New this week

Great Info On The 10 Year Tax Abatement Discussion!

/ Jim Onesti, Realtor, Development Expert / Leave a comment
John Westrum CEO of Westrum Development, and Kevin Gillen, an economist affiliated with the University of Pennsylvania’s Fels Institute of Government, were wondering about something pertaining to Philadelphia’s 10-year tax abatement.

 What would the net fiscal impact be of a newly constructed residential development that was built under the abatement?

The abatement gives buyers of a new residential property a 10-year break on real estate taxes.

The policy has been considered a success. But critics say it siphons revenue away from the city and school district, benefits developers and caters to the rich.

To get an answer, Westrum and Gillen analyzed Westrum’s Brewerytown Square, a development of 144 market-rate townhouses at 31st and West Thompson streets.

Westrum wouldn’t have gone forward with the project without the abatement. It was a fringe area when he started the project and one of the biggest selling points was the tax break.

When Gillen and Westrum drilled down on Brewerytown Square, they concluded that for every $1 abated, the city took in $2 in tax revenue from other sources directly related to the project. It also found that 47 percent of its new owners came from out of the city.

“So, not only did the city get back the $1 that it forewent from the abatement, but it also received an additional $1 in revenue from other sources, due to the economic activity and new residents associated with Brewerytown Square’s development,” said a report on their analysis.

The debate over the abatement is expected to continue during the upcoming budget session and this report will likely play a role.

For full study found in the link below…
For more info on the citys tax abatement program contact me today!
Jim Onesti. 215.440.2052 or jonesti@mccannteam.com
Information courtesy of
Natalie Kostelni, Reporter- Philadelphia Business Journal
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Mr. New Construction Does it Again!!

/ Jim Onesti, Realtor, Development Expert / Leave a comment

23After bird dogging and selling an amazing piece of land to one of his developers; Jim Onesti from BHHS Fox & Roach Realtors, pre-sold ALL 4 of the new homes being built there, long before completion!!

ALL sold at or very close to full price which ranged from $669,900-$689,900

23bThis amazing project was located at 547-53 N. 23rd Street, right on the corner of 23rd and Brandywine in the Art Museum Area.

These beautiful homes featured 4 stories, 2700 square feet, garage 23cparking, 2nd & 4th floor decks, 10-year tax abatements, finished basements and master carpentry throughout!!

Selling real estate and finding great deals is what we do. Both our marketing plan and our track record provide fast and proven results. If you are interested in finding out more about putting our expertise and experience to work for you, contact us TODAY!

CLICK HERE to learn more about the many developments I have SOLD OUT!

McCann Team
Berkshire Hathaway HomeServices – Fox & Roach Realtors
McCann Team – 530 Walnut Street – Suite 260 – Philadelphia PA 19106
215.627.6005 Main – 215.440.2052 Direct – jonesti@mccannteam.com

New This Week…

/ Jim Onesti, Realtor, Development Expert / Leave a comment

The median list price in Philadelphia this week is $225,000

The market action index has been trending down lately indicating demand falling along with supply. Conditions point to mildly negative trends for the market.

Phila

For a summary of this weeks activity: CLICK HERE!

For a market update report: CLICK HERE!

For more information, to sign up for weekly updates OR to find out what your home is worth, contact me today!! Jim Onesti. 215.440.2052 or jonesti@mccannteam.com

New Name, Same Outstanding Service!

/ Jim Onesti, Realtor, Development Expert / Leave a comment

Blog PhotoPhiladelphia’s #1 Realtor and Real Estate Company is proud to announce a bold transformation of its own!

As of November 12th, 2013, Prudential Fox & Roach Realtors is now Berkshire Hathaway Home Services Fox & Roach Realtors.

With the cabernet and cream renovation, you are still and will always be promised professional and committed service, along with the same first rate expertise knowledge and experience. Rest assured, while the name might be different, the quality of service provided will be the same.

Look for our new signs, designed with cabernet and cream colors!

If you have any questions or concerns about this exciting news and what it will mean for you specifically, please contact me at any time at Jonesti@mccannteam.com.

Help Keep the Philadelphia Ten Year Tax Abatement in Effect!!

/ Jim Onesti, Realtor, Development Expert / Leave a comment

The Greater Philadelphia Association of Realtors has been lobbying on your behalf to save the ten year abatement! Today at City Council’s first session back from summer recess, Councilman At Large, W. Wilson Goode, Jr. brought his bill#120651 up for final vote. However, because of the tireless efforts of GPAR leadership and volunteers in conjunction with our coalition partners such as the Building Industry Association, the Development Workshop, other concerned citizens , and your contributions to RPAC (the Realtor Political Action Committee), we have AGAIN  beaten back efforts to dismantle the Ten Year Tax Abatement on new and renovated construction.  

 A recap of Thursday’s events:

Councilman Goode, Jr. called for a vote on his dismantling of the Ten Year Abatement.  Our collective, hearty lobbying efforts caused Councilman Greenlee to move to “table” the bill. Councilman Bill Green gave a great speech on behalf of keeping the abatements as is. He articulately began naming a myriad of projects that have utilized the Ten Year Abatement to bring new residents into the City and retain residents who could have chosen to move out. Had it not been for these abatements would these projects have reached fruition?  The motion to table passed overwhelmingly.

This is a victory BUT our work is not yet finished. Councilman Goode Jr. in his final speech stated that he will call the bill up for a vote every week until it passes, and his “friends” from Fight for Philly, who filled chambers chanting for more funds for the schools, will be there as well. 

WE NEED TO KILL THIS BILL ONCE AND FOR ALL!!!!!

Indeed, GPAR is actively promoting a bill to extend the abatement in more challenged areas of the city where the current abatement has not yet spurred interest in development/renovations. Please visit the Ten Year Abatement website below and email, call, visit Council – Urge them VOTE NO on Bill 120651 

HELP keep the Philadelphia Ten Year Tax Abatement in effect – it is available to EVERYONE. It promotes new construction, renovations, jobs, and strongly aids in broadening Philadelphia’s tax base.  Visit phillytaxabatement.com

For more information contact Jim Onesti 215.440.2052 or jonesti@mccannteam.com

Philadelphia AVI Update!

/ Jim Onesti, Realtor, Development Expert / Leave a comment

As you know the AVI Actual value Initiative affects the value of homes and is the basis for our real estate taxes. GPAR has and is continuing to work with City Council on various pieces of legislation that would protect homeowners from tremendous increases in their real estate taxes.

The link below will show 3 forms for you to distribute to your clients who may need some form of relief of the tax burden:

1.     Senior Tax Freeze (filing deadline January 31, 2014) – Your real estate taxes are “frozen” at the 2013 amount. To be eligible, you must be low income (less than $23, 500 in annual income if single; $31,500 if married) and over 65 (or be a widow/widower over 50 whose deceased spouse was over 65).

2.     Homestead Exemptions (filing deadline September 13, 2013) – $30,000 is deducted from the assessment from owner-occupied residences. Applications were sent to all homeowners late 2012. You can check to see if you have applied by visiting: http://avicalculator.phila.gov  type in your address and under Property Information, verify that “YES” is under Homestead. If “NO” then complete attached form.

3.     BRT Appeal – (filing deadline October 7, 2013) – If you believe that the assessment is truly inaccurate as determined by the OPA (office of Property Assessment) you can appeal to the Board of Revision of Taxes. While on appeal, you will pay your real estate taxes at the 2013 rate with no interest and penalty accruing until the BRT rules on your case.

Click on this link to find forms. http://gpar.org/images/uploads/tax_assessment_application_201308291427.pdf

For more info contact Jim Onesti. 215.440.2052 or jonesti@mccannteam.com

*Info courtesy of GPAR*