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 firstname.lastname@example.org
Information courtesy of
Reporter- Philadelphia Business Journal
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
This 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 parking, 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!
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Berkshire Hathaway HomeServices – Fox & Roach Realtors
McCann Team – 530 Walnut Street – Suite 260 – Philadelphia PA 19106
215.627.6005 Main – 215.440.2052 Direct – email@example.com
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 firstname.lastname@example.org
Here are a few deals not on the MLS!! Act fast before its too late !
17xx Latona Point Breeze $115,000 potential resale $250,000
1329 s Hicks Point Breeze/New Bold $115,000
13xx Cumberland Street Temple University $700,000 16 unit Building with 4 additional lots 1/2 a block from Broad Street
Fishtown Lot with zoning approvals for a new home!! $69,900
BHHS Realtors Fox & Roach
Philadelphia’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.
CHECK OUT THESE STATS!!
Provided by Kevin C Gillen of The University of Penn.
For more information contact Jim Onesti. 215-440-2052 or email@example.com
13XX S Opal Street
Point Breeze Shell
NOT ON MLS!!
Call today for more info!
Jim Onesti 215.440.2052
We have 6 fixer uppers for sale!
Not in the MLS – All are fixer uppers!
Each listed for $29,900 – All in HOT Point Breeze Area!
Can be sold individually or as a package!
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Jim Onesti. 215.440.2052
Not on the MLS yet!!
Two Graduate Area Triplex’s For Sale!
Each lot size is 17×70. Each is listed for $225k!
Knock Down & Build New OR Keep As-Is and Fix Up!
For more information or to make an offer contact Jim Onesti today!!
215.440.2052 or firstname.lastname@example.org
Attention investors..we have a 3-story fixer upper in Queen Village, Center city, near 2nd and Christian Street …act now, it will not last…. asking 235k.
can be rehabbed into a three bedroom 2 bath beauty…
Contact Jim Onesti, The McCann Team, Prudential Fox and Roach Realtors for details….