Archive for July, 2010

Le Bec-Fin to Serve its Final Meal

Monday, July 26th, 2010

Le Bec-FinAfter 40 years of Service, Le Bec-Fin owner, Georges Perrier has decided to call it quits on Le Bec-Fin. This week, Perrier put Le Bec-Fin’s landmark art deco building on the market, with an asking price of $3.9 million. The business itself is priced separately at $600,000, including liquor license. The building will be sold by Mallin Panchelli, Nadel Realty. Perrier founded Le Bec-Fin in 1970 in a much smaller space at 1312 Spruce St. It’s current location at 1523 Walnut Street has satisfied the appetites of some of the worlds finest eaters.

Perrier also said that while he is selling the Walnut Street building that houses Le Bec-Fin, he will be opening three restaurants in the area next year.

The building’s four levels include the downstairs bar and full kitchen; the 90-seat dining room, which has 14-foot ceilings, and kitchen on street level; a mezzanine with dining area; and a fourth level with offices, a wine “cellar” and a chocolate and pastry kitchens.

Plans for luxury Midrise in Graduate Hospital demolished

Sunday, July 25th, 2010

Artisan TownhomesTo the neighbors who live in Graduate Hospital, the plans for a luxury Midrise at 1413 Bainbridge Street located right next to the Artisan Townhomes have been demolished. (Literally) The existing auto body shop, that stood at the site for many years , was supposed to be turned into a luxury Midrise with Retail on the Ground Floor, but instead, the owner has decided to use the site as a parking lot until the Luxury Real Estate Market in Philadelphia improves.

http://www.amburnjarosinski.com/Site/bainbridge%201.html

Home Prices continue to get slashed

Tuesday, July 20th, 2010

Price Reduction Sign24 percent of listings currently on the market in the United States as of July 1, 2010 experienced at least one price reduction. This represents a nine percent increase from the previous month. The total dollar amount slashed from home prices was $27.3 billion and the average discount for price-reduced homes continued to hold at 10 percent off of the original listing price, according to Trulia.

What does this mean for homes in Philadelphia? If you list your home at the right price from the beginning, you will avoid the months of waiting and hoping to get that “pie-in-the-sky” number.  Whether it’s a good economy or a bad one, homes that are priced well, and show well, will sell fast!

Pending Home Sales Remain Low for the 2nd Straight Month

Saturday, July 17th, 2010

real estate boom and bustWith the tax credit coming to a screeching halt, pending homes sales in Philadelphia have followed suit. For awhile the Real Estate market was looking up with 1348 Pending Single Family Homes in Philadelphia in March 2010 and 1672 pending sales in April, but once April 30th came to an end, so did our short lived 2 month real estate boom. In May, there were a whopping 638 Pending Single Family Home sales in Philadelphia. In comparison, this is the lowest number of pending homes sales in Philadelphia in the last 10 years. In June we didn’t do much better, with only 700 Pending sales. June 2010 had the 3rd lowest pending sales over the last 10 years. With the summer almost halfway over, the Philadelphia Real Estate Market is trying to keep up with the temperature outside. Stay tuned for more about the Philadelphia Real Estate Market.

Philadelphia Real Estate – Best Places to Live

Saturday, July 10th, 2010

So you have decided to move to Philadelphia, but are not too familiar with the area. You have talked to your family and friends, and everyone seems to point you in different directions. Your head is spinning because you don’t want to make any mistakes, and I don’t blame you! There are areas to run to, and areas to run away from. I am going to tell you about a few of the best areas in Center City Philadelphia to live in.

You have to consider a few things when deciding on a place to live. The first and most obvious is price. How much are you willing to spend on your dream house, and how much can you actually qualify for? (A pre-approval from a mortgage lender will answer this question)

The second thing to consider is location. Where do you work? Where do you like to spend your free time? What is important to you about location? The first two items go hand in hand with each other, The more desirable the location, the more expensive the house will be.

The third item to consider is safety. Center city has some extremely safe neighborhoods, but nestled between those safe neighborhoods are neighborhoods you want to avoid. Once you have ranked the first three items, you will be able to get into specifics.

According to the Trend MLS 2010 1st quarter economic report, the top 2 most expensive zip codes are as follows:

19103- Average sales price – $564,600. This area is known as Rittenhouse Square, and is known as one of the most prestigious areas in Center City. The boundaries are South of Market, North of Lombard, West of 15th, East of 22nd.

19106- Average sales price – $562,200. This zip code is made up of Old City, which stretches from the Delaware River, south of Vine Street, north of Walnut Street, and east of 7th Street; and Society Hill, which goes from South of Walnut, North of Lombard, West of Delaware, East of 6th.

Rittenhouse Square, Society Hill and Old City are all very desirable areas where value continues to remain steady. These neighborhoods are built out for the most part, and it is difficult to find raw land for a reasonable price in these areas. If location is your top priority, and price will not stand in your way, these areas may be good places to look for a house. There are tons of restaurants and stores, and many nice parks for kids or dogs.

If price is a concern, and you are looking for something with more space and possibly some parking, Graduate Hospital may be a better choice for you. You will have an easier time finding a newer house for a more reasonable price, and parking is not as big of an issue there. The borders of Graduate Hospital are South of Lombard, North of Washington, East of the Schuylkill River, West of Broad, although I caution you about the specific streets you choose.

Selling Your Home – Preparing Your House For Sale

Saturday, July 10th, 2010

So, you’re getting ready to sell your house (or you’re in the unfortunate position of having listed your house weeks ago with little action) and you want to be proactive in the process of selling your home (or you want to sell it fast for a good price). Before you list your home, there are a few easy ways to prepare your house to sell for the best possible price, in the shortest amount of time. Homebuyers are scrutinizing, to say the least. By sticking to the following tidbits of advice and paying attention to details, you can have your home stand apart from the competition.

What’s that old saying about first impressions? Yes, we all know it, and it holds true in real estate: first impressions are important! Upon arrival to your property a potential buyer wants to see a well taken care of home that looks warm and inviting. Make sure your home actually appears this way. We groom ourselves for job interviews, so why wouldn’t you groom your lawn for an open house? Mow the lawn, trim hedges, weed your flower beds, and spruce up the front of your home by painting trim or adding shutters to windows. You can rent a power washer from most hardware stores to clean dingy brick or siding. Most importantly, make repairs to sidewalks and driveways and the exterior of your home, including windows, and the front door, itself. If a potential buyer sees just one area of damage that requires repair, they will be searching throughout the rest of your house for more, and they are more likely to believe that there are hidden problems with your home. Especially pay attention to the condition of your roof and gutters because these can seriously affect the sale price of your home.

The interior of your house should make a buyer feel as if they are home. This means, you must depersonalize, and de-clutter. A potential buyer wants to imagine himself living in your home, so personal items such as photographs, collections, loud paint colors or wallpaper, and anything else that leaves your own footprint will detract a buyer. Cleaning and removing clutter is another extremely important step in preparing your house for sale. Dirt, carpet stains, and pet odors are a huge turn off to buyers. Oversized furniture and cluttered personal items may make a room feel cramped and crowded, and you want to promote all the space you have. Neutral paint, bright lighting, and a neat and organized room will invite potential buyers to imagine themselves settling right in.

Kitchens and bathrooms sell houses. On a small budget, a good scrubbing goes a long way to improve the look of a bath or kitchen. Other small details such as changing out cabinet hardware, waxing the floor, removing appliances from countertops, and organizing personal items are easy ways to give your kitchen a facelift. Replacing a dated light fixture and adding a new shower curtain can liven up an ordinary bathroom. A buyer is most likely not going to want to move in to a house that needs repairs or looks worn and tired, so patch holes in walls, repair leaky faucets or faulty drains, replace cracked tiles, and re-caulk around tubs and sinks. Add a pop of color with a bowl of fruit in the kitchen and a bunch of fresh flowers in the bathroom. If you have the funds, by all means upgrade your appliances and go for the granite countertops. At the very least, clean out your refrigerator and tackle any pesky lingering odors by lighting a scented candle, or baking something sweet.

Bedrooms should follow the same guidelines as the rest of your house and feel neat, organized, bright, and neutral (meaning paint, linens, and curtains). One of the biggest faux pas a seller can make is to stuff his closet full of odds and ends. Closet and storage space is very important to many buyers so if your closet is filled to the gills and bursting at the seams, the buyer may feel that your home is lacking in these areas. (And don’t make the mistake of thinking buyers won’t find your junk drawer or closet). You’re going to need to pack eventually, so take this opportunity to straighten up, and pre-pack items you don’t need everyday.

Extra bedrooms or bonus rooms can be precarious. We often use those rooms for a multitude of purposes like home offices, guest rooms, media rooms, or all three at once. Buyers can become confused if a room lacks definition or purpose, and they may think that if you have to use one room for several different things, the house may just not be big enough for all of their needs. Temporarily move your home office out of the dining room for showings and make sure rooms are clearly defined. On the other hand, empty rooms can be just as confusing, in some cases. It may benefit you to rent a few key pieces of furniture, such as a dining table or couch, to demonstrate how a space can be used.

Many realtors agree that there are a few major deterrents to homebuyers that should be avoided at all costs (if possible). Here is an abbreviated list of Homebuyers.com’s guide of “things that will make buyers hate your home”:

· Odors-This really shouldn’t need an explanation, although people often become desensitized to odors in their own homes, so you may need an impartial judge to determine how offensive your house is.

· Wallpaper-It’s just not in style any more. Plus, buyers are going to have different tastes than yourself, so when they see wallpaper, they see more work for themselves in taking it down.

· Bugs-Remove bug carcasses and hire an exterminator, if necessary.

· Dogs-Yes, I know, how can dogs be a bad thing? Not everyone is as excited as you may be for an 80 lb dog bounding toward them ready to give slobbery ‘kisses’. So, remove your dog for showings.

· Dirty Bathrooms-Enough said.

You don’t have to do much to prepare your home for sale. Just follow these simple pieces of advice to maximize the appeal of your home and to garner the best sale price in the shortest amount of time. Those time old sayings like; pay attention to detail, and, first impressions go a long way; truly apply when selling a house.

The Impact of the First Time Homebuyers’ Tax Credit on Housing

Saturday, July 10th, 2010

The tax credit for first-time homebuyers has recently expired and economists and financial analysts are clamoring over the potential impact it has had and will continue to have on the housing market. At first glance, this federal stimulus program indeed jump-started sputtering home sales. The National Association of Realtors (NAR) estimates that 4.4 million home buyers will receive the tax credit [1]. They further explain that this amounts to around 900,000 buyers who have purchased a home, who, without the credit, would not have. Brokerages are riding on a three month rise in pending home sales, which they directly attribute to the first time homebuyers’ tax credit. Could this mean the end to the housing crisis?

Not likely, according to many market analysts. While the tax credit has stabilized home prices, and homes sales increased by record numbers since the beginning of 2010, experts warn that this is an artificial upturn, and that prices will remain ‘flat’ and the market may continue to be ‘sluggish’ for the remainder of the year [2]. Their evidence lies in the overabundance of ‘shadow inventory.’ Although foreclosures have slowed, home repossessions have still risen, leaving a glut of homes waiting to be listed by banks. Homeowners and banks have been waiting for market conditions to improve before putting properties on the market, creating a backlog of an estimated 4.5 million homes, driving supply up. Increased supply could likely drive prices down creating a cycle of little to zero appreciation on homes within the coming months [3].

Many realtors are expecting a deceleration in home sales over the summer months due to the ‘hangover effect’ created by the tax credit, whereby buyers scrambled to sign contracts for homes to obtain the tax credit, effectively borrowing buyers from later months. Since the first-time homebuyers tax credit ended on April 30, mortgage applications have plummeted [3], and business in real estate offices has dropped off. Instead of the fast and furious pace of the last few months, realtors are now experiencing their normal pace and scrambling for new business.

The only foreseeable saving grace for the imminent future is low mortgage rates backed by historically low federal interest rates. And, it’s likely interest rates will remain low due to the debt crisis in Europe and downturn in the stock market that has taken a major toll on consumer confidence. Optimists feel that affordable mortgages are still feasible and, coupled with low home prices, a slow and protracted rebound in the housing market may occur [2].

But what about all those would-be homebuyers who couldn’t get their deal to close by the June 30th because of the overabundance of new buyers? Or what about the deals that are facing unforeseen delays, or short sales, if they do not close by the June 30th? There are already rumblings of an extension to this tax credit for closing dates beyond June 30th, for those buyers who are already under contract. It seems only fair that buyers that were under contract by the April 30th cutoff be given a little wiggle room for their closing date. Mortgage and title companies have been slammed with too much work created by the tax credit, delaying many deals. Plus, with many homeowners facing the threat of foreclosure, there is a high number of short sales, which can sometimes take months to settle. It is only reasonable that everyone who qualified for the tax credit by going under contract by April 30th be able to actually take advantage of the tax credit.

With all of these opposing forces on the housing and mortgage markets, it remains to be seen whether or not the first time homebuyers’ tax credit will be extended or expanded, yet again, and if there will be any long-lasting effects on the housing market, as a whole. If the country’s economic recovery is any indication of how the housing market will recover, however, realtors, homeowners, and homebuyers may have some waiting around to do. While the government may have had the right idea in trying to spur home sales with the tax credit, it may not have been enough to aid the housing market beyond the life of the tax credit. Only time will tell.

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