Posts Tagged ‘Condos’

Some highlights from our Mid-June market report, via Altos Research.  Conditions continue to favor sellers. Demand for homes in Philadelphia remains strong.  Available supply is purchased rapidly, with Philadelphia properties currently averaging a mere 4 months on the market.

However, median price has increased from $189,000 to $192,500 in the past two weeks. We’ll see by early August if a few expensive properties skewed the average, of if prices are beginning to trend upwards.  Only time will tell.

Mid-June Market Report Excerpts, via Altos Research

This is brought to you by Philadelphia Real Estate Blog

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

Twitter & Instrgram: @TheAtacanGroup

Happy Friday! Let’s usher in the weekend with three can’t miss open house opportunities this Sunday, June 16th in Philadelphia’s Fairmout & Queen Village neighborhoods. We’ll break down all the details on properties, location, and more below. Looking forward to hosting Philadelphia’s future homeowners.

310 Catharine Street, Unit C – Queen Village, Philadelphia

Property #1:  2 BR, 1 BA Queen Village condominium with assigned parking!

Location: 310 Catharine Street [Unit C] Philadelphia, PA 19147 

Time: 11:00 am – 1 pm

Listing Agent: Stephanie Slapin

Showing Agent: Jennifer Nehila

Highlights Include: 

• Kitchen, dining area & spacious living room
• Master bedroom, with separate den & large bathroom
• Exposed brick wall, 12″ high ceilings & hardwood floors
• Wood burning fireplace, patio access & assigned parking!

Walking Distance From: 

• Penn’s Landing, South Street, 9th Street Italian Market & Sacrcone’s Bakery

For additional information, pictures & pricing: http://bit.ly/152U8YK

E-mail stephanie@atacangroup.com with any questions or concerns.

310 Catharine Street, Unit E – Queen Village, Philadelphia

Property #2:  Beautifully Updated 2 BR, 1 BA  condo in South Philadelphia‘s Queen Village neighborhood!

Location: 310 Catharine Street [Unit E] Philadelphia, PA 19147 

Time: 11:00 am – 1 pm

Listing Agent: Stephanie Slapin

Showing Agent: Jennifer Nehila

Highlights Include :

• Gorgeous kitchen opens up to separate dining area.
• Living room includes wood-burning fireplace, exposed brick wall & hardwood floors.
• Includes attic & basement storage units.
• Pet friendly.
• Minutes from South Street, Penn’s Landing & Philadelphia’s historic 9th Street Italian Market!

For additional information, pictures & pricing: http://bit.ly/10EZR6D

E-mail stephanie@atacangroup.com with any questions or concerns.

1625 North Street – Fairmount, Philadelphia

Property #3: Very spacious 3 BR, 3 BA Fairmount area townhouse with Garage Parking!

Location: 1625 North Street Philadelphia, PA 19130

Time: 12:00 pm – 2:00 pm

Listing Agent: Karoline Kelsen

Showing Agent: Guillaume Lantoine

Highlights:

• Open concept living room/dining with fireplace, perfect for entertaining!
• Kitchen features wooden cabinets, black granite counter tops & stainless steel appliances.
• Slate patio with landscaping.
• Roof top deck with amazing [south facing] city views!
• Located on a fantastic block just steps from award winning restaurants, coffee shops & parks.
• Recent price improvement!

For additional information, pictures & pricing: http://bit.ly/12ToniO

E-mail karoline@atacangroup.com with any questions or concerns.

Have a great weekend fellow Philadelphians!

This is brought to you by Philadelphia Real Estate Blog

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

Twitter & Instrgram: @TheAtacanGroup

2223 Frankford Ave. – Fishtown, Philadelphia

 $20,000 price improvement on Fishtown-area triplex, perfect for investors & entrepreneurs!

Additional highlights:

• Meticulously renovated over the past five years.
• Brand new electrical, plumbing & HVAC throughout.
• First floor retail place situated right on Frankford Ave.
• Second floor features 2 BR apartment with custom kitchen & bathroom.
• Third floor offers a spacious 1 BR apartment as well.
• Potential to expand income by renting basement to 1st floor tenant.
• Triplex is fully rented & cash flowing, perfect for investors!

For additional information, pictures & pricing: http://bit.ly/12mnv9J

201 N. 8th Street, Unit 110 – Old City, Philadelphia

$10,000 price improvement on gorgeous, bi-level Old City condo!

Additional highlights:

• Kitchen features granite countertops, breakfast bar, upgraded European cabinetry & stainless steel appliances.
• 12 foot high ceilings.
• Finished hardwood, tile & mile flooring throughout.
• Washer/dryer in unit.
• Outdoor heated pool with spa, cabanas & poolside dining area.
• 24 hour doorman with secured entrances.
• Conveniently located near subway, train & all major highways.
• Absolute must see!

For additional information, pictures & pricing: http://bit.ly/12MEi3I

Contact listing agent Aaron Byles with all questions regarding the properties above.

This is brought to you by Philadelphia Real Estate Blog.

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

Twitter & Instrgram: @TheAtacanGroup

1625 North Street – Fairmount, Philadelphia

429 N. 13th Street, Unit 5C – Loft Distrcit, Philadelphia

Property #1: 1625 North Street Philadelphia, PA 19130

Gorgeous townhouse in North Philadelphia’s Art Museum area with garage parking!

Date/Time: Sunday June 9, 11:00 am – 1:30 pm

Listing Agent: Karoline Kelsen

On-Site Representative: David Brown

Highlights Include:

• 3 Bedrooms & 3 Full Bathrooms.
• Open concept living room/dining with fireplace, perfect for entertaining!
• Kitchen features wooden cabinets, black granite counter tops & stainless steel appliances.
• Slate patio with landscaping.
• Roof top deck with amazing [south facing] city views!
• Located on a fantastic block just steps from award winning restaurants, coffee shops & parks.
• Recent price improvement!

For additional information, pictures & pricing: http://bit.ly/12ToniO

E-mail karoline@atacangroup.com with any questions or concerns.

Property #2: 429 N 13th Street #5C Philadelphia, PA 19123

Spacey Loft District condo featuring 1 BR, 1 BA & walk-in vault!

Date/Time: Sunday June 9, 12:00 pm – 1:30 pm

Listing Agent: Adam Atacan

On-Site Representative: Josh Howe

Highlights Include:

• Private bedroom & full bathroom
• Indoor garage parking
• Custom u-shaped kitchen with stainless steel appliances
• Large bathroom features deep Jacuzzi, hardwood floors & subway tile
• Versatile, bi-level vault unit perfect for storage, office space, den or guest room
• Convenient location between Callowhill & Spring Garden, just one block from Broad Street
• Minutes from Reading Terminal Market, Union Transfer & Chinatown!

For additional information, pictures & pricing: http://bit.ly/11ichgz

E-mail adam@atacangroup.com with any questions or concerns.

This is brought to you by Philadelphia Real Estate Blog

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

Twitter & Instrgram: @TheAtacanGroup

429 N 13th Street, Unit 5C – Loft District, Philadelphia

Gorgeous Loft District condo featuring 1 BR, 1 BA & walk-in vault!

Highlights Include: 

• Private bedroom & full bathroom
• Indoor garage parking
• Custom u-shaped kitchen with stainless steel appliances
• Large bathroom features deep Jacuzzi, hardwood floors & subway tile

Additionally offers:

• Versatile, bi-level vault unit perfect for storage, office space, den or guest room
• Convenient location between Callowhill & Spring Garden, just one block from Broad Street
• Minutes from Reading Terminal Market, Union Transfer & Chinatown!

Open House Details: 

• This Sunday [June 9th], 12:00 pm – 1:30 pm

See all listing details for 429 N 13th Street #5C, along with additional properties we offer.

For further information on this property, contact Adam Atacan.

This is brought to you by Philadelphia Real Estate Blog

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

Twitter & Instrgram: @TheAtacanGroup

Some highlights from our June 2nd market update. Conditions indicate a seller’s market in the Philadelphia area. For further details, head over to our Market Activity homepage.

Market Update Excerpt [June 2, 2013, via Altos Research]

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

1100 South Broad St. [Unit #409B] – Newbold, Philadelphia

Highlights Include: 

• Deeded parking
• High ceilings & hardwood floors
• New kitchen cabinets, granite countertops & stainless steel appliances
• Marble bathroom features whirlpool tub & separate tiled shower
• Washer/Dryer unit

Additionally offers:

• Landscaped courtyard access
• Koi ponds, fountains & dog walk
• Health & fitness center
• Dry cleaning delievery
• 24 hour concierge service

See all listing details for 1100 S Broad St [Unit 409 B], along with additional properties we offer.

For further information on this property, contact Aaron Byles.

This is brought to you by Philadelphia Real Estate Blog

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

Twitter & Instrgram: @TheAtacanGroup

Happy Friday! We have two can’t miss open house opportunities this Sunday June 2nd. We’ll break down all the details on properties, location, and more below. We look forward to hosting Philadelphia’s future homeowners this weekend.

310 Catharine Street [Unit E] Queen Village, Philadelphia

Location: 310 Catharine Street [Unit E] Philadelphia, PA 19147 

Time: 11:00 am – 1 pm

Listing Agent: Stephanie Slapin

Highlights:

• Beautifully updated, spacious condominium in the heart of South Philadelphia‘s Queen Village neighborhood!
• 2 Bedrooms &  1.0 Bathrooms.
• Gorgeous kitchen opens up to separate dining area.
• Living room includes wood-burning fireplace, exposed brick wall & hardwood floors.
• Includes attic & basement storage units.
• Pet friendly.
• Minutes from South Street, Penn’s Landing & Philadelphia’s historic 9th Street Italian Market!

For additional information, pictures & pricing: http://bit.ly/10EZR6D

E-mail stephanie@atacangroup.com with any questions or concerns.

1625 North Street Fairmount, Philadelphia

Location: 1625 North Street Philadelphia, PA 19130

Time: 12:00 pm – 1:30 pm

Listing Agent: Karoline Kelsen

On-Site Representative: Adam Atacan

Highlights:

• Gorgeous townhouse in North Philadelphia’s Art Museum area with garage parking!
• 3 Bedrooms & 3 Full Bathrooms.
• Open concept living room/dining with fireplace, perfect for entertaining!
• Kitchen features wooden cabinets, black granite counter tops & stainless steel appliances.
• Slate patio with landscaping.
• Roof top deck with amazing [south facing] city views!
• Located on a fantastic block just steps from award winning restaurants, coffee shops & parks.
• Recent price improvement!

For additional information, pictures & pricing: http://bit.ly/12ToniO

E-mail karoline@atacangroup.com with any questions or concerns.

Have a great weekend fellow Philadelphians!

This is brought to you by Philadelphia Real Estate Blog

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

Twitter & Instrgram: @TheAtacanGroup

310 Catharine Street, Unit C – Queen Village, Philadelphia

Newly Listed - 2 BR, 1 BA condominium in the heart of South Philadelphia‘s Queen Village Neighborhood!

Highlights Include: 

• Kitchen, dining area & spacious living room
• Master bedroom, with separate den & large bathroom
• Exposed brick wall
• 12″ high ceilings
• Wood burning fireplace
• Hardwood floors
• Patio access
• Assigned parking

Walking Distance From: 

• Penn’s Landing
• South Street
• Jim’s Steaks
• 9th Street Italian Market
• Sacrcone’s Bakery

See all the listing details for 310 Catharine Street (Unit C)  and check out all the other Queen Village Real Estate Listings.  Hope everyone had an enjoyable Memorial Day weekend!

This is brought to you by Philadelphia Real Estate Blog

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

Twitter & Instrgram: @TheAtacanGroup

This is brought to you by Philadelphia Real Estate Blog

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

Philadelphia City dwellers get to experience all the great food, shopping and nightlife that living in an urban area has to offer but we sometimes skimp on space especially compared to our suburban friends.  Maximizing our home’s space is a constant struggle and sometime spending hours piecing together IKEA furniture can be torture.  Well have no fear, Cella Luxuria is HERE!  Just recently opened in the heart of Center City on 12^{th &} Chestnut St., Cella Luxuria is quickly becoming “Philly’s new source for contemporary, luxurious design with an eye toward sustainability.”   Stop by and check out the Dickinson Desk which was made in Philly from locally-sourced reclaimed pine.

This is brought to you by Philadelphia Real Estate Blog

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

Come out tonight for First Friday in Old city and be sure to walk by 2nd and Chestnut St. to see a stunning 1 bedroom Condo.

What: First Friday Open House

When: Tonight, Dec. 7th, 2012 from 5:00-9:00 PM

Where: 122-124 Chestnut St. 300 Philadelphia, PA 19103

122-124 Chestnut St. 300 Philadelphia, PA 19103 – $254,900 – Old City- 5:00-9:00PM

On Sunday, Dec. 9th, 2012 make your way to the Fishtown area and see a beautiful turn-key charmer with a blend of architectural details and updates.

What: Open House

When: Dec. 9th, 2012 from 11:00 AM -1:00 PM

Where: 2132 E. Huntingdon St.  Philadelphia, PA 19125

2132 E. Huntingdon St. Philadelphia, PA 19125 – $169,900 – Fishtown - 11:00 AM-1:00 PM

This is brought to you by Philadelphia Real Estate Blog

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

Come check out two incredible Philadelphia open houses:

411 S. 9th St. #3F Philadelphia, PA 19147 – $199,900 –Washington Square -11:30AM-1:00PM

122-124 Chestnut St. 300 Philadelphia, PA 19103 – $254,900 – Old City- 11:00AM-1:00PM

This is brought to you by Philadelphia Real Estate Blog

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

This Sunday October 21st, come check out two incredible  Philadelphia open houses:

729 Sears St. Philadelphia, PA 19147 - $359,900 - Passyunk Square - 1:30-3:00PM

122-124 Chestnut St. 300 Philadelphia, PA 19103 – $259,900 – Old City- 1:00-3:00PM

This is brought to you by Philadelphia Real Estate Blog

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

Come check out the following Philadelphia Real Estate Open Houses this Sunday, October 14th:

• 729 Sears St. Philadelphia, PA 19147 - $359,900 – Passyunk Square - 1:30-3:00PM

• 2834 Cambridge St. Philadelphia, PA 19130 - $219,900 – Art Museum Area -1:00-3:00PM

• 912 Kimball St. Philadelphia, PA 19147 – 379,000 – Bella Vista – 12:00-2:00PM

• 122-124 Chestnut St. 300 Philadelphia, PA 19103 – $259,900 – Old City- 3:00-4:30PM

• 411 S. 9^th St. #3F Philadelphia, PA 19147 – $199,900 –Washington Square -1:00-3:00PM

This is brought to you by Philadelphia Real Estate Blog

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

If you are searching for a Condo right now, make sure you read this article; Condo buyers frustrated in hunt for FHA mortgages.  These days the federal housing administration is being just as strict in the judgement of the building’s financial history as the borrower’s.  The number of rejected buildings is adding up.  This can be due to bad paperwork and bad balance sheets as lots of condo associations are struggling with rentals, short sales, and foreclosures.

“It’s a critical year for buildings,” said David Hartwell, a Chicago attorney who represents condo and homeowner associations. “This is a whole new world that we live in now. I see more rejections than acceptances, and the reasons I see clients rejected aren’t quickly curable.”

Check out the full article: Condo buyers frustrated in hunt for FHA mortgages.

This is brought to you by Philadelphia Real Estate Blog

To view every Philadelphia Real Estate Listing, including Philadelphia Condos 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

This is brought to you by Philadelphia Real Estate Blog

To view every Philadelphia Real Estate Listing, including Philadelphia Condos 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

This is brought to you by Philadelphia Real Estate Blog

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

Donald Trump says there has never been a better time to Negotiate the BEST deal to buy real estate. Here is why….

Donal Trump says Buy Now!

In the Art Museum/ Fairmount area there were 76 house sales  and 60 condos sales in the 1st half of 2008. The highest priced House sold for $1,051,501 and the deal of the neighborhood sold at $112,000.  The Average Sale Price for a House was $408,383 and it took 75 days to settle from the time it was listed in the MLS. The highest priced Condo sold for $665,000 and the lowest sold for $105,000.  The Average Sale Price was $308,871 and it took 98 days to settle from the time it was listed in the MLS. To View EVERY Art Museum property that sold between January 1, 2008 to May 31, 2008, click here!     Read the rest of this entry »

In the Graduate Hospital Area there were 101 house sales  and 20 condos sales in the 1st half of 2008. The highest priced condo sold for $445,000 and the deal of the neighborhood sold at $169,000.  The Average Sale Price for a Condo was $268,870 and it took 116 days to settle from the time it was listed in the MLS. The highest priced House sold for $1,075,000 and the lowest sold for $75,000.  The Average Sale Price was $359,179 and it took 92 days to settle from the time it was listed in the MLS. To View EVERY Rittenhouse Square property that sold between January 1, 2008 to May 31, 2008, click here!    Read the rest of this entry »

In Queen Village & Bella Vista, 19147 there were 55 house sales  and 9 condos sales in the 1st half of 2008. The highest priced condo sold for $499,500 and the deal of the neighborhood sold at $244,000.  The Average Sale Price for a Condo was $374,833 and it took 90 days to settle from the time it was listed in the MLS. The highest priced House sold for $910,000 and the lowest sold for $135,000.  The Average Sale Price was $384,725 and it took 88 days to settle from the time it was listed in the MLS. To View EVERY Queen Village & Bella Vista property that sold between January 1, 2008 to May 31, 2008, click here!    Read the rest of this entry »

In Society Hill, 19106 there were 17 condo sales and 11 house sales in the 1st half of 2008. The highest priced condo sold for $2,375,000 and the deal of the neighborhood sold at $270,000.  The Average Sale Price for a Condo was $520,000 and it took 62 days to settle from the time it was listed in the MLS. . The highest priced House sold for $2,375,000 and the lowest sold for $652,200.  The Average Sale Price was $1,184,000 and it took 155 days to settle from the time it was listed in the MLS. To View EVERY Society Hill property that sold between January 1, 2008 to May 31, 2008, click here!   

Read the rest of this entry »

For Condos in Old City there were 60 sales and 1 house sale (highlighted in yellow) in the 1st half of 2008. The highest priced condo sold for $2,475,000 and the deal of the neighborhood sold at $185,000.  The Average Sale Price for a Condo was $436,611 and it took 94 days to settle from the time it was listed in the MLS. To View EVERY Condo that sold between January 1, 2008 to May 31, 2008, click here!  Read the rest of this entry »

For Condos in Washington Square there were 49 sales in the 1st half of 2008. The highest priced condo sold for $1,472,000 and the deal of the neighborhood sold at $126,000.  The Average Sale Price for a Condo was $507,000 and it took 127 days to settle from the time it was listed in the MLS. To View EVERY Condo that sold between January 1, 2008 to May 31, 2008, click here! Read the rest of this entry »

The latest data from the National Association of Realtors shows what buyers and sellers in Center City Philadelphia already know, namely that the condominium market is strong.  Sales of Condominiums and Cooperatives in the Northeast have been increasing since January of 2008 and are up 4.3% from March 2008 to April 2008.   Sale prices for Condominiums and Cooperatives in the Northeast are flat- 0% change from April 2007 to April 2008.

Alan J. Heavens, Real Estate Columnist for the Philadelphia Inquirer, wrote an excellent piece recently that was featured in May 24th’s paper.  The article described the difficulty facing the real estate professional or the potential home buyer or seller when trying to interpret the endless stream of home sales and price data being publicized.  Two major players, the National Association of Realtors and Standard & Poor’s, readily admit that the data they collected could overstate price declines.  

For experts like Kevin Gillen, research fellow at the University of Pennsylvania’s Wharton School and Vice President of Econsult Corporation, this is no surprise.  It seems that many of the national and regional housing indexes real estate professionals and consumers use are prone to overestimate both the downside when things are down or conversely the upside when things are going well.

The good news for the Center City buyer or seller is that national housing data is not nearly as relevant as local housing data.  Anyone buying or selling real estate in Center City knows that real estate in Philadelphia has always been a local business that can vary greatly by neighborhood and sometimes even by street block.  It is essential that anyone buying or selling in Center City recognize that a decrease in a national or regional price index does not mean that homes for sale in Center City have decreased the same amount.  In fact, the Philadelphia Inquirer reported in an article in April that ago that prices in Philadelphia had not decreased from March 2007- March 2008.  All of this suggests that it might be worthwhile to take the catastrophic real estate news that is publicized every day with a grain of salt.

centercityrealestate.com will soon provide the MOST INDEPTH CONDO INFO ever gathered for Philadelphia for our guests. For now, view what is for sale in OLD CITY by using on our search engine and clicking on any of the 43 condo building names. Check back soon to see Philly’s condo encyclopedia:

The Philadelphia Inquirer recently posted an article stating that the Philadelphia area foreclosure rate is down 30%!  That’s great!  To read the article see below…

Philadelphia area’s foreclosure rate drops 30%

By Al Heavens

Inquirer Real Estate Columnist

The Philadelphia region’s first-quarter foreclosure rate fell almost 30 percent from the same period a year earlier, bucking a national trend that saw filings rise to one in every 194 U.S. households.The rate puts Philadelphia 82d on a list of 100 metropolitan areas compiled by RealtyTrac Inc., the Irvine, Calif., firm that tracks foreclosures nationwide.

Included in the top 10 metro areas for foreclosure filings were six cities in California, as well as Las Vegas, Detroit, Phoenix and Fort Lauderdale, Fla.

Stockton, Calif., in the central part of the state, led the list with 7,560 filings, or one household in 30, an increase of almost 292 percent from January-to-March 2007.

The more-populous eight-county Philadelphia region had 3,064 filings, or one household in 527, a decline of 29.64 percent, RealtyTrac’s data show.

Nationally, there were 649,917 filings in the first quarter, an increase of 112 percent over January-to-March 2007, RealtyTrac reported.

James Saccacio, the company’s chief executive officer, said that “unusual, nonmarket factors” might be the reason for the drop in this region, citing the city’s April moratorium on foreclosure sales and a program, approved in March, to delay foreclosure proceedings on owner-occupied properties until the owners have met face-to-face with lenders to attempt a loan-workout plan.

In the city, fewer properties were sold for foreclosure in 2007 than in 2003, said Sheriff John Green, who credited efforts by his department and nonprofit counseling agencies to get homeowners to begin talking with lenders before the process started.

In 2003, 7,833 properties in Philadelphia were scheduled for foreclosure sale, and 2,694 sold, Green said; in 2007, 5,670 were scheduled, and 2,041 sold.

Green said he was cautiously optimistic these efforts would keep the problem under control, even as foreclosure experts anticipated an increase in filings as adjustable-rate subprime loans reset in the coming year.

Moody’s Economy.com chief economist Mark Zandi observed, “Foreclosure moratoriums are delaying, and not forestalling, foreclosures.”

The Philadelphia area’s foreclosure rate will remain well below the national average, Zandi said, because “the region didn’t get caught up as much in the investor and subprime-lending frenzy during the housing boom.”

The city’s foreclosure-sale moratorium does not affect the suburbs. But even as filings rise slowly in the seven counties outside Philadelphia, the number of properties that reach actual foreclosure sale remains fairly low.

For example, Montgomery County listed 267 properties for sheriff’s sale in March. Only 33 were sold. Action on the rest was stayed or postponed.

Thirty-seven properties were scheduled for sale in Gloucester County in March, but in 20 cases, the sale either was canceled or the homeowner filed for bankruptcy to avert it, the records show.

Across Pennsylvania, 633 foreclosure sales were completed in January and February combined, up 16 percent from a year ago, according to data from the Mortgage Bankers Association. In New Jersey, 381 sales in those two months combined represented a 97 percent increase year over year, due largely to higher numbers in the northern part of the state.

Foreclosures in this region continue to fall heaviest on low- and middle-income borrowers. An examination of properties listed for sheriff’s sale in each of the eight counties since January showed that the vast majority involved mortgages ranging from $75,000 to $350,000.

In Pennsylvania and New Jersey, foreclosures must be completed within 300 days of the lender’s filing, which effectively buys homeowners some time. By contrast, in California, the period is 135 days; in Texas, 90; and in Virginia, which has the shortest limit, 60 days.

In addition, Pennsylvania and New Jersey have programs to assist those facing foreclosure.

Pennsylvania’s Housing Finance Agency administers the Homeowners’ Emergency Mortgage Assistance Program, which lends money to help bring delinquent payments current, using the mortgage on the property as security.

Applications for the loan, obtained through state-approved counseling agencies, postpone further foreclosure action for 60 days, pending agency review.

In November, the agency launched REfinance to An Affordable Loan (REAL), which provides 100 percent fixed-rate loans to troubled borrowers. The Homeowners’ Equity Recovery Opportunity Loan (HERO) lets the agency buy a homeowner’s loan from the lender and sets up an affordable repayment agreement.

New Jersey’s Department of Community Affairs has launched a public-private alliance called NJ HOPE.

Spokesman Chris Donnelly said the program was “committed to preserving homeownership by raising consumer awareness of available mortgage products, funding and refinancing, increasing access to credit and loan counseling, and providing temporary assistance to consumers facing foreclosure.”