RED BELL BREWERY For Sale!!! 1500-36 N. 31st (Not on MLS!)

red bell
This is a 210,000 sq. ft. clean shell. Former commercial use (not heavy industrial).

It could accommodate 150+ apartments or condos.

It is north of Girard in a HOT area.  Asking price $2.1 mil.

To download more information, please CLICK HERE!!
Jim Onesti – 215.440.2052 or jonesti@mccannteam.com

Great Info On The 10 Year Tax Abatement Discussion!

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 KostelniReporter- Philadelphia Business Journal

New This Week…

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

Jim Onesti & The McCann Team Bring You ANOTHER Investor Success Story!

1
Just last year we found our developer clients a phenomenal and rarely offered Northern Liberties buy! It consisted of a great piece of land located at 973-75 N 5th and 1004-12 N Orkney Streets.

Not only did we help them find and purchase the site but we also successfully guided them through the zoning and permit process. In addition to our vast development knowledge we also assisted in everything from designing to branding and marketing these homes.

2While in the process of building these seven brand new, astounding new construction homes, we were able to pre-sell six of them- months before completion!!! Our client paid just around $100k per lot and sold them for a whopping $520k to $620k each!

We love working with investors and developers and there is nothing that we don’t know about this business. This is just one of the many amazing success stories that we are able to tell!

If you would like more information about our marketing plan, our vast knowledge and experience or our proven marketing plan and track record contact me today!

3We always have lots and fixer uppers for sale in and around Center City and the surrounding areas. Many of our lots come with zoning permits and approvals.

We would love the opportunity to share your success story so contact me today!

Jim Onesti, The McCann Team Berkshire Hathaway HomeServices
215.440.2052 – jonesti@mccannteam.com

New Name, Same Outstanding Service!

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.

Fantastic Development Opportunity!

I have 5 lots not on the mls! Between 3rd street and 4th street, 3 blocks north of Northern liberties in 19122.

This area is on fire!  New construction is now selling for $370k-$425k.

All 5 lots run street to street! The homes can have two car parking each. There is new construction all around this block.

Aasking $69k ea. They are zoned C2 and need to be taken through zoning.

These homes would be 2500 sq ft+/- with two car driveways.  Resale $375k each.

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

New Construction Specialist!!

As many of you already know, I have specialized in New Construction Developments for over 12 years – FINDING the site for my developer clients, DESIGNING the project and SELLING the finished product. In the Center City Philadelphia area I have been involved with over 250 New Construction Projects. Being the Knowledgeable and “HANDS ON” during Every Phase of the project has been our key to SUCCESS!!

If any of you ever need any guidance or an opinion on your Current or Future Development please do not hesitate to contact me. My Staff and I are willing to share our time and expertise with you.

Jim Onesti,  Mccann Team, Prudential Fox & Roach Realtors   215-440-2052   215-627-6005  Jonesti@MccannTeam.com