Home Selling in 19130>Question Details

Michael Eurb…, Both Buyer and Seller in 19130

Any legit developers looking for Art Museum area properties?

Asked by Michael Eurbin, 19130 Thu Sep 18, 2008

I had an sales agreement from a developer to buy my property about four to five months ago. The developer intends to tear down the house and build a new one.
He says that he's having difficulty obtaining the financing because of the credit crunch, and as his agent claims that the house is not worth/appraises for the amount offered. I noticed in MLS listings that vacant lots, including one on the same block as my house, are listed for teh same or similar amount.

Regardless, more than enough time has passed to be obligated to sell under the agreement and I am tired of waiting. Is anyone aware of developers still actively seeking property in the Art Musueum area? Looking for legit developers etc., I am not desparate to sell so please no low-ball offers.

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Michael, I would consider the following:

1. Never rely on the appraisal offered by your buyer....you should have had your own appraisal done so that you would be clear on the value issue.

2. How close are you to the Art Museum? Proximity to the Museum and the Parkway mean everything. Over the last few years people have use that term to describe areas beyond what was traditionally considered to be "Fairmount/Art Museum".

3. You probably have heard on the news or read in the Inquirer that builders are going the way of Auctions to get rid of their properties. Very recently Westrum had to auction off townhouses in the East Falls area just to get rid of them. They were very successful and also sold some of their Brewerytown units as spin-off from this. Auctions, however, are a signal that the market is not what it should be.

My investors are moving very cautiously. Most don't want anything unless it is a "steal". I would suggest sitting tight for another 8-9 months unless you see a real spurt of activity in your area. Money is extremely tight and investor money is always the first to disappear. Don't be discouraged...it will come together for you.
1 vote Thank Flag Link Thu Sep 18, 2008
Michael, Thanks for the additional info.

I think that I will remain with my assessment in the original answer I posted. While "Francisville" is certainly going to be an emerging area, right now it appears to be less competitive with the "heart" of the Art Museum market. Right now, there is a considerable over-supply of homes for sale in the prime area. It would be very risky for any developer to move forward on a new project in a bordering area, in my opinion. If you can wait this out, it will probably be of great benefit to you about a year from now, or maybe less. If you would like to stay on top fo things, just go to " http://;www.24hrhouseprices.com/inyourarea". You can receive monthly reports on values and activity specific to your neighborhood.
Good Luck, and stay in touch if I can be of help to you.
1 vote Thank Flag Link Fri Sep 19, 2008
Michael,

That is our bread and better. Please email us the MLS number/address - our contact us link is as follows:

http://www.thesomersteam.com/contact.php

Is your deal still under contract ? These types of properties are much more difficult to sell due to the difficulty to procure financing so it pretty much leaves the cash buyer.
1 vote Thank Flag Link Thu Sep 18, 2008
Michael,
Do you have the appraised value in writing from the current developer?. I have investors/developers that might be interested depending on the location of your real estate. did you check the zoning of your property and is the developer obtaining permits for his use? so many questions to ask the buying party!. please contact me directly ,I have a developement that i am currently selling and i am quite familiar with the process.
http://www.hadjerahner.com
hahner@kw.com
1 vote Thank Flag Link Thu Sep 18, 2008
The house was zoned commercial when originally purchased and it had a laundrymat in it at one time. It's on Parrish Street between 20th and Corinthian. The area is more correctly "Francisvile". This block has had 6 new houses built on it the last couple years with 3 having been built the last year. Several other houses in the 2 block area are either recently completed or soon will be, so it's been in a "spurt".

There are two MLS listings on this block, 2000 Parrish (vacant lot) for 105K, and 2002 parrish next door for over 200K, i believe 240.. While listings don't equal appraisals, our agreed price had been very close to the vacant lot price.

The developer approached us with an offer and we accepted and had a sales agreement. After this period of time and that they have niether the cash or the financing to buy the property the contract is no longer valid.
0 votes Thank Flag Link Thu Sep 18, 2008
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