two new rehab deals
1. point breeze 1320 s cleveland street 89k vacant
We estimated the package to be worth $10 million IN AS-IS CONDITION and with value added it would be worth closer to $13 million.
These properties have all recently sold and settled, with most of them in as is condition and most for an average sale price of $400,000++ per property!!
With demand in the Graduate area extremely high and inventory extremely low, this was definitely a once in a lifetime opportunity!!!!
An over assessed property can cost property owners and tenants several thousand dollars in additional taxes annually.
Negative impacts of an over assessed property: Lower net operating income if the real estate taxes are not reimbursed by the tenants. Tenants have numerous choices in today’s real estate market and consider not only the initial face rent but the pass through expenses when choosing a location for their business.
The additional real estate taxes from over assessment can result in a lower face rent for the property. Landlords may have trouble obtaining or retaining tenants due to the high real estate tax burden due to over assessment when the real estate taxes are passed through to the tenant. Lower value when selling the property or obtaining an appraisal for refinancing.
Bottom Line…an over assessed property costs you money!
The initial cost of properly preparing an appraisal report as well as the cost of obtaining legal counsel for the tax appeal hearing may seem costly at first and expenses sometimes exceed the first year’s tax saving. However, these tax savings will continue in the following years and the future benefit will far outweigh the initial cost.
Last year 579,000 properties were reassessed in the City of Philadelphia to establish “fair and accurate” market values. Unfortunately, not all properties received a “fair and accurate” value causing the derailment of commercial real estate deals as well as shocking commercial property owners with overwhelming tax increases based on an incorrect assessed market value of the property. Even though, not as dramatic the four suburban counties of Bucks, Chester, Delaware and Montgomery have widely divergent assessed market values.
Philadelphia Suburban Realty Appraisal Group welcomes the opportunity to provide you and your clients with a proposal for commercial real estate appraisal services to support your property assessment appeal. The Philadelphia Suburban Realty Appraisal Group is a team of professional commercial real estate appraisers that can determine the realistic market value of your commercial real estate. If you are one of many commercial real estate property owners paying taxes based on an overvalued property you need to act soon. Call TODAY to find out how they can help! Their appraisers work with attorneys, tax consultants and private property owners to produce accurate and reliable appraisals to bring about fair tax assessments.
For more information contact:
Joseph Vizza, MAI
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.
After 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
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!
Berkshire Hathaway HomeServices – Fox & Roach Realtors
McCann Team – 530 Walnut Street – Suite 260 – Philadelphia PA 19106
215.627.6005 Main – 215.440.2052 Direct – firstname.lastname@example.org
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.
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 email@example.com
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.
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