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Market Conditions in Philadelphia : Real Estate Advice

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Activity 161
Sat Apr 30, 2011
Bruce Lang answered:
be care careful with "averages"....in changes block by block...so, just becuase its "below or above" the average doesn't make it a good buy.
0 votes 2 answers Share Flag
Sat Apr 23, 2011
Bruce Lang answered:
cathy...the question you ask isn't easily tracked...in philadelphia county very few places are rented with brokers...what i can tell you is that from 5/1-8/1 there are a lot of rentals...many st joes students rent in east falls as well as textile ... ... more
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Mon Apr 11, 2011
Bruce Lang answered:
The average is whatever you negotiate. It's a discussion of whatbyou are getting for what you need. Many agents have personal minimums and willmshare that with you when you meet with them. Generally you get what yOu pay for ... more
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Tue Apr 5, 2011
Btucker6 answered:
I have lived in the area for many years and although some of the houses are nice, many of the neighbors are not. They seemed to not be interested in the upkeep of the neighborhood especially the outside of the houses. I am speaking of the east side of Hortter street that is between the 0-100 unit block. that would be between Germantown Avenue and Musgrave Street and up to Chew Avenue. Now the 300-500 blocks are beautiful tree lined streets with garages and a nice sized front yard area. The houses are typically enclosed front porches and have 3 or 4 bedrooms. The range in price has been between 100,000 to 170,000 consistantly. This is between Chew and Belfield Avenues. Its like night and day when you compare to the other hundreds between Germantown and Chew Avenues. Well that is all the information that I possess and as I said, I used to live in the area since I was 12 years old and since have been watching the market very closely especially since I am in the market to buy a home myself. As the realtor stated above, Mt Airy is a strong selling neighborhood but only a resident would know how the neighborhood really is. ... more
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Sun Jan 30, 2011
Bruce Lang answered:
Old city - older and smaller
Northern liberties - larger and newer.

Lots of choices. The places with parking have hld up better than those without parking.
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Fri Jan 7, 2011
Ian A. Wolf answered:
I think 2011 will be better. It has appeared that the market has bottomed out where I am and we have noticed more activity already compared to this time last year. But most importantly there is no tax credit to interefere with the natural course of the market this year. Go Eagles! ... more
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Sun Oct 3, 2010
jo answered:
Just checked, the parking is included in the price :) Hope this helps and good luck.
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Mon Sep 27, 2010
Kahlia Rhodes answered:
This is a good market it's transitional and growing area but what you are trying to do I remmber you asked this question once before how about you call my direct line and we discuss some things more in detail my number is267-351-0569 ... more
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Thu Aug 19, 2010
Agent Hub answered:
40th and Spring Garden is on the outskirts of the Drexel campus so it can be expected that in the coming years as Drexel expands home pricing in the area will increase. Increased admission to both Drexel and Penn with limited housing on campus will likely increase the need for off-campus rentals also driving up rental costs in the areas nearest campus. Students looking for less expensive housing will be migrating farther from campus to developing areas such as 40th & Spring Garden

Multi-units and larger Victorian homes, like those around that area, are great investments because of the student population.

In my opinion the area is improving at a steady rate.

If you would like to know more about that area please don’t hesitate to contact me .

Happy hunting!

Mike Kind
“The Right Kind”
Coldwell Banker Preferred
(215)609-3310 Direct
(215) 923-7600 Office
mkind@cbpref.com
... more
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Thu Aug 19, 2010
Agent Hub answered:
This information should be available in public records however it may take some digging. Each municipality is different. Here in Philadelphia our MLS is tied into our public records.
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Thu Aug 19, 2010
Alexander Shulzhenko, ePro answered:
Hello Movingout,

I am not sure i follow your question. Do you want to know how long they are on the market before they are sold? or Do you want to know about a particular home and how long has it been on the market?

Alexander Shulzhenko
Realtor®
Advance Realty One
realexs@gmail.com

www.eRealtyFind.com
(267) 738 0886
... more
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Mon Aug 9, 2010
Larry Lichtman answered:
There has been quite a few short sales and REO sales as well throughout that entire condo complex. That's why values are all over the place. Depending on the unit's location, I've heard there may be a major assessment coming as they need some major repair work completed on the exterior steel structure.

Please feel free to call me if you would like to see the available units and/or further discuss your real estate goals to see how I can help you achieve your objectives.

All the best,
Larry Lichtman
REALTOR, Property Manager
Your Real Estate Resource For Life
CELL (267) 254-7994
LarrySellsRealEstate@gmail.com
... more
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Wed Jul 14, 2010
Larry Lichtman answered:
Hi Gary,

Brian hit it on the head. Week over week and Year over year. Comparison ratios for statistical data. Helpful ratios for researching trends and trying to take advantage of various cyclical turns in the market.

My large developer clients analyze these numbers constantly in their markets. If you would like to discuss how I can help you increase your ROI and assist you in the real estate business, please feel free to contact me.

All the best,
Larry Lichtman
REALTOR, Property Manager
Your Real Estate Resource For Life
CELL (267) 254-7994
LarrySellsRealEstate@gmail.com
... more
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Wed Jul 14, 2010
Larry Lichtman answered:
Hi Sid,

Most 2 story 3BR/1BA in your area have recently sold for approx. $30-50K, depending on condition, renovations completed, upgrades, etc...

If you would like to sell the house or you want assistance in leasing it as a rental, please feel free to call me. I'd be happy to come out to look at your place and tell you what I think a realistic sales price would be in today's market. I manage quite a few rentals in the area. Let's get together to discuss what you want to do with the property.

I look forward to speaking with you soon.

All the best,
Larry Lichtman
REALTOR, Property Manager
CELL (254) 254-7994
LarrySellsRealEstate@gmail.com
... more
1 vote 3 answers Share Flag
Tue May 18, 2010
Amanda Saunders answered:
Hi KH. I am from Richmond originally. The best way to get an exact number would be to look at a listing you like and get numbers from that.

You can expect in W MT Airy, depending on purchase Price the following:

2% transfer tax
1 Year of Homeowners Insurance
1 Year Real Estate taxes
Title Insurance

If you would like a scenario run, please contact me.

Amanda Saunders
Prudential Fox and Roach
(215) 514-9597
... more
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Sat Apr 24, 2010
Dave Lombardo answered:
Alven,
I agree with James. At least in the short term. The area is has a lot of up side potential. Other neighborhoods in S Philly like Grad hospital, Bella Vista and the Passyunk Ave areas have much higher asking prices for the real estate. Many buyers and investors are starting relieze the bargins in the Point Breeze area and are moveing and building there. Part of Point Breeze is now called Newbold (Broad to 18th and Snyder to Washington Ave), this section has become very popular and I have had several buyers choose this area to live because they see value and the potential for appreciation. In the end you need to see the value, do some research and check out the area for yourself. Good luck, I'm sure you will find somthing. ... more
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Mon Mar 15, 2010
Timothy Garrity answered:
Hi, David.

I know you posted this question a while ago, but are you still interested in the Manayunk area? I live in Roxborough, which is right next door to MYK.

Let me know if I can be of any assistance.

Best,
Tim
... more
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Mon Mar 15, 2010
Timothy Garrity answered:
Renee's answer is 100% correct.

I worked for a new construction builder for 5.5 years and know for a fact that new construction prices are always inflated dramatically. Depending on what the company's margin is, pricing typically starts a lot higher than what it actually sells for; especially with smaller, not so well known builders in Northwest Philadelphia.

Having a buyer's agent represent you will benefit you in a number of ways:

1. It won't cost you a dime. The builder is the one who pays the buyer agent's commission.

2. A buyer's agent will work diligently on your behalf not only to arrive at a fair sale price, but will make sure the builder follows through with all promises regarding construction, warranty, etc.

3. They take a lot of the work and stress off your plate when working with a builder. It's a long process and can be frustrating at times.

If you still need some help understanding why this is so, please let me know and I'll help you out. Best of luck to you!

Tim
... more
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Fri Feb 19, 2010
Edmund Choi answered:
The benefits to renting instead of buying a home have been discussed and calculated before, but I'd suggest the following method to determine whether renting a particular house, in a certain neighborhood, makes better sense than buying.

There are plenty of online calculators that, given all the gory details of a home purchase, can determine whether buying a certain home is worth the investment—like TCalc's own tool. However, I'd suggest simply determining the price-to-rent ratio yourself, using a home you'd like to buy and a place you wouldn't mind renting:

One way to tell whether it's better to rent or buy is by checking out the price-to-rent ratio (or P/R ratio). This number gives you a rough idea whether homes in your area are fairly priced. Figuring a P/R ratio isn't too tough. All you need to do is:

* Find two similar houses (or condos or apartments), one for sale and one for rent.
* Divide the sale price of the one place by the annual rent for the other. The resulting number is the P/R ratio.

If that ratio comes out above 20, the monthly costs of owning the home will likely exceed the cost of renting.

Many financial thinkers have echoed, owning a house is about a lot more than just dollars and math—if you love a place, and you love the idea of fixing and customizing it, renting is no substitute. But for a roof over your head for a certain amount per month, it's wise to think about the long-term savings of renting against the not-so-great investment of home ownership.

Welcome to Philly and Good Hunting!
... more
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Tue Jan 12, 2010
Michael P. Cohen answered:
Rental Prices have dropped, as many of the new rehabs and new contruction homes did not sell and the properties we rented below market, giving renters a deluxe home for a low price. Prices have dropped, rent has dropped, cost of construction has come down. it is a good time to buy some and get some good buys. ... more
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