NY Gets it Right

NY has it going on! Philadelphia was supposed to make use of a municpal pier on the Delaware River and turn it into a park. We still have not. However, for those of you either in NYC or visiting it, please do check out the High Line!

Tax Credit Usable as Down Payment

This is huge news. Not only is there an $8,000 tax credit for first time homebuyers, now the government is allowing these homebuyers the ability to use that money directly at the settlement table toward their closing costs! This is huge! THis means home owners can get into houses for nearly nothing down at amaizng rates! Read on:
WASHINGTON, May 12, 2009

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Here is a link to the full article

Green Towhnomes Tour

Here is a video tour of my listings, the Green Townhomes on Frankford Ave. They are quite extravagant in size and functionality. Take a look:

Global Green USA

I am heading up to ny today for a Global Green USA meet and greet with the President of Global Green and to meet with the President of Coldwell Banker Previews NY. Hob Nobbing pretty heavily, right? Why? Well, I am trying to start a Philadelphia chapter of Global Green. Read about it... its a great charity:

I am meeting with Coldwell Banker Previews because Philadelphia is a darn yummy real estate market for investors. Tomorrow am we have a conference call with some investors from the Middle East. Excited stuff... I love to see investment in my home town!

The business is heating up! Not every seller is completely motivated to a fire sale price... but a lot are! 1 of every 6 home owners nationwide is under water in their mortgage. This means these people owe more than their home is currently worth. This means that if they want to sell, they are in a short sale situation selling below the mortgage amount they owe the bank. Now this isn't the case with most Philadelphia real estate but it is with some! I have recently had some Buyers find some real bargains. We can never tell the Seller's motivation based on an MLS sheet. However, putting an offer out there... often results in great bargains. Look, people need to sell... some more than others. These days, with the tax credit for people earning $75k or less, $150k for a couple, and amazing interest rates, it's idiotic not to buy! Refinancing is a hugely intelligent move as well. I'll detail these things soon but I just wanted to put the birdy in your ears. Reach out to me, nigel@cbpref.com if you think you 'might' wanna buy now. Its a wise move! If you need to sell, we need to market your property very carefully and very well. Polished products priced well are still selling... quickly even.

Union Trust Steak House

A Sunday Funday thru historic Philadelphia and the Italian Market