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Philadelphia, PA Real Estate News

By Hannah Williams, Expertise NE Philadelphia & Bucks 215-820-3376
(HomeStarr Realty)
Philadelphia Steals and Deals Gifts Mom Day or Just for Fun This week's choices are for women as Mother's Day is not far off. Maybe you are lucky enough to have a mom or you are a mom. Maybe you are just looking for yourself. So here you go with this week's selection. I stopped getting gel nails and acrylic nails during COVID-19. The pain of letting them grow out was horrid, and I decided that it was time. I tried so many different polishes and promises. It was not until I discovered BeautyGarde, a plant-based formula it works. It is called Rocket Nail Fuel.You put a coat of polish on every day. You can purchase directly from them or Amazon. I do not have the time to sit in a Salon for a manicure. The polish is not cheap, about $32 for a top coat, which you also use as a primer - and a ...
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By Hannah Williams, Expertise NE Philadelphia & Bucks 215-820-3376
(HomeStarr Realty)
Today, I read an article telling buyers that they should fire their Real Estate agent if they own a computer. Usually, when I read something like this, my blood pressure would increase. I would get upset and feel like I had to call someone and vent. Instead, I laughed. I thought about all the for-sale owners there were and how many ended up listing their homes with an agent.  Statistics show that 97% of for-sale by owners list their house with an agent. There was a time when I did very well working primarily with for sale by owners.   They did not feel they needed to pay an agent to help them sell a house. Surprise, surprise, it was not as easy as they thought. Especially as time went by they had many lookers but not any buyers under contract.  Therefore I will sit back and not stress a...
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By Hannah Williams, Expertise NE Philadelphia & Bucks 215-820-3376
(HomeStarr Realty)
Tonight is the first night of Passover and Jewish people all over the World will be sitting down with their families and close friends and having a Seder dinner. What is a Seder, you may ask? It is a meal symbolizing freedom from slavery and bondage from Egypt, and each food has its own meaning. It is a tradition celebrated. The Jewish people left Egypt in haste with no time to make bread; therefore, this is why Matzo is unleavened bread. It is the Story of Exodus and there is a plate on the table that each food/herb has a meaning. You will find the story in the Bible. This is a very condensed version of what a Seder dinner is.    This year with all the turmoil in the Mideast let us hope and pray it will be Peaceful  
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
What is a Short Sale ?   A short sale is when your bank agrees to accept a lower payoff than what they are owed in order to approve a sale of the property. Short sales are becoming increasingly common as the housing crisis has accelerated and many home values have depreciated since an owner purchased.  In all these cases, the value of what a house can be sold for is less than what it is worth. In our Philadelphia real estate market, we have noticed that the average realtor will list a property for way over what it is worth in hoping that it sells.  Of course, it rarely does and even if an agreement does come in, chances are it will not appraise.   The better solution is to look at the circumstances to determine if the house should be marketed as a short sale candidate.   Without going i...
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By Lauren Herlich
(US Spaces Inc Real Estate)
Today, was too nice of a day to sit inside at the computer to write. I went out early, ran some errands, and had tacos for lunch. I came home. I took a nap. I got up to take a walk with camera in hand and took photos of my neighborhood for those of you, who read this blog and are not familiar with what South Philly looks like. My BlockTwo rehabbed houses on Jessup Street, the street behind mine.This is what typical alleyway looks like... gate and all East Passyunk Avenue runs at a diagonalthrough my neighborhood.It has cute shops and restaurants.Living in Philadelphia, you sometimes forget,there are murals everywhere 10xx Cross Street, runs between 10th and East PassyunkA normal block with three huge houses added in recent yearsMy New Friend, Steve   Lady taking her bird out for an airi...
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By Lauren Herlich
(US Spaces Inc Real Estate)
After I went on an appointment the other day, I was really struck that all four houses, for what they were, showed really well. To start, they were all row houses. Two were grandma houses, one was cleaned up (new kitchen, new hardwood, paint and trim), and one was a complete rehab and very modern and innovative. It usually doesn't happen in the price range, in which we were looking, that all of the properties would show well. What did they have in common? They were all clean. One had furniture, but no knick knacks or pictures. Why is this important? There are no distractions. The buyer can picture themselves living in the house. When it is clean, they can imagine that they can move in without a big cleaning job, and they can look around and see the good attributes of the house. I had th...
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
Today, Stephanie and I had an hour or so in between appointments.  We took a break in Washington Square to relax and enjoy some beautiful weather.  Philadelphia is known for its 2 squares, Rittenhouse Square and Washington Square.  They are great sancturies with some phenomonal real estate that surround it.  Below are some photos of the moment we shared today during our break. If interested in buying or selling real estate in center city including Washington Square, contact The Somers (Chris and Stephanie) and visit our site The Somers Team - Philadelphia Real Estate .                             Philadelphia Real Estate                                  The Philadelphia Real Estate Blog
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By Lauren Herlich
(US Spaces Inc Real Estate)
I misreported the credit for which single tax payers could qualify. It is up to $7500 if you close between for homes purchased on or after April 9, 2008 and before July 1, 2009.Please see the following link for more detailed information.http://www.federalhousingtaxcredit.com/faq.php
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
Cash Flow is a Misnomer for Investment Properties - Expect the Unexpected Yesterday while Stephanie was at an open house in Northern Liberties, we received a call from one of our tenants for a property we own in Bridesburg.  Water and sewage was backed up and coming into the basement !  They were freaking out and upset (deservedly so) . Stephanie called me to let me know the problem.  Both of us did not get upset.  She made calls to a couple of contractors we know.  One was able to go to the property right away.  We found out that the sewage line from the street to the house was clogged and broken.   Basically, needing to be replaced !!  The sidewalk needs to be dug up under the stairs of the house into the basement !!! Without quoting numbers, this is not going to be a cheap repair.  H...
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
Stocks Versus Real Estate - part II - Philadelphia Real Estate This morning I hear the news that Lehman Brothers is filing for bankruptcy.  AIG is seeking capital, and Merril Lynch is being bought out by Bank of America. Lehmans stock is now worthless, AIG is down another 50 percent for one day, and Merril is being saved. Wall St does not look pretty this morning. Investors interested in Philadelphia Real Estate should contact us at thesomersteam@yahoo.com .     There will be opportunties in the stock market as a result, but this may be the time to be more diversified in real estate.  Remember after the internet bubble in 2000 and the stock market blew up ?  What was the most succesful investment category afterwards ?  Two words R____ E_____ !!!!!   Philaelphia Real Estate              ...
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By Lauren Herlich
(US Spaces Inc Real Estate)
I can only say, your home or house, whether it is a single family or condominium, is not an investment. However, you must consider which improvements are worth doing and which are not. Your home is the place, where you live, whether you rent or buy. Now, you should only spend what you can afford on your home, but there are things you may put into your home that you would not put into an investment property, because you want whatever it is to enjoy your lifestyle more fully. It may be something like a spa tub. You may not recoup the cost of that tub when you sell the property, but your quality of life is so improved that it is worth the expenditure while you are in the house, but do not consider it an investment, but rather a luxury. And don't expect that it will increase your property v...
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
I think as individual investors we can all come to conclusions which investment classes are most suitable for us as far as meeting our individual goals.   Over time, the debate will always continue and sway back and forth over the question "What is the better investment ?   The stock market or real estate ? " In times like this, I think it is pretty simple. Companies like Merril Lynch, Lehman Brothers (LEH), Washington Mutual (WM), AIG, Wachovia to name a few are down 60 to 70 to 80 percent in the last 1 year !  Lehman brothers is down close to 90 percent !  These are all investments that the average stockbroker or investment banker would have promoted as "conservative" or a vital part of a stock portfolio.  This list does not even include a Fannie Mae (FNM) or a Freddie Mac (FRE). The ...
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By Lauren Herlich
(US Spaces Inc Real Estate)
I think this question is the hardest question for most first time home buyers to answer. What is my advice? Try to answer the following questions. First, What is my monthly cash flow? How much can I pay towards a mortgage payment? How much money will I need to improve a property? Do I have that money in the bank after I have paid for closing costsand moving costs to do the improvements I want to do? Can I live through the process of improvements? Do I even like to paint? Am I handy? Do I need to hire someone to do everything or can I do some things myself? My suggestion is to consider location first. Perhaps, you want to pick a neighborhood, but pick a second neighborhood also where the properties may be a little less expensive. The result should be that when you are in your house in th...
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By Charles G. Hennebeul
(AMERICAN CASH SOLUTIONS INC)
First, we must never forget the fact that unarmed civilians were brutally murdered.  Second,They were unarmed.  After 9/11 the taliban and terrorist challenged America claiming that we are cowards because we attack them from the air.  That is exactly what they did....and the difference is that the people in the Towers were unarmed. I worked at Chase Bank on Long Island.  One month prior I had turned down a job offer from another financial company whose office was located at 7 World Trade Center.  Of course calling his office phone number was in vain as the only thing that came up was some type of busy signal.  3 days later I received a call that he was fine.  Driving on the way to work for some reason I had the AM radio on.  I usually have the radio OFF on the way to work.  Today was di...
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By Lauren Herlich
(US Spaces Inc Real Estate)
In today's Philadelphia Inquirer, there is a new proposal for the Philadelphia Slot Parlor slated to be on South Columbus Boulevard or for what us old school people still call Delaware Avenue. Instead of building on the South Philadelphia Waterfront, there is a new proposal to redevelop part of the Gallery and to move the Foxwoods Casino to Market Street.http://www.philly.com/inquirer/home_top_stories/20080911_Rendell__Nutter_hail_casino_plan.htmlI would love to know the opinion of my fellow Philadelphians. Please see the two polls at the right side of the page on my blog. Please answer the poll and leave comments at the link below.http://laurenherlich.blogspot.com/2008/09/vote-in-should-foxwoods-casino-build-on.html
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Those of you that know me personally, know that I have a passion for writing -- and not just blogs.  I co-wrote the screenplay for the short film, "The Cracked Man", among other things. The director of that film, Kevin Corcoran, also invited me to help with the production of another film, "Cube Zombies," which premiered last November at the Bryn Mawr Film Institute.  I was credited with the "Sound Recording" for the film. "Cube Zombies" is getting more exposure. It will be playing the Terror Film Festival, Thursday, October 23rd as part of a program of shorts that begins at 6:45 PM at the Ethical Society building on Rittenhouse Square in Philadelphia.http://terrorfilmfestival.net/_wsn/page4.html (That link is to the schedule page instead of the home page of Terrorfilmfestival.net.  That...
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To begin with there is a difference between a licensed agent and a REALTOR®. For example, I am licensed by the Commonwealth of Pennsylvania as a "Sales Associate". I am a Realtor®, because I am a member of the National Association of Realtors®. All licensees are not Realtors®. To become a REALTOR®, one must join the National Association of Realtors® and subscribed to a code of ethics.   The Association provides information and educational opportunities to members as a commitment to a higher level of knowledge of buying and selling real estate. In addition, I belong to the Pennsylvania Association of Realtors and the Greater Philadelphia Association of Realtors, which too are committed to a code of ethics and higher education of their agents and brokers. Anyway, there is a lot written ab...
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By Lauren Herlich
(US Spaces Inc Real Estate)
I began writing a different blog today; one on the seminars, books and tapes available for inexperienced real estate investors to make one rich overnight. I realized in trying to put it together that the most abused term was "COMP". People are constantly calling me to run "COMPS" for a property that they are interested in, and for a property I have never seen. I can send "sold" listings for an area, but in no way do they represent "COMPS".What should a "COMP" be? First, it should have sold, if possible, in the last six months. Second, it should be in close proximity to the subject property. Third, it should be a similar property. Then what?I like to visit the subject property. (I will be using a row house in this example.) Does the property have a new roof? What is the condition of the ...
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By Dennis McVeigh
(THE CONDO SHOP)
Market Statistics    Courtesy Of : Dennis McVeigh 215-692-6636 The Condo Shop 215-692-6636    Monthly Statistics for the Date Range Selected Date Units Listed Listed Volume Listed Average Pended Units Sold Sold Volume Sold Average Average DOM Mar 2008 76 48,049,099 632,224 19 29 12,996,700 448,162 86 Feb 2008 49 29,198,249 595,882 21 17 10,508,500 618,147 108 Jan 2008 97 49,961,896 515,071 24 9 7,414,400 823,822 99                   Totals: 222 127,209,244 573,014 64 55 30,919,600 562,174 95                               Pricing Details of Sold Units for the Date Range Selected Minimum Prices Maximum Prices Average Prices Original List Price : $245,500 Original List Price: $2,575,000 Original List Price: $607,880 Sold Price : $221,000 Sold Price: $2,475,000 Sold Price: $562,174        ...
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
Stephanie and I took one of the longest vacations since we have been married - six days !! We had a lovely time in Richmond, Va over Labor Day weekend visiting family and a super relaxing time in Rehobeth Beach, DE the last 3 days.  Will do a follow-up blog on each visit in the next day or so.   I have come to the conclusion that we need to take more vacations and breaks to balance off the stressful side of real estate.  For a workaholic like myself, reaching that conclusion is not that easy.  In the past and for one day at Rehboth this past week, I was the guy working on vacation.  Fortunately, Stephanie set me straight.  It is not easy for me as I worry about all of our pending deals, our listings, our clients, and all the voicemails and emails that we are getting.  I am getting bette...
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By Lauren Herlich
(US Spaces Inc Real Estate)
I don't know how it works in other parts of the country, but in Philadelphia, there are multiple types of Grants for which a buyer can qualify. Most of them are income related. Some come from the City of Philadelphia, Some from the State of Pennsylvania, and some from lenders.What a buyer must be aware of is that the ones from the State and City require credit counseling. In fact, the counseling must be done before an offer is submitted. Thus, if you are low income or moderate income and pursuing one of these grants for closing costs, you must be very proactive and get in to meet with a credit counselor. The lenders may also require credit counseling, however, that must be determined on a grant by grant basis. In Philadelphia, there are many of these groups, which provide the counseling...
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By Lauren Herlich
(US Spaces Inc Real Estate)
We had a discussion today in the office as to what "AS IS" means. We agreed, as per our discussion, that it could have a couple of different meanings in a real estate transaction. First, it could mean that what you see at "offer time" is what you are buying. Therefore, make sure you make a good visual survey of the property before making an offer, or perhaps, do a property inspection prior to making an offer, or bring a trusted, licensed and insured general contractor through for a good look at property and get his/her estimate for needed items and improvements wanted.Or Second, it could mean that you still have the right to do inspections, but no ability to negotiate price based on the findings on the inspection(s). In this case, you would include a contingency or contingencies in the ...
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By Lauren Herlich
(US Spaces Inc Real Estate)
It is best to address all of them immediately.Most people will need to do the following: Make a mortgage application Make sure the property is insurable Schedule inspections Make a second deposit Perhaps, review leases or condominium documents None of these items are based on one another. All of their contingency periods run simultaneously. Thus, a second deposit is not based on the result of the home inspection, etc.. Generally, it is due earlier. Thus, make sure your Realtor gives you a list of deadlines and begin making the phone calls as soon as you have the contract in your hand. You want to make sure you meet all deadlines and protect your deposit and not accidentally default.
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