Point Breeze Fixer Upper (NOT ON THE MLS!)

construction-plans-and-hat1318 s. Opal street
(19th and Wharton)

$29,900
15.5 x 35 – Two story home
Needs complete renovation!
POSSIBLY NEEDS to be TORN DOWN!

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

4 Passyunk Square shells for sale… NOT in the MLS

Rare Opportunity!!

Four consecutive 2-3 story shells for sale in HOT Passyunk Square area…
11XX Emily street…. Permits included!1132 emily photo
Zoning permits and building permits were issued on 10/29/13 and are currently active.

The building permit is for four single family homes, two stories in height.  Interior renovations, new structure and exterior renovations are all part of the building permit scope.

The zoning permit is for a single family use, which required a variance, and partial demolition of the existing structure with the erection of a 6 foot fence.

The current structure is 33′ tall, and sits on slab with no basement.Pictures below! Resale values for 3-story homes at this location are very strong!!

Asking 149,900 each….Permits included!!
132 emily interior 1132 emily photo 132 emily interior
 

New Philly Rehab Deals!!! February 2014

Thank you to all of our clients who keep bringing us great deals!!

New rehab and new construction deals for sale:  cropped-jim-81111-030.jpg

2 lots, street to street, Northern Liberties, $212,500 each, potential resale $700,000 ea. River views,

2 car garages!

Passyunk Square, 2 story fixer upper on the North side of the neighborhood, 100k!! potential resale 325k. HOME RUN

Fishtown, 9 lots, 110k each, Build 9-New Construction homes at a great location in one of the hottest locations in Philadelphia. potential resale 475k each

For more information contact Jim Onesti, Mccann Team, BHHS Fox & Roach Realtors    jonesti@mccannteam.com

#1 Real Estate Team in Philadelphia   ~  Over 600 settled transactions in 2013!! cropped-kit1.jpg

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