The HUD is flirting with the idea of yet another housing tax credit while carefully watching and assessing the market.  They say they are committed to doing everything they can to make sure it stabilizes and recovers.  HUD Secretary Shaun Donovan was on CNN this weekend stating “we’re going to be focused like a laser on where the housing market is moving going forward, and we are going to go everywhere we can to make sure this market stabilizes and recovers.”  Check out Diana Olick’s article from CNBC.

So is this the answer? Do people believe that another artificial tax credit will stimulate the housing market and the economy for the long term or is it just another short fix? Please share your thoughts.

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To view every Philadelphia Real Estate Listing, including Philadelphia Condos visit www.CenterCityRealEstate.com

Philadelphia has been ranked the number 2 most stable real estate market in America by the real estate website Zillow.com.  The ranking is based on the Zillow home value index that measures the median value for homes currently on the market to reveal which markets experience the least price volatility.

Philadelphia, Pennsylvania

Average absolute monthly change: 0.11%
Largest monthly change: 0.14% (+/-)
Smallest monthly change: +0.05%

Over the past 12 months
Zillow home value index (high): $209,900
Zillow home value index (low): $208,600

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To view every Philadelphia Real Estate Listing, including Philadelphia Condos visit www.CenterCityRealEstate.com

Residents at the Murano condo have filed suit against the building’s developer Thomas Properties Inc.  According to the owners of these condominiums, Thomas Properties has fabricated the level of sales at the Murano to the public in an attempt to boost unit prices and assist their marketing efforts from 2005 to 2009.

Thomas Properties hired Accelerated Marketing of Boston to auction 40 of the 302 units at the Murano in June 2009 in an attempt to boost sales in the struggling real estate market amongst all the new condos popping up in and around Center City.  The company is on record stating that after-tax-cash flow between January and June increased as a direct result of condo sales that did not actually occur.

If you are searching for condos in Philadelphia, make sure to check out the Atacan Group Condo Directory for a one stop thorough list of condominiums in Philly.

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To view every Philadelphia Real Estate Listing visit www.CenterCityRealEstate.com

Despite the recent housing downturn, Naval Square has remained a popular destination for condo seekers in Philadelphia.

These luxury homes stock an assorted population of 900 singles mixed with empty nesters and families with children.   Families make up about 30% of Naval Square’s residents.   Buyers say the attractiveness of Naval Square is a combination of its location, security, park like features, and newness.

Toll Bros. has sold 425 condos and townhouses in Naval Square.   They haven’t stopped building this development and wont until 2013 when they plan to settle at a total of 601 units.  Since 2005 they have sold around 70-80 units per year and they estimate that over 30 prospective buyers visit the premises every week.

If you are searching for condos in Philadelphia, make sure to check out the Atacan Group Condo Directory for a one stop thorough list of condominiums in Philly.

This is brought to you by Philadelphia Real Estate Blog

To view every Philadelphia Real Estate Listing visit www.CenterCityRealEstate.com

This is brought to you by Philadelphia Real Estate Blog

To view every Philadelphia Real Estate Listing, including Philadelphia Condos visit www.CenterCityRealEstate.com

SATURDAY
1-3pm Address: 315 New St #207 City, State, Zip: Philadelphia, PA 19123 Sale Price: $299,900
SUNDAY
12-3pm Address: 1717 Green St #4 City, State, Zip: Philadelphia, PA 19130 Sale Price: $299,900	12-2 pm Address: 1033 Spruce St #101 City, State, Zip: Philadelphia, PA 19106 Sale Price: $535,000	12 – 2pm Address: 1038 Christian St City, State, Zip: Philadelphia, PA 19147 Sale Price: $599,900
10am – 2pm Address: 844-846 N 29th St #119 City, State, Zip: Philadelphia, PA 19130 Sale Price: $349,900	12-2 pm Address: 886 N Taylor St City, State, Zip: Philadelphia, PA 19130 Sale Price: $295,000	1:30-3pm Address: 2601 Pennsylvania Ave 906 City, State, Zip: Philadelphia, PA 19130 Sale Price: $599,900
12-1:30pm Address: 2601 Pennsylvania Ave 908 City, State, Zip: Philadelphia, PA 19130 Sale Price: $248,900

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Christian St.

Southwest Center City has undergone major expansion since 1998 when there were 529 vacant properties in that region.  By July of 2010, 426 (80.5%) of these properties have been either redeveloped or improved as open space.  This Philadelphia neighborhood has benefited immensely from gentrification and has quickly transformed from an area well known for crime and drug corners to a neighborhood now better known for its restaurants, bars, and housing.  Home values have jumped significantly year to year.  The median sales price of a single family home in this region grew 526% to $282,000 between 1998 and 2010!

While the condition of southwest Philadelphia from the 1980s to 1990s completely bottomed out, it’s location so close in proximity to the most affluent neighborhoods in Philadelphia essentially set it up for success.  Property values were absurdly low and created a perfect opportunity for developers to refurbish completely vacant buildings in what had promise to be a very desirable location. With the help of non-profit groups, investments, federal grant money, and continued success of surrounding Center City neighborhoods, the renovation was able to accelerate quickly.

Southwest Philadelphia’s refurbishment is not over. The new demographic in this section of the city holds promise for retail development that would cater to the increasing incomes of new residents.  It will surely be interesting to monitor further growth in this Graduate Hospital section of Center City.

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To view every Philadelphia Real Estate Listing, including Philadelphia Condos visit www.CenterCityRealEstate.com

The implementation date for the new mortgage insurance premium structure has been delayed one month by the Federal Housing Administration from September 7^th to October 4^th.  Many from the industry have voiced concern about having system changes ready in time to meet the original deadline.

FHA has been allowed to increase its annual premium to 1.55% from 0.55% based on a bill recently passed by Congress.  They have also decided to lower its 2.25% upfront premium to 1% and raise the annual premium based on loan-to-value ratios.  Loans with LTVs up to and including 95% will have an annual premium of 85 bps while loans with LTVs about 95% will have an annual premium of 90 bps.

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To view every Philadelphia Real Estate Listing, including Philadelphia Condos visit www.CenterCityRealEstate.com

According to the latest Center City Reports, sidewalk cafés in Philadelphia have expanded rapidly over the past decade.  In 2001 the survey recorded only 69 outdoor cafes.  The latest survey recorded 213 in the same area and found an additional 35 after they expanded the boundaries of the study to include Pine to South Streets and the Delaware River to 24^th St. for a total of 248 outdoor cafes.

There are 72 outdoor cafes on the east side of Broad St. and 62 on the west side.  These two neighborhoods within Center City are the most popular spots for outdoor cafes.  Old City/Society Hill comes in 3^rd.

Mayor Rendell legalized sidewalk cafes in 1995 and they have clearly become very popular ever since.  Additional outdoor seating is very helpful in attracting impulse customers during the appropriate seasons and significantly expands valuable restaurant real estate during busy dining hours.  According to the report, outdoor seating increases socializing, people watching, chance encounters, natural surveillance/street safety, and makes the City of Brotherly Love an overall friendlier place.

For a complete guide to Outdoor Dining in Philadelphia, check out this link to foobooz.com.

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To view every Philadelphia Real Estate Listing, including Philadelphia Condos visit www.CenterCityRealEstate.com

The bad news is that in the Philly Metro area, as well as all across this great nation of ours real estate sales are down, down, down compared to July last year. It is down 36% in our whole area,  34% in Philly, but up 48% in Delaware County. Who knew? In fact, this is the lowest in pending sales in like a decade, which needless to say sucks!

CLICK CHART TO ENLARGE

However, the good news is clearly prices have stabilized. They are up 6% for the metro area and Philadelphia Real estate is up 2.5%. They have also appeared to bottomed out nationally and similar increases are being seen in most metro areas.

Now, here is the really, really good news…Interest rates on average are at 4.25%, That’s right 4 and a quarter.  This is the lowest it has been before almost everyone on Facebook was born or since 1960.  Which means a $100,000, 30 year mortgage costs only $492 a month! A $400,000 mortgage is only $1968. You can rent a so-so 2 bedroom in Center City or OWN a very, very nice house in the same neighborhood.  THIS IS HUGE!!!!

Moreover, this is a much better bargain thean the 1 time only tax credit. A year ago rates were around 5.5% so that $400,000 house would have cost $2271 a month or $3636 a year more for as long as you own the home. It is MUCH MORE advantageous for buyers to buy now.  So do the math and start your online home search now at www.CenterCityRealEstate.com before these incredibly, ridiculously low rates begin to climb back up to just incredibly low rates.

All real estate statistics are courtesy of Trend Multiple Listing Service

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