2009 October « The Philly Pretzel

Archive for October, 2009

Philly’s Top Ten Neighborhood Places for Brunch

October 28, 2009 at 8:47 pm · Filed under Neighborhoods, Sunday Fun

So here’s the problem: He wants to watch the game, she wants to go out and socialize with friends, and there’s only so much weekend time.

There is a way everyone can be happy – and that’s eating brunch. Eating always bring people together. And brunch doesn’t cut into major football watching time.

I consulted with area foodies to come up with a list of 10 favorite brunch places.

Enjoy.

Top 10 Philly brunch places

Sauté –Queen Village
Cafe Estelle – Old City
Cochon – Queen Village
Royal Tavern – Bella Vista
Standard Tap – Northern Liberties
Morning Glory – Bella Vista
Las Bugambilias – Society Hill
Beau Monde – Bella Vista
Cafe Fulya – Queen Village
Marigold Kitchen – University City

Go out and enjoy yourself. Eat, drink, watch football. What a great way to spend a Sunday afternoon.

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Technorati: philly brunch, philly neighborhoods, top ten brunch

posted by carolyn
REALTOR, Ecosociate™by Ecobroker International

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Incredible Bank Owned Condo Deal Foreclosure in Bella Vista

October 27, 2009 at 3:23 pm · Filed under Condos, First Time Home Buyers, For Home Buyers, Relocating Buyers

ORIGINAL OFFERING PRICE: $389,000

612 CHRISTIAN ST, UNIT 1 & 3 BELLA VISTA

2 BEDROOMS / 1.5 BATHS

1,089 Square Feet

Condo Fees: $175/mo

10 Year Tax Abatement

Not your typical bank owned REO property…luxe, beautifully maintained new construction condominium residences. This is a boutique, 3-unit building w/ exclusive single floor residences. All units include temperature controlled garage parking and 8′x8′ storage lockers. Private, keyed elevator from garage opens directly into your unit!

Spacious homes boast high-end, traditional finishes including hardwood floors in living spaces/kitchens, Berber carpet in bedrooms, gas fireplaces, extensive recessed lighting throughout, significant moldings, endless windows allowing for extraordinary natural light, and wide-open floor plans. Kitchens w/ solid wood cabinetry, decorative moldings, GE Profile SS appliance package, natural stone countertops, and peninsula to accommodate stools. Baths clad in natural stone feature rich wood vanities, granite tops and double, under mount sinks. Each unit also has incredible closet/storage space throughout. There is a washer/dryer in each unit.

Only 2 available with special financing available through Conestoga Bank. Incredible value…

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Technorati: short sale, foreclosure, philly condos, philly deals

posted by janice FIND Your Philly Condo. No Registration Required!

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Philadelphia’s Real Estate Agreement of Sale – It’s Not Very Green

October 22, 2009 at 8:49 pm · Filed under For Home Buyers, For Home Sellers

When I bought my first home I had to sign what seemed like two or three forests worth of trees. Why? It seemed like such a waste of paper. I want the house, you want to sell the house, can’t we just write something up and I’ll sign it?

I recently received this e-mail from a real estate attorney that explains the reason for all the paperwork. It might just make you feel a little better about all those trees.

WHEN IT COMES TO BUYING OR SELLING A PROPERTY…ALWAYS PUT IT IN WRITING

In this era of “going green”, is it really necessary to waste so much paper (mortgage, note, agreement of sale, addendums, etc.) just to document the sale of one single house? Unfortunately, the answer is yes..and we have the old English Parliament to blame for passing “An Act For Prevention of Frauds And Perjuries” in 1677.

More commonly known as the Statute of Frauds in most jurisdictions today, this law requires that certain types of contracts, including a contract for the sale of an interest in land (real estate) be placed in writing and signed by the parties.

Not only must the contract be in writing, but must typically contain the material terms of the agreement such as a description of the property, purchase price, method of payment, and settlement date. While there are a few scenarios that allow for the transfer of an interest in real estate to fall outside of the Statute of Frauds, most transactions must be properly documented in writing.

It is also a very necessary practice so that there is evidence of all aspects of the sale to which the parties agreed. Imagine if a seller verbally agreed to include a refrigerator, window treatments and ceiling fans in the sale of his home, but never placed this in the written contract. If the seller actually removed these items from the home, it would be much more difficult for the buyer to prove that they were part of the sale (and the bargained for sale price) if he had to engage in a battle of “he said, she said” with the seller.

Whether you are gifting property to a family member, buying or selling your home or amending the terms of a previously executed agreement of sale, always put the terms and conditions agreed to in writing.

Joshua M. Marks, Esq.
Real Estate Law | Business Law
JM LAW GROUP, LLC

Technorati: agreement of sale, philly real estate, philadelphia real estate attorney

posted by carolyn
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Center City Real Estate Has a Bright Future

October 17, 2009 at 10:25 pm · Filed under For Home Buyers, For Home Sellers, Philadelphia Market Conditions

«click on graph to make larger»

Confidence and Continued Demand for Center City Real Estate.

In a survey conducted by the Center City District (pdf) in July 2009 81% of Center City residents remain confident about the future of downtown Philadelphia.

** Despite the recession, Philadelphia has experienced a much lower decline in employment than either the region or the nation. Philadelphia has been buffered by the fact that 36% of the workforce is employed in educational and health care institutions.

** While Philadelphia is still losing population, Center City has been growing for over 40 years. Even as households have
gotten smaller, population density has been increasing. Since 2000, growth accelerated as seven out of eight downtown ZIP codes experienced an increase in population. Driven by the 10-year tax abatement that was approved in 1997, Center City has added 12,121 new units of housing.

** In the neighborhoods surrounding the central business district demand remains strong since none of these communities
are confronting a challenge of over-supply. Townhouses priced below $400,000, are selling well, as first time homebuyers,
prompted by the $8,000 federal tax credit, are connecting with willing sellers who have adjusted their prices downward.

**Center City Philadelphia has succeeded in attracting well educated, knowledge-workers — young professionals and empty-nesters — a key objective of development professionals in every American city. Twenty-eight percent of all respondents are ages 25 to 34, while 39% are over 55. Older, more affluent households are concentrated in the higher-priced housing in the core of downtown, with the largest proportion of individuals over 65 found in ZIP codes 19102, 19103 and 19107.

Like the national market, Center City housing production peaked in 2006 with almost 2,000 new units delivered to the market that year and then slowed in 2007 and 2008. The financial crisis of September 2008 caused production to plummet as financing for major for-sale projects almost completely dried up. Still, from Northern Liberties and Fairmount to the neighborhoods south of South Street, the construction of townhouses, rental units and high-rise buildings continue, albeit at a lower volume than in previous years.

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Technorati: center city real estate, philadelphia real estate, philadelphia housing market, home buyers, home sellers

posted by janice SEARCH the Philadelphia MLS. No Registration Required!

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Hurry! $8,000 Reasons to Buy Your First Home Now before the November 30, 2009 deadline.

October 10, 2009 at 8:55 pm · Filed under First Time Home Buyers, For Home Sellers, Mortgage

Because approvals, residential inspections, and other steps in the buying process typically take about 30 days, buyers hoping to take advantage of the incentive will need to have a contract by the end of October at the very latest. The new flurry of activity now as house-hunters try to meet the deadline is triggering bidding wars and energizing the property market, which historically is slow at the end of summer. As a result, more homes are getting their full asking price.

There is no repayment obligation required on this credit for qualified principal residences purchased from January 1, 2009 through November 30, 2009. To be exempt from repayment, the home buyer must stay in the home for at least three years. In addition to being a first time home buyer, there are maximum income restrictions.

Home Buyer Tax Credit in a Nutshell:

**The tax credit is for first-time home buyers only

**The tax credit does not have to be repaid

**The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000

**The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009

**Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit

And if $8,000 dollars isn’t a big enough incentive mortgage rates remain historically low:

Rates as of Monday, October 5:

30 Yr Fixed – 4.625% (1 point)/ 4.875% (0 points)
15 Yr Fixed – 4.125% (1 point)/ 4.375% (0 points)
5 yr ARM- 3.875% (1 point)/ 3.625% (0 points)
7 yr ARM- 4% ( 1 point)/ 4.375% (0 points)
FHA – 4.75% (1 point)/ 5% (0 points)
Investment – 5.125% (1 point) / 5.5% (0 points) – 25% down payment required

Potentially Related Posts: Philadelphia First Time Home Buyers: Federal Tax Credit Final Cut

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Technorati: 1st time home buyer credit, philly home buyers, philly mortgage rates

posted by janice SEARCH the Philadelphia MLS. No Registration Required!