Forecasters are predicting the snow will begin to fall about 4 p.m. and blanket the Philadelphia metro area with up to 12 inches through Saturday morning.
Philly will offer a special 24 hour flat snow rate of $5.00 for parking in all of the PPA’s center city garages, starting Friday night through Sunday evening.
The special $5.00 snow rate for 24 hours of parking is being offered at Center City garages owned or operated by the PPA:
Gateway at 16th & Vine
AutoPark at JFK (16th & JFK)
AutoPark at Independence Mall (5th & Market)
AutoPark at Jefferson (10th & Ludlow)
AutoPark at Gallery Mall (10th & Filbert)
8th & Filbert
To report a street in need of salting or plowing or for more information on any Streets Department program or service, call 3-1-1. You may also visit us on-line at www.phila.gov/streets/SNOW.
Our friends at Coldwell banker created this chart, but forgot to include Keller Williams. We know are the new kid on the block, but with more than double the transactions than CB we can’t figure out how they missed us. So we felt compelled to update the chart to include ourselves.
RAW DATA for all units sold in above counties according to TReND MLS:
Mortgage rates fell this week, for the 3rd time, pushing the the 30-year fixed-rate below 5%.
Treasury yields have declined recently, and mortgage rates generally follow.
The 30-year fixed-rate mortgage averaged 4.99%, down from 5.06% last and 5.12% last year. Rates for 15-year fixed-rate mortgages were 4.4%, down from 4.45% and 4.8%, respectively.
Additionally, the Mortgage Bankers Association stated application were up 9% compared to the previous.
For more information on mortgage deals on Philadelphia Real Estate contact Carena at 267-238-5785 or cmarchese@bankahb.com
The following Market Snapshot Charts shows the year in review for Art Museum Real Estate, 19130
And what a busy year it was for the Art Museum area. With over 330 MLS sales it was the 2nd busiest zip code in the Center City Area. There were many bargains to be found with the lowest priced one being a house on 1912 Cambridge being sold for only $40,000! The most expensive home sold in ONLY 9 days at 16th & Green for $925,000.
The statiastical charts and detailed sales data below sums up the entire year for Art Museum, Philadelphia Real Estate.
To receive information on what your Philadlephia home would sell for contact Antonio at 215.917.1213
Keller Williams Realty joined the ranks of the top franchises in the world last week, when the company was ranked as the No. 1 real estate franchise on the 31st Annual Franchise 500 list by Entrepreneur magazine. During the same week, the company was also voted the Most Recognizable Brand of Real Estate Franchises for 2009 in an industry-wide survey for the Swanepoel TRENDS Report.
According to the ranking in Entrepreneur magazine, the most important criteria to determine the top franchises included financial strength and stability, as well as growth rate and size of the franchise system. The magazine also looked at the number of years the company has been in business and the length of time it’s been franchising, in addition to start-up costs and financial data. Additionally, Keller Williams Realty made an impressive showing on the overall list, placing higher than any other real estate franchise.
The Swanepoel TRENDS Reportis published by Stefan Swanepoel, a real estate industry speaker and insider. The survey was crafted to determine the Most Recognizable Brand for Real Estate Franchises for his report out in February 2010. The survey included votes cast by 11,000 plus real estate agents, who cast 390,000 votes to select the top 10.
Earlier this year,Keller Williams Realty was ranked #1 in overall satisfaction ratings from home buyers among the largest full-service real estate firms from J.D. Power and Associates for the second year in a row.
Keller Williams is a real estate brokerage that was created by agent for agents. Its model emphasizes access to leading-edge education and technology, while promoting an economic model that rewards associates as stakeholders and partners. For more information, including videos on profit-share and agent ownership visit http://kwconnect.kw.com/connect/
The following Market Snapshot Charts shows the year in review for Society Hill Real Estate, 19106 & 19147.
And what a year it was for Society Hill. A Washington Square condo was snapped up for only a $150,000, while a stately historic mansion was sold for a cool $3 Million.
The statiastical charts and detailed sales data below sums up the entire year for Society Hill, Philadelphia Real Estate.
To receive information on what your home would sell for contact Antonio at 215.917.1213
November, was the 3rd month in a row home sales rose and are up 44% over November,2008, according to the National Association of Realtors (NAR). Sale ares up 7.4 percent compared to October 2009.
Regionally, the sales rate rose 53.5% in the Midwest, 52.7%in the Northeast, 44.8% in the South and 28.1% in the West compared to November, 2008. NAR attributed the “expected” rise to “a rush of first-time buyers not wanting to miss out” on a federal tax credit.
The Philadelphia Market ranked in The Top 10 with a 78% growth (see chart).
The median sales price of resale homes was down 4.3 percent, to $172,600, in November compared to November 2008. Regionally, the median price slipped 13.1% in the Northeast, 4.1% in the West, 1.4% in the South and 0.4% in the Midwest year-over-year in November.
The months’ supply of resale homes for sale was down 40.9 percent in November 2009 compared to November 2008, at 6.5 monthsThis statistic is a measure of how many months it would take to deplete the for-sale inventory at a given month’s sales pace. An inventory of six months can represent a rough equilibrium between a buyer’s market and seller’s market, with a lesser inventory representing a buyer’s market.
A mixture of style & functionality, this stunning and spacious 1 bedroom & den/office/bedroom condo in the heart of Queen Village is now available for the buyer unwilling to compromise on finishes or amenities. An absolute must see, as this bright corner unit, which features 12′ ceilings and 8′ windows with fantastic city views, was over-improved with upgrades including heated concrete floors throughout the living areas & bathroom; Lutron Radio-RA lighting system for full scene and setting programmability; 3-sided fireplace with glass tile surround and hidden built-in TV, wine cooler and bar cabinet; 36″ Wolf range/oven with infrared grill and convection oven; Advantium speed-cook/microwave oven; Fisher & Paykel drawer dishwasher; dual Liebherr and U-Line drawer refrigerator/freezers; Mahogany pocket doors and trim throughout; central high-end audio system with multi-zone capability and built-in living room surround sound; coffered lighted ceilings in bedroom, living room, and office; Karastan 100% wool bedroom carpet; built-in ASKO washer & dryer; custom window treatments; cost-efficient on-demand hot water heater; extra-deep air-bath tub with chromatherapy; toilet area with separate sink to function as a half-bath separate from the main bath area. Huge in-unit attic & additional basement storage that will take years to fill! Parking, which can potentially accommodate 2 cars, is available at additional cost of $35,000. Historic and beautiful elevator building that allows pets. Wide doors & halls make for an easy move. What are you waiting for?!
Wow, what a year for Philadelphia Real Estate. The inventory decreased by over 70%, for the homes that did sell they sat on the market for about 6 months, but the median price per square foot increased.
There are about 1,490 properties on the Philadelphia Real Estate Market on 12/13/9.
The median price per square foot for Philadelphia Real Estate as of 12/13/9 is $134.
The average Philadelphia Home For Sale on 12/13/9 has been for sale for 184 days.
The median price single family Philadelphia home for sale is $211,646.
With a Market Action Index (MAI) as of 12/13/9 at 17.43, the Philadelphia Real Estate Market is a buyer’s market. The MAI illustrates the balance between supply and demand using a statistical function of the current rate of sale versus current inventory. An MAI value greater than 30 indicates a “Seller’s Market” because demand is high enough to quickly gobble up supply. Values below 30 indicate a “Buyer’s Market” where the inventory of already-listed homes is sufficient to last several months at the current rate of sales. .
Our Holiday Party was so much fun! The Social Committee did an outstanding job by renting out Jolly’s Piano Bar, serving delicious drinks and fine catered food. Although the Patrone shots seemed to be pouring a bit too fast.
Cristian congratulated us for after only 2 years we are the fastest growing office in Phildelphia and Keller Williams is #2 for units in both the city and the state according to TReND so far this year.
The Cultural Committee gave out the usual awards like “Top-Producer”, but added brilliant awards this year like “Most Loved” and “Best 1st Impression” and “Most likely To Flip a Hotel.” Kristin Daly proved to be a natural on stage and our 100+ guest had a fabulous time.
What a great way to end an awesome year and kick-off an even better one yet to come.
The IRS allows for many moving related deductions, so check here before you file if you own Philadelphia Real Estate. Click below to find more information about the NEW 2009 Reinvestment Act
or check the following publications by form numbers…
5405 1st Time Home Buyer Tax Credit
521 “Moving Expenses”
523 “Selling Your Home”
527 “Residential Rental Property”
534 “Depreciation”
541 “Tax Information on Partnerships”
551 “Basis of Assets”
555 “Federal Tax Information on Community Property”
561 “Determining the Value of Donated Property”
936 “Home Mortgage Interest Deduction”
These publications are available www.irs.gov or by calling (800) TAX-FORM.
A New York couple paid $150,000 for this 14.9 X 10 micro studio of only 175 square feet on the upper west side at 110th and Amsterdam. They share it with there 2 cats!!!
The co-op is on the 16th floor, but it’s only accessible by a staircase on the 15th floor.
The couple’s friends think they are crazy, but they are thrilled to be home owners.
Well for only an extra half an hour ride on the train they could have brought a spacious home in Center City for the roughly the same price.
This is what $150,000 buys you of Philadelphia Real Estate …
5591238 - 2 Bedroom 1 Bath condo located in HOT Graduate Hospital.
5538753 - Rittenhouse Square co-op studio…. experience Philadelphia’s most prestigious neighborhood in this full service high-rise.
5565753 - Fitler Square brownstone studio… charming neighborhood, a Philadelphia classic.
Took a few weeks off from blogging to travel and then to catch up from traveling. Apparently, Google didn’t like that because it dropped us from the 1st page of the Philadelphia Real Estate search. However, we are still #1 for Center CityReal Estate and I will be blogging diligently to get us back up there. Check it out at www.centercityrealestateblog.com….
Philadelphia’s favorite real estate brainiac, Dr. Kevin Gillen, from the Wharton School released his analysis for 2009’s 3rd quarter, and if I must say so myself, it is looking good! Ok fine, it is less than a 1% gain, but its a GAIN!!! Remember this time last year when it seemed like every bank needed a bailout, the stock market crashed and about 2 people in Philadelphia bought a house??? Well one of the bail out recipients, Fannie Mae, just declared the housing market has recovered and the nation can expect to see double-digit increases in the sales of new and exisiting homes. Additionally, CNBC released its list of the 15 Hottest Zip Codesfor year over price growth and 3 of the 15 are in the city, #2 is 19145, #3 is 19148 & #14 19104.
This is what Dr. Gillen reports: “Even with the weakening of the recent surge in house prices, Philadelphia remains in far better shape than most other major U.S. cities. According to Case-Shiller MacroMarkets’composite house price index, house prices have fallen by an average of 32% in the ten largest U.S. cities since the bursting of the housing bubble, compared to only 8% in Philadelphia. Of the twenty largest cities in the U.S., all but one (Dallas) have experienced more severe house price declines than Philadelphia. And, according to the research firm IHS Global Insight, the typical Philadelphia home is now considered to be under-priced by 2%.
Philadelphia House Price Appreciation Rates by Neighborhood
The longest recession since the Great Depression is over according to the economists at Fannie Mae who project an 11% increase sales of new and existing homes and the stabalization of home prices.
The 23.3 increase in the annualized rate of home sales in the third quarter was the largest in 20 years, but it came from “extremely depressed” levels.
They project that housing starts will surge by 35 percent next year, from a recent historic low.
Fannie Mae expects national home prices to stabilize next year, with a median resale price of $170,800, down 0.2% from 2009 and a 22% from 2007.
Although new-home sales fell in September after five consecutive months of increases, the months’ supply of new homes was unchanged at 7.5 months.
At 11% the third-quarter rental vacancy rate was the highest since record-keeping began in 1965. That has depressed rents and stagnate wages should keep short-term interest rates low in 2010.
Mortgage originations are expected to plunge 29% next year from 2009 levels this year’s refinancing boom comes to an end. Also, interest rates for 30-year fixed-rate conforming mortgages are expected to rise from an average 5.07 % this year to 5.42% in 2010.
All in all, the continued low rates, tax incentives and stable prices should keep the buyers buying and the savvy agents busy.
One of Philly favorite chefs, Jose Garces, owner of Amada, Tinto, Chifa, Distrito and Village Whiskey will be facing off with Jehangir Mehta, owner of Grafitti in the East Village.
Watch the excitement on The Food Network’s The Next Iron Chef on Sunday at 9:00 at home or at the viewing party at Distrito in University City. It is $50 per person with open bar and yummy Mexican snacks.
First-time home buyers and those who have not owned a home for 3 years are eligible for a tax credit of up to 10% of the purchase price for a primary residence capping at $8,000.
The revised program includes existing home owners who have owned a home for at least five years.They can receive tax credits of up to $6,500 towards homes valued under $800,000.
Buyers must be under agreement by April 30, and close by June 30, 2010.
Income limitations are $125,000 for single tax payers and $225,000 for joint filers. Those who earn more than this cap, singles up to $144,999 and joints up to 244,999 can receive a partial credit.
The tax credit is a dollar-for-dollar tax reduction, so if one owes $8,000 in income taxes and would qualify for a tax credit of $8,000, he or she would owe nothing.
The tax credit is refundable, meaning the home buyer can receive a check for the credit if he or she has little income tax liability.
Congress extended and expanded the first-time homebuyer tax credit to homes under contract before May 1. The credit, equal to 10 percent of a home’s purchase price, is capped at $8,000 for first-time homebuyers, but income limits are almost doubled.
Congress also approved an expansion of the credit to allow homeowners who have been in a principal residence for at least five of the last eight years to claim a tax credit of up to $6,500 if they sell that home and buy another. That will provide an incentive not only for entry level, but move-up buyers — a goal supported by real estate industry groups.
Although income limits for claiming the credit will be raised from $75,000 to $125,000 for individuals and from $125,000 to $225,000 for couples, homes purchases exceeding $800,000 will not be eligible.
The bill was approved by the Senate in a unanimous 98-0 vote. House lawmakers passed the bill today in a 403-12 vote, with all 12 no votes cast by Republicans.
This is brought to you by www.centercityrealestate.com
20. We like to keep a “low pro.” Philadelphia is sandwiched right between NYC and DC and there are about 100 million people within a day’s drive.The last thing we need is everyone finding out what a great place this is to live, move here, clog up our traffic, jack up our real estate prices and start Manhattan style crowds everywhere. In fact, when the New York Times called us the 6th borough of New York a couple years ago, we collectively lost our minds. Since we recently became the fastest growing downtown in the United States, we can no longer claim we are the best kept secret on the east coast. However, we still avoid talking about what a wonderful place Philly is to outsiders, so if anyone asks there’s nothing here but the Liberty Bell.Thanks!
19. Cheesesteaks come “wit” or “wit out.”Philadelphia is a foodie’s heaven with some of the best steakhouses to vegetarian bistros in the nation.We are also home to 2 Iron Chefs, Morimoto and Jose Garces. The best way to get a taste of many of the great restaurants on a budget is to go during the fall or spring “Restaurant Week” where 3 course lunches and dinners are served for only $20 and $35 respectively.In addition to haute cuisine Philly does have some hometown favorites which you will partake in sooner or later: The Soft Pretzel available for $.35 everywhere (try it with deli mustard), Tastycakes, (the name says it all), and Water ice, (“wooder-ice”, a summertime treat). Finally, for the record, our oversized sandwiches are referred to exclusively as Hoagies (not subs or grinders), whatever you do, do not eatscrapple (trust me) and its soda not Pop!
18. Philadelphia is the 6th largest city in the USA, but is really a college town at heart. Philadelphia has the nation’s largest per capita concentration of higher education institutions, with over 85 colleges, universities and technical schools, and 7 schools of medicine. The University of Pennsylvania is always ranked a top 10 of national university by the U.S. News & World Report. Whether you are looking for the Ivy League, Big 10, Liberal Arts, Jesuit University, Seven Sisters, or a State School you will have your choice of well over 85 institutions of higher education.
17. We know how to get around. It is easy to get to Philly by plane, train or automobile. Philadelphia International Airport (PHL) is served by 22 airlines flying to 84 domestic and 40 international destinations. PHL was ranked the #1 airport in North America for passenger satisfaction (J.D. Powers, ’08). Plus, it is only about a 15 minute drive from Center City; by taxi it is a $28 flat fee or $7 by train. The 30th Street Amtrak station is conveniently located and the train can get you from Boston to DC in no time on Acela Express, its high speed line. Traveling here by car is easy, 2 major highways, 1-95 and 76 or a bridge, will drop you right downtown. Once you arrive in Center City it is easy to find your way because aside fromthe Parkway, Vine Street, Broad Street, & lower Market Street–every street is one way and laid out in a grid.
16. Don’t look for a beer or wine aisle at the grocery store. Pennsylvania has some weird blue laws that only allow alcohol and wine to be sold at state run shops and beer distributers.A movement to change this has been met with major resistance from people in rural parts of the state. It is annoying, but not horrible. However, if you want a better selection and prices, just travel over the Ben Franklin Bridge to Jersey and you will be in alcohol megastores in a matter of minutes.While you are there fill up on some of the cheapest full service gas in the country! Moreover, due to the weird rules, we have over 100 awesome BYOB restaurants throughout the city (see #6).
14. It Is Always Sunny in Philadelphia, at least it seems that way. We have all four seasons and none are very extreme. Thanks to an average temperature of 41 in January and 85 in August and an early spring and late fall; we are usually having a great day!
13. The health system is SICK (urban for awesome)! Sure Philadelphia is considered the Birthplace of American health care since Ben Franklin opened 1st public hospital here in 1751. The same hospital, Pennsylvania Hospital is still running and ranked one of the best hospitals in the United States. But did you know the 1st Medical School, Maternity Ward, School of Pharmacy, Children’s Hospital and Bio-Medical Research Institute all started here as well.Fast forward to today, and you will find some of the best hospitals in the nation, with over 120 hospitals, including 24 teaching, and nearly 500 doctors per 100,000 people in the metro area. There are 7 medical schools (2 osteopathic), 5 national cancer institutes and over 80% of the world’s major pharmaceutical firms including 8 of the largest.So whether you are a health care provider or you need one, Philly is the place to be!
9. We Play Ball! Philadelphia is home to the World Champion Phillies, and the almost World Champion Eagles, 76ers, and Flyers.We also have two of the newest and nicest stadiums around. We also have an indoor soccer team, The Kixx an outdoor soccer team, The Union, and a professional men’s lacrosse team, The Wings. In general, Philadelphians are pretty passionate about their sports teams. It is not advisable to wear non-Eagle NFL team jerseys on Sundays in the fall just because it is considered rude.
8.BYOB’s Rock Liquor licenses are incredibly expensive in this town, so there are over a 100 Bring Your Own Bottle restaurants, with the majority not charging a corkage fee. They range from fine cuisine to 10 table cafes and are everywhere.Best of all, paying the bill will make you almost as happy as when you were eating the food.
6. There are income taxes, but there are NO TAXES on the essentials. Admittedly, income taxes are high, but they are in line with all major cities on the east coast.However, they are declining every year, thanks to our super smart and savvy new mayor, Michael Nutter. But we do not pay sales tax for food, clothes or shoes (see # 3). If you don’t want to pay taxes, then you can always move to Fargo.
5. The Philadelphia Parking Authority is the most effective branch of enforcement in the city and quite possibly the universe. They even have their own reality show on A&E. Plan on getting tickets, but now with the new Smart Card and new meters that take them, as well as dollar bills and credit cards, you will never need quarters. Moreover, Philly is so pedestrian friendly you do not even need a car, but if the urge strikes you can rent one super cheap by the hour with ZipCar.
4. The Shopping is divine and you pay absolutely, positively NO TAXES on Clothes AND Shoes. So that means that clothes are almost 10% cheaper than if you bought it in Chicago or L.A. Moreover,just about every single store or outlet you can imagine is either in Center City, King of Prussia (one of the biggest shopping malls in the world) or in the Franklin Mills or Premium outlet malls. You name it, we got it.
3. We are the Center of the Universe. The Shore (Atlantic Ocean),The Pocono Mountains, New York City and Washington DC are all less than 2 hours away and can easily be reached by train or bus.In addition, to dozens of places that surround our great city North, South, East and West, like Amish Country, Atlantic City, Annapolis and Allentown just to start with the A’s! Moreover, you can be in the Caribbean in less than 3 hours and in London in just over 5 hours. Philadelphia is the most centrally located city in America as far day trips go. There is always somewhere to go or something to do.
2. We have what one might consider the slightest bit of attitude. That’s right I said it-to an outsider we can be a bit snarky.However, we are undeniably the City of Brotherly Love and once you get to know us you will truly understand that Yo! is a perfectly welcoming greeting, it is quite acceptable to both love and hate The Iggles and we are, by all accounts, quite friendly.In fact, it is hard to have a day go by without someone calling you honey or exchanging a smile with a perfect stranger.To strike up an enthralling conversation with anyone just ask about the World Champion Phillies and take it from there.We have our own unique culture and although we are a great, big city, each neighborhood is really just a tight community where people take the time to get to know each other.
Old City and Society Hill are known as the most historic square mile in America. Although these two neighborhoods border each other and are where are founding father lived and worked they are vastly different. Old City (Front-8th, Walnut-Vine) is a happening hot spot packed with urbanites looking for fun and Society Hill (Front-8th, Walnut-Lombard) is an affluent, virtually commercial free neighborhood inhabitated by wealthy families who enjoy the peace and quiet.
DEAL:Old City: Lofts & Condos amid a fabulous mix of boutiques, bars & galleries in the Entertainment District Society Hill: Restored Colonial, Federal and Georgian Townhomes provide genteel living on tree-lined, cobblestone blocks in what Forbes called one of the most exclusive enclaves in America. Of the 174 houses and condos sold in 19106 between August, 2008 & August 2009, the average sold price was $502,117.
FEEL: Old City:Vibrant, exciting Society Hill: Peaceful, charming
Philadelphia (and its suburbs) boasts some of the best colleges, medical schools and laws schools in the country. Wheter you are looking for the Ivy League, Liberal Arts or a State School you will have your choice of over 50 institutions of higher education. Philadelphia is truly a college town at heart.
The City of Philadelphia will declare a snow emergency at 8 p.m. tonight, officials said.
Our friends at Coldwell banker created this chart, but forgot to include Keller Williams. We know are the new kid on the block, but with more than double the transactions than CB we can’t figure out how they missed us. So we felt compelled to update the chart to include ourselves. 
Treasury yields have declined recently, and mortgage rates generally follow.
Keller Williams Realty joined the ranks of the top franchises in the world last week, when the company was ranked as the No. 1 real estate franchise on the 31st Annual Franchise 500 list by Entrepreneur magazine. During the same week, the company was also voted the Most Recognizable Brand of Real Estate Franchises for 2009 in an industry-wide survey for the Swanepoel TRENDS Report. 
November, 
The IRS allows for many moving related deductions, so check here before you file if you own Philadelphia Real Estate. Click below to find more information about the NEW 2009 Reinvestment Act
One of Philly favorite chefs, 
