Philly Living Blog

East Falls: Restaurants, Schools, and Points of Interest

Noah Ostroff — Fri, 03 Sep 2010 19:54:39 +0000

East Falls is a small neighborhood situated along Ridge Avenue and the Schuylkill River in the northwest section of Philadelphia. It can be accessed by driving west on the Schuylkill Expressway out of Center City, prior to the Manayunk and Roxborough exits. It is bordered by the Schuylkill River on the southwest, Fairmount Park on the northwest, Wissahickon Avenue on the northeast, and Roosevelt Boulevard on the southeast. East Falls is a desirable location for young families and professionals for its easy commute and close proximity to Center City, while retaining affordable housing.

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Fishtown: Restaurants, Schools, and Points of Interest

Noah Ostroff — Thu, 02 Sep 2010 15:59:28 +0000

Fishtown

Fishtown is a northeastern Philadelphia neighborhood roughly bordered by the Delaware River to the east, Frankford Avenue, and York Street. As of late, the area has gentrified and many restaurants, art exhibits, and newer condominium complexes have been springing up in this former industrial neighborhood. While, parts of Fishtown are principally working class and long established, many artists and young professionals have been populating the area.

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Northern Liberties: Restaurants, Schools, and Points of Interest

Noah Ostroff — Wed, 01 Sep 2010 21:38:33 +0000

Northern Liberties

Northern Liberties is an emerging hip and trendy neighborhood full of artists, students, designers and young professionals. Northern Liberties is currently undergoing huge revitalization projects, including the large apartment complex, the Piazza, and is considered by some to be Philadelphia’s Soho. Former industrial buildings from which this neighborhood sprung have been converted to artist studios and work spaces. Vacant factories and warehouses tell of this neighborhood’s rich, historical past. It is located between Girard Avenue to the north and Spring Garden Street to the south, and between the Delaware River to the east, and 6^th Street to the west.

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Washington Square West: Restaurants, Schools, and Points of Interest

Noah Ostroff — Wed, 01 Sep 2010 19:08:02 +0000

Washington Square West

This charming and historical neighborhood lies between Walnut and South Streets to the north and south, respectively, and between 7^th Street and Broad Street to the east and west, respectively. This neighborhood is full of young professionals, restaurants and bars, shops, and cafes. Residents dwell in row homes, and condominium-converted row homes, and there are a few mid-rise condo and apartment buildings, interspersed. The western portion of Washington Square West has become known as the Gayborhood for its many gay friendly establishments and for its annual OUTfest celebration.

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The Velocity of Money

Noah Ostroff — Mon, 23 Aug 2010 20:26:00 +0000

According to the most recent Commerce Department report, Personal Spending and Personal Incomes were unimproved from the previous month, and the Savings Rate increased as consumers cut back on spending. While that data sheds light on the slow economic recovery, it also has implications on home loan rates.

Here’s why…

It has to do with something called the velocity of money. Even though the government keeps pumping money into the system, nothing happens until that money is spent or lent, and passes from one hand to another or one business to another. The speed at which this money passes between parties is called the velocity of money.

With the job market still very sluggish, consumers aren’t spending much money these days…and businesses are still reluctant to spend moneymaking investments in their business. With the present velocity at low levels, inflation remains subdued and that’s good for home loan rates. That’s because rates are tied to Mortgage Bonds and inflation is the archenemy of Bonds, so low inflation is good for Bonds and rates. However, once velocity increases, the excess money in the system will cause inflation –which is bad for rates, since even the slightest scent of inflation can cause home loan rates to worsen.

While we certainly want to see better economic recovery news in the near future, we have to remember that there’s an inverse relationship between good economic news and Bonds and home loan rates. Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve. Strong economic news, on the other hand, normally has the opposite result. Currently, home loan rates are at a historically low level, which makes now an ideal time to purchase a home or refinance before the velocity of money –and rates –change.

To summarize, rates are as low as they will ever be; prices are stagnant and will rise as the economy recovers.

IF YOU ARE A BUYER LOOKING TO GET THE MOST BANG FOR YOUR BUCK, NOW IS THE TIME TO BUY!!!!

Now is the time to Buy a House

Noah Ostroff — Mon, 23 Aug 2010 19:41:33 +0000

According to CNBC, now is the time to buy a home! With market conditions favorable for buying a house in Philadelphia, why are buyers shying away when mortgage rates are at record lows!

According to a recent survey that was done, 33% of the people felt that home values have not yet reached bottom; 28% of the people felt that home values will decline more. In addition, only 24% of homeowners felt their home gained value, when in actuality 34% of the homes ACTUALLY gained value.

According to Lawrence Yun from the National Association of Realtors, the Real estate Market is in danger of over-correcting itself. Soon there will be too much supply, and not enough demand, which may cause home prices to over-correct.

The Philadelphia Real Estate Market is still one of the safest places to buy real estate as the real estate market in Philadelphia remains very stable.

Refinance Levels highest since May 2009

Noah Ostroff — Thu, 19 Aug 2010 01:05:15 +0000

Mortgage refinancings rose 17.1% last week and now account for 81.4% of total mortgage applications, according to the Mortgage Bankers Association.

Mortgage rates hit all-time lows earlier this year and are still at levels not seen for decades, with many lenders currently offering 15-year fixed-rate loans lower than 4% and 30-year fixed in the 4.25%-4.5% range.

Now is the time to buy or refinance. It is unlikely that rates will be this low for a long time. These low rates should certainly help out the Philadelphia Real Estate market throughout the rest of 2010.

Washington Square: Restaurants, Schools, Points of Interest

Noah Ostroff — Wed, 18 Aug 2010 00:12:49 +0000

Washington Square

Washington Square is one of the original squares laid out by William Penn and his surveyor in the planning of Philadelphia. The park is bordered between Walnut St & Washington Square South, and west of 6^th Street. The square is located within the Washington Square West and Society Hill neighborhoods. There are several condo buildings bordering the park as well as many historical sights.

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McCall School

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Philadelphia’s Most Expensive Homes

Noah Ostroff — Tue, 17 Aug 2010 01:06:21 +0000

Here is a look at the top 5 most expensive homes that Philadelphia has to offer:

#5: 1706 Rittenhouse Square – 23rd Floor - $5,298,200

Listing Says: 1706 Rittenhouse Square: Your Life, Your Way ~ Your new construction ~Your entire floor … Your four corners at Rittenhouse Square ~ Your private elevator ~ Your 4,200 square feet ~ Your custom floor plan ~ Your finishes ~ Your views on Philadelphia and The World ~ Your garage ~ Your lap pool ~Your fitness center ~ Your concierge ~ Your car and driver ~ Your indulgences ~ Your tax savings. It~s all about You, deliberately, discreetly, by design. From $4 Million.

#4: 228 W. Washington Square – $5,485,000

Listing Says: Superb Federal Architecture in a rare jewel, situated directly on Washington Square Park. This five story, 6,800 sqft townhouse with elevator is 25 feet wide, 60 feet deep, with high ceilings and custom millwork throughout. Four bedrooms each with private marble baths and fireplaces. Original pine floors throughout. Exquisite antique chandeliers and sconces, and a 60 foot black and white marble entrance hallway and atrium are impressive. Private and fully-equipped mother-in-law suite or home office. Many more details. Secured deeded parking with two car spaces.

#3: 237 S. 18th Street #2B – $5,575,000

Listing Says: The Barclay Condominium. This magnificent renovated residence on Rittenhouse Square has splendid views of the Square. When ~Only the Best Will Do~ Unparallel, Sophistication and craftsmanship coupled with stunning square views make this residence a true gem. This smart and spacious home has 5,325 square feet and 10 ft ceilings, a grand hall, a large elegant living room with a fireplace overlooking the square, a formal dining room, there is a mahogany paneled library with a wet bar and elaborate screening room and a gym. Fabulous appointments with every desirable amenity. The stunning eat-in kitchen has the finest high end appliances. The Luxurious master suite has a fireplace and his & her lavish marble baths, Enjoy Rich mahogany floors throughout and the finest finishes, 5 year tax abatement.

#2: 1200 Latimer Street – $6,200,000

Listing Says: Latimer House: Triple wide steel and glass internationally acclaimed landmark residence. Multiple car parking. 2,000 sf private courtyard garden. Roof rights. Deck. Sculptural, compelling, beyond beautiful 6,000 sq ft contemporary home. Bold geometry with voluminous three story ceilings. Suspended steel staircase. Vast light and space. Urban panorama. PLUS, Additional separate professional studio(s) and living quarters. Famed home. Renowned architects. First time offered.

#1: 2201-2205 Green Street – $6,995,000

Listing Says: The Bergdoll Mansion is one of Philadelphia’s most stunning residences. The c. 1882 Italianate-style home in the heart of the Art Museum Area is built of classic, smooth brownstone block. The approx. 14,000 sq/ft interior has been lovingly and meticulously restored including all plumbing, heating, air conditioning and electric. Highlights include, a formal drawing room ~ formally the Ballroom, a massive dining room, an exquisite Library, and a delightful sunroom, which leads out onto the gardens. There are two cooks kitchens, one for the home-cook and one for entertaining. The entire property is fenced and has a courtyard that can accommodate 8 cars. The architectural details are too numerous to recount but include mosaic tile, ceiling frescoes, carved mahogany woodwork, ornamental plaster, and gilded bronze and onyx details. This home provides the life style of European Estate and the comforts of 2010.

America’s Most Stable Real Estate Market

Noah Ostroff — Tue, 17 Aug 2010 00:29:18 +0000

According to CNBC, Philadelphia is the #2 most stable Real Estate market in the country. Philadelphia real estate has remained stable through the ups and downs of the Real Estate Market. In the last 12 months, the largest monthly price change was only 0.14%, while the smallest price change was only 0.05%. These #’s show you how stable the Philadelphia real estate market is compared to the rest of the country. According to the Zillow home value index, over the last 12 months, the average price in Philadelphia at it’s peak was $209,900, and $208,600 at its low. The #1 most stable real estate market in the country was in Grand Rapids Michigan. The Philadelphia Real Estate Market should remain stable for the next 12 months as well…