Archive for the ‘Philadelphia real estate’ Category
Monday, March 12th, 2012
If you’re moving to a new home in Philadelphia, and it’s a bit smaller than your current digs, you may have a storage space problem. Not to fear! There are plenty of ways to efficiently downsize without feeling like you’re cramming too much into too little. Here are a few steps to take when it comes to finding the right spot for all of your belongings.
Got too much of a good thing? Sell it before you move, says Stembridge.
You know that 3rd TV set at the bottom of your coat closet? What about that extra bicycle that’s missing a tire, so you never use it? And certainly there are a couple of boxes worth of clothes that you never have any intention of wearing again. If you don’t have the time or the patience to sell these things on eBay or craigslist, and you’re not in a position to have a good old fashioned garage sale either, then you have 2 options: 1) hire someone else to sell everything, or 2) give it away. The point is that you’re not going to waste resources on moving it to your new place or waste space on continuing to house it.
Storage units are great for holiday decorations and other seasonal items like summer backyard toys, winter coats, old baby furniture that might get used again or heirlooms. Rent one that isn’t too far away from your new place of residence and make sure it’s secure, so that you don’t have to worry about a thing. Climate controlled units are better than storing things in your hot attic or dank basement anyway.
Self-storage facilities are great places to put things you still need but don't need to keep close at hand.
We often forget that we can free up a lot of room when we hang things from the ceiling or on a wall rack. Pots and pans, produce basket, towel rack and basket, kitchen knife rack, plate rack, spice rack, book shelves, toy hammocks, yard tools, bicycles and many more items can all fit perfectly well in your home without taking up an inch of floor or cabinet space.
You may have to get a little creative, but that’s part of the charm of decorating. Just remember that you don’t have to suffer in clutter! You can organize, sell and store your way into a comfortable and tidy living space.
–By Garret Stembridge, special to PhillyLiving.com
Working with self storage users all over the United States, Garret Stembridge helps customers store their stuff in places like a Philadelphia self storage facility and a York self storage unit. Garret is an avid outdoorsman who hunts and fishes, and a beekeeper with established beehives.
Posted in Articles, Buying a Home, Philadelphia real estate, Selling your home | No Comments »
Thursday, March 1st, 2012
Philadelphia real estate bargain hunters, rejoice: you can save a bundle if you buy a bank-owned property in this region. Assuming you find one you like, that is.
According to the foreclosure site RealtyTrac, bank owned homes in the Philadelphia-Wilmington-Camden real estate market sell at an average of 52.5 percent below current market values as of the fourth quarter of 2011. That’s good enough to rank Philly second among all U.S. metros in the size of the discount a foreclosure buyer can expect. Only Milwaukee-Waukesha-West Allis, Wis., where foreclosures sold at an average 57.9% discount, offered bigger housing bargains.
Those bargains, however, will be a little harder to find than in real estate foreclosure hot spots like California, Nevada and Florida. In the last quarter of 2011, foreclosed properties accounted for 7 percent of all real estate sales in the Philadelphia metropolitan region, according to RealtyTrac. That share of the Philadelphia real estate market is up about 8 percent from the preceding quarter, but it’s also half as large as foreclosures’ share of all sales nationwide.
For the year as a whole, sales of foreclosed properties accounted for just over 6 percent of all greater Philadelphia real estate sales transactions, a drop in market share of 10 percent from the previous year. Nationwide, foreclosures accounted for about one in every four home sales in 2011, RealtyTrac CEO Brandon Moore told The Philadelphia Inquirer.
According to the Inquirer, changes in bank policies designed to get foreclosed homes into the hands of buyers faster explain most of the rise in sales activity in the last quarter.
But even though the foreclosure bargains are quite good indeed, the fact that there are so few of them relative to the market as a whole indicates that the greater Philadelphia real estate market remains in better shape than most across the country.
–By Sandy Smith
Tags: coldwell banker preferred, living in philly, noah ostroff, philadelphia real estate market, Philly Living Blog
Posted in Articles, Buying a Home, Conventional Loans, FHA, Foreclosures, Philadelphia real estate, Selling your home | No Comments »
Thursday, February 16th, 2012
Even though the real estate market has been tumultuous for many recently, Philadelphia somehow seems to be doing much better compared to most other parts of the country. The local market has some activity, as in housing is being purchased and seeing increases. Additionally, construction of new single-family homes continues to go up, especially in the suburbs.
One point of prosperity in the Philly real estate market lies in the increase in existing home sales into December. December 2011 took in about five more percent of existing sales than December 2010 did. Sales from the end of last year thus far have been positive. This is something the housing market needs momentously. Thus far in 2012, there hasn’t been a significant increase in homes purchased but there is certainly a growing interest in property expected to take place.
On the seller’s side, there is hope that rising apartment rental rates could drive some potential buyers back into the fold in 2012. The average rental rate for all Philadelphia apartments has gone up nearly eight percent in the last year alone. This equals an increase of nearly $80 in the past year alone. The thought is that those individuals or couples on the fence about renting and buying could take a more serious look at buying, especially with today’s mortgage rates.
Reports have shown that mortgage rates have been hitting record lows throughout the country, as well as here in Philadelphia, which is certainly inviting for potential buyers. Right now, a 30-year fixed-rate mortgage is coming with 4.007 APR. With mortgage rates being this low and rentals continuing to increase in price, there is hope that some buyers will begin to see the benefits of buying in early 2012.
Right now, Philadelphia’s top selling areas have remained the northwestern and western areas of Center City. However, other parts of Philadelphia have retained their value attracting buyers and keeping the market going.
Right now, the big issue the city faces is sale prices, specifically for sellers. It is important to note that even though sales prices have dropped in this area, they have not plummeted as much as other cities across the country.
Rittenhouse Square, in western Center City, continues to show strength
In the coming months, there is reason to be optimistic that these prices can get a small pickup. Median prices were down about six percent in December from the previous year, but this could have been expected. The months of November and December are generally regarded as slow months for real estate anyway, but the numbers shouldn’t have too heavy an impact on the rest of the first quarter of 2012.
A glance at the early trends in 2012 Philadelphia real estate is truly a mixed bag right now. Coming off the month of December is usually not pretty for any market; however, the Philly market has looked rather stable in the early part of the year. Regardless, it should remain to be seen if factors such as mortgage rates, rising rental rates and an increase in existing home sales can positively influence the market for both buyers and sellers throughout the first half of 2012.
–By Emma Crawford, special to PhillyLiving.com
Tags: coldwell banker preferred, noah ostroff, Philly Living, Philly Living Blog
Posted in Art Museum, Bella Vista, Buying a Home, Center City, Chestnut Hill, Conventional Loans, East Falls, Fairmount, FHA, Fishtown, Graduate Hospital, Loft District, Logan Square, Market stats, Mortgages, Neighborhood Pages, Northern Liberties, Old City, Pennsport, Philadelphia real estate, Point Breeze, Queen Village, Rentals, Rittenhouse Square, Roxborough, Selling your home, Society Hill, South Philly, Washington Square, Washington Square West | No Comments »
Wednesday, February 8th, 2012
With the School District of Philadelphia looking to close yet another yawning budget deficit, parents have begun to take matters into their own hands in order to preserve the quality of educational programs at their neighborhood schools.
The School District has cut funding for programs considered non-essential such as studio arts, performing arts and foreign languages. One group of Center City parents has taken advantage of a state tax credit program to keep art alive at their school.
That school is Albert M. Greenfield Elementary, near Fitler Square. The school’s active Home and School Association has raised private funds to paint, landscape, and improve the school’s interior and exterior spaces, so it didn’t take much to get it involved in the business of saving cherished enrichment programs.
The HSA took advantage of a state tax credit known as the Education Improvement Tax Credit (EITC) to do this. By establishing itself as an Educational Improvement Organization (EIO), the Greenfield HSA can receive direct donations from private companies to support programs cut by the School District outside the core curriculum. Companies can deduct the donations from their state tax bills.
The HSA did not clear the bureaucratic hurdles in time to save Greenfield’s art program this year but will be able to do so for the coming school year.
Read more about this development in the Weekly Press.
–Sandy Smith
Tags: coldwell banker preferred, noah ostroff, Philly Living, Philly Living Blog
Posted in Articles, Center City, Neighborhood Pages, Philadelphia real estate, Rittenhouse Square, Schools | No Comments »
Monday, January 30th, 2012
The growth of online retailing has led to a shift in the world of brick-and-mortar retail: Behold the incredible shrinking big-box store.
Retailers like Best Buy are downsizing stores in the face of declining customer traffic. They might find new opportunities and eager shoppers in urban spaces where they once could not fit.
According to an article in the current issue of Realtor magazine, discount giant Walmart is shrinking the footprint of its Supercenters from 180,000 square feet on average to a mere 105,000. At the same time, the retailer is experimenting with an even smaller store: the “Walmart Express” concept features stores averaging 10,000 to 15,000 square feet in size. This past summer, struggling electronics retailer Best Buy Co. announced plans to shrink the size of its stores and sublet excess space to other non-competing retailers while expanding a new chain of smaller stores specializing in profitable mobile devices. Here in Philadelphia, office-superstore chain Staples has already announced plans to consolidate its two Center City stores into one smaller location at 15th and Chestnut in keeping with this trend – in turn opening the way for off-price retailer Marshalls to enter the urban core for the first time.
These moves, made in response to a growing propensity for customers to use physical stores as “showrooms” where they can try out merchandise before buying online, could bring with it an unexpected side benefit: a return of a truly diverse retail mix to America’s big-city shopping districts.
Old-timers may recall a time when 15,000 square feet was big for a supermarket, and in Manhattan, it probably still is. Specialty chains like Whole Foods and Trader Joe’s don’t need much more space for their stores, which can already be found in a number of in-city locations, including three in Center City Philadelphia. A Wal-Mart Express would likely find ready patronage in similar locations – and parking would not be such a necessity.
The kinds of retailers that might sublet from Best Buy have stores that also fit well in urban settings, such as Sephora, also found in Center City. And a smaller Best Buy might work better at a site such as 16th and Vine, where a developer had envisioned such a store a few years back.
The shrinking of brick-and-mortar retail stores may be a sign of trouble for large-format retail, but it’s an opportunity for cities to capture more shoppers. All that’s required for this to happen are developers willing to bet on urban shoppers and city governments smoothing the way for redevelopment of vacant retail real estate.
–By Sandy Smith
Public domain image from Wikimedia Commons
Tags: coldwell banker preferred, commercial real estate, noah ostroff, Philly Living, retail
Posted in Articles, Center City, Philadelphia real estate, Shopping | No Comments »
Wednesday, January 25th, 2012
Perhaps there's an alternative to this as a way to revive the housing market.
While the market for real estate in Philadelphia and nationwide has shown signs of slow but steady recovery since the bursting of the housing bubble in 2008, the housing market recovery is nowhere near as robust as it needs to be to power a general economic recovery.
One reason why: Homeowners remain over their heads in debt, and until that debt is cleared, many who might otherwise enter the market will remain on the sidelines. How to clear that debt has suddenly become a topic of conversation. Foreclosure, a relatively slow process, is right now the only method being used to reduce the debt overhang. Recently, though, a growing number of observers are calling for a faster method, but one that will be more painful for the lenders: Forgiveness.
That’s right – the banks should simply write off the debt as uncollectible, take the losses, forgive the debt and move on.
At a campaign stop in Florida recently, Republican presidential candidate Mitt Romney actually broached the subject with struggling homeowners there:
”We’re just so overleveraged, so much debt in our society, and some of the institutions that hold it aren’t willing to write it off and say they made a mistake, they loaned too much, we’re overextended, write those down and start over. They keep on trying to harangue and pretend what they have on their books is still what it’s worth.”
Similar calls for debt write-downs have been made by MSNBC commentator Dylan Ratigan. Forbes contributor E.J. Kain even went so far as to invoke a practice dating back to Biblical times – the declaration of a jubilee year in which all debts were forgiven and debtors released from their obligations – in calling for a general debt write-down in order to spark recovery.
The downside of a large-scale write-down of debt is that it will send some banks down the drain. That fear has so far kept bankers from even considering such a step. But one reason the recovery in the housing market – and the economy in general – has been relatively anemic is because the excess debt has not been dealt with expeditiously. Instead, as Romney noted, we have tried to prop up tottering banks by acting as if the debts were still worth something. If, instead, we took the losses and forgave the debt, we might see broader, faster and stronger recovery across the board – and nowhere more than in real estate. Of course, there will be short-term pain, just as there was when the Federal Reserve sent interest rates soaring in the early 1980s to wring the inflation out of the economy. But the gain afterwards will make that pain just a memory in short order.
–By Sandy Smith
Tags: coldwell banker preferred, debt relief, debt restructuring, housing market, loan forgiveness, noah ostroff, Philadelphia Housing Market, philadelphia real estate
Posted in Articles, Buying a Home, Foreclosures, Market stats, Mortgages, Philadelphia real estate, Selling your home | No Comments »
Monday, January 23rd, 2012
On the whole, it’s still a good time to buy if you are in the market for real estate in Philadelphia. But some market conditions are beginning to trend more favorably for sellers as well.
That’s our reading of the data in the latest Philly Living Market Action Report. Our quarterly guide to real estate market trends in Center City and surrounding Philadelphia neighborhoods offers grounds for cautious optimism in the months to come. While sales volume is down for the quarter relative to the previous year, it is up significantly from the previous month and quarter, running counter to the usual end-of-year downturn. The average selling price for homes in Center City and environs rose significantly from last quarter and one year ago, while the median selling price fell slightly in both cases. This suggests that buyers on the whole are still looking for value, even though a few opted for properties at the upper end of the scale.
In terms of prices, the highest prices continue to be commanded in the city’s two most desirable neighborhoods: Rittenhouse Square (19103) and Chestnut Hill (19118). Worth noting, however, is a continued, sustained upward trend in median selling prices in Southwest Center City and Point Breeze (19146), reflecting especially increased activity in the latter neighborhood.
Inventory continues to decline, offering the prospect of better prices for sellers in the months to come, but days on market rose slightly, suggesting buyers are still waiting sellers out. Sale price-to-list price ratio also dropped slightly from last year and last quarter but held steady from the previous month.
For full details on activity in Philadelphia’s neighborhood housing markets, request a copy of the latest Market Action Report at phillyliving.com/reports.
Philadelphia street scene by Adam Jones, Ph.D., used under a Creative Commons license
Posted in Art Museum, Articles, Bella Vista, Buying a Home, Center City, Chestnut Hill, East Falls, Fairmount, Fishtown, Graduate Hospital, Loft District, Logan Square, Luxury Homes, Market stats, Northern Liberties, Old City, Pennsport, Philadelphia real estate, Point Breeze, Queen Village, Rittenhouse Square, Roxborough, Selling your home, Society Hill, South Philly, University City, Washington Square, Washington Square West | No Comments »
Thursday, January 19th, 2012
According to a watchdog we watch, onetime City Controller candidate Brett Mandel, Philadelphia real estate owners may be able to slash their property tax bills by up to 44 percent, thanks to the city’s sloppy real estate assessment regime.
In his email newsletter today, Mandel reported that the Board of Revision of Taxes ruled that Philadelphia property owners who appealed their assessed valuations as too high were eligible for reductions in their tax bills. The basis for the reductions is a ruling issued last summer by a state board that reviews city and county property assessments for conformity with state guidelines. The Commonwealth requires local jurisdictions to assess property at 32 percent of market value for tax purposes, and property owners in any jurisdiction that fails to meet this standard may appeal to have their taxes based on whatever rate the state determines is the local standard. Last summer, the state board determined that Philadelphia assessed property at 18 percent of market value on average. Following state law, a number of city property owners appealed their tax bills, and today, the BRT found in their favor.
This has several ramifications for City Hall. The first has to do with plugging the hole these lower tax bills will blow in the city and School District budgets. If the ruling stands, property tax receipts will fall by up to $80 million in the coming year, a large hole for the city to fill. However, according to Mandel, the city plans to appeal the decision on the grounds that the numbers the city gave the state last year are inaccurate and that the real numbers will show the city passes the state threshold.
If the folks in City Hall are smart, though, it will also light a fire under the new Office of Property Assessment to proceed with the full reassessment of property citywide that just about everyone agrees is needed to ensure city property is fairly valued. Right now, similar properties in the same neighborhoods may vary widely in their assessments, leaving longtime owners with ridiculously low taxes while newer residents face much higher bills. Politically connected property owners have also been known to benefit from the discrepancies in local property assessments. When the BRT handled both assessments and appeals, this problem got swept under the rug, so to speak; with the separation of the asseessment function into a new city agency last year, the problem can no longer be hidden that easily. Rather than appeal a flawed system, the city should take the opportunity to put an accurate and fair assessment system in place before more taxpayers get their bills lowered.
–By Sandy Smith
Tags: coldwell banker preferred, living in philly, noah ostroff, Philly Living Blog, property taxes
Posted in Articles, Buying a Home, Center City, Philadelphia real estate, Schools, Selling your home | No Comments »
Monday, January 16th, 2012
One door closes, another door opens. The 10 Rittenhouse Square luxury condominium tower on Rittenhouse Square is now mostly in the hands of the lenders who financed it.
Foreclosure proceedings came to an end on Jan. 10 when senior lender Istar Financial purchased the building’s 129 unsold condos at sheriff’s sale. Developer ArcWheeler agreed in May 2011 not to contest the foreclosure after spending several months trying to forestall it after Istar first moved to foreclose in the fall of 2010. Carl Dranoff, the Philadelphia developer who had been named receiver of the building at Istar’s request, had no success selling units in the building – he told The Philadelphia Inquirer’s Al Heavens that only one individual had attempted to buy a unit since the filing, and that person was rejected because the purchase was part of a bulk sale.
In addition to its financial woes – the developers owed more than $208 million to its lenders; Istar, based in New York, was owed $175 million and mezzanine lender Delaware Valley Real Estate Investment Trust was owed about $33 million – the building had also been tied up in litigation over the past few years. The sheriff’s sale brings these woes to an end, but it brings with it a challenge for the lenders: Move units that no one else has yet been able to move, despite their being located in a signature building at the most fashionable address in the city. Are the sluggish sales a byproduct of the slow Philadelphia real estate market, or were they the product of problems with the original developer and marketing team? The lenders are about to find out for themselves.
–By Sandy Smith
Tags: Philly Living Blog
Posted in Articles, Center City, Foreclosures, Philadelphia real estate, Rittenhouse Square | No Comments »
Wednesday, January 11th, 2012
In case you have been living under a rock, the Center City District’s semi-annual Restaurant Week is just around the corner. Actually, “Restaurant Week” is now a misnomer – this popular event, now in its 10th year, runs for two weeks – from Jan. 22-27 and Jan. 29-Feb. 3 for the winter edition. (Another two-week Restaurant Week takes place in the fall.)
Maybe we could dine at Osteria for $65 a head, but we doubt we could get out of Le Bec-Fin for that little.
Philadelphia-area food lovers devour this event, and with good reason: more than 100 of Center City’s best restaruants offer special three-course prix fixe menus for just $35 for dinner – and many of them also offer special $20 lunch menus. (Tax, gratuity and alcoholic beverages are not included in the package deal.) For adventurous diners, Restaurant Week offers a chance to sample unusual fare and high-end dining experiences ($35 for dinner at Le Bec-Fin? Sign us up!) they might not otherwise consider.
The event draws large crowds to the participating restaurants. Many restaurateurs love Restaurant Week for the exposure it gives their restaurants to new patrons. So does the Center City District. Echoing economic development officials in other cities that run such events, the CCD’s Kristen Linker told Forbes last fall, “Since its inception in 2003, Center City District Restaurant Week has generated over $23.9 million in additional revenues for the restaurants and pumped over $90.7 million into Center City Philadelphia’s economy.”
Not among the fans, however, is Marc Vetri, quite possibly the most celebrated chef in Philadelphia today. In a status update on his Facebook page, Vetri said that the discount dining deal really isn’t that much of one, especially after figuring in the wine, tax and tip. You could dine at his Osteria restaurant in Fairmount, he said, for about what the Restaurant Week special would run per person after throwing in all the rest. (The full text of his complaint can be found on Foobooz.) Add the crowds and the harried waitstaff to that, he said, and you might be better off dining at the restaurant of your choice on a normal night.
To some, these are fighting words. To others, Vetri has revealed the emperor has no clothes. What do you think? Share your comments here.
–By Sandy Smith
Photo of Le Bec-Fin by TexasDex from Wikimedia Commons, used under a Creative Commons Share-Alike 3.0 license
Tags: coldwell banker preferred, marc vetri, noah ostroff, philadelphia real estate, philadelphia restaurants, restaurant week, restaurants in philadelphia
Posted in Articles, Center City, Fairmount, Graduate Hospital, Logan Square, Old City, Philadelphia real estate, Points of Interest, Restaurants, Rittenhouse Square, Society Hill, Washington Square, Washington Square West | No Comments »
