Realty Corp. Associates
Address: 322 Bainbridge Street,
Philadelphia, PA 19147

Coldwell Banker Welker Real Estate
Address: 1904 South Street
Philadelphia, PA 19146

Coldwell Banker Preferred
Address: 223-225 Market St.
Philadelphia, PA 19106

Coldwell Banker Welker
Address: 2311 Fairmount Ave
Philadelphia, PA 19130

Coldwell Banker Hearthside, Realtors
Address: 15501 Bustleton Ave
Philadelphia, PA 19116

Coldwell Banker Realty One
Address: 7370 Rowland Avenue
Philadelphia, PA 19136

Coldwell Banker Hearthside, Realtors
Address: 1148 Street Road
Southampton, PA 18966

Coldwell Banker Preferred
Address: 1207 Fayette Street
Conshohocken, PA 19428

Coldwell Banker Realty Professionals
Address: 2924 Swede Road
East Norriton, PA 19401

Coldwell Banker Preferred
Address: 714-716 Dekalb Pike
Blue Bell, PA 19422

Coldwell Banker Hearthside, Realtors
Address: 515 Huntington Pike
Rockledge, PA 19046

Coldwell Banker Hearthside, Realtors
Address: 970 Durham Rd,
Langhorne, PA 19047

If you are a Philadelphia Coldwell Banker real estate agent or broker, please feel free to post a comment about you or your organization below. If you are a customer of Coldwell Banker in Philly feel free to post a review of your experience here.

Philadelphia Coldwell Banker real estate agents can also use this section to post an advertisement of your listings for sale or for rent. Please feel free to add as much detail about your property so that the readers of this site can learn more about what products you are offering.

Coldwell Banker Real Estate LLC Corporate Fact Sheet

Coldwell Banker History:

The Coldwell Banker was founded on August 27, 1906 on the heels of the devastating 1906 fire and earthquake that leveled San Francisco. A young real estate agent, Colbert Coldwell saw the need for honest, knowledgeable real estate services to help the city rebuild. As the company grew, he hired Arthur Banker as a member of his sales staff. The two businessmen eventually formed a partnership, and in 1914 the real estate company known as Coldwell Banker was born.

World Headquarters:

1 Campus Drive
Parsippany, New Jersey 07054
http://www.coldwellbanker.com

Key Management:

Jim Gillespie, President and Chief Executive Officer
Rick Davidson, Chief Operating Officer Coldwell Banker Real Estate LLC
Michael Fischer, Senior Vice President, Marketing
Greg Sexton, Senior Vice President, Operations
Steve Bright, Senior Vice President; Regional Director, Western Region
Nelson Bennett, Senior Vice President; Regional Director, Northern Region
Frank Lindsey, Senior Vice President; Regional Director, Southern Region
John Geha, President, Canadian Operations

Parent Company:

Realogy Corporation
Richard A. Smith, President and Chief Executive Officer
Alex Perriello, President and Chief Executive Officer, Realogy Franchise Group

Sales Associates and Brokers:

Approximately 100,000 sales associates and brokers are affiliated with the Coldwell Banker organization.

Residential Offices Worldwide:

Approximately 3,200

Coldwell Banker Locations:

The Coldwell Banker brand has a global reach, with offices on six continents, 46 countries and territories. There are more than 500 Coldwell Banker offices outside of the United States.

Coldwell Banker has a presence in the following countries:

Aruba
Australia
Bahamas
Belize
Bermuda
British Virgin Islands
Canada
Cayman Islands (Grand Cayman, Cayman Brac, Little Cayman)
China
Colombia
Costa Rica
Dominican Republic
Ecuador
Egypt
France
Grand Bahama
Guatemala
Honduras
India (Mumbai only)
Indonesia
Ireland
Italy
Jamaica
Japan
Kuwait
Lebanon
Malta
Mexico
Netherlands
Netherlands Antilles (Curacao, Bonaire, Saint Eustatius, Saba and St. Maarten)
Nevis
Nicaragua
Panama
Peru
Puerto Rico
Romania
Saudi Arabia
Singapore
South Korea
Spain
St. Croix
St. Kitts
St. Thomas
Turkey
Turks & Caicos
United Arab Emirates
United States
Venezuela
Vietnam

U.S. Affiliated Companies (as of 12/31/08):
1,172

2008 U.S. & Canada Sales Volume:
$226.3 billion

This Coldwell Banker profile was last updated by Coldwell Banker on 6/30/2009.

Century 21 Real Estate Overview

2009-10-06T17:21:00.002-04:00

Century 21 Philadelphia Real Estate Overview

Today we will profile one of, if not the largest, real estate franchise in America. Century 21 Real Estate is a name known all over the world. When one thinks of real estate, Century 21 usually comes to mind. The facts in the following profile will help illustrate this point.

If you are a Philadelphia Century 21 real estate agent or broker, please feel free to post a comment about you or your organization below. If you are a customer of C21 in Philly feel free to post a review of your experience here.

Philadelphia Century 21 real estate agents can also use this section to post an advertisement of your listings for sale or for rent. Please feel free to add as much detail about your property so that the readers of this site can learn more about what you are offering.

Century 21 Company Profile

Century 21 Real Estate LLC (century21.com) is the franchisor of the world's largest residential real estate sales organization, providing comprehensive training, management, administrative and marketing support for the Century 21 System. The System is comprised of approximately 7,700 independently owned and operated franchised broker offices and 120,000 agents in 68 countries and territories worldwide.

Century 21 Real Estate LLC is a subsidiary of Realogy Corporation, the world's largest real estate franchisor.

The Century 21® System is actively increasing its presence and market share in the U.S. and globally, with international operations throughout Europe, Latin America, the Middle East and Asia. Contact us to learn more about bringing the most recognized brand in real estate to select markets in the US or countries and territories abroad!

International Headquarters
1 Campus Drive
Parsippany, New Jersey 07054
(877) 221.2765

Philadelphia Realtors | Brokers Reviews List

2009-10-06T17:03:00.016-04:00

This page will provide an exclusive Philadelphia realtors and real estate brokers list and their profile review pages. Here you can click on any of the following Philly real estate brokers to be taken to their profile and review page. On their page you may be able to find comments and advertisements from buyers, sellers, agents, brokers, etc.

There are very few pages that exist like this on the internet that helps connect all of the real estate brokers with interested parties in Philadelphia. Hopefully, this page will be helpful for you. If we have missed any Philadelphia real estate brokers here, please let us know in the comments below and we will be happy to consider them for inclusion. Thanks.

Regards,

Philadelphia Real Estate Blog

Philadelphia Real Estate Brokers Reviews List

Century 21 Real Estate

Coldwell Banker

JMH Realty Concepts, Inc.

Keller Williams Realty

Long and Foster Real Estate, Inc.

Maxwell Realty Company, Inc.

Mercury Real Estate Group

Pine Realty

Prudential Fox and Roach

Remax Philadelphia

Remax City Space

William Festa Realty

Yelson Group

Zip Realty

Remax Philadelphia Real Estate Review

2009-10-01T11:19:00.006-04:00

Remax International Philadelphia Real Estate Review

This week the Philadelphia Real Estate Blog will focus on Remax Philadelphia. Remax is one of the largest residential real estate companies in the United States. Based in Denver, CO, RE/MAX International is a global real estate system of franchisee owned and operated offices and their network of nearly 96,000 independent sales professionals. Remax is also made up of a network of more than 70 regions varying in size. It is amazing how large this company has grown in less than 40 years.

Remax is a major player in the Philadelphia real estate market as they compete heavily with other successful Philly real estate companies such as Prudential Fox and Roach and Keller Williams. Remax has approximately 25 offices in the Philadelphia area including:

RE/MAX PREMIER
Southampton, PA
Serving Huntingdon Valley, Northampton, Philadelphia, Warminster

RE/MAX REALTY SERVICES
Bensalem, PA
Serving Bensalem, Langhorne, Levittown, Philadelphia NE

RE/MAX AFFILIATES
Philadelphia, PA
Serving Bridesburg, Fishtown, Northern Liberties, Richmond

RE/MAX FIRST
Philadelphia, PA
Serving Lawndale, Mt Airy, Oak Lane E, Olney

RE/MAX MILLENNIUM
Huntingdon Valley, PA
Serving Abington, Elkins Park, Philadelphia, Rydal, Southampton, Warminster, Willow Grove

RE/MAX AFFILIATES NORTHEAST
Philadelphia, PA
Serving Bensalem, Lower Southampton, Northampton, Philadelphia NE

RE/MAX HOME EXPERTS
Philadelphia, PA
Serving Bucks County, Camden, Montgomery County, Philadelphia

RE/MAX ADVANTAGE
Huntingdon Valley, PA
Serving Ivyland, Montgomery County, Philadelphia, Southampton, Warminster, Warrington, Willow Grove

RE/MAX 2000
Philadelphia, PA
Serving Bensalem, Feasterville, Holland, Huntingdon Valley, Southampton, Warminster, Willow Grove

RE/MAX GATEWAY
Philadelphia, PA
Serving Huntingdon Valley, Oak Lane E, Philadelphia NE, Philadelphia North

RE/MAX ALL STARS
Huntingdon Valley, PA
Serving Jenkintown, Montgomery County, Philadelphia , Willow Grove

RE/MAX PRIME REAL ESTATE
Philadelphia, PA

RE/MAX EASTERN INC
Philadelphia, PA
Serving Huntingdon Valley, Northampton, Philadelphia NE, Southampton

RE/MAX METROPOLITAN
Philadelphia, PA
Serving Bucks, Montgomery, Philadelphia, Philadelphia NE

RE/MAX COMPLETE
Philadelphia, PA

RE/MAX CITY AND SUBURBAN
Philadelphia, PA
Serving Bucks County, Delaware County , Montgomery County, Philadelphia

RE/MAX SPECIALISTS
Philadelphia, PA
Serving Abington, Cheltenham, Elkins Park, Lansdowne, Sharon Hill, Upper Darby, Willow Grove

RE/MAX MILLENNIUM
Philadelphia, PA
Serving Abington, Bensalem, Cheltenham, Glenside, Jenkintown, Southampton, Trevose

RE/MAX ELITE
Huntingdon Valley, PA
Serving Northampton, Philadelphia, Southampton, Warrington

RE/MAX SERVICES
Blue Bell, PA
Serving Bryn Mawr, Chestnut Hill, Collegeville, Horsham, Lansdale, Philadelphia

RE/MAX FIRST
Philadelphia, PA
Serving Cheltenham, Germantown, Mt Airy, Oak Lane E & W

RE/MAX EXCEL REALTY
Phoenixville, PA
Serving Bayertown, Chester Springs, Collegeville, King of Prussia, Norristown, Philadelphia, Wayne

RE/MAX EASTERN INC
Feasterville, PA
Serving Feasterville, Northampton, Philadelphia NE, Southampton

RE/MAX CENTRAL
Blue Bell, PA
Serving Abington, Fort Washington, Gwynedd, King of Prussia, Philadelphia, Plymouth Meeting, Valley Forge

RE/MAX EASTERN INC
Philadelphia, PA

For your convenience I have posted a short history of Remax below extracted from their website. If you know of anyone that you would recommend from Remax in Philadelphia please let us know in the comments below. Also, Philadelphia Remax real estate agents can post a small advertisement below. State your name and any other information that will help out real estate blog viewers who may be interested in buying, selling, and /or renting a home, condo, or house in Philadelphia.

Remax History

Dave and Gail Liniger founded RE/MAX in Denver, Colorado, in 1973, prompted by their dissatisfaction with the way real estate business was conducted at the time.

Regardless of an operation's size, most real estate offices used the commission-split system, requiring sales professionals to forfeit half of their commissions to their brokers in exchange for an office environment and company services. The top producers contributed the most to the operation's overhead, thus supporting the amateur, part-time and low-producing agents. Most salespeople left the business within two years, making residential real estate a high-turnover industry comprising in large part inexperienced and unprofessional staffs.

The Linigers wanted to change all that.

They believed that to attract and retain the best agents in the business, brokers must offer them maximum compensation, advanced support services and the freedom they need to succeed. Agents would share office overhead and pay management fees, and in return would receive a wide variety of traditional real estate franchise services and more control over their business.
The strategy worked.

Recognized by the homebuying and selling public for its red, white and blue hot air balloon logo, RE/MAX has been the Number 1 residential real estate network in Canada since 1987 and is a leading industry force in the United States and many other regions.

The most significant growth for RE/MAX in recent years has come from expansion into Africa, Asia, Australasia, the Caribbean, Central America, Europe and South America. RE/MAX takes proven techniques and adapts them to local markets, thereby developing a series of tools that real estate professionals find invaluable.

Some of the innovative services created by RE/MAX International to help its members become ever more professional and successful include commercial investment, an international referral network, advanced training courses, state-of-the-art technological tools, Internet and extranet Web sites, and national television advertising campaigns. It was the first - and remains the only - real estate network to invent and maintain a satellite television network (RE/MAX Satellite Network) dedicated to real estate professionals.

In an industry rife with frequent turnover in ownership and management of major real estate networks, RE/MAX remains owned and directed by its founders.

Keller Williams Realty Philadelphia Profile

2009-09-22T13:32:00.004-04:00

Keller Williams Realty Profile

This week the Philadelphia Real Estate Blog will be featuring a quick snapshot of Keller Williams Realty in Philadelphia. There are several major teams associated with Keller Williams in Philadelphia. One of the most prominent teams online is The Atacan Group of Center City Philadelphia led by Antonio Atacan. Some of their awards include:

2001: Top Seller by Greater Pennsylvania Association of Realtors
2001: Top Overall Combined Volume by Greater Pennsylvania Association of Realtors
2001: Top Selling Situations by Greater Pennsylvania Association of Realtors
2002: Top 100 Residential Sales Professional by Prudential Real Estate North America
2002: Top Entrepreneur Realtor by Greater Pennsylvania Association of Realtors
2003: Top 100 Residential Sales Professional by Prudential Real Estate North America
2003: Legend Award by Prudential Real Estate North America
2004: Top 100 Residential Sales Professional by Prudential Real Estate North America
2004: Top 5th Team in Prudential Real Estate North America
2005: The Atacan Group joins Keller Williams International
2006: Top 25 Teams by Keller Williams International
2007: Top 15 Teams by Keller Williams International
2007: Mid-Atlantic Condominium Conversion Leader by Delta Associates
2008: Top 8th Team by Keller Williams International

If you know of anyone that you would recommend from Keller Williams please let us know in the comments below. Also, Philadelphia Keller Williams real estate agents can post a small advertisement below. State your name and any other information that will help out real estate blog viewers who may be interested in buying, selling, and /or renting a home, condo, or house in Philadelphia.

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Keller Williams Company Profile

Founded in 1983, Keller Williams Realty Inc. is an international real estate company with more than over 600 offices located across the U.S. and Canada. The company began franchising in 1991, and following years of phenomenal growth and success, became the fourth-largest U.S. residential real estate firm in North America in 2006. The company has succeeded by treating its associates as partners and shares its knowledge, policy control, and company profits on a system-wide basis.

Structured for Success

The interdependent business model of Keller Williams Realty supports real estate agents and brokers working as a team to maximize results for their buyers and sellers.

Why Use a Keller Williams associate?

Because Keller Williams Realty Philadelphia - Center City has grown from the ground up within Philadelphia, their agents have unparalleled knowledge of their local real estate market and a deep appreciation for their community.

Keller Williams Difference:

Knowledge

Powerful curriculum through Keller Williams University keeps their associates ahead of trends, tools and advancements in the real estate industry.

Teamwork

Unlike other real estate companies, Keller Williams Realty was designed to reward agents for working together, to serve their clients better.

Reliability

Keller Williams Realty was founded on the principles of trust and honesty, emphasizing the importance of having the integrity to do the right thing and always putting their clients’ needs first.

Speed

Leading-edge technology solutions accelerate their associates efficiency and productivity.

Philadelphia Prudential Fox and Roach Realtors

2009-09-15T16:17:00.002-04:00

Philadelphia Prudential Fox and Roach Realtors Real Estate Spotlight

This week the Philadelphia Real Estate Blog will be trying something new. That is, we are going to start highlighting various Philadelphia real estate brokerage companies and posting a small profile about them. If anyone would like to recommend a real estate agent from this company then please do so in the comments below. This will be a very helpful resource for the readers of this site.

Our first profile will focus on Prudential Fox and Roach Real Estate in Philadelphia. Prudential Fox and Roach is one of the oldest real estate service companies in the United States. Originating in 1886, Prudential is recognized as one of the top real estate companies in Philadelphia with a significant amount of employees.

There are five major branches of Prudential Fox and Roach in Philadelphia at the time of this posting, which include: the Center City Art Museum branch (located at 2451 Fairmount Avenue, Philadelphia, PA 19130); Center City Rittenhouse Hotel (located at 210 West Rittenhouse Square, Philadelphia, PA 19103); Center City Rittenhouse Square (located at 1800 Rittenhouse Square, Philadelphia, PA 19103); Center City Society Hill (located at 530 Walnut Street, Philadelphia, PA 19106); and Chestnut Hill (located at 14 West Evergreen Avenue, Philadelphia, PA 19118).

If you know of anyone that you would recommend from Prudential please let us know in the comments below. Also, Philadelphia Prudential real estate agents can post a small advertisement below. State your name and any other information that will help out real estate blog viewers who may be interested in buying, selling, and /or renting a home, condo, or house in Philadelphia.

PARC Rittenhouse Philadelphia Condominiums

2009-09-08T18:31:00.004-04:00

PARC Rittenhouse Philadelphia Condominiums Profile Review

This week the Philadelphia Real Estate Blog will continue the Philadelphia condo saga and put the spotlight on PARC Rittenhouse Condominiums. Below there will be a profile of this condo and its features. If you have any Philadelphia homes or condos that you would like us to list as a profile spotlight, please feel free to email us for consideration. Please remember that we are not affiliated with any realtor or property that is being sold. This website is for informational purposes only. Please see our disclaimer page.

On the East side of Rittenhouse Square in Philadelphia at 225 South 18th Street, the new PARC Rittenhouse Condominiums and club on Rittenhouse Square offers every modern convenience and amenity of a premiere condominium residence—plus a wealth of unique lifestyle features unequalled by any other building in its class.

PARC Rittenhouse Condominiums Profile

A ground-breaking collaboration between real-estate leaders Lubert-Adler, Allan Domb Real Estate and David Marshall, developer of the Rittenhouse, the PARC Rittenhouse Condominiums pairs the prestige, charm, and central location of Rittenhouse Square with the luxurious ambiance and facilities of an exclusive private resort.

PARC Rittenhouse Condominiums Features:

Parc Rittenhouse Pool Club

Your personal sanctuary on the Seventh Floor. An architect-designed outdoor pool with cascading fountains and hot tubs, surrounded by formal landscaping and a spacious wooden deck. Plentiful lounge chairs, poolside seating and cabanas beckon in warm weather; a sunset swim dissolves the cares of the day. And yes, you can order at poolside from the delectable Parc menu. Or bring along a picnic basket… it’s your private paradise, available exclusively to residents.

Seventh Floor Fitness Center

The Parc Rittenhouse Fitness Center is equipped with state-of-the art cardio and weight training equipment and provides ample space for floor exercises. No more heavy gym bag, no more locker fees, no more timetable: it’s never after hours when the gym is in your own home. Locker rooms and shower serve the Pool Club as well.

Media Room

Watch the play-offs, screen favorite movies — or your trip to Costa Rica — on wide screen TV in a Home Theater style environment. Reserve the Seventh Floor Media room and put beer on ice in the kitchen, lay out a buffet or order in. More space to relax in, more room to enjoy your life.

Library/Lounge

Shelves filled with popular fiction, magazines and films line the walls of the cozy library/lounge adjoining the Media Room. For a change of scenery or an informal meeting place outside of your personal domain, the Library, with its deep sofas, fireplace and view of the landscaped pool deck, adds a welcome dimension to your living space and your lifestyle.

Stephen Starr's Parc

At street level along the South and West sides of the building, Stephen Starr’s bistro Parc offers authentic Parisian ambiance and savory French bistro cuisine. The latest dramatic Starr dining room, featuring an authentic Art Nouveau bar and cozy, romantic booth seating, leads to a breathtaking interior courtyard open to the stars, the passing clouds and the colors of the sunset sky. And the menu, c’est fantastique!

Landscaped Garden Terrace

A formal landscaped garden, visible from interior-facing homes and the pool deck, graces the rooftop between the tenth and eleventh floors. Created by the same award-wining team that designed the pool deck gardens, the tenth-floor garden brings the restorative greenery of Rittenhouse Square into the building’s environment.

Residences at Dockside Philadelphia Condos

2009-09-01T21:44:00.004-04:00

Residences at Dockside Philadelphia Condo Review

Over the next several weeks, the Philadelphia Real Estate Blog will be rolling out various profiles of Philadelphia Condos (particularly that are for sale). In the previous weeks we have discussed the Pearl Condos. This week there will be a profile provided of the Residences at the Dockside located at 717 South Columbus Blvd., Philadelphia, PA 19147. There are still various condos for sale there and if you love the waterfront you may want to seriously consider condos such as these. If you have a condo that you would like to feature as a profile spotlight here on our blog, please feel free to contact us to be considered. We love Philadelphia real estate.

P.S. Please keep in mind that we are not affiliated with any of these companies or Philadelphia condominiums. This is an informational blog only. Please see our disclaimer.

Residences at the Dockside Profile

Discover the most exciting opportunity for luxury waterfront condo living that Philadelphia has to offer: The Residences at Dockside, a unique new waterfront condominium now being offered for sale, with unmatched views of The Delaware River, the Ben Franklin Bridge, the Walt Whitman Bridge and downtown Philadelphia. Living in a luxury condominium above the River, you'll become attuned to the beauty of the Delaware's many moods, and the nonstop nautical activity outside your window is always compelling entertainment.

Features

Residences at Dockside Philadelphia Condos are Center City living from a whole new point of view. Residences at Dockside features the following amenities:

• Unique plaza entryway, landscaped and artscaped with contemporary original sculpture
• Three levels of indoor parking with security-gated access
• One reserved parking space for each Dockside resident (with additional spaces available for purchase)
• State-of-the-art controlled access security systems
• Elegant lobby with 24-hour attendant
• Three high-speed elevators
• Resident bike storage
• Resident storage lockers (limited availability for purchase)
• Health and fitness facility equipped with state-of-the-art cardio and resistance equipment
• Indoor swimming pool and hot tub
• Spacious community entertainment room with party kitchen, big screen TV, surround sound system and expansive terrace with extraordinary views

About Residences at Dockside Developer

Founded in 1946 as Tony DePaul and Son, The DePaul Group has grown into a multi-faceted organization, with real estate and construction the Company’s primary focus.

The DePaul Realty Company is the residential development and property management division of the DePaul Group. The Company has designed, built and currently manages shopping centers, commercial office buildings, and rental communities consisting of approximately 5,000 apartments. The DePaul Group has also developed and manages numerous other properties including assistedliving and senior living communities, country clubs and restaurants,catering and banquet facilities.

DePaul has earned a reputation for uncompromising quality and unrivaled attention to detail. Under the guidance of president Peter DePaul and a hands-on, forward thinkingmanagement team, the company’s dedication to excellence is visible in every aspect of its properties. From imaginative design and state-of-the-art construction techniques to unequalled customer service. The DePaul Group never loses sight of customer needs and desires.

Quality, innovation, value, service... all trademarks of The DePaul Group that are clearly evident in The Residences at Dockside.

Philadelphia Condos

2009-08-28T17:52:00.002-04:00

Philadelphia Condos Review

In our current economy, the Philadelphia Condos market is still holding very strong. Many of these condominiums are located in very desirable areas of Philadelphia and are operated by very financially solid companies. This post is a follow up to last week’s post about the Pearl Condominiums that were sold out. It is very interesting to see that if you are a contractor or an investor and really have a specific market that you are focusing in on then you can still make money in the Philly real estate market regardless of the economic state.

Many Philadelphia condos are also great investments for the condo buyer. The condo market can realize significant appreciation in addition to possible tax benefits affordable to first time home buyers. There are many downsides to the condo market though, including a loss of value, and too many condo rules. Despite its limitations, if you are looking to live or invest in a Philadelphia condo then you will be amazed at how many options there are out there for you. These options include: townhouse condos (or townhomes condos), waterfront condos, residential condos, Center City condos, Main Line condos, Broad Street condos, old and new condos, parking condos, historic condos, downtown condos, and rental condos. Just make sure you do all of your research first. This includes taking a peek at all of the pictures available of various Philadelphia condos online.

Last week, Pearl condos have sold out all 90 of its units. That is a very large number considering the price tag to live in Chinatown (which is also Center City, Philadelphia). The master minds of Pearl Condos, Parkway Corporation, demonstrated the ability of an organization to cater a product around a certain niche. They have created Chinese style condos that are specifically suited for Philadelphia condo owners who need a place to live in the ways of “Feng Shui.” The goal of “feng shui” is to position the home in such a way that is congruent with its philosophy.

Parkway Corporation was aware of the need for these types of Philadelphia condos, specifically aimed at Chinese who follow the ways of “Feng Shui.” These developed condos, resulting in a sold out status in one of the worst recessions in American history, proved that the real estate market can be as strong as the investor, builder, and the salespersons. With a proper plan from the start, a definite need, and the ability to make it happen, the various Philadelphia real estate markets (including the Philadelphia condos market) can still produce amazing returns.

Philadelphia Condominiums For Sale

2009-08-17T19:56:00.008-04:00

Philadelphia Chinatown Condominiums For Sale

Philadelphia Real Estate Blog has recently been notified from one of our sources that the new Philadelphia Chinatown condominiums for sale from Parkway Corporation has recently been sold out. There is a very interesting history to this story for those Philly investors who have been monitoring the progress of these Philadelphia condos. I have added the press release below for your convenience. If you have any updates to this story or any insight please feel free to comment below. Thanks.

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A “Pearl” in Chinatown

Parkway Corporation Defies Market Conditions by “Selling Out” Pearl Condominiums in Chinatown, Philadelphia

(Philadelphia)- You may know Parkway Corporation for its parking garages in the city, but its residential building in Chinatown is making news now. Countering the trend in residential condo sales in town, Parkway recently closed on its last condo unit (and thus sold out) at Pearl Condominiums on 9th and Arch Streets in the heart of Philadelphia’s Chinatown neighborhood.

Pearl Condominiums, which broke ground in 2006, represented the first new construction in Chinatown, Philadelphia in approximately four decades. The site had been vacant for about 40 years prior as well. After struggling to find business partners in the community who would take the risk to develop in Chinatown, Parkway Corporation joined forces with Pan Am Realty to bring to life this exciting, unique development.

Covering 92,125 feet, Pearl Condominiums offers moderately priced housing near Center City and retail space for businesses. The building is almost all first generation Chinese residents. The units have been designed under “feng shui” principals specific for the Chinese community. Despite facing tough economic conditions, the complex has filled all of its 90 residential units. This past April, Pearl’s impressive public art contribution was unveiled - Chinatown’s Four Dragons - and dedicated as a gateway to Chinatown for visitors and tourists. Offering beautiful Philadelphia condos, a prime location for businesses and a unique art contribution, Pearl has certainly become one of Chinatown’s newest treasures.

Philadelphia For Sale by Owner | FSBO

2009-08-11T17:14:00.003-04:00

Philadelphia For Sale by Owner (FSBO) Review

So you want to list your Philadelphia, PA homes for sale by owner (FSBO). You think that you have what it takes and you know more than most other Philadelphia real estate professionals. This may be true and may not. One thing is for certain – if you don’t know what you are doing than you better think twice.

For sale by owners, shortened to FSBO, is when an owner lists their property for sale instead of using a real estate agent. That is, they sell their own property all by their lonesome. There is a big advantage for a homeowner in doing this. In Philadelphia, the average real estate commission is 6%. So on a $100,000 house that would equate to an extra six thousand dollars that you will have to spend if you use a Philadelphia real estate agent. If the property is one million dollars than the stakes went up to sixty thousand dollars (that is a big difference). The average American salary is somewhere around $30,000 so if that $1 Million property was yours, you could save 2 years of hard labor by selling the property yourself. Are you convinced that a FSBO is a good thing yet? Keep reading.

Despite the real estate commission that you will have to pay, a preliminary Philadelphia For Sale By Owner should know that there are benefits to using a Philadelphia real estate agent. If you work with a very good Philadelphia real estate agent, the money spent on a real estate commission would be more than acceptable – it would be a blessing.

Think about it…if you have developed a relationship with a real estate agent who hypothetically had the following characteristics: He/She has been in the business for a long time; is also an investor; makes big money as an investor, has sold plenty of homes; knows about the real estate process from the first hand shake to the point where the check is put in your hand; has tons of connections in that area, is a genuinely good person who likes to help others; and this person can absolutely be trusted…Now… What do you think is the value of such a person. Probably more than 6% if you had to put a price tag on it?

If such a real estate professional exists, think about what a good business relationship with him or her can do for you in a time period of 5, 10, or 30 years. If you were loyal to such a person and continuously gave them your business…don’t you think that they would do anything they can to ensure your success in the real estate game? For example, if a hot deal on a property shows up on the market, a relationship with such a real estate professional may cause him or her to offer this property to you before anyone else. First come first serve applies even better when you are dealing with friends.

The point that I am illustrating is that there is a significant value to having a good real estate professional that an FSBO cannot compare to. In this hypothetical situation, we are assuming that the real estate agent has at minimum many of the qualities above and that the seller or investor does not have the same talents or abilities (or time) as the ideal real estate professional. Over time, a good business relationship with a solid real estate professional could end up very prosperous for an investor or seller.

FSBO also requires specific real estate knowledge and skills that the average person doesn’t have or care to earn. The lack of proper guidance cannot only cost you money - it can put you in the hole. Real estate transactions are the biggest financial events that happen for an average person. Some people will maybe only buy or sell one or two homes in their entire life. If you fit into this model, wouldn’t you want to do it right (you may only have one shot). Why chance it and try to do something that may possibly cause severe negative consequences to your financial situation. Real estate mistakes are in many cases irreversible and life changing!

Let’s give another example of the value of a real estate agent over becoming a for sale by owner. If you had a $300,000 (market value) house for sale and you decided to sell it on your own you could roughly save about $18 thousand (that is 6% * $300K). That is some big numbers but don’t be mislead. Suppose that you could only sell that house for $250K. That would be a $15K commission saved. However, if you gave it to a real estate professional armed with all of the proper resources and connections and he or she was able to sell your house for $280,000 then the real estate professional was more than worth it. You would have made $30K more than if you sold your property FSBO style. Although you would have to give up a real estate commission of $16,800, you would still have made an extra $13,200 more than selling the property on your own.

The FSBO example above was just a small one to demonstrate the goodwill intangible value to a quality real estate professional. I don’t want to mislead you, there are plenty of Philadelphia real estate agents that may never be able to help you make a dime with Philadelphia real estate and don’t fit 1% of the ideal real estate professional above. However, the point that I am trying to make is to demonstrate that if you are considering being another For Sale By Owner than just consider your opportunity cost that you may be sacrificing if you don’t hire the proper Philadelphia real estate agent. I want my readers to realize that every side of the argument for or against a real estate agent has valid points. Weigh them all out carefully before making your decision.

Philadelphia Real Estate Blog and For Sale By Owner Review

Philadelphia Real Estate Agents

2009-08-04T17:23:00.003-04:00

Philadelphia Real Estate Agents Review

It is the first week of August 2009 and it is a tough time for most Philadelphia real estate agents. To sell a house these days Philadelphia real estate agents have to show it a thousand times. This may be a little stretch of the imagination but…not too much.

Philadelphia real estate agents have a tough job so you have to give them credit. The ones that are left still selling houses today are the agents that either been there before the real estate boom, already have enough money to whether the storm, or sell real estate as a hobby. I am sure that there are several more reasons but they would probably be very similar to the above.

There are still new Philadelphia real estate agents though (defined as just getting into the business) but not as many as a few years ago. When everyone was making money buying and selling property, many people thought it was a no brainer to join a real estate brokerage firm to become a real estate agent. Hey, I just go and take a couple tests, show a house a day and sell ten a week…No problem! They were right though…it was not a problem until s#%t hit the fan.

Over the past year there has been a significant turnaround in real estate agents and many Philadlephia real estate companies. Brokers have also let many of their employees go as a result of the economy. This cost cutting tactic has been used by many big companies recently as many firms are left without an option.

It is ironic to see many of the bosses and or brokers at many real estate companies back to handling all of the affairs of the company that had become outsourced. If you stop in many Philadelphia real estate agencies today you shouldn’t be surprised to see the head broker or owner taking out the trash and answering the phones at the same time. Their help has been retired as of the real estate crunch and many businesses are so streamlined that they have become as slim as 10-30% of what they were in 2005.

Despite, all of these cost cuts, many Philadelphia real estate agencies that are still in business are surviving. If anything, the economy is beginning to pick up and they are starting to sell houses and make money again. Philadelphia real estate agents are still working ten times harder than a few years ago for half the pay but then again…what job really is always easy?

When the boom happens again will as many people jump on the real estate agent bandwagon?

Will the market be flooded again with Philadelphia real estate agent “wan a bees”?

I don’t know but can only guess yes. Regardless, if this market has proven anything it is that the real estate companies and investors who were here before all of this drama happened will most likely be the same investors and agencies that will be here again and again until death do us part.

As the saying goes “Only the strong will survive.” In regards to real estate agents, companies, and investors…the strong are the ones that have already weathered many storms. To those people and entities this recession will only make them stronger as their counterparts are eliminated.

If you are a Philadelphia real estate agent, let us know your story!

Philadelphia Water Department | Quality | Pollution

2009-07-28T16:36:00.002-04:00

Philadelphia Water Department, Philadelphia Water Quality, and Philadelphia Water Pollution

This article is about Philadelphia water pollution and how The Philadelphia Water Department (PWD) is handling it. Philadelphia Water quality is slowing improving but has many more milestones to overcome. The Philadelphia real estate market is highly dependent on keeping our city’s pollution level down, especially water.

The following information is from The Philadelphia Water Department. Again keep in mind that some of this information may be considered propaganda. However, with limited information available to Philadelphia residents, the following information about Philadelphia water is a great starting point. To learn about Philadelphia air pollution, please visit our Philadelphia air pollution page.

PWD, Philadelphia Water Pollution, and Progress

In 1972, the Federal government passed the Clean Water Act and the first National Water Resource Protection Legislation was in place. Finally, clean water sources such as rivers, lakes, and streams were recognized as critical resources.

The Clean Water Act addressed how municipal wastewater treatment plants must operate, and requires these plants to provide secondary treatment. Before the Clean Water Act went into effect, many municipal wastewater treatment plants only provided minimal treatment. Pollutants from business, industry, and residential use were being released back into our nation's rivers, lakes, and streams.

Working together with the Safe Drinking Water Act which regulates the quality of water before it goes to our homes and taps, the Clean Water Act controls the quality of the water after it leaves our homes and businesses. Along with additional Industrial Wastewater Regulations that the City of Philadelphia has in place, PWD has a complete system of controls and regulations to protect our water supply at all points of the Urban Water Cycle.

Through a number of plant upgrades, including the comprehensive program begun in the 1970s, PWD now operates three award-winning water pollution control plants. Their secondary treatment systems are in place at all three of their water pollution control plants, at a total cost of approximately one billion dollars. These plants remove approximately 92% of the pollutants before the water is returned to the Delaware and Schuylkill Rivers. As a result, the Delaware River, once so polluted it could no longer support aquatic life, now boasts the return of approximately 42 species of fish as well as vibrant waterfront living

After Philadelphia Water Department’s tremendous investment and progress in wastewater treatment, sparked by the federal Clean Water Act over 25 years ago, Philadelphia now enjoys watersheds that are cleaner and healthier than they have been in well over a century. As a result, the quality of Philadelphia drinking water has improved, and new economic and recreational activities are coming to life along our Schuylkill and Delaware Rivers.

Another major service goal for the Department in the years ahead is to help preserve and enhance the water quality in the region through effective wastewater and storm water services, along with planning and acting in partnership with other stakeholders to achieve a sensible balance between cost and environmental benefit.

The Water Department invests roughly a quarter of a billion dollars every year through their combined operating and capital budgets to protect the region's watersheds. While Philadelphia Water Department expends most of these dollars in operating their wastewater treatment plants and maintaining their sewer infrastructure, they are also among the region's leaders in using innovative practices such as biomonitoring of fish and insects in the region's waterways and in using sophisticated information technology for watershed modeling.

The Philadelphia Water Department is committed to continuing their investment in protecting the region's water environment, and they have created a new Office of Watersheds in 1998 to help guide their efforts.

Philadelphia Water Department has Award-Winning Performance in Wastewater Treatment. During the past decade, the national Association of Metropolitan Sewerage Agencies (AMSA) has honored all three of the Department's wastewater treatment plants with awards for perfect environmental regulatory compliance.

Although Philadelphia Water Department’s responsibility for managing Philadelphia's storm water system is probably less recognized than their water supply and wastewater treatment roles, storm water management is an important service for flood control and environmental protection. As part of their increased emphasis on this service, they continue to focus substantially more effort on keeping Philadelphia’s storm drains free of debris so that rainwater and runoff can be collected effectively off streets and rooftops.

Philadelphia Water Department’s crews maintain storm drains citywide, in addition to 600 miles of sewers that handle only storm water, and nearly 1,600 miles of sewers that handle storm water along with wastewater flows.

Philadelphia Water Department’s employees also operate a 73-acre biosolids recycling facility -- the largest of its type in the United States. This facility processes the biosolids resulting from wastewater treatment for a variety of environmentally beneficial uses including compost for gardening and horticulture, revegitation of strip mines, fertilizer for farmlands, and restoration of City parks and play fields.

Philadelphia Air Pollution

2009-07-21T19:52:00.003-04:00

Philadelphia Air Pollution and the Real Estate Market

The information below is about Philadelphia air pollution. As a suggestion from one of our readers, I will begin to make several posts about various types of pollution in Philadelphia. The information that I will be providing today will focus on air pollution.

Air pollution is one of the major pollution concerns for our modern world particularly in the past two hundred years. Although the City of Philadelphia claims to have drastically dealt with the situation compared to 50 years ago, the fact is that there is still a problem. This affects city dwellers as well as suburbanites.

This issue of pollution needs to be addressed now more than ever. The automobile industry is a major cause of this air pollution and with the auto industry being shaken up from the economy, I believe that now is the time to advance greener causes. The greener causes that will help rid air pollution are found in non polluting automobiles. Some examples include the electric and/ or solar car. They are expensive to make but if the auto industry takes a stand for the right reason, production in masses will bring its price to an acceptable market level.

Below is information from the City of Philadelphia about Philadelphia Air Pollution. Just keep in mind where this information is derived from and how much should be believed. Some may consider this information to be public propaganda that is trying to mask real pollution issues. So take it for what it is worth.

This post will first explore the history of air pollution control in Philadelphia. Next, there will be an introduction to the City of Philadelphia Department of Public Health Air Management Services (AMS). Third, an overview will be presented of the Philadelphia Air Monitoring Network. Fourth, some general questions and answers about Philadelphia Air Pollution will be presented. Fifth, a summary of current Philadelphia air pollution progress. Finally, I will show the connection between Philadelphia air pollution and the Philadelphia real estate market.

Philadelphia Air Pollution Control History

1904 Philadelphia passed an ordinance to regulate emission of smoke from
chimneys, stacks, flues or open spaces, providing a color scale for the measurement
of the degree of darkness of such smoke, making it unlawful to permit the escape of
smoke of a certain degree of darkness and providing a penalty for the violation of the
ordinance. It was enforced by the Bureau of Boiler Inspectors.

1948 A City Council ordinance established The Division Of Air Pollution Control and
The Air Pollution Control Board in the Bureau Of Health in the Department Of Public
Health, defining their power and duties, providing for administration and
enforcement and fixing penalties. The Agency was created in 1949.

1954 A City Council ordinance prohibited open burning and limited smoke emissions.

1954 Environmental Health Services was created. Air Pollution Control became a
Section of Environmental Health Services.

1955 Congress passed the Air Pollution Control Act.

From 1956 to 1963 sulfur dioxide levels in the City of Philadelphia fell almost in half,
and particulate levels declined by 25%.

1958 Inspectors began routine inspections for area surveillance, permit and license
checks, hazardous gas and vapor emissions and in response to reports and concerns
from the public.

1964 Air Management Services’ new laboratory was dedicated, providing a new
modern facility for operation of its air monitoring and sampling activities.

1968 The Pennsylvania Air Pollution Control Commission became dissatisfied with
some of Philadelphia’s air pollution control program activities and decertified

1969 Philadelphia, with much publicity and involvement of City Council and the
public, passed the Air Management Code. The City established Air Management
Services as a division of the Department of Public Health with its head, an Assistant
Health Commissioner, reporting directly to the Health Commissioner. The code now
defined that air pollution emissions in excess of standards promulgated by the Air
Pollution Control Board constituted a nuisance per se. It authorized the Board to
establish air quality objectives and to achieve these goals through the enforcement
of regulations. Philadelphia’s air pollution control program was back in business.

From 1969 to 1971 931 incinerators closed down or were sealed during
implementation of the new regulations. PECO (Philadelphia Electric Company)
reduced sulfur emissions by 61% and particulate emissions by 86%.

1967 The U.S. Clean Air Act Amendment converted criteria pollutant levels into
requirements.

1970 Air Management Services established a city-wide network of air monitoring stations, and began a comprehensive program to reduce particulates, sulfur dioxide, and hydrocarbon emissions. Detailed engineering surveys were made of companies throughout the city, compliance schedules were negotiated, air pollution inspectors patrolled the city looking for violations and responding to complaints and recalcitrant polluters were taken to court.

1970 Congress passed the Clean Air Act Amendments.

1971 The first annual Earth Day was celebrated.

1971 Philadelphia’s Asbestos Control Regulations were written.

1975 Philadelphia took responsibility for the implementation of the US EPA National Emission Standard for Hazardous Air Pollutants (NESHAP) for asbestos.

1976 Noise and Vibration control were added to the Air Pollution Control Program.

1978 The sulfur content of heating oil was limited to .2% in Philadelphia.

1980 The Philadelphia Board of Health adopted Noise Regulations.

1981 Philadelphia banned coal burning for heating and cooking.

1981 Philadelphia adopted Air Quality Guidelines for 99 toxic air pollutants.

1987 the Asbestos Control Program was added to Air Management Services.

1989 Asbestos Control Regulations were adopted by the Board of Health.

1990 Clean Air Act Amendments of 1990 were passed, providing a major overhaul of
the Federal air quality regulations, including creation of the Title V section requiring
unified permitting of air pollution from major facilities.

1991 The Commonwealth of PA implemented requirements to certify individuals in
asbestos occupations and state notification prior to the start of asbestos projects.

1996 Autobody refinishing regulations were adopted.
According to AMS, using today’s standards, in 1962, over half of all days would have been considered to have unhealthful air quality. In 2000,there was only one unhealthful air quality day.

Who is the City of Philadelphia Department of Public Health Air Management Services (AMS)?

AMS is responsible for the prevention, abatement, and control of air pollution and air
pollution nuisances, achieving and maintaining federal National Ambient Air Quality
Standards (NAAQS) in Philadelphia, and protecting the health and quality of life of the
Philadelphia community from the adverse effects of air contaminants and noise.

AMS implements the environmental protection mandates contained in city, state, and
federal laws, reviews construction and operating permits for compliance with air standards and guidelines, operates and maintains a citywide air sampling network to continuously monitor Philadelphia's air, routinely inspects pollution sources, services citywide complaints of air pollution, asbestos, and noise, responds to complaints, conducts enforcement actions against violators of air pollution and noise standards, issues violations, enforces standards, and advances voluntary emissions reductions.

A little on the Philadelphia Air Monitoring Network

The City of Philadelphia is served by a network of 12 air monitoring sites located
throughout the City that measure the criteria pollutants: ozone, carbon monoxide (CO),
nitrogen dioxide (NO2), sulfur dioxide (SO2), particulate matter (PM10 and PM2.5), and
lead. Five of the sites also measure toxics, such as benzene, acetaldehyde, and carbon
tetrachloride. Many of the measurements are made in "real time," meaning that the
measurements show pollution levels as they occur, instead of after the fact.

AMS measures air quality for several reasons:

• To ensure that long-term goals and targets to reduce levels of air pollution are being
met.
• To provide information to the public as to how good or bad the air quality is in Philadelphia.
• To ensure attainment with standards that are set forth by the EPA.

The following air pollution information is from the Philadelphia Department of Public Health Air Management Services

How do I report an air pollution problem?

For Philadelphia, call 215-685-7580 during AMS office hours from 8 AM to 4:30 PM weekdays. All other times, call 311. By calling immediately at the time of the problem, AMS will have a better chance of observing the problem directly and developing an appropriate and timely response.

What information should I report for air pollution problems?

The date, time, location, responsible party (if known) and a description of the problem is requested. A callback name and telephone number is helpful in the event that we are unable to identify the problem. Anonymous calls are also accepted.

Does the City of Philadelphia have regulations to control the hazards of asbestos?

Yes, the city has comprehensive regulations to control asbestos. Projects involving abatement of friable asbestos must meet the requirements of the Asbestos Control Regulations.

What do I do if there's carbon monoxide in my house?

Seek fresh air and contact 9-1-1 for rescue if someone is unconscious or needs help. Otherwise, contact 311. The operator will assist in contacting AMS and other responders as needed.

Is an air permit required for my facility?

An Air Management Services Permit is required prior to the construction, installation, alteration, or replacement of any equipment or device causing the emission of air contaminants or the elimination, reduction or control of the emission of air contaminants. A permit is not required for minor repairs which do not materially alter the quality or character of air emissions nor is the permit requirement applicable to any household appliance; any structure used exclusively as a one or two family dwelling; any motor vehicle or other equipment used on the highway; or fuel burning equipment with rated capacity of 250,000 BTU or less per hour. For questions or assistance, please call 215-685-7572.

How was Philadelphia's air quality in 2008?

In 2008, Philadelphia's air quality was rated "good" on 170 days, "moderate" on 165 days, and "unhealthy" on 30 days. These ratings are based on the Air Quality Index (AQI), a system used by cities throughout the country to describe the quality of the air. Air Management Services (AMS) monitors the air quality and enforces the air pollution regulations in the city.

Has the air quality in Philadelphia been improving over the years?

Overall Philadelphia's air quality is good and improving. Since 1979, while fluctuating from year to year, the trend of unhealthy and very unhealthy days has steadily declined especially since 1988. In 1999, the national standard for 8-hour ozone was incorporated into the AQI, and in 2004, the national PM2.5 standard was added. In 2008, the 8-hour ozone standard became more stringent. Because these are more stringent standards, some days that in prior years would have been reported as good fell into the moderate range. This does not reflect a deterioration in air quality.

Where and how is air quality measured?

The city's air is sampled at stations scattered throughout Philadelphia. Every minute, monitoring instruments at these stations send information on current air quality to the department's computer system at the AMS Laboratory located at 1501 E. Lycoming Street. This is called a "real time" system, because the measurements show pollution levels as they are occurring, not after the fact. It allows AMS to evaluate air quality almost continuously. This constant monitoring ensures that no episodes of high pollution are missed and that there are no pollution risks to the public's health. Check out the latest Air Monitoring Network Plan for Philadelphia.

How do I find out more about the air quality in Philadelphia?

The Air Quality Index (AQI) tells you how clean the air is and whether it will affect your health. To obtain general air quality information for Philadelphia or to arrange for a school or group based presentation, a speaker or information booth for a health or environmental fair, contact Air Management Services at 215-685-7586. Also, check out the latest Air Quality Report for Philadelphia.

What is a criteria pollutant?

A criteria pollutant is one of the six pollutants that are regulated under standards provided by the US Environmental Protection Agency (EPA) to protect the public health and welfare. The criteria pollutants are: ozone, carbon monoxide, nitrogen dioxide, sulfur dioxide, particulate matter, and lead.

What does nonattainment mean?

Nonattainment refers to a violation of the ambient air quality standards set for a criteria pollutant. The final designation for nonattainment is given by the EPA after it reviews the recommendations of the State's governor and looks at air quality data for an area. A designation of nonattainment obligates the state or local air agency to identify the causes of pollution, and create and implement a strategy that will improve air quality to the point that it meets the standard.

What is an air toxic?

Hazardous Air Pollutants (HAPs), commonly referred to as air toxics or toxic air pollutants, are substances in the air that cause adverse health effects or environmental damage at sufficient concentrations and exposure. The Federal Clean Air Act Amendments of 1990 list 187 pollutants or chemical groups as HAPs. HAPs that are of greatest concern are those that are released to the air to create a risk to human health.

Why is the ozone layer in the atmosphere considered good, and ozone at ground level considered a health risk?

High in the atmosphere, ozone provides a protective covering for the earth from the sun's ultraviolet (UV) rays, which are harmful. However, ozone low to the ground is formed when certain chemicals and sunlight interact, and is the chief ingredient in smog. It is a strong irritant to the upper respiratory system and eyes, and can cause damage to crops.

What should I do if there is unhealthy air quality?

Consider limiting strenuous activity outdoors, especially if you are a member of a sensitive group (the elderly, children, and those with heart or lung problems). Limit the use of your car during daylight hours, and avoid using lawn or garden equipment that requires gasoline.

How can I make a difference?

In the course of our daily activities, each of us can do some small things that will improve our air quality. Many things that we take for granted have an impact on our air and on our health, including activities such as driving, lawn mowing, house painting, barbecuing and even polishing fingernails. Motor vehicle exhaust creates one-third to one-half of all of the ozone-forming pollution found in the world today.

If you want to make a significant impact on the environment, here are some tips on maintaining and driving your car for maximum pollution control.

· Keep your car's engine tuned up. It will run better and emit less pollution.
· Use a car or vanpool, mass transit, bicycle, or walk whenever you can.
· When you do need to drive, plan ahead so you don't make extra trips.
· Try to park in a central spot so you can walk to each of your errands.
· Stay within the speed limit - cars emit less pollution at 55 mph than at higher speeds.
· Lower the thermostat in winter and raise it in summer.
· Use fuel efficient vehicles.
· Use electric mowers, blowers and trimmers instead of gas.
· Do not top off the gas tank.

Philadelphia Current Air Pollution Summary (from the 2006 Philadelphia air Quality Report)

In general, trends show many air pollutants in Philadlephia to be decreasing. In 2006,
Philadelphia was considered to be in attainment for all pollutants, with the exception of
ozone and particulate matter less than 2.5 microns. There were 220 good days, 135 moderate days, and 10 unhealthy days in Philadelphia. In addition, air toxics that are measured in Philadelphia that show an excess lifetime cancer risk of 1 or more out of a million are: 1,1,2,2-tetrachloroethane, 1,4-dichlorobenzene, acetaldehyde, benzene, carbon tetrachloride, methylene chloride, ethylene dichloride, and tetrachloroethylene.

Philadelphia Air Pollution and the Philadelphia Real Estate Market

The information above from the City of Philadelphia presented various information about the air pollution issue in Philadelphia. This information needs to be carefully weighed by all as some content is highly debatable. Regardless, some things that most people would agree with is that the air pollution problem (and other pollution problems) do have an effect on a real estate market. If the same investor had a choice between living in a city that has no pollution versus one that is very polluted (assuming all other variables are the same) then they would choose the city without pollution. This translates into money lost to the dirty polluted city.

A healthy real estate market should have a healthy environment to live in. If given the option, nobody in their right mind would prefer to live in conditions that are detrimental to their health.

Philadelphia Real Estate Blog on Philadelphia Air Pollution.

Real Estate Group

2009-07-15T20:44:00.003-04:00

Real Estate Group/ Forum

The Philadelphia Real Estate Blog has recently been improving its new real estate forum that was created called The Real Estate Group. Many members have been being added recently. If you are interested in being a part of the real estate club then please follow the link on the left hand side or the link above.

Being a part of a real estate group can clearly have many positive implications for an individual. But if you were to be a part of a real estate group the trick is to find the right one. I have created The Real Estate Group in order to streamline the process of making real estate friends online.

A real estate forum can help real estate lovers discuss real estate ideas better than many other channels. This is because any member within this group has the ability to start a new discussion thread that can be shared with others. Also, anyone can reply to any of the real estate topics or discussions. This is ideal rather than a blog where one can only comment and the administrator is the one controlling the topic.

The Real Estate Group is a real estate club set up in a forum format. It is open to everyone and new discussions can be added by anyone. Anyone can reply to the discussions that were created.

There are all kinds of real estate groups set up for different reasons. The real estate group that I set up was for the purpose of connecting various individuals to discuss real estate related topics. This group is open to all not just people from Philadelphia. Thus, there will be a diverse group of members with various real estate interests from all over the world.

What is the advantage of joining a real estate group? An advantage of a real estate group is to have the ability to network with other like-minded individuals who may have the same interests. In this case, real estate members are seeking out other individuals for real estate related reasons. Some people may be hiring for real estate jobs. Some people may be seeking someone to buy a property or help them sell property. Others are just interested in networking with people with similar interests.

Some other advantages of being part of a real estate group include: learning more about various real estate topics; soliciting your real estate related business; finding other real estate opportunities; and being part of something special.

I encourage all those who read this blog regularly to join this group as it will be one of the largest real estate forums. Members are being added daily and so are the discussions. Although this real estate forum is in its infancy, I believe that there is much promise to this real estate forum that will supplement the advantages of this blog. So join The Real Estate Group and I will see you soon in our real estate discussions!

Philadelphia Real Estate Blog Twitter

2009-07-09T16:52:00.004-04:00

Philadelphia Real Estate Blog Via Twitter

The Philadelphia Real Estate Blog is now signed up for Twitter. Twitter is a great way for various real estate professionals to interact and network online.

What is Twitter? Twitter is a method for various people to communicate with each other. On Twitter, your sentences are capped out at 140 characters so what you say must be short and sweet. The Philadelphia Real Estate Blog’s address on Twitter is http://www.twitter.com/arealestateblog. Our user name was shortened due to their length restriction to Philadelphia RE Blog (but we all know that we are the one true Philadelphia Real Estate Blog).

So this post is a short one folks. I just wanted to make sure that everyone visits us at our twitter account. If you want to follow us you can click the link to our page on the side panel.

I wonder what we should twit about. This is an experiment for this blog so only time will tell where Twitter will take us. Feel free to come along for the ride to experience Philadelphia real estate via brief sentences from Twitter (Is that possible?).

Buy House Paint Online

2009-07-01T17:40:00.004-04:00

Buy House Paint Online For Your Philadelphia Real Estate

This post is a quick review of our friends over at Buy House Paint Online, a paint blog for EPaintStore.com. EPaintstore is one of the oldest online paint stores on the internet (since 1998). They have several blogs, one called Epaintstore Blog and the other is Buy House Paint Online. If you are interested in buying House Paint for your Philadelphia real estate then this is the place to do it.

EPaintstore.com is the leading paint company online for house and commercial paint, both interior and exterior. I am mentioning them on our blog because most of our readers are tech savvy individuals who operate mostly online. Those of you who own Philadelphia real estate may have various needs that can be resolved from the online real estate community.

If you are a landlord, then you may need to update your apartments every time a tenant relocates. Some of the major updates include carpeting and new paint. If you like to do it yourself then I would strongly recommend that you check out EPaintstore’s website and buy paint online from them.

Shopping online to buy paint can save you money and time because it allows the consumer to seek out the best prices. Customers can save time by not have to drive to the paint store and pick up the products. The painting supplies will instead go directly to their house. This also saves much energy.

Philadelphia Real Estate Blog supports online websites and blogs that help the Philadelphia real estate community with efficient online products or services. EPaintstore does exactly that. Buying paint online has never been easier. This online paint company carries almost any paint brand that you can imagine including Benjamin Moore. Buy House Paint Online is their new blog that has just been released where they will discuss various paint products.

Painting is an important part of the real estate process and must be understood by those real estate investors at all levels of the game. With a place like EPaintstore.com, one can purchase all of the paints that they need with a click of the button. Online paint supply companies are useful to many people including: tenants, landlords, rental management companies, builders, contractors, and of course painters.

Although we are not affiliated with EPaintstore.com or their blogs, we are very aware of their presence in the real estate industry. If anyone has given them a try before, you are more than welcome to wright an honest comment about them below.

I hope that you have enjoyed Philadelphia Real Estate Blog’s review of Buy House Paint Online!

Real Estate Online

2009-06-23T18:09:00.002-04:00

Real Estate Online Review

There are many reasons why real estate online can be very helpful. This article will explore the advantages of buying, selling, renting real estate online for the general as well as the Philadelphia real estate market. The internet has revolutionized the way our society views real estate. This analysis will bring this topic into better perspective.

The first reason why real estate online is advantageous is that it is convenient. People can shop from home without ever having to leave their seat by the computer. Historically, shopping for real estate was a complicated process. A realtor would have to set up an appointment with you for every single house that you may have been interested in. Then with the invention of the camera, the process was cut out a little. An investor or home buyer could screed through a list of pictures in a magazine or newspaper and find the houses that were of most interest. Then the real estate agent could focus on showing just those properties.

With the internet, finding real estate online could not be any easier (until teleporting is invented). One could sit in their chair and browse through thousands of listings, with or without photographs. Then they could sort through the various pictures of a specific property to get a strong feeling of whether or not they have any interest.

If the investor or home seeker needs more information, they could search to find out about the specifics of the property. How many bedrooms does it have? How many bathrooms does it have? When was the house built? How old are the plumbing and electric? Someone can even find out how much the previous owners bought the property for and who the owners were.

Shopping for real estate online is very convenient because time is saved. This leads to the next advantage of real estate online: speed. The amount of time that it would take to find a home by visiting let’s say...100 properties in person would take weeks if not months. Those same 100 properties if they were on the internet would take an individual maybe a few days tops (a fast researcher would take a few hours).

This real estate searching power has exponentially revolutionized the way real estate business is conducted. Everyone in the real estate cycle is now empowered to make faster decisions. The buyer can shop for more homes in a faster amount of time. The seller can list their properties online for more people to see in a faster amount of time. The realtor can list all of their listings for buyers to see in a faster amount of time. The real estate agents can help search for more suitable properties for their clients in a faster amount of time. Apartment seekers can search for more apartments and rentals in a faster amount of time. Landlords can showcase their apartments for prospective tenants to view in a faster amount of time. Speed is also applicable to condo and commercial real estate. As you can see real estate online has accelerated the entire process of real estate as we know it. I cannot think of one aspect of real estate that has not been made quicker as a result of real estate on the internet.

Another advantage of real estate online is the creation of a more organized and efficient process for all involved in any real estate process. Property managers can now sort out tenants and properties with various databases online. They can pull credit reports, access lease forms, applications forms, and any other related forms online. Tenants can access their credit report to know if they stand a chance at renting online. They can search information that previously wasn’t available to them to find out what to do if they were evicted or what their tenant rights are online.

Real Estate agents and brokers can now access public records and the multiple listing services like never before online. The world of information is now at the hands of anyone who is connected to the real estate industry. This has opened doors wider for those who have been in the business and have opened doors to those who are new to the real estate game. Processes are streamlined and efficient from the mortgage lender to the home insurance salesman.

Another advantage of online real estate is the creation of a more productive market place. The internet has allowed buyers and sellers of various properties for sale (be it homes, condos, apartments, etc.) to connect. These same buyers and sellers in old market real estate may have never met each other in the slower more primitive way of connecting. Emailing and social network sites combined with an internet savvy real estate agent can help the right buyers find the right sellers. The internet has naturally become a matchmaker for the real estate marketplace.

The matchmaking quality of the internet has led the real estate market to become a more productive market. Houses are bought and sold much quicker and to the appropriate people. I am stating this matchmaking quality as an advantage; however, the recent economic situation may be proof that there is a strong downside to this. Too many houses bought and sold too fast could have resulted in this recession. Was the internet to blame for this? This is a good topic for another discussion.

A final advantage that will be listed in this article of real estate online is that the internet has presented an opportunity for builders and contractors to showcase their work online. It is now possible to view pictures and virtual tours of any given property and any particular area of the building. New houses can show their bathrooms, bedrooms, living rooms, kitchens, basements, decks, exterior of their house, and other property amenities to the world by digital photography.

This advantage is great for builders as it is a showcase of their work and what one can expect if they were to give their business to them. In time, a portfolio of pictures and videos can become a builder’s virtual advertisement.

There are plenty more advantages as well as disadvantages of real estate online. I will have to save more of this discussion for later as my fingers are hurting. For those in the Philadelphia real estate market remember that you can apply this discussion to you. It is easier now than ever for someone searching for Philadelphia real estate online to start their journey from the internet.

Philadelphia Real Estate Blog

Providence, Rhode Island Real Estate Market Review

2009-06-19T16:37:00.001-04:00

Providence, Rhode Island Real Estate Market Review

This post will be about a discussion of Providence, Rhode Island real estate. I have recently paid a visit to some friends in Providence, Rhode Island and while I was there I took some notes from my observations of their real estate market.

The Providence Rhode Island real estate market is a booming market not too far from Philly. Providence is an hour and fifteen minutes from Philadelphia by plane and about a 5 hour drive. There appears to be a large amount of wealth in Rhode Island, considered our nation’s Ocean State. Considering that approximately one tenth of the state’s inland area is covered by salt water, this may be an attractive feature to the rich.

While I was in Providence, the largest and most populous city in Rhode Island, I was impressed by the architecture. Providence is one of the founding cities in the country (1636 by Roger Williams) and its buildings reflect this. There are so many forms of historic buildings in this city.

Providence, like Philadelphia, is distinguished by its many neighborhoods, which include:

Charles
College Hill
East Side
Elmwood
Federal Hill
Fox Point
Jewelry District
Lower South Providence
Mount Hope
North End
Olneyville
Southside
Upper South Providence
Wanskuck
West Broadway
West End

Providence, also called the “Renaissance City” is a beautiful city with a long history that reminded me in many ways of Philadelphia. Providence had also had many ups and down economically in the past 100 years. The Great Depression began its problems and it ended at its tail end in the 1970s leaving the city with a severe case of blight that needed to be overcome (similar to Philly).

Over the past 30 years, Providence has experienced much regentrification, particularly in the past 10 years. The city of Providence now is not the same place that it was 15 years ago. It is a clean, artsy, beautiful city with many things to do. It attracts many creative types as there are many opportunities to express these talents throughout the city. There are always different art events held throughout the city, especially in the summer.

What I like most about the real estate in Providence is the variations of buildings. There were many old buildings and there were many modern properties. Over the past ten years though, there appears to have been a significant amount of construction in downtown Providence that has sent their real estate market through the roof. Providence supposedly had one of the highest amounts of appreciation of any U.S. city during the peak of the recent real estate boom.

Providence, Rhode Island has felt the recent recession (depression) as much as any other East Coast city. Their businesses have slowed and their construction industry even slower. Their real estate market has not remotely come close to a complete stop though. Walking throughout the city I saw many construction sites that appeared to be underway.

One of the unique characteristics about Providence real estate that I have noticed was the amount of revitalized old commercial warehouses. It appears that there is becoming a trend to revitalize many of the old warehouses and make them hip living quarters. Providence experienced a large dosage of neglect for its many warehouses during its poverty years. Recently, the real estate boom has helped to revitalize many of those commercial buildings into something more productive.

Overall, I was very impressed with Providence real estate as it reminded me of the Philadelphia real estate market in many ways. The biggest differences however include the size and the proximity to salt water. There is nothing like being in a big city and have the comfort of knowing that you are so close to the ocean. Philly has rivers but not salt water flow. This is a big distinguishing characteristic of Philadelphia that is so different than many other east coast cities like New York, Baltimore, Providence, and Boston. The positive side is that when the next tidal wave occurs, Philly won’t have to worry as much.

Philadelphia Real Estate Blog on Providence, Rhode Island real estate!

Mortgage Website Review

2009-06-12T07:52:00.004-04:00

Mortgage Website review

The following is a review of a very popular mortgage website called MortgageFit.com. This can be a very helpful start for the readers of this blog who are in need in information about mortgages. This website is also affiliated with several other websites including: homebuilder-guide.com, allfinancialforms.com, and realestateguidance.org.

Mortgagefit review

Mortgagefit.com is one of the largest mortgage community sites where you can get personalized help to solve your home loan related problems. You can also get a proper guidance on how to choose your best suitable mortgage program. The best thing about the site is that the members actively participate in the forum.

There are a number of useful sections in the site; as for example, ‘Mortgage Lender’ can help you to find the best mortgage lenders in your state along with their contact details. You can use ‘Mortgage Terminology’ section for a quick reference to various mortgage related terms.

This site also includes 41 calculators, which you can use for your mortgage calculations. As for example, you can use specific mortgage calculators to determine how much loan you can afford, to calculate the required down payment and also to compute your monthly home loan installments. The specific mortgage calculator can also be used for computing debt-to-income ratio.

The most useful section is ‘Discussions’, where you can either post a query or discuss your mortgage problems. However, you need to be a community member in order to post your query. You can sign up for free at Mortgagefit.com, which has 35606 registered users and around 82318 articles, which have been posted by the members of this site.

You can browse Mortgagefit.com for a variety of mortgage related articles like, ‘Refinance mortgage’, ‘Mortgage loan modification’, Mobile home loans’ and many more such topics. The site also offers some useful tools that the webmasters can use for their sites and blogs.

You can discuss your available mortgage options with the community members of Mortgagefit.com, regardless of whether or not you’re buying a home for the first time. The members will guide you through the right way.

Philadelphia, PA Home Improvement | Lighting

2009-06-10T15:24:00.008-04:00

Philadelphia, PA Home Improvement and Lighting

The Philadelphia Real Estate Blog will have our first guest review today by CSNLighting.com (their blog is located at lightingtrendsblog.com). CSN is one of the largest lighting distribution companies in America and an expert in their field. They have provided a discussion today about how lighting can help add value to your Philadelphia real estate. Please don’t underestimate the value of proper lighting to your property. Small home improvement decisions really do go a long way when it is time to list your home for sale. So to this honor I present to you, CSN Lighting and their take on lighting and real estate.

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Philadelphia Style Home Staging

As the old saying goes, first impressions are everything; this is especially true in real estate as a prospective buyer’s attitude is very much predicated on the initial appearance of the home that you are selling. A clean, modern, newly renovated home shows potential suitors that the house has been well maintained and that it has been prepped for future residents. When you are evaluating your home for home staging projects, you can start off with the lighting of your home. The addition of a few well-placed lights can make a huge difference in attracting home buyers, as well as increasing the aesthetic appeal of your home. Here’s how to use lighting for your next home staging projects.

Kitchen is Key

The kitchen is the meeting place of the home; it is the room that brings everyone together with a common interest in mind. Because of this, the kitchen is one of the most important rooms to focus on for your home staging renovations. One project that is certainly worthwhile is the installation of under cabinet lighting. Under cabinet lighting is both practical and decorative, creating ambience in your kitchen, while highlighting the room’s major attributes-the countertops and the cabinets. This is not a big project either; there are many plug-in under cabinet lighting options that are easy to install and just as visually appealing.

Adding a few pendant lights in your kitchen is another home staging idea that will add value to your home. Pendant lights are great for areas that need precise light, such as a kitchen islands. An overhanging pendant light can really be the eye pleasing centerpiece that brings out the best of your kitchen. Also, don’t be afraid to use bright colors in choosing your pendant lights. Bright pendant lights will really bring out the character of your kitchen, and will certainly impress prospective buyers as they walk through your kitchen.

Exterior Lighting and Curbside Appeal

Summer is fast approaching, and it is increasingly important to focus on your home’s landscape to impress potential buyers. Because many people will be touring your home at night, sprucing up your exterior lighting is a great way to make a good first impression on them even before they enter the inside of your home. You can start off by adding a flood light to give your home’s façade a glowing appearance. Not only does a frontal flood light emphasize the most positive attributes of your home’s exterior, but it also helps prospective buyers find your home at night.

Next, focus on your walkway for an outdoor lighting overhaul. Knee-high solar reflecting walkway lights are extremely ornamental, and functionally, provide a guiding light to your home. Additionally, the walkway lights highlight a flower or plant lined walkway quite nicely. Clearly, exterior lighting can play a huge role in creating favorable first impressions.

Although many of these projects do require an initial investment, it certainly yields a higher return when your house is finally sold. The renovations that go into home staging will portray a seller who takes pride in his or her home, as well as a home that has been well maintained. Truly, working with your home’s lighting, is a great place to start your home staging before it goes on the market.

Real Estate Terms

2009-06-06T14:34:00.008-04:00

Helpful Real Estate Terms

This post will display some common real estate terms that may be helpful for beginners as well as a refresher for real estate professionals. Hopefully this page will help you along your Philadelphia real estate journey.

This page is listed with real estate terms from A to Z for your convenience. If there are some terms that you would like to see added just let us know. Enjoy!

203(b): FHA program which provides mortgage insurance to protect lenders from default; used to finance the purchase of new or existing one- to four family housing; characterized by low down payment, flexible qualifying guidelines, limited fees, and a limit on maximum loan amount.

203(k): this FHA mortgage insurance program enables homebuyers to finance both the purchase of a house and the cost of its rehabilitation through a single mortgage loan.

Amenity: a feature of the home or property that serves as a benefit to the buyer but that is not necessary to its use; may be natural (like location, Woods, water) or man-made (like a swimming pool or garden).

Amortization: repayment of a mortgage loan through monthly installments of principal and interest; the monthly payment amount is based on a schedule that will allow you to own your home at the end of a specific time period (for example, 15 or 30 years)

Annual Percentage Rate (APR): calculated by using a standard formula, the APR shows the cost of a loan; expressed as a yearly interest rate, it includes the interest, points, mortgage insurance, and other fees associated with the loan.

Application: the first step in the official loan approval process; this form is used to record important information about the potential borrower necessary to the underwriting process.

Appraisal: a document that gives an estimate of a property's fair market value; an appraisal is generally required by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property.

Appraiser: a qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate.

ARM: Adjustable Rate Mortgage; a mortgage loan subject to changes in interest rates; when rates change, ARM monthly payments increase or decrease at intervals determined by the lender; the Change in monthly -payment amount, however, is usually subject to a Cap.

Assessor: a government official who is responsible for determining the value of a property for the purpose of taxation.

Assumable mortgage: a mortgage that can be transferred from a seller to a buyer; once the loan is assumed by the buyer the seller is no longer responsible for repaying it; there may be a fee and/or a credit package involved in the transfer of an assumable mortgage.

Balloon Mortgage: a mortgage that typically offers low rates for an initial period of time (usually 5, 7, or 10) years; after that time period elapses, the balance is due or is refinanced by the borrower.

Bankruptcy: a federal law Whereby a person's assets are turned over to a trustee and used to pay off outstanding debts; this usually occurs when someone owes more than they have the ability to repay.

Borrower: a person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms.

Building code: based on agreed upon safety standards within a specific area, a building code is a regulation that determines the design, construction, and materials used in building.

Budget: a detailed record of all income earned and spent during a specific period of time.

Cap: a limit, such as that placed on an adjustable rate mortgage, on how much a monthly payment or interest rate can increase or decrease.

Cash reserves: a cash amount sometimes required to be held in reserve in addition to the down payment and closing costs; the amount is determined by the lender.

Certificate of title: a document provided by a qualified source (such as a title company) that shows the property legally belongs to the current owner; before the title is transferred at closing, it should be clear and free of all liens or other claims.

Closing: also known as settlement, this is the time at which the property is formally sold and transferred from the seller to the buyer; it is at this time that the borrower takes on the loan obligation, pays all closing costs, and receives title from the seller.

Closing costs: customary costs above and beyond the sale price of the property that must be paid to cover the transfer of ownership at closing; these costs generally vary by geographic location and are typically detailed to the borrower after submission of a loan application.

Commission: an amount, usually a percentage of the property sales price, that is collected by a real estate professional as a fee for negotiating the transaction.

Condominium: a form of ownership in which individuals purchase and own a unit of housing in a multi-unit complex; the owner also shares financial responsibility for common areas.

Conventional loan: a private sector loan, one that is not guaranteed or insured by the U.S. government.

Cooperative (Co-op): residents purchase stock in a cooperative corporation that owns a structure; each stockholder is then entitled to live in a specific unit of the structure and is responsible for paying a portion of the loan.

Credit history: history of an individual's debt payment; lenders use this information to gauge a potential borrower's ability to repay a loan.

Credit report: a record that lists all past and present debts and the timeliness of their repayment; it documents an individual's credit history.

Credit bureau score: a number representing the possibility a borrower may default; it is based upon credit history and is used to determine ability to qualify for a mortgage loan.

Debt-to-income ratio: a comparison of gross income to housing and non-housing expenses; With the FHA, the-monthly mortgage payment should be no more than 29% of monthly gross income (before taxes) and the mortgage payment combined with non-housing debts should not exceed 41% of income.

Deed: the document that transfers ownership of a property.

Deed-in-lieu: to avoid foreclosure ("in lieu" of foreclosure), a deed is given to the lender to fulfill the obligation to repay the debt; this process doesn't allow the borrower to remain in the house but helps avoid the costs, time, and effort associated with foreclosure.

Default: the inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms.

Delinquency: failure of a borrower to make timely mortgage payments under a loan agreement.

Discount point: normally paid at closing and generally calculated to be equivalent to 1% of the total loan amount, discount points are paid to reduce the interest rate on a loan.

Down payment: the portion of a home's purchase price that is paid in cash and is not part of the mortgage loan.

Earnest money: money put down by a potential buyer to show that he or she is serious about purchasing the home; it becomes part of the down payment if the offer is accepted, is returned if the offer is rejected, or is forfeited if the buyer pulls out of the deal.

EEM: Energy Efficient Mortgage; an FHA program that helps homebuyers save money on utility bills by enabling them to finance the cost of adding energy efficiency features to a new or existing home as part of the home purchase.

Equity: an owner's financial interest in a property; calculated by subtracting the amount still owed on the mortgage loon(s)from the fair market value of the property.

Escrow account: a separate account into which the lender puts a portion of each monthly mortgage payment; an escrow account provides the funds needed for such expenses as property taxes, homeowners insurance, mortgage insurance, etc.

Fair Housing Act: a law that prohibits discrimination in all facets of the homebuying process on the basis of race, color, national origin, religion, sex, familial status, or disability.

Fair market value: the hypothetical price that a willing buyer and seller will agree upon when they are acting freely, carefully, and with complete knowledge of the situation.

Fannie Mae: Federal National Mortgage Association (FNMA); a federally-chartered enterprise owned by private stockholders that purchases residential mortgages and converts them into securities for sale to investors; by purchasing mortgages, Fannie Mae supplies funds that lenders may loan to potential homebuyers.

FHA: Federal Housing Administration; established in 1934 to advance homeownership opportunities for all Americans; assists homebuyers by providing mortgage insurance to lenders to cover most losses that may occur when a borrower defaults; this encourages lenders to make loans to borrowers who might not qualify for conventional mortgages.

Fixed-rate mortgage: a mortgage with payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change.

Flood insurance: insurance that protects homeowners against losses from a flood; if a home is located in a flood plain, the lender will require flood insurance before approving a loan.

Foreclosure: a legal process in which mortgaged property is sold to pay the loan of the defaulting borrower.

Freddie Mac: Federal Home Loan Mortgage Corporation (FHLM); a federally-chartered corporation that purchases residential mortgages, securitizes them, and sells them to investors; this provides lenders With funds for new homebuyers.

Ginnie Mae: Government National Mortgage Association (GNMA); a government-owned corporation overseen by the U.S. Department of Housing and Urban Development, Ginnie Mae pools FHA-insured and VA-guaranteed loans to back securities for private investment; as With Fannie Mae and Freddie Mac, the investment income provides funding that may then be lent to eligible borrowers by lenders.

Good faith estimate: an estimate of all closing fees including pre-paid and escrow items as well as lender charges; must be given to the borrower within three days after submission of a loan application.

HELP: Homebuyer Education Learning Program; an educational program from the FHA that counsels people about the homebuying process; HELP covers topics like budgeting, finding a home, getting a loan, and home maintenance; in most cases, completion of the program may entitle the homebuyer to a reduced initial FHA mortgage insurance premium-from 2.25% to 1.75% of the home purchase price.

Home inspection: an examination of the structure and mechanical systems to determine a home's safety; makes the potential homebuyer aware of any repairs that may be needed.

Home warranty: offers protection for mechanical systems and attached appliances against unexpected repairs not covered by homeowner's insurance; ,overage extends over a specific time period and does not cover the home's structure.

Homeowner's insurance: an insurance policy that combines protection against damage to a dwelling and Is contents with protection against claims of negligence )r inappropriate action that result in someone's injury or )property damage.

Housing counseling agency: provides counseling and assistance to individuals on a variety of issues, including loan default, fair housing, and homebuying.

HUD: the U.S. Department of Housing and Urban Development; established in 1965, HUD works to create a decent home and suitable living environment for all Americans; it does this by addressing housing needs, improving and developing American communities, and enforcing fair housing laws.

HUD1 Statement: also known as the "settlement sheet," it itemizes all closing costs; must be given to the borrower at or before closing.

HVAC: Heating, Ventilation and Air Conditioning; a home's heating and cooling system.

Index: a measurement used by lenders to determine changes to the Interest rate charged on an adjustable rate mortgage.

Inflation: the number of dollars in circulation exceeds the amount of goods and services available for purchase; inflation results in a decrease in the dollar's value.

Interest: a fee charged for the use of money .

Interest rate: the amount of interest charged on a monthly loan payment; usually expressed as a percentage.

Insurance: protection against a specific loss over a period of time that is secured by the payment of a regularly scheduled premium.

Judgment: a legal decision; when requiring debt repayment, a judgment may include a property lien that secures the creditor's claim by providing a collateral source.

Lease purchase: assists low- to moderate-income homebuyers in purchasing a home by allowing them to lease a home with an option to buy; the rent payment is made up of the monthly rental payment plus an additional amount that is credited to an account for use as a down payment.

Lien: a legal claim against property that must be satisfied When the property is sold

Loan: money borrowed that is usually repaid with interest.

Loan fraud: purposely giving incorrect information on a loan application in order to better qualify for a loan; may result in civil liability or criminal penalties.

Loan-to-value (LTV) ratio: a percentage calculated by dividing the amount borrowed by the price or appraised value of the home to be purchased; the higher the LTV, the less cash a borrower is required to pay as down payment.

Lock-in: since interest rates can change frequently, many lenders offer an interest rate lock-in that guarantees a specific interest rate if the loan is closed within a specific time.

Loss mitigation: a process to avoid foreclosure; the lender tries to help a borrower who has been unable to make loan payments and is in danger of defaulting on his or her loan

Margin: an amount the lender adds to an index to determine the interest rate on an adjustable rate mortgage.

Mortgage: a lien on the property that secures the Promise to repay a loan.

Mortgage banker: a company that originates loans and resells them to secondary mortgage lenders like :Fannie Mae or Freddie Mac.

Mortgage broker: a firm that originates and processes loans for a number of lenders.

Mortgage insurance: a policy that protects lenders against some or most of the losses that can occur when a borrower defaults on a mortgage loan; mortgage insurance is required primarily for borrowers with a down payment of less than 20% of the home's purchase price.

Mortgage insurance premium (MIP): a monthly payment -usually part of the mortgage payment - paid by a borrower for mortgage insurance.

Mortgage Modification: a loss mitigation option that allows a borrower to refinance and/or extend the term of the mortgage loan and thus reduce the monthly payments.

Offer: indication by a potential buyer of a willingness to purchase a home at a specific price; generally put forth in writing.

Origination: the process of preparing, submitting, and evaluating a loan application; generally includes a credit check, verification of employment, and a property appraisal.

Origination fee: the charge for originating a loan; is usually calculated in the form of points and paid at closing.

Partial Claim: a loss mitigation option offered by the FHA that allows a borrower, with help from a lender, to get an interest-free loan from HUD to bring their mortgage payments up to date.

PITI: Principal, Interest, Taxes, and Insurance: the four elements of a monthly mortgage payment; payments of principal and interest go directly towards repaying the loan while the portion that covers taxes and insurance (homeowner's and mortgage, if applicable) goes into an escrow account to cover the fees when they are due.

PMI: Private Mortgage Insurance; privately-owned companies that offer standard and special affordable mortgage insurance programs for qualified borrowers with down payments of less than 20% of a purchase price.

Pre-approve: lender commits to lend to a potential borrower; commitment remains as long as the borrower still meets the qualification requirements at the time of purchase.

Pre-foreclosure sale: allows a defaulting borrower to sell the mortgaged property to satisfy the loan and avoid foreclosure.

Pre-qualify: a lender informally determines the maximum amount an individual is eligible to borrow.

Premium: an amount paid on a regular schedule by a policyholder that maintains insurance coverage.

Prepayment: payment of the mortgage loan before the scheduled due date; may be Subject to a prepayment penalty.

Principal: the amount borrowed from a lender; doesn't include interest or additional fees.

Radon: a radioactive gas found in some homes that, if occurring in strong enough concentrations, can cause health problems.

Real estate agent: an individual who is licensed to negotiate and arrange real estate sales; works for a real estate broker.

REALTOR: a real estate agent or broker who is a member of the NATIONAL ASSOCIATION OF REALTORS, and its local and state associations.

Refinancing: paying off one loan by obtaining another; refinancing is generally done to secure better loan terms (like a lower interest rate).

Rehabilitation mortgage: a mortgage that covers the costs of rehabilitating (repairing or Improving) a property; some rehabilitation mortgages - like the FHA's 203(k) - allow a borrower to roll the costs of rehabilitation and home purchase into one mortgage loan.

RESPA: Real Estate Settlement Procedures Act; a law protecting consumers from abuses during the residential real estate purchase and loan process by requiring lenders to disclose all settlement costs, practices, and relationships

Settlement: another name for closing .

Special Forbearance: a loss mitigation option where the lender arranges a revised repayment plan for the borrower that may include a temporary reduction or suspension of monthly loan payments.

Subordinate: to place in a rank of lesser importance or to make one claim secondary to another.

Survey: a property diagram that indicates legal boundaries, easements, encroachments, rights of way, improvement locations, etc.

Sweat equity: using labor to build or improve a property as part of the down payment

Title 1: an FHA-insured loan that allows a borrower to make non-luxury improvements (like renovations or repairs) to their home; Title I loans less than $7,500 don't require a property lien.

Title insurance: insurance that protects the lender against any claims that arise from arguments about ownership of the property; also available for homebuyers.

Title search: a check of public records to be sure that the seller is the recognized owner of the real estate and that there are no unsettled liens or other claims against the property.

Truth-in-Lending: a federal law obligating a lender to give full written disclosure of all fees, terms, and conditions associated with the loan initial period and then adjusts to another rate that lasts for the term of the loan.

Underwriting: the process of analyzing a loan application to determine the amount of risk involved in making the loan; it includes a review of the potential borrower's credit history and a judgment of the property value.

VA: Department of Veterans Affairs: a federal agency which guarantees loans made to veterans; similar to mortgage insurance, a loan guarantee protects lenders against loss that may result from a borrower default.

Source: HUD

Philadelphia Parking

2009-06-02T21:53:00.003-04:00

Philadelphia Parking

The one major problem about Philadelphia real estate is the parking. Philadelphia parking is a big issue that is shared with other major cities. There are many facets of Philly parking to explore. First, let’s talk about the Philadelphia Parking Authority.

The Philadelphia Parking Authority (PPA) is the overseer of all parking issues is the city. The City of Philadelphia established the Philadelphia Parking Authority in 1950. The PPA employs several levels of enforcement of parking violations: issuing parking tickets to vehicles that violate registration; applying the boot to vehicles that accumulate unpaid parking tickets; and towing and impounding vehicles until fines are paid.

The Philadelphia Parking Authority (PPA) is very good enforcing parking violations and generating revenue for the city of Philadlephia. A little too good. This can be considered detrimental to many of the civilians here. Trying to operate a normal life with a car while living in the city can be a struggle if you live in a highly monitored parking area.

Let me try to break down the parking situation by area in Philadelphia. If you live in Center City Philadelphia then you should have a garage, live in a building with a garage, pay a private garage a monthly fee, park in a parking lot; or be prepared to pay parking ticket violations on a daily basis. Some people will agree that the Philadelphia parking situation in some areas is worst than New York City. This is extremely debatable but not too far from being highly likely. Center City has the worst parking options in the whole city because this is where the bulk of the population lives.

The traffic in Center City Philadelphia is extremely high and thus, all of the parking spots along the streets are usually taken up. Very rarely you may be able to find a parking spot on the street. Even if you do, always check the parking signs. The signs in Philly can be confusing so a good idea is to pay attention to other clues likes nearby signs and yellow lines under the parking area.

South and North Philadelphia parking situations vary depending on what part of South or North Philly you live in. Some areas like the Reserve near Packer Avenue have garages for every house. This area has a zero parking problem. You are almost guaranteed a parking spot. The majority of South and North Philadelphia are very different. Usually in South and North Philly it is rather easy to find a spot in any given neighborhood during the day before kids get home from school. As the day gets later, finding parking spots becomes increasingly harder. Usually in most neighborhoods after 8:00, it becomes very difficult to find parking and you may find yourself parking many blocks away from home. This is very different than Center City because at least you have a good chance of finding a legal spot.

Northeast Philadelphia has another twist to the Philadelphia parking story. The homes in Northeast Philly usually have a different structure than South Philly and other parts of North Philly. They tend to be a little more spaced out and have lawns. This causes the parking space supply to increase and ease pressure on its resident drivers.

West Philadelphia parking varies depending on what part of West Philadelphia you live in. If you live near the University of Pennsylvania and Drexel then the parking supply is lower in areas right around the universities. The farther you go from the universities the easier it is to find parking.

Parking at the Philadelphia Airport (PHL) is always a fun experience. There is plenty of short term and long term parking in their parking lots but you may be parking on the higher floors. The key to PHL parking is to drive into the airport correctly the first time. If you don’t enter the parking lot at PHL properly you may have to do a complete circle on the highway and try again (twenty minutes later).

Some areas in Philly have parking meters and some have parking signs. Usually the signs will allow you to park for up to two hours max if you don’t have a parking permit for that area. The parking meters are nice but you always need change. On South Street and several other areas, the PPA has created this new system that uses a ticket generated machine in place of the meters. The problem with these machines is that you need to put the full amount of money for the full amount of time you initially want upfront into the machine. If you put money in again then you may be buying the same amount of time twice and have no one to complain to. More money lost to the City of Philadelphia.

Philly parking is one of the most unusual styles in the whole country. Where else you can you drive down a major street like Broad Street and see cars parked in the middle lane and not get a ticket. As a Philadelphian I have never quite understood this myself. Why won’t the PPA go after those people yet the bother everyone else?

How does the parking scene affect the Philadelphia real estate market? When people look for housing they want to know what to expect for parking. Parking definitely has some sort of effect on market values of property. The closer the home is to having a personal garage with a zero parking problem then the higher the value of the house attributable to a good parking situation.

If a home or property does not have a garage then the next point that a homeowner wants to know is how difficult is the street parking in that particular neighborhood. The cause of higher amounts of parking spots are derived from many variables: the amount of people in the area; the amount of people with jobs, the amount of people in the area who commute often; the amount of people with vehicles; the amount of commercial parking available; etc.

The Philadelphia Parking Authority collects a ton of revenue and does their job too well. This has caused many problems with the residents in Philly. So much so that this problem has made national publicity with a television show called “Parking Wars.” Philadelphians are always in a steady battle with the PPA. If you turn your back for one second then that will cost you a ticket even if your intentions were good.

In summary, Philadelphia is a great place to live but parking is a key factor to consider when searching for property. Parking in Philadelphia can be a very expensive problem if you are new to town. The Philadelphia Parking Authority will have no mercy on you and will write you a ticket with every chance that they can get. If it is your first time in Philly you may learn this lesson the hard way. Eventually though you will become localized and learn the tricks to stay clear of donating your salary to the City of Philadelphia.

This is the Philadelphia Real Estate Blog signing off on Philadelphia Parking!

Philadelphia Broad Street Drive

2009-05-31T21:41:00.004-04:00

Philadelphia Broad Street Drive

Today was a beautiful day so I took a little Philadelphia Broad Street drive. Small confirmations of what a beautiful city Philadelphia is to live in.

The drive was like the Philadelphia Broad Street Run several weeks ago except in my car and I was racing myself. At an average pace it takes about 1 hour to get from Cheltenham Avenue (the highest northern point of Broad Street) to the Navy Yard (the lowest Southern point of Broad Street). The problem with the drive is that you have to stop at every red light. This puts a big damper on your brakes but it is worth it if you are in the mood for a drive.

There are so many various properties to see driving along Broad Street. It is interesting to see some buildings that are deteriorating on the North Philly side. These old buildings are scary looking and should be considered as a background for a scary movie.

Driving on Broad Street is a must for newcomers. It is a good way to see the various real estate that Philadelphia has to offer. There is always new property being built. Right now I noticed a big apartment building (or townhouses – I am not sure) on Broad and Catherine, which the construction is the size of the whole block. There was also a big project going on the north side of Broad Street, which looks like it was Spring Garden. This construction project was about a whole block long. They may be putting up high rises or something.

It is always surprising to see new things when you drive on Broad Street. A man was selling water in the middle of the street dressed in a suit and tie. I am not sure what he needed to be that dressed up for to sell water but I guess he takes his job seriously. If you like to people watch then a Broad Street Drive will do you good. Just make sure you pay attention when you drive as people stop fast.

Can you beat my drive time of one hour for the entire Broad Street from end to end? If you have a Broad street experience while driving, let the Philadelphia Real Estate Blog know.

Home Buyers Tax Credit Update

2009-05-29T16:04:00.004-04:00

First Time Home Buyers $8,000 2009 Tax Credit Update

Philadelphia home seekers should be aware of the first time home buyers $8000 tax credit update that was just announced today by the United States Department of Housing and Urban Development (HUD). If you are thinking about buying a home in Philadelphia this year and weren’t sure about waiting until next year to receive your tax credit then read on.

Today HUD announced that they will be updating the first time home buyers tax credit so that homebuyers will be able to receive their money now and not at tax time next year. This is a huge victory for potential home buyers and the U.S. real estate market because now buyers can spend the money now on buying their house and use the money for the closing costs that are expected. This is a big difference rather than waiting until April 15, 2010.

The first time homebuyer tax credit has already helped the U.S. economy get a jumpstart on its real estate sales. Particularly in the last few months, there has been a significant increase in homes bought by first time homebuyers. The long term result of this credit, although highly debatable, has a very high probability of helping the real estate economy through this recession.

Let’s go over a scenario of how this update to the first time home buyers $8000 tax credit can help a homebuyer. Let us pretend that an individual home buyer would like to buy their first home in Philadelphia and the cost of the house is $200,000. If their closing costs are 5% in this hypothetical situation then that would be $10,000 that this person will need upfront to buy the house. With this new tax credit update, the home buyer can almost pay all of the down payment with the refund that he or she was supposed to get next year. Except, the key is that he or she is getting the money now when it is needed. If the home buyer received the full credit amount then he or she would only need to come up with $2000 downpayment.

This is a great option for home buyers that will really help them get their first house. If we look at the scenario above, if this homebuyer only had $5,000 today before the update he or she would not be able to buy the house. This old first time home buyers $8000 tax credit sounded nice and all but who wants to wait almost a full year to get your money back for buying a house when it is needed now? Many home buyers shared the same pain and Congress was aware of this. That is probably why this update was made because the Obama administration needs results now. The American and Philadelphia real estate market needs results now. This tax update should help.

The first time home buyers $8000 tax credit update should help our economy in several ways. First, new prospective homebuyers will want to enter the real estate market now more than ever. This may result in an increase in the real estate market. Second, other homeowners may be calmed down by the positive effects happening in the real estate market from this tax credit update. This may pacify the negative psychology in the marketplace. With positive thinking come positive results. Third, investors will be watching the home owners and prospective home buyers’ patterns closely. When these investors see a more relaxed and healthier real estate market then they will want to come back in the game. When I speak of investors, I speak of large and small players. The large investors are the most important though because their money can significantly help stimulate the economy. These big investors include giant lending companies that are sitting on the sidelines watching this recession until they feel more comfortable taking on the risk of lending their money out.

These are just some small examples of how this first time home buyers $8000 tax credit update and many more similar actions by our government can help our real estate market grow out of this recession. If you are a searching for a home for the first time then I would talk to your lender about this tax credit update to explore what options are out there for you. I have a feeling that this will not be the last update of this kind before the end of this year. There may be several more acts and updates coming soon to drive this market back to normal speed.

This concludes the Philadelphia Real Estate Blog on the first time home buyers $8000 2009 tax credit update!

Quakertown PA | Travel

2009-05-27T12:45:00.002-04:00

Travel to Quakertown, PA

This weekend I traveled to Quakertown, PA, another beautiful place near Philadelphia. This article will explore this visit and the areas surrounding Quakertown including Allentown, Pennsylvania.

The drive to Quakertown is only about an hour and fifteen minutes from here. You can hop onto 76 West and then take the Pennsylvania Turnpike and get off of the Quakertown exit. There are many things to do in this part of the state. The main city close to here is Allentown, PA. Allentown is a big city with a smaller variation of the conveniences found in Philadelphia. By no match is it as large of a city as Philly but there is still plenty of commerce and entertainment here.

Quakertown is a very beautiful area close to Philadelphia. The style of the homes in this area comes in a large variety. There are some modern communities that have populated here after the real estate boom. Most Quakertown homes have been built within the past 150 years. These houses have porches, big yards, and a big fenced in house. There is also plenty of apartments, hotels, and condos in this area.

There are very wealthy communities that exists in certain pockets around Quakertown, for example, Center Valley, PA. This may have an effect on the real estate values. The houses in this area can range from $150,000 to several million dollars. If you are interested, there are several mansions that can be found in this area that are part of giant estate.

The ride to Quakertown is quick and enjoyable if done on a fine day. Driving on the Pennsylvania Turnpike really allows you to experience the beauty of Pennsylvania (the other side of Philadelphia). You will see rows of trees and smaller hills depending on how far north you travel. If you go to the higher points of PA near Erie then you will experience the Pennsylvania Mountains as you drive through its tunnels.

A little past Quaker town there is also Dorney Park, a very exciting place to travel for the kids. You can spend the whole day here riding all of the rides and hanging out by the pool. This is another reason to live in Pennsylvania.

The reason that I sidetrack about various places like Quakertown, PA every now and then is to inform potential tenants, landlords, visitors, locals, and other interested parties about the reasons why it is wonderful to live in Philly. You can work, live, and play in Philly with all of its conveniences and then visit places like Quakertown for a day or two within an hour’s drive. Philadelphia is convenient to many places and is a perfect strategic point for many day trips. This is all a bonus in addition to the many great things that the city has to offer.

Philadelphia has history, culture, a real estate market with a long history, beauty, art, music, business, great hospitals, schools, etc. All of these factors contribute to the big picture of why Philadelphia is a great place to live or visit. If you visit Philadelphia once you may be inclined to come back again and again.

This is the Philadelphia Real Estate Blog on traveling to Quakertown, PA!

New Jersey Shore Homes

2009-05-22T17:22:00.004-04:00

New Jersey Shore Homes Near Philadelphia

Considering that Memorial Day weekend is here, it would be appropriate to write a little something about New Jersey shore homes. In the summer, many Philadelphians flock the heat in the city to visit the New Jersey shore. How they do this depends on the individual.

The New Jersey shore is filled with people from New York and Pennsylvania in the summer. In South New Jersey though, there are mainly Philadelphians. Many people from Philly own New Jersey Shore homes that they open up in the summer. These people usually tend to their houses for maintenance only during the winter. When the summer comes, they visit their home frequently to get their money’s worth out of their New Jersey real estate investment.

There are many Philadelphians who go to the Jersey shore in the summer and do not own homes. These people prefer to rent. What are the options? At the Jersey shore, you can rent a house, apartment, hotel, motel, and everything in between. You can also stay as early as one day or permanently. It all depends on the property and their rules.

The ability to go freely to a place like the New Jersey shore within an hour or two is another reason why it is great to live in Philadelphia. You can enjoy the conveniences of the big city and take a break whenever you are ready without a long drive. The New Jersey shore is a very attractive option for Philadelphians because there is plenty to do. Despite the entertainment options in Jersey, many Philadelphians only go there for one reason…to relax. This includes: bathing in the sun, lying on the beach, walking the boardwalk, eating, dining, and eating some more… you get the idea.

What places at the New Jersey shore are the most popular places to rent or buy in the summer? Well, it depends on how far south you want to go. Atlantic City, NJ is one of the closest points at about a 45 minute drive. The furthest point south is Cape May, NJ. Other popular areas include: Long Port, Ocean City, Sea Isle City, Stone Harbor, Ventnor, Margate, Avalon, and Wildwood. You could also go to North New Jersey shore points, which include: Beach Haven, Ship Bottom, Surf City, Loveladies, Barnegat Light, Toms River, Seaside Heights, Lavallette, Brick, Bayhead, Manasquan, Lakewood, Point Pleasant, Ocean Grove, Asbury Park, Bradley Beach, Belmar, Lake Como, Red Bank, Sandy Hook, and Atlantic Highlands (there are plenty more).

In summary, if you are living in Philadelphia or thinking about it, just consider that you have many other fun places to visit all within a short car ride away. If you live in Philadelphia then you may already be aware of the massive flock of Philadelphians that fly east for the summer. Just remember if you are going to New Jersey this weekend to be prepared to sit in traffic. Traffic can be a downside to the commute from Philadelphia if you travel at traffic hours.

Philadelphia Real Estate blog concludes our post on New Jersey shore homes.

Delaware Riverfront Property Views

2009-05-21T17:59:00.005-04:00

Philadelphia Delaware Riverfront Property Views

This past weekend I had went to lunch at a Philadelphia Delaware Riverfront property with spectacular views. The name of the restaurant is called Hibachi of Penn’s Landing, a Japanese restaurant.

This Delaware Riverfront Property is located at 325 North Columbus Boulevard at Penn’s Landing. The reason that I am mentioning my visit here is because inside this restaurant you have access to a panoramic view of the Delaware River and all of its surrounding properties that is indescribable. There are large windows from every angle of the river. This property is behind Dave and Buster’s and sits on top of a garage right along the river so you have a second floor view.

From this Philadelphia Delaware Riverfront property you can see all of the bridges, boats, and properties located nearby. One interesting property that can be seen is the Camden Aquarium. Around the same point you can see the Duck Tours going back and forth. These views remind you of why to live in Philadelphia. All of the conveniences of a great city can be found in Philly with the luxury of having access to beautiful views such as the one at The Hibachi of Penn’s Landing. I wouldn’t eat out of the Delaware River but I can still enjoy the views above the surface.

There are plenty of properties with river front views along the Philadelphia Delaware Riverfront. Many of these properties are very, very expensive. However, you can find condos that are for sale at a reasonable market price. They may only be one or two bedrooms but you may be able to get a decent condo with a waterfront view at around $200,000. It can be well worth it if that is the location that you desire the most.

There are many other reasons why property is expensive along the Philadelphia Delaware River. The Delaware River runs along Christopher Columbus Boulevard from the South and Central Philadelphia. There are plenty of various sorts of entertainment along this boulevard including night clubs and restaurants. Actually, there is a restaurant almost every block along the river. Some really famous and expensive restaurants are Spirit of Philadelphia and the Charter House. This can explain why there are more commercial real estate properties closer to the river than residential.

If you have big bucks and you want to buy a commercial property than you may not want to rule out properties along the Delaware River. At least not until you take a Sunday afternoon drive by to see what it has to offer.

Another major advantage to having property along the Delaware River besides its spectacular views is the convenience to the highways. Philadelphians usually use Columbus Boulevard (AKA Delaware Avenue) as a reference point in the city. This particular road has easy access to all of the major intersections in Philadelphia including 76 East and West and 95 North and South. This fact has a significant impact on property values in that area.

In the past 5-10 years, there has been a significant amount of redevelopment along the Delaware River. This includes the giant dredging project that will allow much larger boats to enter the city. This can have a significant impact on tourism in Philadelphia and money generated here. There have also been many commercial building improvements along Philadelphia Delaware River area including various new shopping areas and home improvement centers. The casinos have also expressed serious interest in this area and were supposed to build along Delaware and Reed Street.

Despite the significant redevelopment efforts over the past several years and a very expensive market value, Philadelphia Delaware Riverfront properties still have some drawbacks. The biggest disadvantage that it has is the opportunity cost that it sacrifices for not following the lead of other major cities that have great waterfront properties, for example, Boston and Baltimore. The Philadelphia Delaware River has much more potential considering the size and that it rides along the greatest city in America. If you have ever been to Boston’s riverfront than you could understand what I mean without an explanation.

In summary, the view that I saw from the Hibachi restaurant on top of the Delaware River reminded me of why I live in this great city. Philadelphia has so many things to offer its residents and tourists. You could live here your whole life but still discover new beautiful things about this place every day. I am not promoting this Japanese restaurant and have no affiliation with it. I am merely reflecting on the beauty of Philadelphia and the promising potential of the Philadelphia real estate market. Examples of this beauty can be found in Delaware Riverfront property views.

Center City Philadelphia Real Estate Review

2009-05-16T18:34:00.004-04:00

Center City Philadelphia Real Estate Review

The Center City Philadelphia real estate market is a complex market that needs its own analysis. Several parts of Center City Philadelphia are the oldest areas of Philadelphia and the modern United States of America. Let’s begin with an overview of Center City Philadelphia.

Center City Philadelphia has a boundary that is north of South Street and south of Spring Garden. Its eastern border is the Delaware River and the western border is the Schuylkill River. The specifics of this boundary are debatable but in general are precise. Center City was the first most populated area in Philadelphia. Center City's history started with the great William Penn who inhabited this city in the 1600s. To be specific, the city was formed in 1682 by William Penn. If you were to look at the original maps of Philadelphia you would see that most people dwelled along the border of center city first before the population growth in the 1800s. Also people had liked to populate along the rivers.

The interesting part about Philadelphia is that it is one of the first examples of a planned city in America. William Penn had assigned a role to Thomas Holme, his surveyor, to lay out the city in a grid pattern. The pattern would go north and south and east and west just like a tick tack toe game. Center City Philadelphia was a representation of this first planned city because it was the original borders. So in a way one could say that Center City Philadelphia is the first planned section of the first planned city. The interesting part about the grid pattern that William Penn had desired was that this planned format of a city became the benchmark for most other cities in America.

There are very few exceptions of cities in America that don’t follow this layout. One notably would be Washington D.C., designed by a Frenchman named L’Enfant. The pattern is similar to Philadelphia except that there are many parks and circles that confuse user friendliness.

By now you may have realized how interesting it is to analyze Center City Philadelphia because in essence it is like studying American urban planning 101. Center City Philadelphia real estate is the first real estate market in the modern United State of America. To understand American real estate, let alone Philadelphia real estate, I believe that it is essential for all Americans to analyze this particular market. There are many clues that can be abstracted from this particular market that can be set as the foundation for understanding all forms of real estate investing today.

Real estate markets, like all markets, are set by supply and demand and can be measured by historical patterns in that particular market. What other perfect city in America would there be to have historical data for a real estate market analysis than Philadelphia? Philadelphia unlike any other city has the longest historical data patterns to study as a real estate market.

Many savvy investors would agree not to rely on historical data for any market to base a judgment for future predictions of that markets prices. This is very important to beware of when selecting future real estate investments. Nevertheless, historical data is a good foundation to begin to make your investment choice. A real estate investment in an area with relatively no historical data would provide a serious disadvantage to an alternative investment in an area like Center City Philadelphia which has over 300 years of historical data.

The topic of historical data is totally relevant to Center City Philadelphia real estate and our current economic situation today. Examples are everywhere of cities, towns, and neighborhoods, that have been created from thin air the past 5 years. These locations are now our country’s biggest home foreclosure areas and are a product of pipe dreams from the real estate market in 2005. Historical data has a major part to play in this scenario. This reason could explain why cities like New York and Philadelphia are still holding strong but major cities in the desert like Las Vegas and Tucson, Arizona are having severe problems. Obviously we can’t say that historical data is the primary cause because there are many causes of these foreclosures. Some of these major causes include excessive homebuilding (too much supply versus demand) and out of control lending sprees.

Sorry to digress, but the point that I was trying make is that these hot spot troubled areas are new on the map and have no historical data compared to areas like Center City Philadelphia. This has something (how much is debatable) to do with why an area like Center City Philadelphia is still prosperous in these economic times. Investors already know what to expect from a city of Philadelphia. Its real estate market has been tried and tested through many recessions, wars, and depressions and it is still strong.

That is why when sh*t hit the fan in the recent building phases in the middle of the desert area of the West Coast, many of them builders that still had money left over reallocated it back into more secure real estate markets such as Center City Philadelphia. They know that when those entire “fly by night” towns are all washed up and gangbangers have taken over their million dollar houses that they should have looked at historical data to see what real estate markets have withstood the test of time.

So what else does Center City Philadelphia have to offer? Modern Center City has several distinct neighborhoods each with its own style. These neighborhoods include: Penn’s Landing, Old City, Society Hill, Washington Square West, Market East, Chinatown, Museum District, Logan Circle. Jewelers’ Row, Avenue of the Arts (this ties into South Philly), Fitler Square, and Rittenhouse Square. Center City has also had continuous population rises in the past 10 years spread out amongst these various neighborhoods.

There are many varieties of buildings worth noting within Center City Philadelphia. Center City has the majority of tall buildings in Philadelphia compared to all other areas. These buildings include: City Hall, Liberty One (One Liberty Place), Liberty Two (Two Liberty Place), the Comcast Center, Mellon Bank Center, and Verizon Tower. This is just a small list of major skyscrapers and buildings. There are many more tall buildings and fascinating architecture styles located in Center City.

Discussing these tall buildings brings our discussion of Center City Philadelphia real estate back in full circle. The buildings in Center City are a mixture of the oldest and newest buildings in our country. The real estate values in this location are among the highest in Philadelphia because of the desire (demand) to live here. Most of the entertainment and business areas revolve around Center City and this helps to justify its higher market values.

Looking forward, Center City Philadelphia real estate should continue to appreciate even through these tough economic times. The market here provides a good opportunity for investors to make money in the Philadelphia real estate market. Center City has historical data for over three hundred years showing how tough its real estate market is. This information, although is not evidence, should not be taken lightly when deciding on which real estate market to invest in. Many investors who have invested in cities built on dirt within the past five years are realizing more than ever the value of a real estate market with a long history. As the saying goes, “Location, Location, Location!”

Thanks for joining the Philadelphia Real Estate Blog on our Center City Philadelphia real estate review.

Philadelphia Apartments

2009-05-14T20:35:00.003-04:00

Philadelphia Apartments

This post is about my current experiences with Philadelphia apartments. Actually it is more like an observation that many Philadelphia real estate professionals, realtors, and agents, may be able to relate too.

Has anyone noticed that it is getting a bit more difficult to rent Philadelphia apartments these days? I mean it is the middle of May and the rental market in Philly appears to be at turtle’s pace. It appears very difficult for landlords to rent properties the past few months.

Starting in spring, the months of April, May, and June are supposed to be very productive months for the Philadelphia rental real estate market. Many events cause a higher than normal amount of turnover rates in apartments for rent during this time frame. College students are moving out and new students are moving in; professional are relocating; parents may need to find a new property to rent before the summer begins. There are many reasons why these months are considered prime rental months for landlords in Philadelphia.

Last year at this time, Philadelphia apartments for rent were being turned over like hotcakes. This is ironic because in many real estate offices very few (if any) properties were being sold. Most of the phone calls in Philadelphia real estate offices were either about a tenant looking for an apartment to rent or a landlord trying to rent their building. In fact, I would say that many real estate businesses were only in business last year due to a solid rental book that they have. Many of the other fly by nighters real estate agencies that popped up from nowhere during the real estate boom had started to suddenly disappear. If they had no rental book and properties weren’t selling than they have no reason to be in business.

At least if a real estate business has a strong book of clients who give their rental listings to them then they will be able to make some money until the tide turns. This keeps these businesses in business while they are sticking through the hard times. Then when the market picks back up real estate offices will increase the other side of their income, selling property.

I believe that most Philadelphia real estate professional have experienced this particular pattern with renting their Philadelphia apartments. There are a few exceptions though. Certain real estate companies make money selling property regardless of the outcome of the entire real estate market. If this isn’t you then don’t be ashamed. These real estate professionals are a slim minority. The reason that they are consistently making money selling properties is that they probably deal with an ELITE group of investors who have endless pockets. These real estate agents are the very lucky ones.

So I was saying that last year the Philadelphia rental market was in full gear while the homes for sale were not being sold. Just from my observations, it appears that this year’s rental market is in direct contrast. Renting Philadelphia apartments is being somewhat of a challenge the past two months and it hasn’t gotten any better even though we are now into the middle of May.

What gives?

Can anyone take a shot at answering that question?

Is it possible that maybe the real estate market is turning?

Does lower rental activity mean a change is on the horizon?

I believe so. I believe that a change in the real estate cycle is on the horizon. There is significant clues from many of my sources that I am sure many Philadelphia real estate professionals may agree with. I believe many people who would normally be looking for apartments right now are so confused about what they are to do that they are in a complete standstill with themselves. They are sitting there on the sidelines waiting to see what will happen with legislation, other lenders, and the market movement as a whole. On top of this we have the first time home buyers credit that is just baiting these potential renters to switch sides and buy Philadelphia real estate instead of renting property.

If you put yourself in a renter’s position right now you may understand why such a standoff exists (or does it?). There is so many possibilities that the next 6 months may have for the Philadelphia real estate market. Just look at all the major events that have occurred in the past 6 months.

The same reasons that nobody is renting right now is the same reasons that there are still not that many buyers in the real estate market right now. Folks, I believe that we are in a state of equilibrium. That is the exact point when supply = demand. Forget what numbers that you hear in economic reports – look at what is really happening on the front line. Potential tenants don’t want to rent because it appears enticing to buy. However, these same people don’t want to buy Philadelphia homes for sale because of a fear of a continued decline in the current real estate values. I define this as a classic catch 22 situation – a situation which economists call equilibrium. Eventually the seesaw will have to go the opposite way.

This may be the turn right here that Philadelphia real estate market may need. For those of you who are not having luck renting your apartments for rent just be optimistic and know that there are many ways to make money in real estate and rentals aren’t the only way. If lenders start lending money and buyers start buying then the real estate train may be back on track again. Just be patient and ride it out. In a normal real estate market homes for sale should be selling and apartments for rent should be renting. This present time is referred to as an anomaly and there may be a good reason for that.

These are my observations on the current state of Philadelphia apartments for rent.

Philadelphia Real Estate 2005

2009-05-13T17:29:00.003-04:00

Philadelphia Real Estate Market of 2005

I wanted to dedicate this blog post to the Philadelphia Real Estate Market of 2005. Sitting back on my chair just remembering the good all days… They were good for everyone: realtors, real estate professionals, contractors, home improvement stores, restaurants, grocery stores, big businesses, small businesses, civilians, hotels, vacation destinations, taxi drivers, now to think about it the Philadelphia real estate market was good for practically everybody.

The Philadelphia real estate market was at its peak around 2005. Lenders were still giving loans to anybody off the street regardless of their situation or past. They were the no doc loan days and it will be remembered throughout history. We may never see those days again, which in some regards it may be a good thing.

Everyone connected to the Philadelphia real estate market knew it was coming: investors, lenders, politicians, real estate analysts, financial gurus - but people didn’t care. They were only concerned about getting the next loan, or selling the next home for sale. Although we are moving forward and can’t stop time, let’s reflect on what the real estate market environment was like 4 years ago. This may bring our current situation in Philadelphia into a better perspective.

In 2005, sitting on the chair in front of the cable television, many people throughout our country were suddenly into watching all of the massive amounts of home improvement channels that have popped out of nowhere. Within these channels were many home improvement shows covering every angle of real estate. Many were focused on making money with real estate.

A major example of these shows were Flip that House. What a great show! It demonstrated to just about anyone who can point a finger how easy it is to buy a house and then fix it up. Then a month or two later, Voila! Another house for sale that was sold and a huge profit was made. This show was on every week (or everyday it appeared with the reruns). But these flip your house shows of many forms were on all the time and had the whole country wanting to get involved with the real estate game.

I thought those shows were so entertaining. How it made building a house look so easy and selling it more easier. Well, in a way, if you knew what you were doing in 2005 there was much truth to be said about those shows. Actually many investors were building houses quick and selling them even quicker. This was a phenomenon that was so familiar to the stock market crash of 2000. Right before the stocks crashed any idiot could have made money by investing in stocks because the entire market was going up all across the board. The test of character was if an investor could have made money after the crash. These events shuffled all the smart investors into their own category.

This analogy to the stock market was exactly what was happening in the “Flip that House” era. Everyone wanted to build a house and sell it for a profit. Fix houses for a living and make tons of money and work for yourself. Sounds like a plan! But what happened when sh*t hit the fan? When the music stopped and you didn’t have a chair then you needed to go find another game to play.

The last time I watched that flip your house show was sometime last year (is it still on?) and I made a funny observation. When the show was on back in 2005 everybody on the show made money in real estate whether you were in the New York real estate market, the Philadelphia real estate market, or the any other real estate market. Everyone also made money regardless of skill level. Some investors were on the show but were fixing houses for 30 plus years and others were on the show fixing their first house. Watching the show last year I recall that they had a marathon on. I was bored that day so I sat there and watched about 3 hours of Flip that House (hey it’s entertaining). It was interesting that every investor on that show regardless of location (they had investors from the California real estate market and other parts of the country all spread out) invested tons of money in the property and the show made them look like a success if they got their money back. Let me elaborate.

Most of the investors on the flip homes for sale show lost money because the market was going down and houses were not selling. Out of 3 hours of watching this homes for sale reality show I was surprised to see that not one investor had made a dollar. This was in total contradiction to what were the results when the show was airing in 2005. Now, in 2009 (I don’t even know if the show is on anymore) hardly anybody would want to watch a show like that after what the market has taught people over the past year and a half.

The point that I am making is that those Flip Your House shows were an example of the mindset that was constructed in many people in our country and in our world in 2005. 2005 was only 4 years ago but for many it is so long ago that it hard to remember. This post was written to help us remember. To understand what kind of mess we are in we will need to understand where it all began.

The Philadelphia real estate problems and real estate problems of all other major cities in the world began with shows like Flip this House and the “get rich over night on real estate” attitude that was fostered from everyone (I am guilty myself) who bought into that crap. Even financial gurus like the third richest man in America, Warren Buffet, confessed to being sucked into the hype that the real estate train will never stop so get on and ride it forever and ever.

In 2005, lenders were lend crazy, buyers were buy crazy, builders were build crazy, and everyone on the planet was happy because if the real estate market is doing well you better believe that everything else will follow. If you don’t believe then look at the contrary, our situation right now. The whole world’s financial system almost collapsed because of the hospitalization of one industry, just the little real estate industry. Do you think that these problems would have happened if let’s say the entertainment industry or the sock industry would collapse. Who cares we don’t need TV, we can read a book.

Not even the recession brought from the stock market in 2000 had such a global effect as we are feeling from the real estate industry. The real estate industry is a prime example of the “butterfly effect.” If one housing market collapses on the other side of the planet than the whole world’s real estate market will eventually feel its pain. Not many other industries can have such a severe impact on many things.

OK…. Deep breath...

So the Philadelphia real estate market in 2005 was a great time but it was short lived and out of control. We all knew it was coming. Here we stand in 2009 still dealing with this recession brought about by real estate activities from several years ago.

I wrote this post for us Philadelphians to remember how this real estate recession started so that history doesn’t repeat itself. Philadelphia needs to set the stage for all other cities in America by demonstrating the right way to carry a healthy real estate market. Real estate takes time and patience and should not be treated as a get rich quick scam. There needs to be order in lending, borrowing and execution of building once funds are obtained. Keep this in mind Philadelphia if we get another chance to have a stronger and healthier real estate market.

Philadelphia Mayor Michael Nutter Update

2009-05-12T21:54:00.004-04:00

Philadelphia Mayor Michael Nutter Update

Here is a Philadelphia real estate news update in regards to Mayor Michael Nutter and the major ongoing financial crisis. As you may have been aware, Philadelphia has a very large budget deficit of almost $2 billion. Mayor Nutter has been trying to increase the property taxes for some time in order to combat this deficit. This tactic has been one of many others that were attempted and many actions have succeeded. For example, many libraries and fire stations have been closed throughout Philadelphia.

Philadelphia Mayor Michael Nutter agreed yesterday to change his plan. Instead of increasing property taxes he agreed to increase sales taxes. This will hopefully eliminate the budget in about 5 years. Some will debate that the reason that Mayor Nutter decided to back this strategy is because of the overall perception that the Board of Revision Taxes will not be able to handle such a task.

This situation is a perfect example of the problems that I was addressing yesterday with the City of Philadelphia. The system in Philadelphia government is full of so many nonsensical, red taped processes that it makes investors shy away from investing in Philadelphia real estate. Furthermore, several of Philadelphia’s departments have produced actions that deter investing and building in this city. This was confirmed by the example that I demonstrated yesterday of my friend who was assessed an abatement bill as a result of a violation for having too high of weeds on his land. The property violation was sent out for the first time and a week later the lot was supposedly cleaned and a bill of almost $350 was administered to him. He is a good taxpaying citizen who has done nothing wrong. The irony of the situation was how fast the City will administer a violation (in this case less than a week) but when it is time to actually pay back money like a credit on your taxes, one shouldn’t expect to see results for several months at minimum. There are many investors out there like him who are being abused by excessive unnecessary bills for owning property just so that the city can collect money. Philadelphia is in big debt right now and unfortunately cutting corners with easy prey like Philadelphia investors is a quick way for them to correct their budget.

It appears that the government recognizes their own weaknesses though through the rejection of increasing property taxes. They know that they can’t depend on their own department to handle the duty because it is so inefficient. Isn’t that something when a government doesn’t have trust in their own departments. This is a relief for many homeowners in Philadelphia, at least for now. Where did this debt even come from in the first place? The answers lie in inefficiencies and improper financial management.

I am not saying Mayor Nutter is a bad guy. He has a big job to do especially when it involves unwinding decades of political mismanagement. If he were to read this I would just recommend that he always keep the real estate investors in mind throughout all his decisions. The real estate market is what can make or break a city. If the primary goal of all decision making is to have a productive healthy real estate market than a political figure like Philadelphia Mayor Nutter may be able to have a higher than expected return on his career.

Philadelphia Abatement Bill

2009-05-11T18:43:00.002-04:00

Philadelphia Abatement Bill

This post is about a Philadelphia abatement bill that a “friend of mine” (I would not incriminate myself) received today from the City of Philadelphia on property that he owned. Here at Philadelphia Real Estate Blog we speak very highly of investing in Philadelphia. But please don’t be mislead to believe that we will give you one way propaganda. Philadelphia has plenty of problems when it comes to real estate. A major problem comes in the form of the way the city deals with investors. When Philadelphia needs money like in our current economic situation, what does it do? It comes after the investors that have at least a smallest chance of being able to make a contribution. How do investors make contributions to the city? I will demonstrate by example.

As I said “my friend” received a Philadelphia abatement bill on a lot that he owns. This land was bought at a sheriff sale with the intentions for redevelopment. But money got tight with the economy (as the story goes for many) and he postponed his building plans. Suddenly, the city needed money and is in a quest to hunt down any investors who have the remotest (is that a word) chance of being able to pay. By slapping violations on properties left and right, the city could create a huge revenue source extremely fast. The City of Philadelphia can become analogous to a credit card company when you miss a payment. If you don’t fulfill payment of some ridiculous violation in a timely manner then you will have another violation…and another... and interest on that violation….. and more interest .. and another violation. This cycle will repeat itself until the owner is pushed into the corner and has had enough. The investor then concedes and turns over the property back to the Philadelphia City Revenue Department. The property becomes another home or lot for sale at the Philadelphia sheriff Sale and the proceeds go back to the city of Philadelphia. Then when the city needs money again they will violate the hell out of the property owner until it feels like déjà vu.

Unfortunately, our great city has its problems and this, my friends, is a case in point classic example. This scenario that I mentioned has been going on for about 100 years.

Why do think that there are so many tax sales in Philadelphia?

Yes, Philadelphia has a large population which increases the odds of having a higher amount of people who do not pay their real estate taxes for bad reasons. But there are too many tax sales especially over the past 10 years to say that it is a mere coincidence that Philadelphia has many deadbeats. I don’t buy it. I believe that Philadelphia has so many tax liens because the City has been pulling the same stunt with many investors over the past century. When money gets tight, it becomes violation season.

Do you know how much money is in violation revenue? Too much. Just look at “my friend” today. The City of Philadelphia cited him for having hazardous conditions on a lot. OK, so the weeds were a little out of control. He did cut them last year but if you have ever seen Philadelphia weeds grow then you know that it could turn into a tree in one summer. He is not irresponsible. He does keep up on the maintenance but they sent him a violation notice 10 days ago. He is a busy man. But in 10 days they were able to hire out a contractor to clean the weeds and remove them and stamped a final bill of $350 approximately. That is fast for the same city department who could take about a year to some housing zoned.

Let me say this: the weeds on this lot could have been removed in less than an hour’s work and picked up by the city for free. How much is an hour of labor worth? Let’s say $25. So the tally is $25 for labor and $0 for removal equals a total of $25. But the bill is about $350 so that would make the city have a profit of about $325. Wait it’s not over. I can guarantee that other violation charges are on its way amounting to at least $300 which will accumulate interest if not paid.

By now you may be saying what is your point? Things like this are a part of the expected with the Philadelphia real estate market. This is true but it is important to emphasize what an investor should expect if investing here. It is only right to tell the whole story. The example above of my friend’s abatement bill and other violations is a microcosm of what is transcending here in Philadelphia. He is only one person but how many other people is there that own homes in Philadelphia?

Many people.

And how many ways are there to skin a cat?

Many.

There are many ways for the city to get money from its homeowners and investors when the economy is tight. This is a problem that I feel needs to be corrected in this city. It is a shame that the City (in this case Licenses and Inspection or L and I) still feels to realize that these activities are only impeding Philadelphia’s growth potential from a real estate development standpoint. How can we ever achieve our maximum potential if they are scaring all the investors away.

It’s not just about this violation activity but other areas as well that we won’t get into right now because there is too much to discuss about it. For example, the Philadelphia City tax is one of the highest in the country. If the city knows that all of the businesses are leaving Philly to go to Delaware wouldn’t they want to do something about it? Here at the Philadelphia Real Estate Blog we focus on real estate so let’s focus on what would happen if the City of Philadelphia lowered its taxes and big businesses came back in.

Don’t you think that would have a positive effect on the real estate market? Of course it would because if the money stays here then it circulates here. And if the money circulates here then there will be improvements from every angle of real estate within our great city. Well, on the contrary, one could see that I am only looking at it from a real estate perspective. And I say real estate should be one if not the biggest perspectives that the situation should be looked at. Real Estate is connected to every industry and when you don’t have a good real estate market than you barely have anything at all. The market conditions today are an example of how powerful of a force that the real estate market is to Philadelphia and the world. This is how the City of Philadelphia could make money with the Philadelphia real estate market. By attracting the right investors and keeping them here!

The purpose of this post was many. First, I wanted to let other investors see the other side of investing in Philadelphia. Second, this article was sent as a wakeup call to those making the major decisions that affect real estate in our city. I want policy makers to understand the consequences of excessive violations to homeowners and investors just for the sake of generating revenue. The investors are being scared away and this will have many negative financial consequences for our city. Third, this post was also directed at all those real estate professionals and investors who have the ability to persuade the decision makers in our city. Just think about all of the great financial benefits Philadelphia would have if we started treating our good investors better. Encourage them to stay here and not have so many unnecessary violations. Also encourage these decision makers for our city to improve the system for permits and licensing at City Hall (that is another discussion). Just by making it easier to buy property in Philadelphia for investors there will be serious positive implications on our future of our city. These are just my thoughts.

Sincerely,

A concerned Philadelphian.

Philadelphia Real Estate Online Links

2009-05-10T10:24:00.002-04:00

Philadelphia Real Estate Online Links

In the next month, the Philadelphia Real Estate Blog will be reaching its one year anniversary. Although this blog was only active for about half of that time it should be noted that it is committed to going full steam ahead now. There are many different exciting ideas about which direction to take this real estate blog but only time will tell the real path.

In the next few weeks, the Philadelphia Real Estate Blog will be doing several reviews of some of the other top real estate blogs. If you own a real estate blog and would like to be reviewed or would like us to post a review, please send us a copy of the description of your blog. You can make it as long as you like but please make it unique content. Also send us the title of your blog, your name, email, and anything else that you feel is relevant.

The Philadelphia Real Estate Blog will be happy to include a link to your blog if you will include a positive review of our blog on your blog or website. This would also include at least two links back to our blog’s home page and use the following keywords as the title of your links: Philadelphia Real Estate, Philadelphia Real Estate Blog, Philadelphia Homes, Philadelphia Homes For Sale, Real Estate, Homes, Philadelphia Apartments For Rent (minimum of 2). Our preference would be Philadelphia Real Estate or Philadelphia Homes For Sale.

If you have created a positive review of the Philadelphia Real Estate Blog with two relative links as stated above then please contact us with the relevant URL of where the review is located. We will then reciprocate with a review of your blog as well. Please include your information requested above.

Philadelphia Real Estate Blog believes that it is our duty to make friends with other similar Philadelphia real estate blogs or websites (and other real estate related blogs or websites throughout the world) so that we can provide a more universal platform for our readers who are looking for information on real estate in Philadelphia. This isn’t a one person job and that is why we extend our hand to welcome any other related blogs who want to join efforts.

To demonstrate our commitment to uniting real estate blogs everywhere, the Philadelphia Real Estate Blog will be starting a couple reviews of the top Philadelphia real estate blogs over the next several weeks. Please remember if we review your blog we will not be able to include a link to your blog or website until you have fulfilled our requirements above.

Thank you and we look forward to the participation of other Philadelphia real estate blogs in our quest for a united real estate blogging community.

South Philadelphia Real Estate Review

2009-05-09T16:42:00.003-04:00

South Philadelphia Real Estate Review

In this post Philadelphia Real Estate Blog will provide a review of the South Philadelphia Real estate market at the present time. South Philadelphia is a very important area of Philadelphia for many reasons. First, there is a large amount of history associated with South Philadelphia that all Philadelphians recognize and appreciate. This history extends into the local real estate market because this area has one of the oldest real estate markets in America. South Philadelphia is also an entertainment Mecca for all Philadelphians. It has many wide ranges of entertainment not entirely found in any other area of the city, for example, the sports complex. South Philadelphia is also home to many of the foods uniquely called Philadelphian foods. Pretzels, water ices, cheese steaks are Philadelphia foods that originated in South Philly.

The history of South Philadelphia is very interesting to overview before discussing the real estate market here. South Philadelphia is an area derived from several major immigrant populations. South Philadelphia was mostly Irish and black Americans until many Italians and Polish arrived in the early 1900s. This is important because the various ethnic groups that had settled here had all helped to contribute to South Philadelphia’s culture. Over the past 20-30 years there has now been a large wave of various other ethnic groups into South Philadelphia. These groups consist mainly of various Asian cultures like Vietnam, Cambodia, Laos, and Thailand. Also, there has been a significant increase in the Mexican population as well. All of these new cultures how brought many different building skills to this area and indirectly this may have contributed to the recent increase of revitalization to South Philadelphia. With a larger supply of various construction skills there would naturally have been an increase in building (assuming there is enough loans for builders).

The many cultures that have come to South Philadelphia have had a serious impact on the amount of ethnic food options that are provided to tourists. In South Philadelphia you can eat almost any type of food cuisine that you are in interested in. This may have an effect on the South Philadelphia real estate market because as there is an increase in the amount of tourists then there may be an increase in the building to accommodate them. Food attracts tourists because it is seen as an entertainment, something for people to do. With more options there are usually more people.

While we are discussing food, unfortunately, South Philadelphia has received a name for producing the best cheese steaks. I say unfortunately because sometimes tourists are blinded by thinking that this is all that Philadelphia is known for. Come to Philadelphia and get a cheese steak but forget about everything else that it has to offer. Some of the major cheese steak venues include Geno’s Steak and Pat’s Steak. These two businesses are across the street from one another and at any given time of the day you will see a long line at both of these steak places. Philly is known for cheese steaks and South Philly is where this whole mysterious love affair that the country has become obsessed with has started. The area that surrounds Geno’s and Pat’s is called the Italian Market and is a very popular area to shop. This popularity has had an effect on the Italian Market real estate. Many of the homes for sale in that area have increased drastically.

Did I say that South Philly is well known for its entertainment? South Philadelphia holds the Sports Complex for all the major sports teams in Philly. These teams include: the Philadelphia Eagles, the Philadelphia, Flyers, The Philadelphia 76ers, the Philadelphia Phillies, and Philadelphia Soul. The name of these sports arenas are called The Wachovia Center, Citizens Bank Park, Lincoln Financial Field, and the Spectrum. These arenas also hold other entertainment events like concerts and shows. The Philadelphia Sports Complex is all accessible via the last stop on the subway at Pattison Avenue.

South Philadelphia is broken into many different neighborhoods with many fancy names (many of these names have been newly formed for marketing reasons over the past ten years). If you are interested in South Philadelphia real estate then it would be wise to get familiar with these areas to find the location that would be suitable for your investment needs. These areas include: Bella Vista, Girard Estate, Passyunk, Grays Ferry, Hawthorne, Italian Market, Marconi Plaza, Moyamensing, Packer Park, Pennsport, Queen Village (this is the northern border where South Philly becomes Center City), Southwark, and Whitman. The major zip codes in South Philadelphia are 19148, 19147, 19146, and 19145.

In order to understand the South Philadelphia real estate market it is very important to first understand its history, culture, and the reasons people live there. I have only provided a brief snapshot of South Philadelphia. It is very important to understand the significant role South Philadelphia has in the grand picture of Philadelphia real estate. South Philadelphia is a few minutes away from Center City, the heart of the city. Many South Philadelphians work in Center City and the two environments, thus, become dependent on each other. From a real estate perspective this is also true. Center City Philadelphia has the highest real estate market in Philadlephia. What happens when the employees of companies based in Center City cannot afford to live there? They find homes and apartments that are close as possible at a more reasonable price. Where is that? Mostly in South Philadelphia.

In South Philadelphia, more than any other area in the city of Philadelphia, you can have your cake and eat it too. You can buy a South Philadelphia home for sale that is reasonable (compared to Center City). You can also have your convenience to all the major highways. South Philadelphia dominates the entertainment department of Philadelphia. The only other rival would be Center City itself and that too would be debatable.

South Philadelphia real estate has seen a significant amount of building over the past 10 years. The infrastructure and development of many of its residential and commercial buildings in addition to the past lending craze has led to a more desirable place to live. This has had a drastic effect on the prices of the houses for sale here. The gentrification of Philadelphia was also contributed by the Hope project from the federal government during the 1990s. Philadelphia was one of the first major cities to get their hands on loans given from the government to eradicate blight (and Philadelphia had a lot of it). Although the past couple years have had a negative effect on the Philadelphia real estate market, compared to ten years ago South Philadelphia is in much better shape. There is still a large amount of money floating around there for investment projects.

What is in the future of South Philadelphia real estate?

Nobody has a crystal ball but if I was a gambler I would say that South Philadelphia’s real estate should appreciate better than ever once our economy gets back on track. Hopefully this won’t be any more than 5 years. Regardless, there is still a large amount of construction taking in place throughout the city, particularly in South Philadelphia and Center City. This leaves plenty of opportunities to make money with South Philadelphia real estate. So while the economy is thinking about getting better, South Philadelphia will still be physically getting better (think of South Philly as the Rocky of Philadelphia real estate).

This concludes Philadelphia Real Estate Blog’s review of South Philadelphia real estate.

Make Money | Philadelphia Real Estate

2009-05-07T11:23:00.003-04:00

How to Make Money With Philadelphia Real Estate

There are many ways that an investor can make money with Philadelphia Real Estate. First, an investor can take the speculative approach and search for land for sale. This approach would have to consider what area of the city that this investor is interested in.

For example, let’s say that this investor was interested in the Grays Ferry area in South Philadelphia. Grays Ferry has one of the highest abandoned areas in the city and the highest amounts of lots for sale. A lot is just an empty piece of ground with no building on it. So if this investor wanted to buy land in this area then he or she would have to be even more specific. First they need to figure out what their budget is. How much money do they have to spend? Can they spend $10,000 or can they spend a couple million. How much they can spend will determine many things including what type of properties they can buy. If they don’t know their budget maximum then they will not be able to select a lot for sale. Once they know their budget and their area of focus (in this case it is Grays Ferry neighborhood) then they will start to select their investment choices. I would recommend to print out a list of as many lots for sale in that area in your price range. I would say to find the top 100 or 200 properties.

Now that you have a list drawn together, what you need to do is start narrowing down your list based off of what your expectations of buying this property is. For example, if you want to build on this land in time, let’s say five years, then you will want to select a property that has the lot dimensions that you would feel could comfortably build the style of property that you would like to have. This should narrow your list down some more. Now you will have to get in your car and drive around this area until you get some more ideas or find something you like. Because these are not buildings, the good thing about land is that you do not need to go inside. You can drive buy and make quick decisions. Making money selecting Philadelphia Real Estate lots require the investors opinions about many things. For example, the investor will have to answer certain questions eventually that may not have a right or wrong answer. These questions include:

What do I believe this area will appreciate to in 5, 10, or 20 years?

What kind of building will go on in here in the next several years?

Will there be houses or commercial buildings?

How will this affect my investment?

Will the government be building anything here?

Do I know any other investors who are interested in building in this area?

Are there any serious builders that are interested in building in this area (serious meaning that they have serious money to invest in this Philadelphia neighborhood)?

So far you may be saying.. wow.. it sounds like a lot of work to make money with Philadelphia real estate. The truth is that making money selecting Philadelphia land for sale is one of the easier real estate options to invest in. Once you go through this process mentioned above and select your lot it becomes significantly easier. When you buy the Philadelphia lot that is for sale you will then have less to nothing to do after that point aside from paying your mortgage, Philadlephia real estate taxes, and Philadelphia Home owner’s insurance every year. After you pay these bills on an annual basis then there isn’t much else that you can do but sit and wait until the value of the land increases. This may take a long time meaning anywhere from 1 to 20 years. More or less around 5- 10 years to start seeing some results in the market price. If you selected the right lot for sale then this is one way to make money with Philadelphia real estate.

Buying land in Philly doesn’t always work in your favor though. Sometimes you may have to sit on the land for 30 years before you may see results. And sometimes you don’t make any money at all especially after you deduct all your costs throughout the years like the taxes and insurance (and possibly clean up costs if the city needs money and wants to collect). This is the chance that you are taking though. In the recent decade of the real estate boom in Philly there were plenty of examples of people buying land for under $10,000 and selling it for over a million dollars. Some people just get lucky. If you diversify your money with other investments then you spread out your risks. So far we have only talked about one way to make money with Philadelphia Real Estate. However, there are many ways that you can make money and we will now talk more about another method.

Another method to make money with Philadelphia real estate is by selecting Philadelphia multi-unit housing for sale and then renting them to tenants. In Philadelphia, there are plenty of multi unit houses for sale with price ranges that are all over the place. The idea is to select one that you are comfortable with. For example if you are a builder then you would probably want to select a property that may need a little work. These types of Philadelphia properties a contractor can make money with because they know how to do the work and can control the costs that are associated with the property. For example, if a builder selected a duplex for sale in a given area. This duplex was bought for market value at $200,000 but needs about $100,000 to be dumped into it. Well it may cost someone who doesn’t know anything about building $100,000 but an experienced Philadelphia contractor may be able to do the same work for $30,000. That is a $70,000 profit just because they have the knowledge and skill to build a property at a cheaper cost. This is how you make money with Philadelphia real estate. You may say what about the rookie with no experience. In this scenario you wouldn’t have to be the contractor per se to do the job cheaper. If you don’t know how to do the work you can still make money with Philadelphia real estate. It is done all the time. You just need the right network of people. You will need to find contractors to outsource the work to. Shop around and you will find plenty of opportunities to save money.

Anyway I am rambling here. The way to make money from multiunit buildings would be to select the building. Once selected you need to determine whether this fine piece of Philadelphia real estate needs work or not. If no, do no more, and if yes, then get it done. Shop around first because by saving money in the end it is like making money. Once the multiunit is complete then you can make money with it by renting it out. Here is the key here. Depending on what type of multiunit that you have purchased will determine how many tenants that you need and how much rental management help you may need. If you only bought a duplex then it will be a lot easier to manage on your own than if you bought a fifty unit apartment complex (boy, that would be a lot of work). It would be a lot of work for sure if you have a really large unit building that you bought in order to rent it out to full capacity. But don’t worry there are ways to do everything.

Let’s go back to our assumption that you have selected a duplex. Ok so all you need to do once it is completed is to find 2 good tenants who will pay faithfully every month. Assuming that you can do this in a short amount of time then the determining factors to decide whether or not you made money will be the numbers.

What numbers?

First, how much rent are you getting per month?

Second, how much is your mortgage, taxes, and insurance?

How much is your maintenance cost per month?

What kind of appreciation do you expect on this property over the next several years (or whatever time frame that you desire)?

Now you will deduct your costs from your rent and look at the result. If the result is positive then you will be making money. They call this positive cash flow. If the results are negative then you will not be making money every month. This is called negative cash flow. Obviously you want to find a way to create a situation where you have positive cash flow coming in every month. But if you have a negative cash flow then that doesn’t necessarily mean that you are not making money with Philadelphia real estate in the grand scheme of things. It just means that you are not making money on a monthly basis.

Let me clarify. Sometimes investors actually choose investments where the Philadelphia real estate multi unit is producing negative cash flow. I will give you an example of a situation why they would consider this and it all revolves around speculation. You see the Philadelphia Real estate investor knows that a particular project may be losing money from the rent but they may be speculating that in a certain time frame, maybe 5 years that the neighborhood will be appreciating well beyond what the current market value is stated for it right now. For example, if an investor bought a triplex and the triplex has a negative cash flow of several hundred dollars a month then this means that the investor has to take that several hundred dollars a month that he or she is not getting from his own pocket to pay the costs of the building. But if then investor strongly believes that the value of the property will triple in the next 3 years then the investor has every right to believe that they investment is an overall good investment. If the triplex is worth $200,000 now and in three years it will be worth $600,000 then paying a few extra hundred dollars a month for three years just to hold the property would definitely be worth it. This is because in the end this investor, if his or her assumptions were correct, would reap a significant gain if the property was sold for triple in 3 years.

Folks, this is another way to make money with Philadelphia Real Estate. Keep in mind that if you weren’t banking on appreciation from the multiunit you can still make money off the tenants rent. If you made a 15 year mortgage on the loan and assuming that the tenant pays on time and that you have full occupancy 99% of the time then even if you broke even with you cash flow every month, the tenants are essentially buying you property for you. In 15 years that building will be all paid off and the only costs that you will most likely have to pay at that point would be your insurance and Philadelphia real estate taxes. After 15 years then your tenants will be giving you to the money instead of the bank. Do you know what that means? That means that you will be keeping the cash as if you had a job or something and do barely anything besides collecting rent. I don’t know about you but I don’t have a problem with a job that all I have to do all day long is to collect rent money. Now we are only talking about a single rental unit here. Imagine if you can multiply this situation and but 10 or so multi units over the course of the next 10 years (one a year is a good goal). The result is your retirement and all that from Philadelphia real estate. Who would have thought?

Think that this is hard to do? Not really? It is in the beginning but once you figure everything out it becomes a lot easier especially if you have patience. There are many Philadelphians right now then own several multiunit buildings that are paid off and are living off of the income. This is done not only in the Philadelphia real estate market but all over America and the world for that matter.

Wow, this post is getting long and I have only discussed two ways that you can make money with the Philadelphia real estate market. I will try to talk about one more method of making money with Philadelphia properties and then determine whether or not I should cut this post short and pick up another day.

The possibly last method that I will discuss today of how to make money with Philadelphia real estate concerns flipping Philadelphia homes for sale. This practice has made many people money over the real estate boom but has become a lot less popular the past 2 years because of the poor economy. To make money this approach requires an investor to buy Philadelphia homes for sale and then fix the property up and turn around and sell it for a profit. There can be a lot of money to be made utilizing this approach to investing with Philadelphia real estate. First you need to identify what property that you are interested in. Once you identify that property you need to determine how much it is going to cost you to fix up the property and how much that you believe that you can sell it for. Or what do you think the Philadelphia market value will be for that property when it is sold? This is really important to know in the beginning because that will determine whether or not the project is a good choice.

Believe me that this option to make money with Philadelphia real estate is not easy even if you are the general contractor or are outsourcing the whole job. Why? Because it is a huge time commitment in some way or another and if you do make a lot of money with this you will have earned every dime. This type of investment approach is very different then the buy land approach because the buy land approach is a one shot deal. You buy land and then don’t do a thing until you sell it. This can take 20 years or so. With the flipping house approach you will be involved initially the whole way through until it is completed into a finished product that you can either rent or sell. In this scenario though we are just going to focus on making money from selling the finished property.

So building the property will require time but you can make money with this approach if you know what you are doing. If you don’t know what you are doing then I would suggest that you find another experienced investor that you can partner up with until you feel comfortable on your own. Actually I REALLY suggest this because I think that it is too difficult for someone without experience, connections, and doesn’t like to lose money. Don’t get me wrong the inexperienced can try to build properties without help from anyone else but expect to lose money the first one or two houses. We all go through this. That is why I am suggesting partnering with someone who knows what they’re doing so that you can make money from the beginning of your career. This will help your real estate career start out strong and a stronger start will improve your likelihood of staying in the business for a long time.

Well, I still haven’t answered the question of how to make money with Philadelphia real estate by flipping houses. I will walk you through this. First, select the property. Second, determine if there is a profit to be made and is it worth the time? Third, determine how much you would like to be involved. Do you want to be hands on and cutting wood with your workers or do you want to outsource the whole job to a general contractor. You need to know this because the end result wil ensure that you know what kind of commitment you need. The rule of thumb is the more time that you commit the more money that you will make. I think that this rule of thumb more or less applies to the contractors and is debatable. What I mean is that if you look at serious real estate investors they are not out swinging a hammer and they may have 5-50 projects being developed at any given moment. Are they making money? Certainly because they are spending their time spread out among multiple projects taking a little less than the contractors for any one project. Is that end result the same? It depends on the investor. Some contractors make tons of money off of volume as well. Either way just be aware of the time factor because time is money and if you are spending too much of your time fixing up a property and only to put this Philadelphia home up for sale and find out that you broke even (it happens) then you will be very upset to say the least.

Ok.. I should write a book because I have too much to say but I will stop now for I have to go eat lunch soon. To sum this all up… there are many different ways to make money buying Philadelphia real estate. Today we have only mentioned three out of plenty. To summarize, we discussed making money by buying Philadelphia land for sale and then sitting on it until it is ripe. We also discussed buying multi unit buildings and then renting them out. We finally discussed buying Philadelphia homes for sale that are fixer uppers and then redevelop them into a beautiful product only to be resold for a profit. Please stay tuned in our blog because we will be going over many other methods of making money later.

I hope that you have enjoyed the Philadelphia Real Estate Blog's discussion about how to make money with Philadelphia real estate!

Philadelphia Broad Street Run Results

2009-05-03T15:28:00.003-04:00

Philadelphia Broad Street Run Results

The Philadelphia Broad Street Run results have been posted. The race was great today. there were many people who showed up despite the weather. It was a rainy day so there were a lot of slippery conditions. But despite the rain, the Philadelphia Broad Street Race was a great time for many.

Unfortunately, it was very difficult to enjoy the Philadelphia real estate on Broad Street due to the rainy conditions but it was a reminder for everyone to come back and take a stroll on a nicer day. Broad Street is a very beautiful place to see especially in late May when the weather officially breaks.

The winner of the Blue Cross Philadelphia Broad Street Run was Linus Maiyo from Royerford, PA. They clocked him at 47 minutes and 21 seconds. Very fast indeed. He ranked 1 out of almost 23,000 people that finished the run.

This post was part of a three part series. Please see our prior posts at:

Philadelphia Broad Street

Phiadelphia Broad Street Race.

Philadelphia Broad Street Race

2009-05-02T08:41:00.004-04:00

Philadelphia Broad Street Race

Yesterday the Philadelphia Real Estate Blog gave an overview of Philadelphia Broad Street and its applicability to the Philadelphia Real Estate market. It was also mentioned that there is an annual Broad Street Race. I would briefly like to elaborate on that because the Philadelphia Broad Street Race is tomorrow.

The Philadelphia Broad Street race is a great way to reinforce the discussion yesterday about Philadelphia’s Broad Street architecture. If you have the time to join or to watch, tomorrow is your opportunity. The 30th annual Blue Cross Broad Street Run starts tomorrow, May 3rd at 8:30 am. The Broad Street Run starts at Central High School athletic field at Broad Street and Somerville Avenue (North Philly) and finishes at the end of Broad Street on the south side inside the Naval Yard. The Philadelphia Broad Street Race is considered the largest 10 miler in the United States.

The Philadelphia Broad Street race supports the American Cancer Society and its fight against cancer. If you run in this race you can gain support by donators to this cause for every mile that you run on Broad Street. You can utilize the following link if you are interested in making a donation to their fund. It is a great cause and will help our community here in Philadelphia.

http://charityrunner.acsevents.org/site/TR?fr_id=19429&pg=entry

If you do want to race tomorrow just be sure to be there promptly because they will leave without you at 8:30. The best way to get there is the Philadelphia Broad Street subway because of the traffic and the parking that you will have to fight. From the lowest point of the subway you can be there in about 40 minutes tops.

You will probably see all kinds of people that are running in this race especially many Philadelphia realtors. Philadelphia real estate professionals love the Broad Street run because it gives them an opportunity to network. There are so many people to meet there. However, if you are racing, you will probably be in your concentration zone and will not be worrying about meeting others until you cross the finish line.

Another reason to enter the Philadelphia Broad Street race is to really experience the beauty of Philadelphia Broad Street. You will be able to see all of the various types of buildings that we had mentioned yesterday. By starting in North Philadelphia, you will first encounter the Temple University real estate. This is mainly hospital and university buildings and all of their dorms for their students. There is also many interesting older buildings near that area.

Once you start to get to City Hall, you will see the big skyscrapers that are on Broad Street (and the ones that the big construction companies are building now). This is a result of continuous Broad Street development efforts. At City Hall, you can admire the beauty of this great building. City Hall was built over a 30 year period from 1871 to 1901 and was once considered one of the tallest buildings in the world. Actually it is still considered one of the tallest masonry buildings in the world. As you run by, just remember to return one day to enjoy this fine piece of Philadelphia real estate (don’t stop though because you may lose the race).

After City hall, the Philadelphia Broad Street Race will continue down Broad Street until you get to the Philadelphia Union League, a very interesting building on your right side. Many important people have networked there over the past few centuries. Then you will see the Kimmel Center on the right and then some newer buildings that have condos for sale. Next, you will run past the University of the Arts on the right side. This will take you past Washington Avenue and now you will be in the thickness of South Philadelphia. As you run more south you may see many local South Philadelphia Broad Street restaurants including the Broad Street diner (it’s for sale). Also, you may notice many Philadelphia Broad Street homes for sale. All the way at the end of Broad Street you will first pass the very impressive Sports Complex where Philadelphia events are played. Finally you will head into the Philadelphia Naval Yard. This will be a different atmosphere because here you will feel like you are in the suburbs or out in the woods for that matter because of the many trees around.

We have provided a description here of the wonderful things that you will see if you decide to run the Philadelphia Broad Street run tomorrow. If you decide to be a part of this race, you will have any unforgettable experience and a deeper appreciation of the beauty of Broad Street, the lifeline of Philadelphia.

The Philadelphia Real Estate Blog wishes good luck to everyone racing in the Philadelphia Broad Street Race!

Update: see the Philadelphia Broad Street Run results here.

Philadelphia Broad Street

2009-05-01T19:16:00.005-04:00

Philadelphia Broad Street

This article is a review of Philadelphia Broad Street and its applicability to the Philadelphia real estate market. To begin this discussion, first we need a little information about Broad Street.

Philadelphia’s Broad Street is one of the biggest streets in Philadelphia. It runs from the lowest point of South Philadelphia (specifically, the Philadelphia Naval Shipyard) up until North Philadelphia (specifically, where it intersects with Route 309 also known as Cheltenham Avenue). Broad street is a large two way street that is a straight run except where it meets with City Hall at Market Street. Broad Street then picks back up on the north side of the building and keeps going straight again.

Broad Street is famous for its Broad Street line subway which runs from Pattison to Fern Rock making many frequent stops along the way. The subway is very efficient compared to all of the other top American cities with a good transportation system. Depending what stop you are on, you may only have to wait an average of 10 to 20 minutes for the next train. You can get from one end of Philly to the other in about 45 minutes (give or take). This is an important factor for the Philadelphia real estate market because proximity to the subway usually translates to a higher value. This may be psychologically connected to people’s desire to be convenient to the center of the city. We will talk more about Philadelphia real estate market and Broad Street later.

Philadelphia Broad Street also has many important Philadelphia landmarks located on it. For example, there is the Avenue of the Arts which consists of the University of the Arts. There is also the Kimmel Center, the Academy of Music, the Sports Complex, oh…..and the most important building…..City Hall. The Sports Complex is interesting to mention because it has many of Philadelphia’s most important entertainment facilities located there including: Citizens Bank Park, Wachovia Spectrum, Lincoln Financial Field and the Wachovia Center. Several important facilities were torn down that are worth mentioning. These include: JFK Stadium and Veteran’s Stadium.

It can easily be said that Philadelphia Broad Street is the heart and soul of Philadelphians the same that Bourbon Street would be to people who are from New Orleans or Beale Street is to people from Memphis or Broadway is to New York. You get the idea. Life centers around Broad Street in Philly.

Broad Street is also a very important spot for many different events. Broad Street has the annual Broad Street run every year and is considered one of the longest races in America. Please see our follow up post on the Philadelphia Broad Street Race (it is this Sunday May 3, 2009).
Update: See the Philadelphia Broad Street Run results here.

Whenever Philadelphia sports teams win (very rarely) a title, there is always a parade on Broad Street. The parade is usually packed with people from one side to the other. For example, the Philadelphia Phillies parade in 1980 and then again in 2008 had millions of people. The Philadelphia sports team that won would usually be escorted down Broad Street by a ton of police. The sports players would ride in giant floats with all their team mates as local Philadelphians are everywhere chanting their loyalty. Philadelphia sports and Broad Street have another piece of history together. The Broad Street Bullies was a name given to our great Philadelphia Flyers for their fighting expertise while their home was located on Broad Street.

Broad Street is home of the Philadelphia Mummers Parade. This is a traditional parade that is at the heart of the Philadelphia culture. Many different brigades of people dress in costumes and walk down Broad Street on New Year’s Day.

City Hall is probably the most famous building on Broad Street (or in Philly for that matter). It is located where Broad Street intersects with Market Street and is a good reference point for knowing where you are in the city. On top of City Hall stands a giant statue of William Penn. In that area of Broad Street is some of the most expensive real estate and homes for sale in Philadelphia. Actually, most of the homes are in the form of condos in that area because there are so many larger buildings. This area is called Center City Philadelphia and has the highest concentration of people in one spot. This is also the business district and many of the expensive commercial real estate are surrounding this vicinity.

Broad Street is also a very good strategic place to get onto any of the major expressways in Philadelphia. For example, you can easily get onto I95 (North or South) or 76 (East or West), also known as the Schuylkill Expressway, from many different points along the city. This is very convenient for many who own a home around Broad Street and need to commute outside the city for work every day.

Broad Street also connects with other major streets in Philadelphia including: Oregon Avenue, South Street, Market Street, Spring Garden, and Cheltenham. On the North side of Broad Street, there is a large area that is owned by the famous Temple University. Temple has most of their larger buildings located right on Broad Street. Over the past ten years they have poured a large amount of money into revitalizing their district of North Philadelphia. Temple has improved many abandoned buildings and has removed the blight that was deterring many students from attending their university.

Over the past ten years, the Philadelphia real estate located on Broad Street has been significantly improved, and consequently, the value has went through the roof. It doesn’t matter what part of the city a building is located at, if it is on Broad Street it is automatically assessed a higher value from a market standpoint. It is convenient to all parts of the city, via walking, subway, or expressway. This is a strong selling feature to many residents and is reflected in its value.

Broad Street is also a great place to do business as there are many shops located there. There is plenty of traffic on Broad Street at all parts of the day on any day of the week. This may help to attract more customers than other areas of the city. This fact also is a reason for the more expensive properties located there.

Broad Street homes for sale attract many of the wealthier Philadelphians, especially in Center City. The Philadelphia condos that surround Broad Street around City Hall usually start over one million for a two to three bedroom condo. As you work your way 5 or 6 blocks north or south, the price is still close to a million for the same type of unit. Buying a house on Broad Street near City Hall is next to impossible unless you have really deep pockets. For starters there aren’t many that exist unless you were to get off Broad Street.

Broad Street real estate will continue to appreciate despite our economy because of the many features that it has, specifically, location, location, location! You can buy various type of buildings ranging from small duplexes to giant high-rises. Just keep in mind that you will probably spend more than an equivalent building in any other part of the city. Also, if you want to live there you may have to be more tolerant of the shakes and the frequent noise. This is due to the subway below and the plenty of traffic that runs through there all hours of the day.

Broad Street is a good investment though if you want to buy a duplex or a triplex and are looking for appreciation and some rental income at the same time. People have desired to live on Broad Street since the beginning of Philadelphia 300 years ago. Actually Broad Street was one of the first major Streets recognized in the United States. So the real estate there has withstood the test of time.

There are so many beautiful buildings on Broad Street. If you drive down Broad Street, you will see a large variety of Philadelphia architecture styles both old and new. Some buildings are more modern but some are still standing made from the days of when brownstone was popular (and cheaper). It is also a very pretty street to drive down, especially on a nice day. The city of Philadelphia has been constantly improving its aesthetics by adding a landscape of trees all along its borders. Since they have been maintaining them very well, it is safe to say that has increased the beauty overall of Broad Street. Also the smell of the Broad Street restaurants will bring back nostalgia.

Well, this concludes the Philadelphia Real Estate Blog’s discussion of Philadelphia Broad Street.

Lancaster Homes for Sale Review

2009-04-29T11:08:00.003-04:00

Lancaster Homes for Sale Review

There are plenty of real estate opportunities for individuals who are searching for Lancaster homes for sale. There is a wide variety of selections of homes in Lancaster, PA. This includes homes that are row home style, cottage houses, farms homes, and many more.

Homes for sale that are located in the city of Lancaster are mainly brick row home style. The city of Lancaster is a rather small city but has plenty of potential. You can drive around the whole city in about 10 minutes or less. Compared to Philadelphia, Lancaster would be like half of a big neighborhood (like South Philly). There are plenty of homes for sale in the city. These houses can be bought very cheap too. It appears that most people in Lancaster County prefer not to live in the city, which causes a higher supply of properties for sale and a lower demand. You can easily buy a home for under $75,000. There are several homes for sale close to the main area of the city that are valued at a few hundred thousand dollars. With this economy, an investor can easily negotiate that price much lower.

Lancaster city homes for sale have its advantages over living in the countryside. There is a variety of entertainment in Lancaster including restaurants, nightclubs, and bars. All of you major shopping is within walking distance. However, the main benefit of the city of Lancaster is its convenience to the farmlands of Lancaster County.

Homes for sale in Lancaster County may have more advantages than the city of Lancaster. First, Lancaster County is known for its countryside and its farming. Therefore, many people are attracted to Lancaster because of the culture created from this simple way of life. Everything about the Lancaster culture is embedded within the types of homes that are built. Most of homes in Lancaster countryside are similar to a traditional suburban style home except in most cases it is within walking distance of beautiful Lancaster farmlands.

Since Lancaster covers a large area, there are many Lancaster homes for sale there. The prices vary between each section of the county. You can buy property from under $100,000 to over $1,000,000. If you are interested in Lancaster commercial property, then you may spend several million dollars. For example, there may be small farms for sale but there also may be large farmland estates for sale there with several hundred acres. You just have to look around.

My overall review of Lancaster County homes for sale is that there are many great bargains out there right now. There are many for sale signs up and if you have money than you may get a good deal. From and investor’s perspective, if you were interested in buying investment properties, for example, duplexes or triplexes, there are many there that may result in positive cash flow for you every month. If you are looking to move there and find a business at the same time, consider buying a large home for sale and then converting it into a bed and breakfast. Bed and breakfasts are a very good business in Lancaster County that has grown in popularity over the past ten years. With so many tourists in Lancaster, especially in the summer, you can live and work straight from your home. Making money from home in the middle of a beautiful Lancaster setting is an ideal way to live for many people.

This concludes the Philadelphia Real Estate Blog’s review of Lancaster homes for sale. This post about homes sale Lancaster County was a follow up blog to “Live in Philadelphia” and “Live in Philly."

Live in Philly

2009-04-28T21:18:00.003-04:00

Live in Philly

Live in Philly is a follow up post from the other day’s article called “Live in Philadelphia.” Yesterday I came home from Lancaster in the morning. My drive time was officially an hour and fifteen minutes. Not a bad ride at all. Driving home on route 30 there was nothing but beautiful rolling hills of Lancaster’s landscape filled with various animals gazing in the sun (and the smell of sweet horse manure). What a beautiful day. As I entered back into Philadelphia, refreshed, it was good to be back home. A one day refresher out of the city helped me to appreciate this great place even more.

When you live in Philly you may need a breather every now and then. Little day trips do help. As stated yesterday the options for day vacations are plentiful in Philly because Philadelphia is conveniently located to many different areas. While in Lancaster, I saw plenty of real estate opportunities that I may have to write a review on one day. For now, I just wanted to note how wonderful it is to live in Philly!

Update: follow the link to the Lancaster Homes For Sale Review.

Live In Philadelphia PA

2009-04-26T10:08:00.007-04:00

Live in Philadelphia, PA

I would like to provide an example of why you should live in Philadelphia, PA. This is article is also a semi review of Lancaster, PA.

We will illustrate why you should live in Philadelphia by demonstrating my activities today. It is early morning Philadelphia time on a Sunday and in a few hours I will be leaving Philly to go to Lancaster, PA. Lancaster is only about an hour and forty five minutes drive from Philadelphia (about one hour if you drive like a maniac). This means that assuming that I can get out by about 11:00; I should be there by about 12:30 the latest.

So what?

If any of you know anything about Lancaster, PA you will understand that you can’t have any more of a contrast in environment compared with downtown Philadelphia. As I am leaving Philly, I will be slowing creeping into a different world. In Lancaster you will see Amish people who do not use electricity and are still riding in horse and buggy. Lancaster has beautiful landscapes with farms and animals and cows. You get the idea.

By the way, for more info about Lancaster, please visit padutchcountryblog.com. Also, please follow the link to the Lancaster Homes For Sale Review.

Living in Philadelphia on the other hand, although fill of its advantages, can be a little overwhelming sometimes. So as a good stress reliever, heading out to Lancaster for a day trip is in order. This will help you to breath in fresh air and enjoy the countryside.

Back to my story…..

So I will stay in Lancaster tonight and eat wonderful Dutch food. I may visit the local shopping outlets and shop until I drop. You can walk around these outlets all day and enjoy the weather outside. The reason for this is because the shopping districts there are not indoor malls, they are stores that are side by side but are only accessible from the outside. They have every store that you can think of there and mostly giving wholesale prices. This is why so many people visit Lancaster just to shop.

If you have kids you can head down the street to Dutch Wonderland. This is a fun time for the kids because it has many good things to do there for children. There are rides and games, etc.
I will stay tonight at a local hotel. There are so many to choose from too. There are bed and breakfasts everywhere if you like that kind of thing. By tomorrow morning, hopefully refreshed, I will eat an Amish breakfast and leave to go back to Philadelphia. I will be back before 10:00 for work if I leave at 8:00. Not a bad day trip!

The point of this article is to demonstrate why you should consider living in Philadelphia. I know we talked about Lancaster the whole time but if you put together everything else said throughout our blog about Philadelphia real estate then you will understand my point.

And the point is… (drum roll please)…

The point is that when you live in Philadelphia you have all the advantages of a great city plus you are easily convenient to many other different types of great places like Lancaster, Pennsylvania. If you want to take day trips somewhere, Philadelphia is strategically located to provide plenty of options. Some other examples include: Atlantic City, New York, and Baltimore.

So live in Philadelphia and experience the magic of a city full of conveniences!

See the follow up post titles "Live in Philly."

Philadelphia Movie Locations

2009-04-25T12:09:00.002-04:00

Philadelphia Movie Locations

Today I would like to talk about Philadelphia as a movie town. Obviously, Philadelphia is a perfect location for making movies. Some of the architecture in this city is so unique to our country that it creates infinite amounts of possibilities for movie makers.

Philadelphia is famous for many movies. Some extremely popular ones include Philadelphia, The Philadelphia Experiment, The Sixth Sense, Signs, and of course the Rocky series. Rocky actually helped revive Philadelphia in the movies by branding it as the home of the Italian Stallion. Rocky was an international hit and is still very popular. This may be due to Sylvester Stallone adding another part every 5-10 years. I think he just loves having that connection with Philly.

Philadelphia movie making has been revolutionized the past 10 years by the famous Philadelphia director, M. Night Shyamalan. Shyamalan has focused all of his movies using Philadelphia as a background in some way. He has written, directed, and produced most of his movies. Some other of his movies include: Unbreakable, The Happening, Lady in the Water, and the Village. Hopefully he will continue to make movies here in Philly because it brings cash into our local economy.

What kind of backgrounds can be used in movies in Philadelphia? Philadelphia is a very big city. If you are looking for an urban background, this location is for you. For example, Philadelphia has areas that can have a very scary effect in certain horror movies. There are certain parts of this town that would scare anyone at 2:00 in the morning.

Some parts of Philadelphia have a gothic effect and can be used in comic book style movies. That attribute helped Unbreakable to succeed. If you were to stand in front of City Hall on a foggy night you would be able to envision exactly what I mean.

Philadelphia is also ironically close to the countryside. This is the other side of Philadelphia called Pennsylvania. Note: Although Philadelphia is in Pennsylvania, many Philadelphians think of their city as its own state and don’t really have any connection with the rest of Pennsylvania. Movies can be filmed in the outskirts of Philadelphia. This scenery varies from the large mountains of PA to the dairy farms of Lancaster County. There are many filming options here.

Philadelphia can also be a background for humorous urban movies and skits. For example, think of the sitcom Seinfeld. Seinfeld used an urban background that was easily accessible to many of the local shops that the characters frequented. That television show could have easily been located in Center City Philadelphia. Philly and New York are very similar except for one major thing: cost. We will talk about cost next.

The cost to run a film is significantly cheaper compared to New York, Chicago, or Boston. Philadelphia is an underpriced town that offers a significant bang for your buck. With variety of filming options in Philly it is amazing how much cheaper your film productions would cost. One major reason for this is that overall the Philadelphia real estate is much cheaper here. Philadelphia homes for sale are generally much cheaper than its competition. The price to rent properties in this city will save the film producer a significant amount of money. Also, they will be able to rent much more space for their money.

Also the support received from the local governments and local film organizations is significant. The Greater Philadelphia Film Office has lots of information. They are very supportive of film makers and may have a program to assist you in getting set up.

If you are thinking about making a movie, please consider Philadelphia as your movie location!

The Greatest Philadelphia Phillies Fan - Harry Kalas

2009-04-24T11:24:00.002-04:00

This post is dedicated to the memory of the greatest Philadelphia Phillies baseball fan, the late Harry Kalas.

I have been meaning to write this post for some time. Although this website is about Philadelphia real estate, the first part of that equation states that it is also about Philadelphia. This post is in honor of the great Harry Kalas, a true Philadelphia fan. For those of you who do not know about him, Kalas is known as the voice of the great Philadelphia baseball team, the Philadelphia Phillies.

Harry Kalas died April 13, 2009 at the age of 73. He is not originally from Philadelphia but he started working with the Philadelphia Phillies since 1971. Ever since then, he has been commentating for the Philadelphia Phillies through thick and thin. Harry has stuck by them when they won the World Series in 1980; almost won the World Series in 1993; and won the World Series in 2008. Kalas has also been with them through all of the down years in between (it appears to be the majority of time).

Overall, Harry Kalas was a great man to Philadelphia and shall be rightly honored for having respect for our city. Instead of the many sports professionals who have abandoned us Philadelphians for money, this man left his heart here and became an adopted Philadelphian.

Needless to say, with such a strong passion for the Phillies, it is ironic that Harry Kalas passed away the year after the Phillies have won the World Series again after 28 long ……..long …………………long …………….. years. Many of us die hard Phillies fans share the pain. We have been waiting for that moment in some cases our whole life. Maybe Harry Kalas had wanted it that way. Maybe he hung on all of these years to see the Phillies claim their kingdom again. Whatever the case, Harry Kalas we salute you and we will miss you. Thank you for demonstrating to the world what a true Philadelphia fan is all about.

Harry Kalas, the greatest Philadelphia Phillies baseball fan and a true Philadelphia legend!

Summer Philadelphia Real Estate Theory

2009-04-23T15:51:00.004-04:00

The following will be a new discussion about a theory that I created called the Summer Philadelphia Real Estate Psychology Theory. This theory is about what I think happens in the real estate market in the summertime derived from the mentality of Philadelphians. Although this article is directed at the Philadelphia real state market it is also applicable to most of the northeastern coast of the United States and any other areas in developed countries in the world that share the same weather patterns.

The Philadelphia winter weather is very cold and can have an almost depressing result on many people. Philadelphians are confined to stay inside the house most of the time because of the low temperature. When people go outside in the winter they do so usually only for the purpose of going from point A to Point B. Once they get where they are going they usually have no desire to go back outside. Exceptions to this are if there is some kind of outdoor activity going on. For example, ice skating at an outdoor ice skating arena, hunting (if you like to kill animals for fun), or if you enjoy warming up your car for an hour (just to get the engine toasty).

Anyway, where am I going with this?

Oh Yea….

My Real Estate theory!

Well because it is so cold outside in Philadelphia in the winter, this has a negative effect on anyone who has anything to do with the real estate market. Rental managers get lazier to show apartments because it is too cold outside. Real estate agents get lazier to show homes for sale because it is too cold outside. Builders get lazier to build houses because it is too cold outside. In Philly a contractor’s common response in the winter is “Yo, I ain’t going out there because it’s too cold outside.” This leads to another point. Contractors prefer to work indoors in the winter because it is warmer. Therefore, from small rowhomes to large skyscrapers an untold secret is that most of the indoor work is being completed. So from the outside it looks like the overall real estate market is not being productive. Contractors are working but mostly behind the scenes. The only time you would see outside work being done in the winter is for certain exceptions, including: repair work like a leaky roof or an investor has money to spend and is willing to pay the winter premium to contractors to build. This part of the theory is not really appropriate in an economy like this because contractors need work and don’t care what you pay them (rare).

What’s the point? If all these major players in the real estate market are slacking off in the winter what do you think the buyer is doing? The buyer has the same psychology. That is, he or she gets lazier to go shop around for property because it is too cold outside. The real estate investor may check out some properties and the homeowner may check out some Philadelphia homes for sale but significantly less than the rest of the year.

How about the renter? The same deal. The renter does not want to go check out Philadelphia apartments for rent because ….. That’s right….it’s too cold outside. Unfortunately, when renters are searching for apartments and homebuyers are searching for homes for sale in the winter there is usually an emergency. For example, for whatever reason they need a place right now.
So what does your theory have to do with the summertime?

Well, the Philadelphia real estate market in the summertime has an inverse relationship with the market in the winter. When spring starts to arrive, suddenly people are going out more… little by little. By the time summer arrives, people are everywhere outside and loving the warm weather. You’ll see people at the playgrounds; people strolling on South Street or Center City Philadelphia; people dining outside at the restaurants in Manayunk; people with bikes and water ice and all this other warm Philly things to do in the summer.

OK…What does this have to do with the real estate market? The warm weather also has an inverse relationship with all the people that are connected with the Philadelphia real estate market. Let me demonstrate. The real estate brokers and real estate agents don’t mind showing Philadelphia homes for sale in the summer (besides that is when they get to show off their new summer suits) because the weather is nice. The rental property managers don’t mind showing Philadelphia apartments for rent because the weather is nice. The contractors don’t mind building in Philadelphia because the weather is nice (and there are many pretty women to whistle at while they workJ).

What about the home buyers and renters? Philadelphia home buyers don’t mind going outside and checking out all of the different properties for sale because it is warm out in the summer. Actually, realtors can entice these buyers to go get a water ice while they look for property. The buyers are OK with it – after all …it is a beautiful day and psychologically they feel compelled to be outside. The renter is the same way as the buyer. They don’t mind going to explore different apartments for rent in the summer because it is nice out. Also, school season is ending in June and beginning in September so there is commonly tons more activity in the Philadelphia rental market in the summertime. Students and professionals are moving in and out of apartments.

All of these points are part of this summer real estate theory but let’s sum it up officially………………

And now the official theory………

The Summer Philadelphia Real Estate Psychology Theory states that the summer warm weather has a significant positive impact on all levels of the Philadelphia real estate market due to the psychology of the people living there. This is caused by several major factors. First, winter anxiety has kept all of the real estate players indoors. Thus, not much has been accomplished in the winter. This leads to the next point. Second, a lower amount of productivity in the colder months has created a need to be caught up in the summer by all players in the real estate market. Third, more homes for sale and other properties are built in the summer. When the exterior of properties appears newer, there is a psychological impact on all of the residents in the neighborhood and fuels more real estate buying (this we will talk about in another discussion because I feel there is a lot that needs to be said about that). Finally, more of the beauty of Philadelphia real estate is visible in the summer. This causes real estate to be inevitably noticed and appreciated (or unappreciated depending on where you are). This is unlike the winter months where people are not outside much to admire how beautiful the buildings in Philadelphia are. All of these points and more are driving factors of why I believe that you will see significant prosperity in the Philadelphia real estate market in the summer months in any given year.

Buy Philadelphia Real Estate

2009-04-19T10:49:00.004-04:00

There are many reasons why someone would want to buy Philadelphia Real Estate. First, Philadelphia is one of the oldest cities in America with a history of immigrants dating back to the 1500s. There are many historical buildings that are several hundred years old dispersed in various areas of this large city. The buildings are original and mesmerizing and have a sense of empowerment over its viewers. The historical architecture in Philly is usually found only in countries with longer histories than the United States, for example, China, Italy, or Mexico. However, in America, not many cities can rival Philadelphia architecture. Philadelphia’s beautiful old properties make you remember that America, considered a relatively newer country, has a strong and deep history. Philadelphia real estate is a continuous reminder to all that it is the birthplace of America.

Buying Philadelphia real estate may be of interest to art lovers as well. Philadelphia is also becoming the art center of America. The University of the Arts, one of the leading arts schools in the America, is centrally located in Philadelphia. This university has played a major role in the past ten years in marketing Philadelphia as a leading city in the arts. There is also a large mural program in the city named the City of Philadelphia Mural Arts program. Since this program began in 1984, they have painted over 2,400 murals on the sides of buildings. This has added an artistic perspective to livening up the older buildings in the city. Also, the newly constructed building called the Kimmel Center has added value to the artistic movement in Philadelphia. The Kimmel Center for the Performing Arts and the Academy of Music serve as home to eight Resident Company performing arts organizations, including The Philadelphia Orchestra, Opera Company of Philadelphia, Pennsylvania Ballet, Chamber Orchestra of Philadelphia, American Theater Arts for Youth, PHILADANCO, Philadelphia Chamber Music Society and Peter Nero and the Philly Pops.

Another reason for buying Philadelphia real estate is that Philadelphia is known to be the City of Brotherly Love. The community relationships that are developed when residing here are priceless. Yes, Philadelphians are known to be a little rough, but don’t let their poker faces fool you. Philadelphians are very proud of their people and are always trying to help one another. When you live in Philadelphia you will feel like you belong to something. Although most Philadelphia homes are row home style and space is tight, this adds to the unique Philadelphia experience.

Another reason for buying Philadelphia real estate is the convenience. Philadelphia is convenient to anything that you want. If you are driving, the convenience factor is even higher. In Philly, you are close to every restaurant that you can imagine, malls, shopping centers, entertainment, and much more. The nightlife is also very fun. There are many clubs and bars along Columbus Boulevard, South Street, and many other areas throughout the city. Philadelphia has one of the best entertainment options throughout the country.

A final reason for buying Philadelphia, PA real estate is its value. The Philadelphia, Pennsylvania real estate market has been significantly underpriced for many years compared to its neighbor New York. In Philadelphia, there are plenty of opportunities to buy your dream home throughout the city regardless of your income. If you are just starting out and don’t have much money, there are many inexpensive Philadelphia homes for sale that can be perfect starter homes. On the more expensive end, there are properties that are in the mega-millions. So if you do have the money to spend, relax…..the options are limitless. If you are interested in buying Philadelphia real estate, please browse our blog to find information on Philadelphia realtors.

Philly has it all…

convenience, history, arts, architecture, entertainment, and value, amongst countless more reasons to buy real estate in Philadelphia.

Be a part of American history and come stay and experience what America is really all about.

Buy Philadelphia real estate!

Contact Philadelphia Real Estate Blog

2009-04-18T13:45:00.002-04:00

If you need to contact us, our email is PhiladelphiaRealEstateBlog@gmail. Please no spam. Most questions should be asked through the comments of this blog. Thank you.

Philadelphia PA Real Estate Online

2009-04-17T09:33:00.005-04:00

The Philadelphia Real Estate Blog was created so that people can learn about Philadelphia, PA real estate online.

Philadelphia, PA is a big city so its real estate market can be a bit complex. The Philadelphia Real Estate Blog attempts to make understanding this very intricate market become more realistic. There are so many different areas of Philly and when trying to select which one to target, a general understanding of each area is a priority. This blog provides information about each neighborhood or resources to learn more about it. Once an investor has decided on an area, then they can start to find a realtor that specializes in that area. It is very rare that you will find a realtor in Philly that knows the real estate market of all areas equally. Usually each realtor will stick to their territory that they are comfortable with. For example, there are realtors who deal only with Center City Philadelphia real estate. They will not deviate from that area. Why? Usually because it is more practical for them to show properties that are all within a certain section. Otherwise they may be driving all over the city every day and that is not an efficient use of their time.

If you do not want to use a Philadelphia realtor then you can search properties in your area of interest on your own by using various resources online. Philadelphia real estate searching can all be done now from the comfort of your own home (and your favorite chair). For example, this blog is an excellent resource to find Philadelphia real estate online because it has postings, comments, and links about various properties for sale. The first place to start would be in the category section on the left hand side with the name of the Philadelphia neighborhood that you are looking for. This will populate all of the various posts about that particular section of the city. There is little searching involved, but if you find the place on your own, you may save a little money on the commission. Usually in Philly the seller will pay the real estate commission and the buyer gets a free ride. For this reason, as a buyer, it may be better to work with a realtor in conjunction with your own efforts of searching real estate online. The combination may create a higher probability of you finding the Philadelphia property that you are searching for.

Searching Philadelphia real estate online is a great tool to help buyers and sellers match up. In the dinosaur ages about 15 years ago, we didn’t have the lightning fast internet. Investors had to rely on more primitive methods like the newspaper. Having a realtor was almost mandatory because of lack of information. But now a potential investor can search for and learn about Philadelphia real estate online and find very valuable information in real time (instead of having to wait for the paper once a week before the net). Most of the specifics about various Philadelphia homes for sale can be found online without extra help provided by a real estate agent. This includes certain parts of public records and general pricing information. However, the Philadelphia MLS system used by realtors provides very elaborate searching criteria and much more details about a property that can be extremely useful. This information is a good reason for using a realtor. That is, working with a Philadelphia realtor will provide access to even more specific information that you may not be able to find online by yourself. The information provided by a realtor, in addition to their own particular experience working in the area, may help you to make or break a deal.

So….

relax, get something warm to drink….

snuggle in your warm blanket….

and browse our Philadelphia Real Estate Blog to learn more about the Philadelphia, Pennsylvania real estate market online.

Philadelphia Real Estate Blog

2009-04-16T11:34:00.004-04:00

Philadelphia Real Estate Blog is the premier real estate blog for the Philadelphia, Pennsylvania and surrounding areas.

Why did we create this blog?

The Philadelphia Real Estate Blog was established to raise and set the standard for real estate blogging throughout the global real estate industry. This blog will discuss various sorts of real estate topics that pertain to Philadelphia, PA. Our blog will also discuss many topics that may relate to events that are shaping the birth place of America, the wonderful city of Philadelphia. Sometimes this blog may get off course and discuss non related topics (this is the fun part about blogging). However, our main focus is to disseminate and organize all of the information online about Philadelphia real estate and provide our readers with a platform to access and learn about this information. Of course a large part of this blog is subjective, meaning that it is derived from the viewpoint of its writers and is considered to be their opinions. Please see our disclaimer for information about our legal policy.

The goal of the Philadelphia Real Estate Blog is to be the greatest real estate blog on the planet. This should be only natural because we are blogging about the real estate market of the greatest city in the world, Philadelphia (New York please don’t get jealous). Please view our site and let us know what you think. We want our readers to be engaged with our discussion by leaving comments and/ or suggestions from time to time. If there is any way that you think that we can improve this blog for the benefit of our readers then please let us know. Thank you.

We hope you enjoy the Philadelphia Real Estate Blog and please come back soon!

April 15 2009 Income Tax Due Date

2009-04-15T09:56:00.002-04:00

Today, April 15, 2009 is the income tax due date to file your 2008 Philadelphia, Pennsylvania, and federal income tax returns.

This message is a reminder to Philadelphia, Pennsylvania taxpayers to make sure that they have their Philadelphia, PA, and federal income tax returns postmarked before midnight tonight because today is the last day to file without an extension. The Philadelphia Real Estate Blog wants to ensure that our readers are not late and assessed penalties. If you filed for an extension then you may have until October 15, 2009, which is a 6 month extension. Please check with your tax advisor.

Also a reminder that you may want to read about the 2009 first time home buyer credit if you are thinking about buying your first Philly home this year. If eligible you may want to ask your accountant if you should file an extension on your tax returns. This home buyer credit is $8,000. If you do want to utilize the tax credit then you may want to check our various homes for sale pages throughout this blog. Many realtors may have various properties for sale in the Philadelphia real estate market. Also you may want to contact the various Philadelphia realtors throughout our posts. Follow this link for more information about the 2008 City of Philadelphia, PA income tax return deadline. Thank you.

This concludes our final reminder of the April 15, 2009 income tax due date.

2009 First Time Home Buyer Credit

2009-04-14T09:50:00.007-04:00

The following is information provided from the IRS about the First Time Home Buyer Credit for the convenience our blog readers. Presented here are common questions and answers about the Home Buyer Credit. There is a big difference between the 2008 and the 2009 credit. The 2009 credit appears to offer more value for the home buyer. Remember that the Philadelphia Real Estate Blog are not tax professionals and that if you want personal advice, please consult your accountant. Thank you.

What is the first-time home buyer credit?

The first-time home buyer credit is a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008. For homes purchased in 2008, the credit operates like an interest-free loan because it must be repaid over a 15-year period.

The first-time home buyer credit was expanded in 2009 for homes purchased in 2009, increasing the amount of the credit and eliminating the requirement to repay the credit, unless the home ceases to be your principal residence within the 36-month period beginning on the purchase date.

How much is the first-time home buyers credit?

The first-time home buyer credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 ($8,000 if you purchased your home in 2009) for either a single taxpayer or a married couple filing a joint return, but only half of that amount for married persons filing separate returns. The full credit is available for homes costing $75,000 or more.

Which home purchases qualify for the first-time home buyer credit?

Any home purchased as the taxpayer’s principal residence and located in the United States qualifies. FIrst time home buyers must buy the home after April 8, 2008, and before December 1, 2009, to qualify for the credit. For a home that you construct, the purchase date is considered to be the first date you occupy the home.

Taxpayers (including spouse, if married) who owned a principal residence at any time during the three years prior to the date of purchase are not eligible for the credit. This means that you can qualify for the credit if you (and your spouse, if married) have not owned a home in the three years prior to a purchase. If you make an eligible purchase in 2008, you claim the first-time home buyer credit on your 2008 tax return. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 or 2009 income tax return.

Can I apply for the first-time home buyer credit if I bought a vacation home or rental property?

No. Vacation homes and rental property do not qualify for this credit.

How do I apply for the first-time home buyer credit?

The credit is claimed on new IRS Form 5405 and filed with your 2008 or 2009 federal income tax return.

Who is considered to be a first-time home buyer?

Taxpayers who have not owned another principal residence at any time during the three years prior to the date of purchase are not considered to be a first-time home buyer.

When do I have to buy a new home to get the first-time home buyer credit?

The home must be purchased after April 8, 2008, and before December 1, 2009, in order to obtain the credit. For a home you construct, the purchase date is considered to be the date you first occupy the home.

Are there income limits for the first-time home buyer credit?

Yes. The first-time home buyer credit is reduced or eliminated for higher-income taxpayers. The credit is phased out based on your modified adjusted gross income (MAGI). For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the phase-out range is $75,000 to $95,000. This means that the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less.

I purchased a home that qualifies for the first-time home buyer credit. I will be renting two of the bedrooms and reporting the rental income on Schedule E. Will I still qualify for the credit if I use the home as my principal residence?

Yes, if you meet all first-time home buyer eligibility requirements. See Form 5405, First-Time Home buyer Credit, for more details.

If two unmarried people buy a house together, how do they determine how much each may take of the first-time home buyer credit?

IRS Notice 2009-12 provides guidance for allocating the first-time home buyer credit between taxpayers who are not married.

I am a single co-owner of a home. How do I get this first-time home buyer credit?

Depending on the year of purchase, you will claim the home buyer credit on either your 2008 or 2009 federal income tax return.

Who cannot take the first-time home buyer credit?

If any of the following describe you, you cannot take the credit, even if you buy a new home:

Your income exceeds the phase-out range. This means joint filers with MAGI of $170,000 and above and other taxpayers with MAGI of $95,000 and above.
You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
You do not use the home as your principal residence.
You sell your home before the end of the year.
You are a nonresident alien.
You are, or were, eligible to claim the District of Columbia first-time home buyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

I don’t owe taxes and/or my income is exempt from tax and I do not have a filing requirement. Do I qualify for the credit?

The credit is fully refundable and, if you qualify as a first-time home buyer, having tax-exempt income will not preclude eligibility. Although there are maximum income limits for qualifying first-time home buyers, there are no minimum income criteria. Thus, someone with no taxable income who qualifies as a first-time home buyer may file for the sole purpose of claiming the credit for a refund.

Does the first-time home buyer credit apply to homes located in the U.S. Territories?

No, the credit does not apply to homes located in the U.S. territories.

Would I be considered a first time home buyer if I owned a principle residence outside of the United States within the previous three years?

Yes. A taxpayer who owned a principal residence outside of the United States within the last three years is not disqualified from taking the first-time home buyer credit for a purchase within the United States.

If qualified, are homebuyers required to claim the first-time homebuyer credit?

No, if qualified, are homebuyers required to claim the first-time homebuyer credit.

First Time Homebuyer Credit and Homes Purchased in 2008

How is the first time homebuyer credit repaid on a 2008 home purchase?

The first-time homebuyer credit will be recaptured on Form 1040 as additional tax and is repaid in 15 equal annual installments beginning in the second tax year after the year in which the credit is claimed.

When must I pay back the first-time homebuyer credit for the home I purchased in 2008?

For homes purchased in 2008, the first-time homebuyer credit is similar to a 15-year interest-free loan. You must begin repaying the loan the second year after claiming the credit. It is repaid in 15 equal annual installments beginning with the second tax year after the year the credit is claimed.

For example, if you properly claim the maximum available credit of $7,500 on your 2008 federal tax return, you must begin repaying the credit by including one-fifteenth of this amount, or $500, as an additional tax on your 2010 federal tax return. Normally, $500 will be due each year from 2010 to 2024.

There are a number of exceptions that apply to the repayment rule. Please see Form 5405 and its instructions; review the first-time homebuyer credit section of Publication 17, Your Federal Income Tax for Individuals; or consult your tax professional.

For homes purchased in 2008, how will the IRS know if someone sells their residence before the 15 years are up?

The IRS knows if someone sells their residence before the 15 years are up through both self reporting and third-party information.

First Time Homebuyer Credit and Homes Purchased in 2009

Is the IRS currently accepting e-filed returns that claim the new $8,000 homebuyer credit in/for the 2008 tax year?

Yes. Taxpayers can file Form 5405, First Time Homebuyer Credit, electronically for home purchases in 2008 to claim the first-time homebuyer credit. IRS began processing these returns electronically on March 30, 2009.

I bought my home in 2009 (early) and filed my 2008 tax return claiming the $7,500 first-time homebuyer credit that has to be repaid. Now the expanded law provides for an $8,000 credit that doesn’t have to be repaid. What do I need to do to get the $8,000 credit that doesn’t have to be paid back?

You can file an amended return.

If I purchase a home in June 2009, and have already filed my 2008 tax return, can I amend my 2008 return or will I have to claim the first-time homebuyer credit on my 2009 return?

You can either file an amended return to claim it on your 2008 return or claim it on your 2009 return.

I am in the process of buying a home. I expect to close the deal before December 1, 2009. Can I claim the first-time homebuyer credit now? That would allow me to use the refund for a down payment.

No. You may not claim the first-time homebuyer credit in anticipation of a purchase that has yet to happen. Until you have finalized the purchase of your home, which for most purchasers occurs at the time of the closing, you do not qualify for the credit. IRS news release 2009-27, First-Time Homebuyers Have Several Options to Maximize New Tax Credit, contains details for filing options if the home is purchased after April 15, 2009.

When must I pay back the first-time homebuyer credit for the home I purchased in 2009?

Generally, there is no requirement to pay back the home buyer credit for a principal residence purchased in 2009. The obligation to repay the credit on a home purchased in 2009 arises only if the home ceases to be your principal residence within 36 months from the date of purchase. The full amount of the credit received becomes due on the return for the year the home ceased being your principal residence.

If I claim the first-time homebuyer credit for a purchase in 2009 and stop using the property as my principal residence before the 36 month period expires after I purchase, how is the credit repaid and how long would I have to repay it?

If, within 36 months of the date of purchase, the property is no longer used as your principal residence; you are required to repay the first-time homebuyer credit. Repayment of the full amount of the credit is due at that time the income tax return for the year the home ceased to be your principal residence is due. The full amount of the credit is reflected as additional tax on that year's tax return. Form 5405 and its instructions will be revised for tax year 2009 to include information about repayment of the credit.

We hope that you have enjoyed reading about the First Time Home Buyer Credit.

2008 City of Philadelphia, PA Income Tax Return Deadline Reminder

2009-04-12T10:34:00.005-04:00

This a reminder post for everyone who had not yet filed their 2008 City of Philadelphia, PA tax return that the income tax deadline is April 15, 2009 (this Wednesday).

The Philadelphia tax return is due no later than April 15th, 2009 for individual tax payers. Under certain circumstances, a taxpayer can request an extension for 6 months. The City of Philadelphia has the same deadline for filing their taxes as the State of Pennsylvania and the Federal government. It is very important that the Philadelphia taxes are filed on time or else other problems may surmount like fines and penalties. The City of Philadelphia has very harsh tax penalties on late filers.

Philadelphia taxes are known to be one of the highest city taxes in the country. Even if you do not owe any money to the state or federal government, there is a strong possibility that you will owe taxes to the City of Philadelphia. Their wage taxes are very high and Philadelphia doesn’t allow many of the deductions or credits that are allowed on the federal and state returns especially as it pertains to Philadelphia real estate. Please check with your accountant.

Why do most people wait until the last minute to get their Philadelphia or Pennsylvania tax return filed? Usually people procrastinate because they want to pay their Philadelphia tax as late as possible. It is ironic that the people who file early are usually the taxpayers who are receiving a tax refund. This is because they want to make sure that they receive their refund as fast as possible. This is unlike the procrastinators who will have their return postmarked by 11:59 PM of April 15. A lot of people file their tax returns at the last minute for other reasons. One theory is that most accountants are slammed with work the last month before the tax filing deadline of April 15 and they have to send out hundreds, if not thousands, of tax returns in proper time. This results in many returns not ending up filed until the last two or three days of the tax deadline.

One thing to point out about the Philadelphia, PA tax return deadline is that if you are a first time homeowner this year you may want to consider filing an extension on your taxes. This extension may allow you to capture that new $8000 first time home buyer credit that was enacted this year to help the economy (this is at the federal level). Please consult your accountant to see if this is a good option for you.

This creates a new question. What is the difference between a tax credit and a tax deduction? A tax credit is a dollar for dollar return on your money. So if you have an $8000 tax credit you will receive $8000 back. It is a better alternative than a tax deduction because a tax deduction results in a higher amount of a payment pack to the taxpayer. If you receive this tax credit back from the federal government this year, then you can use that money to help you pay down your Philadelphia income taxes that you may owe.

The Philadelphia Real Estate Blog wishes you good luck on tax week! We conclude with one final reminder that the 2008 City of Philadelphia, PA income tax return deadline is April 15, 2009 (this Wednesday).

Philadelphia Pa Real Estate Employment Opportunities

2009-04-11T17:05:00.005-04:00

This article will discuss Philadelphia, PA real estate employment opportunities.

The current United States economy has led even the great city of Philadelphia to feel some growing pains. The real estate employment opportunities in Philadelphia are weak all across the board. To start at the front line, many Philadelphia contractors are struggling to find jobs to pay their bills. With lack of employment in Philly, the smaller Philadelphia contractors are finding themselves wasting more time using their sales pitch to find jobs. Once they have found another construction job they are relieved for a moment only to find a need for more employment when that job is done.

Most small time contractors in Philly are living day to day and from one small job to the next constantly searching for employment opportunities. These contractors, including Philadelphia electricians, plumbers, roofers, steelworkers, and other handymen are basically knocking door to door to take on that small one day job. Looking back a few years ago, these same contractors may have been making $200,000 a year easily with a small crew on their payroll. Now most of their employees have split on their own. This leaves an “everyman for himself” situation where employers are now competing with their former employees.

What about Philadelphia employment opportunities for larger contractors and their companies? These workers are in the same situation as the smaller contractors except that have larger overhead. These contractors still have employees (although probably a downsized version) and office bills, inventory, insurance, license fees, and many other bills that break down their net profit. These larger companies are desperate for work just like the little guy except they are using their sales skills for larger investors. Unfortunately, all of the employees that they had to fire or lay off have now joined the ranks of the smaller contractors who are looking for jobs. This has added more of a worry for smaller contracting outfits who were in business before the economy went into a recession because now the competition has significantly increased for them. This doesn’t account for all the nonconstruction or non real estate laborers who were laid off from their jobs and are now trying to make extra money by side construction work. It appears everybody can fix your property for you these days. Once you tell them they can have the job (after they swore that they have experience) you can bet that they will be going home that night to read their “how to home improvement books.”

What about the Philadelphia real estate office job opportunities? There are barely any real estate jobs available. Let’s rephrase that. There are always real estate jobs available for those that want to become real estate agents. If you don’t own the company be prepared to earn nothing in the beginning. You will need to generate your own payroll because everything is one hundred percent commission most of the time. That comes out to about 1/3 to ½ for the real estate agent who did all the work and the rest for the broker. This type of employment can only be good if you are able to pay your bills with other sources of income especially in the beginning. But right now the real estate agent career is almost not even worth it at a part time level if you don’t have a good clientele or have access to quality leads. There are very few Philadelphia homes for sale that have sold on the market and to really make half of what you would have made four years ago you will have to work ten times harder. Again, possible but very difficult and every job seeker who is thinking about a career in real estate should consider.

How about employment opportunities as a Philadelphia real estate broker? Even after you have all your Pennsylvania real estate licenses, this economy is not ripe for a career as a Philadelphia real estate broker unless you have at least ten fired up sales agents who work for you and don’t care that their grandmother’s social security check will be higher than their month’s commission. If your intentions are for the long term and you have money that will carry through this long negative economic wave then it may be an option.

How about employment opportunities as other Philadelphia real estate professionals like home insurance agents, title insurance agents, etc? Any Philadelphia employment opportunities that are related to the real estate market are very difficult to come by unless you are looking to work for free. You can always start your own business but there is still that same economic problem.

What is the employment solution for the Philadelphia real estate industry? Eventually the Philadelphia real estate market will turn around and things will be back together as business as usual. But for right now, Philadelphia real estate professionals and everyone connected to the real estate industry in Philadelphia will have to ride out the storm until there are sunny days.

Thank you for visiting The Philadelphia Real Estate Blog. We hope that you have enjoyed this article about Philadelphia, PA real estate employment opportunities!

Philadelphia MLS Listing Search

2009-04-10T10:59:00.002-04:00

Philadelphia MLS listing search is a method that Philly brokers use to find specific properties in the Philadelphia area.

Brokers and real estate agents will need access to Philly MLS in order to obtain the information that it produces. What is so different about the information in the Philadelphia MLS versus what you can get from a free website like Realtor.com. Well, the MLS has access to a lot more extensive information. For example, you can perform customized searches for various properties that you wouldn’t be able to do on most free MLS searches. You can search specific dates and realtor names, etc.

The Multiple Listing Service that is used in Philadelphia is run mainly by a company called Trend. Philadelphia real estate brokers have to pay for this information and subscribe to the service. The information is very useful because every property is assigned a specific unique number called an MLS number. This helps keep the real estate search process very organized because it creates a platform where various real estate professionals are all on the same playing field. They have access to the same information through one unified service.

If you would like to obtain information from a Philadelphia MLS search then you will need to contact a Philadelphia broker or Philadelphia sales agent and have them help you. They will probably want to meet with you first and try to figure out how they can actually benefit you. Then they may be able to create a customized search for you for specific locations and property types. The Philadelphia MLS can search various properties including houses for sale, condos for rent, duplex buildings and other multi-family units for sale. There can also be a searched performed for commercial buildings and lots or other forms of land.

The Philadelphia MLS can provide various pictures of these properties including virtual tours. These can be very helpful because a buyer can look for various properties from the comfort of their realtors’ office. This can save a large amount of time because the buyer can view hundreds of properties in a few hours or less.

Another advantage of the Philadelphia MLS is that a search can be performed in the public records section to find out various past and present information about a property. For example, a Philly real estate broker may be able to determine who owned the property before and how much they paid for it. This can be very useful information when it is time for a buyer to bring their offer to the table. They now will have a bargaining chip to know what kind of price that they can offer to the seller.

If you went to other websites that offer MLS services for free, just remember that you are only getting limited information. If you require more extensive information then you will need to have a Philly broker help you out. The Philadelphia MLS is only used by Philadelphia real estate professionals who are licensed and subscribed to the Philadelphia MLS. This applies to all MLS searches throughout the United States.

This concludes our discussion about a Philadelphia MLS listing search!

Fishtown Philadelphia Real Estate

2009-04-05T15:10:00.003-04:00

Welcome to the Fishtown Philadelphia real estate post in the Philadelphia Real Estate Blog!

This post about Fishtown Philly real estate can be used for many reasons. If you are newly relocating or thinking about relocating to Fishtown Philadelphia then you have come to the right place. This blog is designed to help people find information about Philadelphia real estate no matter what their needs are. If you are looking for an apartment to rent in Fishtown Philly there may be different realtors or property management companies that may post their information in this section.

If you are looking for a house to buy then you can also find sellers here. These sellers can be representing themselves without a Fishtown Philadelphia broker (this is called for sale by owner). Or perhaps you may find a broker who has many options to help you with your Fishtown Philadelphia real estate needs. If you are a seller then this may also be a place to find a buyer. Generally, the Philadelphia Real Estate Blog will list several very popular Philadelphia realtors from all parts of the city in the upper left hand corner and the link to their website for your convenience (this list is far from exclusive and it is only set up to get you started in your search). You may find several Philadelphia real estate agents here as well who may be able to help you find Philadelphia homes for sale using their experience in the field along with other tools that they may have. For example, many Fishtown Philadelphia realtors use the Philadelphia MLS search to find information about properties. Also if you are selling a home in Fishtown then Philadelphia realty agencies may submit your Fishtown Philadelphia listing to the Philadelphia MLS listings page. This will allow all Pennsylvania realtors to know that your property is available. Please see our disclaimer at the bottom of this page.

This post about Fishtown Philly real estate can also be used to match up with local construction workers. If you need a Fishtown Philadelphia plumber, electrician, carpenter, roofer, painter, tile setter, or anyone else related to the construction industry then this is a good place to start. Also the Fish town Philadelphia Real Estate post is a good place to start for construction workers, handymen, and others in the home improvement industry that are looking for jobs, whether it is short or long term work. There is always construction in Fishtown Philadelphia even during trialing economic times like our current recession. People will always need a place to stay and property will always break down at some point in time. So when that time comes don’t be afraid to stop by the Philadelphia Real Estate Blog because we specialize in bringing people together in Philadelphia, Pennsylvania.

Let’s talk about the resources in this blog! If you want to buy, sell, rent a Philadelphia house, apartment, condo or whatever then first you need to find out what neighborhood or area that you are interested in. Once you pick that area then you would visit that section in the labels section of the left side of this blog that has all the various neighborhood names. For example, you have found this post because you have determined that your real estate need is in Fishtown, PA. But let’s say that you decide that you want to see what University City Philadelphia has to offer. So you would find University City Philadelphia Real Estate on the left side and visit all of the posts related to that area. Please don’t forget to view all of the comments for each post because this is where you may find the information that you are looking for. If a plumber wanted to post his info and you need a plumber then the comments section is most likely where you will find it.

Please feel free to browse the posts and comments section of this part of the Philadelphia Real Estate Blog. Well, thanks again for visiting our section on Fishtown Philadelphia real estate!