The Philadelphia Real Estate Blog

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Fresh Address: Poplar Point

Spring is here and so is Poplar Point...fresh, cutting edge, and attention-commanding.  Introducing one of the most solid, sophisticated, and dynamic structures built in Northern Liberties...

This is Where It's At: Welcome to Poplar Point, a new construction property located in Northern Liberties. Poplar Point is 2 properties, 902 and 904 New Market.

Come On In: These homes include features such as 10" concrete from the foundation to the 2nd floor, steel beam construction, 3 bedrooms, 2 baths in 904 and 902 New Market has 2.5 baths, finished basements, private yards, decks and balconies, dual zone HVAC, tankless hot water heater, amazing kitchens and baths, 10 year tax abatement.

There is more but you'll have to come by to see! If you would like to know the price point for these homes,contact the Somers Team!

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1 comment • Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate • March 12 2012 11:51AM

Tip Jar: Don't Fore-go Your Pre-Settlement Walk-Through!

 

This tip is for our buyers out there! A pre-settlement walk-through is what we do right before a settlement occurs. Typically it includes the buyers and the buyers' agent and it is an opportunity to check out the property before you sign off on buying that home. The walk-through allows the buyer to check on the condition of the property to make sure all repairs have been done and nothing new has popped up. We want to make sure there are no problems at settlement or post settlement. That is why we walk through the property the day of the settlement, the day before settlement or in this case a few days before.

This pre-settlement walk-through in the video reveals that only 50% of the repairs have been completed and the seller has only a few days to get things wrapped up. If the seller fails to do so, then these few repair items can delay settlement. We certainly don't want that to happen! So, buyers... do not fore-go your pre-settlement walk-through!

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2 comments • Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate • February 02 2012 08:08AM

What is a Turnkey Property? Stephanie Somers Explains...

Come take a ride with Stephanie Somers and she'll explain what a turnkey property is, along with a peek at a ready-to-rock property for short sale in Northern Liberties.

Any questions? Ask Stephanie!

Related:

Tip Jar: To Sell or To Rent Your Property in 2012? Ask Stephanie!

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0 comments • Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate • January 25 2012 05:31PM

Buyers - Would You Prefer an $80,000 Incentive or $8,000 ?

Buyers - Would You Prefer an $80,000 Incentive or $8,000 ?

In Philadelphia, the spring market has not been too "springy".  This spring certainly has not been like spring 2010, "the end of the world" craze where the inventory was non-existent and there was an insane rush for buyers to meet the Buyers - Would you prefer an $80,000 Incentive or $8,000 ?deadline to qualify for the First Time Homebuyer Tax Credit to receive the $8,000 incentive.  That incentive propelled the market last year:  it was a boon for sellers locally and provided necessary support to keep the housing market afloat nationally.

So what about today ?   The housing market in Philadelphia continues to hold up well, although the inventory has crept up and prices are soft.  The great news for buyers is that interest rates year over year are down well over a point (at historical lows).  Rates last year were about 6 percent whereas now they are about 4.5 percent !  What does that mean ?  To me, this is the best incentive ever for a smart buyer.

When you compare year over year, a buyer can save $80,000 over 30 years.  For example, on a $250,000 loan, the interest portion at 6 percent on a 30 year mortgage would be approximately $289,600, and at 4.5 percent it would be approximately $206,000, a savings of interest of $83,600 in one year.  If your loan amount is higher, the savings of course would be even more.   The other benefit that this does is that allows a buyer to get a better property since the purchasing power is at the highest with rates being the lowest.  With the inventory being at its peak level right now, a buyer can be quite selective when purchasing a property and be like a kid in a candy store.

I have heard some pundits on TV recommend to bring back the tax credit.  Although I know that will certainly make the market more springy, my point is there is incentive enough in the market right now without having to burden the taxpayers.

We are taking buyers out every weekend taking advantage of the above scenario.  These folks will be well positioned in the years to come !

If you are on the fence now, why not take advantage of $80,000 incentive ? 

Pretty much a no-brainer for potential homeowners if aligns with your other goals.

With interest rates so low, the time is NOW.  What are your thoughts ?

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26 comments • Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate • June 26 2011 08:37AM

Top 3 Reasons for Veterans to Buy a Home in 2011

Veterans, here are the top three reasons to buy a home in 2011, according to the VA Mortgage Center's Matt Polsky, our guest blogger:

1. Be Your Own Boss Renting a home is kind of like being that insecure entry level employee just waiting for the boss to walk in and say, “Pack up your things; your time is up.” When you Buy a Home you become your own boss.  While it does require responsibility, you are calling the shots. If you want to tear out the upstairs bathroom and make it into a secret room with a stash of collector military dog tags, that’s your prerogative.

2. The 2011 Tax Credit for Military Members Last year, the IRS was busier than ever. Tons of people claimed their $8,000 tax credit for first-time home buyers. Some people waited for returns for months. Military members avoided the traffic. Thanks to officials in the government, active duty service members received another year to claim the credit. The deadline is quickly approaching-- April 30, 2011 to enter into a binding contract and June 30, 2011 to complete the sale. For conventional loans, the $8,000 will cover about 1/3 or less of the down payment on a new home.  Hey, that’s better than nothing. Or—veterans could take advantage of the VA loan.

3. SAVING THE BIG BUCKS WITH THE VA LOAN With the VA loan, military home buyers do not need to worry about a down payment. Take that $8,000 and fold it up, stuff it in your pockets, hide it under your bed or deposit it in the bank. Once you’ve done that, take a close look at all the other benefits of the VA home mortgage program.

Low Interest Rates

Low Monthly Mortgage Payments

Low Closing Costs

Appraisal and Inspection of the Intended Home

No Monthly Private Mortgage Insurance Payments

For more information on VA Home Loans in Pennsylvania, contact a VA Loan specialist such as VA Mortgage Center.

Feel free to subscribe to our blog or our monthly newsletter to stay up to date with our latest posts and information on the Philadelphia Real Estate Market.  You can also sign up to receive the Philadelphia Real Estate Blog via email.

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2 comments • Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate • March 07 2011 09:09AM

Leave the Burbs and Keep the Garage!

Leave the burbs, keep the garage, and enjoy the vibrant city lifestyle. New home, great garage, and all of that can be found in one of the most up and coming neighborhoods in Philadelphia. We are talking about 2568-70 Collins Street in Fishtown and we are loving the garage features for these 2 homes!

We know that garages rock, and how rare they are in an urban setting. So, in case you've been looking...check out our Collins Street garages.

Keep your car safe in the city. Warm in the winter, cool in the summer, never scrape ice or snow, never again bring in soggy groceries...

Triple your capacity to store all kinds of useless things - you know you want to.

Party overflow? No problem...toss some sawdust on the floor, bring in the keg, and set up a table for peanuts and pretzels.

No car? Convert it into an actual room - let your hobbies drive you.

What would you do with a garage?

Please contact the Somers Team for more information.

Related:

PBC Tour in Fishtown: A Closer Look at 2568-70 Collins Street

PBC Tour in Fishtown: Pretzels, Beer, and Collins Street

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2 comments • Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate • January 26 2011 04:14PM

Condo Source: Waterfront Square Auction

We've talked before about Waterfront Square, some successful short sales we've had at the riverfront condominiums, and why we were concerned about the plummeting values that we were seeing there. Now, Philly.com is reporting that the 35 luxury condos are up for auction from $195,000 - $415,000, at price reductions of over 50%. We have been noticing a few condo auctions this year, but this one is particularly interesting because of the condo's proximity to the new SugarHouse Casino, which we wrote about earlier today. The story mentions that the opening of SugarHouse has been seen as a plus for Waterfront's current residents, as it has brought development to the area.

The auction is scheduled for Sunday, Nov. 21, at 4 pm, at the Hyatt Regency Philadelphia at Penn's Landing, 201 S. Columbus Blvd. There will be an Open House Preview through Nov. 20.

Related:

Philadelphia Short Sales – Another Successful Short Sale in Waterfront Square !

Condo Source: Waterfront Square

Meet Your Neighbors: Borrowing a Cup of Sugar

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8 comments • Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate • October 28 2010 02:47PM

Want to be a Regular at N 3rd?

When most Northern Liberties residents think of N 3rd, they think of the iconic bar and restaurant that is basically our second office. If we are not there in person we are wishing we are there. And sure, N 3rd (as pictured) is just one of the many perks of being a regular on North 3rd Street.

You see, every street has a personality. While North 2nd Street is the busier type A personality, exhibiting character traits more like a "Main Street", North 3rd Street is like an upbeat but laidback friend that is always there for some laughs and fun. North 3rd Street gets its personality from some of the best restaurants, cafes, and meeting places in the city: Liberty Lands Park, the Northern Liberties Neighbors Association Headquarters, the Abbaye, Higher Grounds Cafe, and Il Cantuccio just to drop a few names. North 3rd Street is obviously very active, but you're more likely to see people sitting on their steps and socializing with the neighbors because it has that warm village type of feel to it. It's where we go to relax or to find out what's going on in the neighborhood, to see some familiar faces, and make some new friends.

So next time you're in Northern Liberties, take a stroll along North 3rd St. If you ever want to be a regular, just get in touch with us. We currently have some amazing N 3rd Street properties for sale that you can call your own.

1016 N 3rd St - 4 Bedrooms, $500,000

1037 N 3rd Street - 4 Bedrooms, $339,000

Related: Season Premiere: Glee in 19123 (4 Bedroom Luxury Home near Center City)

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7 comments • Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate • October 08 2010 09:13AM

Stop, Look, and Listen, Baby. Before you Buy or Sell.

"Real Estate is like Reality TV. It does not matter if you are selling a high-end piece of real estate or a lower priced home. Real Estate will offer you the drama and the twists and turns that can stand up to any Reality TV program."

- from The Somers blog post entitled Is Real Estate like Reality TV?

It's true, folks. Have you checked out our SOMERSource tab lately? It's a one-stop shop with advice, videos, and links to all of your real estate how-tos and questions. Visit the SOMERSourceTM for everything you need when buying or selling your home. We will continuously add all sorts of information that can help you make a well-informed decision about the home you are selling or buying.

Get up to speed on what to do Before you Buy and Before you Sell. We want to make this experience as seamless as possible for you. Get in touch with us; we'd love to help!

 

Feel free to subscribe to our blog or our monthly newsletter to stay up to date with our latest posts and information on the Philadelphia Real Estate Market.  You can also sign up to receive the Philadelphia Real Estate Blog via email.

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5 comments • Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate • September 13 2010 10:44AM

Is Your Dream Home in Dream Condition? Try U.S. Inspect for a Quick Report

So what exactly does a home inspection with the experts of U.S. Inspect get you?

A thoroughly detailed inspection with an on-site computer-generated report complete with photos of suggested adjustments. They are a one-stop inspection shop and promise to inspect 100% of roofs. The intimidating prospect of having a home inspected is simple with U.S. Inspect. Schedule an inspection online and they'll take it from there.

Services include:

  • General Home Inspection
  • Foundation
  • Lead Paint
  • Mobile Homes
  • Pool and Hot Tub
  • Pre-Concealment
  • Radon
  • Roof (RHI)
  • Septic Systems
  • Termite
  • Well Flow
  • Well Potability

    • U.S. Inspect

    1341 N. Delaware Avenue STE

    205 215-383-0158

 

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1 comment • Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate • August 20 2010 10:54AM