Noah Ostroff

Sean:

237 N. Bread Street is an amazing building. There is a beautiful loft for sale in that building right now. It is a 3 Bedroom, 2 Bath Loft. It is about 2300 Square feet. It has a private elevator, bamboo hardwood floors, Parking Included, and 7 1/2 years left on the tax abatement. It was just build 2 years ago. It has a private balcony, granite counter tops, stainless steel appliances, central air and very high ceilings. The asking price for this loft at 237 N. Bread Street in Old City is $700k. That is just about $309/ sq. ft, which is super cheap for Old City real estate, considering most things in Old City are $350-$400 per square Foot. This condo in Old City just came on the market a few days ago, and my guess is it wont last long at this price. There are pictures of this loft at http://www.237nbread.blogspot.com . Please let me know if you would like more information. Thanks!

Noah Ostroff
Coldwell Banker Preferred - Old City
nostroff@cbpref.com
215-801-1587
Licensed PA Realtor

"We have YOUR best interest in mind"

237 N. Bread Street
Philadelphia, PA 19106

Old City Real Estate
Philadelphia Real Estate - Sun Aug 10 2008, 10:35

Believe it or not, there are many properties under $220k in and around Center City. Your best bet for value at that price would be to look in the Graduate Hospital area. Many house located in Graduate Hospital are within a 7-10 minute walk of everything in Center City. You will be able to get more for your money in that area, while being as close as possible to the action. The closer you get to the "heart" of Center city, the small er the place, and the higher the price per square foot. I would be happy to help you find a great place within your price range. Please send an email to nostroff@cbpref.com, or give me a call at 215-801-1587 and we can discuss this further.

Noah Ostroff
Coldwell Banker Preferred - Old City
nostroff@cbpref.com
215-801-1587
Licensed PA Realtor

"We have YOUR best interest in mind" - Sun Aug 10 2008, 10:28

Typically when you are looking for multi-family properties for investment purposes, you want to buy in an area where you will be able to easily rent out your units. Where can you constantly have a flow of renters on a year to year basis? College Campuses! Your best bet for a multi-family property would be in an area neara university. Good places in Philadelphia are in 19104 (University of Pennsylvania) as well as 19107 (Jefferson area). You want to try to find something that has at least an 8 cap rate as a solid investment. Please email me for more details on this subject at nostroff@cbpref.com.

Noah Ostroff
215-801-1587
nostroff@cbpref.com
Coldwell Banker Preferred
Licensed PA Realtor - Sun Jul 20 2008, 19:06

The simple answer to your question is yes, but it goes on a case by case basis. If your buying in a community or development that has many similar properties, you hope the developer stays firm on their price, so when you are living there, they wont undercut the value of your home to a potential buyer. But statistics show that in Philadelphia, the selling price is approximately 92% of the listing price. Please contact me for more details on the area you are looking to purchase in, and I can provide you with some advice and council on whether you can make an offer under asking price for the home you are looking to purchase. I can be reached at nostroff@cbpref.com

Noah Ostroff
Coldwell Banker Preferred
Licensed PA Realtor
215-801-1587
nostroff@cbpref.com - Fri Jul 11 2008, 21:01

When looking at investment properties you need to look at a few main things. The first would be if you are renting it out. If you rent out the property, you need to look at the Capitalization rate ("Cap Rate"). Take the monthly rent and multiply by 12 to get the gross annual income. Subtract out any expenses you have (taxes, etc). Then divide by your sales price. Here is an example: Monthly rent = $1200. Multiply $1200 x 12 = $14,400. Subtract out some expenses of about $2000. Divide $12,400/ $200,000 (sales price) to get your cap rate of ~6.2%. While 6.2% is typically not great for an investor, it should bring you to just about your break even point. Now all these numbers can change based on rental income, expenses and sales price, but as an investor you should be looking for investments between 8-10% cap rate at least. Please send me an email with exactly what you are looking to do, and I can council you through the process so it goes smoothly. nostroff@cbpref.com

Noah Ostroff
Coldwell Banker Preferred
Licensed PA Realtor
nostroff@cbpref.com
215-801-1587 - Fri Jul 11 2008, 16:25