February Newsletter

Blattstein is proposing a casino on North Broad Street

Bart Blattstein is after the not coming to fruition Foxwoods license that was granted with the intentions of a South Philadelphia location. He is proposing to place a casino, hotel, and entertainment complex beginning with is Inquirer building purchase. This is huge news for center city North.... and surely will raise a massive dialogue on the resurgence of North Broad Street. Read on!

Tis truly Spring!

I have been very busy and I am sure you have too.... Yes, while we wish the warmth would come sooner than later, the plant life, wild life and all around climate is thankful we are actually having a true spring season with chilly evenings and a little rain here and there. As for real estate, this gives us all a little more time to tidy up those homes for successful showings and open houses. So, get to it. Do your spring cleaning now because before you know it, summer will be here.... and then it will be too hot to clean. ;)

Tis the season

I have taken more listings in the past week than I have in all of January. Spring is here... it's a shame we didnt have a white winter here in Philadelphia but global warming says no. So, enjoy the pleasantries of an early spring. Real estate definitely thrives with the warm weather so we all welcome that. It's time for walking, riding bikes, or driving around checking out places.... visiting open houses and snooping. Enjoy!

Nigel Knows Philly January Newsletter

Nigel Knows Philly January Newsletter

September Newsletter

Read it now!

What To Do This Summer

On my time off from helping people buy and sell real estate, I will be dipping my feet into the 82 degree water at the Arrow Swim Club. This oasis is located right in the heart of Norther Liberties. It's an over 21 only membership swim club and it's sooo nice. It's truly relaxing and they have wi-fi so I can still keep up on all of my real estate work.
In fact, I am hosting a Happy Hour there on May 25, from 6-8. Please email me to RSVP for this. It's free! nigel@cbpref.com

Featured Listing:

813-17 N. 5th St. Unit 301
Philadelphia, PA 19123

Description: In the heart of Northern Liberties is a unique loft living experience. Walk up the historic wooden stairs to the door to your secret abode. This bright two bedroom unit boasts amazing light from the top floor, a personal roof deck, hardwood floors, spacious living space and more. The steps lead you to the main room with kitchen to the left, granite counters and all necessary modern amenities, then the glass door lets the sun in from your personal rooftop deck, and then a hug spacious living/dining area with two large windows facing East. Down the hallway leads to the laundry area, closets, bathroom and bedrooms w/closets. Rarely is a unit like this offered for under 300k, however, the owner is selling off many assets and wants to move these units. There are 5 in all and a common roof deck for residences as well for entertaining. Walk less than 60 seconds to Honey's and less than 3 minutes to the Piazza or the EL train to center city. City loft living w/exposed air vents and quiet comforts all wrapped into one.

Green Tip of the Week:
Recycle your old gadgets! Americans throw out about 100 million cell phones each year. It's becoming easier nowadays to recycle old computers, cell phones, and other electronic devices. Check out www.computertakeback.com for places to recycle your old computer. Best Buy stores also accept old electronic devices for recycling.


Anti-Litter Drive:
Frankford is serving as the first area for clean up in the UnLitter Us campaign. The project began last week and is estimated to take about two weeks for the Streets Department to finish the clean up and sanitizing. Theresa Hanas, coordinator for the Frankford Community Development Corp believes the clean up will be successful since residents are fed up with the amount of litter in the neighborhood. To read more about the UnLitter Us campaign, go to: http://www.philadelphiastreets.com/unlitter-us-intro.aspx.

Featured Listing:


1346 Crease St.
Philadelphia, PA 19125


Description: JUST ONE LEFT! Solar ready contemporary glory awaits you, here along the Frankford corridor on this quiet street, seconds from the Piazza, Girard Ave, Liberties walk, Johnny Brendas, Rocket Cat, Modo Mia, the El train, and the Delaware River waterfront. Ben Franklin Building has progressively surpassed its prior successes and this is the cream of the crop for Philadelphia at a great price! This Greenly built home comes ready for a 2.5 kilowatt system complete with net metering so you reverse your electric meter when you aren't drawing the solar power! There are 11 ft ceilings, Modern Fan Co fans, sky lit stairwell, finished basement, oversized garage, rear yard, contemporary outdoor lighting and an astonishing 4.5 bathrooms! Dramatic double height entrance hall, oversized custom showers, custom metal bays, balconies and more make this a wonderful find w/tax abatement.

Green features:
- Energy Star appliances
- Sustainable finishes
- Bamboo flooring
- Ultra efficient soy based spray foam insulation
- Pex recycled plastic plumbing






Green Tip of the Week:
Shutting down your computer at night can save an average of $90 a year on your electric bill. Not only does this save money, it also helps cut down on normal hardware wear and tear.



The Numbers Show It:

Coldwell Banker Preferred was ranked #1 of all Coldwell Banker affiliates in Pennsylvania and Delaware.

3,160 closed transactions

$850 million closed sales volume

*Based on 2009 transactional data

2218 Martha St.

Featured Listing:


2218-20 Martha St.
Philadelphia, PA 19125


Description: Tucked in a bustling area with construction everywhere is a one of a kind home, rarely offered anywhere in Philadelphia. Enter this double wide converted warehouse into your soaring ceiling living room area, under the designer modern light reflecting off the exposed brick wall. Walk back under the modern fan co fan and steel beam to the step up bedroom which the owner uses as a dining room. To the right is the expansive kitchen with 6 burner stove, granite counters, island, and more. Full bath, garage, and ample closets also share the stained concrete first floor above the huge basement storage area. Upstairs beautiful original wood floors, exposed wood beams, brick, and huge windows await. A living/entertaining area here also has 1/2 bath, laundry room, and spiral staircase to pilot house and roof deck. Around the corner, continue to your office/studio area and on into the main bedroom with designer closet, 5 head oversized shower stall, jacuzzi tub.

Green features:
Dual zone electric heat pumps, low flow faucets



Green Tip of the Week:
When recycling plastic bottles, remember to rinse them out, remove caps, and crush them first before placing in your recycling bin. This will save room for more recyclables in the bin.



Increase Your Buyer Potential:
Rates are historically low right now! Since May, rates have dropped by 1% so now is a great time to search. Buyers could increase their buying potential by $25,000 when comparing between 4.5% and 5.5% rates. If buyers do not wish to increase their purchase price, they could save as much as $150 or more per month!


Single-Family - Philadelphia County

Settled Units
2008/2009 Change: -17.18%
2009/2010 Change: +13.35%

Total Settled Volume
2008/2009 Change: -21.05%
2009/2010 Change: +16.86%

Average Sale Price/Opening Price
2009/2010 Change: +1.04%
(Fire sale is ending... prices are stabilizing)


Condo - Philadelphia County

Settled Units
2008/2009 Change: -32.89%
2009/2010 Change: +25.67%

Total Settled Volume
2008/2009 Change: -34.82%
2009/2010 Change: +17.10%

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Rittenhouse Square Charm

This wonderful 3 bedroom house has a fully renovated first floor with reclaimed pine, custom designer kitchen, Bosch and Viking appliances and more. Upstairs features original pine floors, cherry blossom tree views, and a master suite with vaulted beamed ceilings complete with fireplace and huge storage loft.
Check it out!

Has The Real Estate Market Stablized?

Has the real estate market stabilized? That is the big question these days. Statistics may show this to be true but we cant gather them until time has passed and there is data to analyze. As of November 2009, the overall inventory accumulation for Philadelphia is 9.3 months, as opposed to 9.1 last year. What that means is this: IF not one more home were to be put onto the market, according to the current inventory of homes per sale, it would take 9.3 months to sell all of them. Is that good or bad? Well, it's kinda bad... 3-4 months would be much nicer. There is still too much stuff out there for sale so its still a Buyer's market in that regard. Next, the pricing gap from list to sale price has tightened up. A year ago, the average home sold for a mere 89% of what it was originally listed for... FIRE SALE PRICES! Now, it's a healthier 92%. This means there are less fire sale deals to be had and/or that realtors are smartening up their sellers to price more effectively. Lastly, the median sale price is up!!!- .03%! Not much at all.
So the answer to the big question is, probably. 2010, in my opinion, is not going to be an appreciation year by any means, but it is also not going to be a huge plumet in value year. There may be slight pops and drops and overall we are going to see a flat year. The first half may be spiked by the first time home buyer tax credit extension and the existing home buyer credit. The second half may flatten out after April 30, which is the deadline, by the way.
I encourage you to check out the market stabilization in your area... click the link here on the page and get the info based on your home and neighborhood sales data. Numbers dont lie. People do! ;)

TAX CREDIT EXTENDED!

Congress has passed new legislation that:
• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
• Expands the credit to grant a $6,500 credit to current home owners purchasing a new or existing home between November 6, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Who Qualifies for the Extended Credit?
• First-time home buyers who purchase homes between November 6, 2009 and April 30, 2010.
• Current home owners purchasing a home between November 6, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?
Each home buyer’s tax credit is determined by two additional factors:
1. The price of the home.
2. The buyer's income.

Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 6, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 5, 2009, please see 2009 First-Time Home Buyer Tax Credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.


Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.


Please let me know if you have any questions on this.

Time left to benefit from the $8,000 tax CREDIT

Ladies and gentlemen, here is the exact amount of time before you can SETTLE on a home to benefit from the $8,000 tax CREDIT from Uncle Sam. If you make less than $90k per year, you are eligible for something and less than $75k on your tax return, you are eligible for the full $8,000! Contact nigel@cbpref.com today to start your pre approval and search so we can help you take advantage of this!!!

For Sale: 3BR/2.5BA Townhouse in Philadelphia, PA, $650,000

Live large just 30 seconds walk from the Piazza in the heart of Northern Liberties. For Sale: 3BR/2.5BA Townhouse in Philadelphia, PA, $650,000

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Tick Tock

The clock is ticking on the November 30 deadline for first time home buyers. This is a direct CREDIT of $8,000 for these eligible folks making $75k or under. Don't miss out on this... Its juicy! And, if you make less than $90k, you are still eligible for a credit... just a lil less. :)

Murano Auction Results

Yup. Despite the huge hype for the anticipated condo auction, people managed to get into the Murano at an average of 25% off list price! $21 million in real estate was sold in 90 minutes from $335k to nearly $800k. The good news for you if you werent there but would consider one of these units: They intend on selling the rest of the 136 available units at comparable prices as to the auction sales. SO, you didnt even have to attend and you still may get a 'fire sale' discount. Bad news for those who bought at full retail prior, though. Ouch.

Greatly Upgraded House