4 Amazing Development Opportunities!!

Not yet on the MLS

1713 S. 9th Street. Passyunk Square. Huge 2 story corner home with GARAGE, deck, 4 bedrooms and two baths. Needs updating but in great condition! Asking $225k

1318 S Opal, Point Breeze, $79k. Two stories, needs complete renovation.

1320 S Cleveland, Point Breeze, $89k. Two stories, needs complete renovation.

14 lots in Northern Liberties, fully approved for town homes with garages and parking. $150k each!

Contact Jim Onesti for more info. 215.440.2052 or jonesti@mccannteam.com
BHHS Fox & Roach Realtors & The McCann Team. 215.627.6005

When We Tell You A Deal is a Home Run You Should Listen!!

CoverLast year we had a 31 property package of Graduate Hospital homes listed at $8 million.

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!!!!

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Property Tax Assessment Appeal Deadline Is Just Around The Corner!

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
Matthew Peters
James Onesti
Stephen Onesti
Telephone: 215-238-1911
Fax: 215-238-0414
http://www.psrag.com

Northern Liberties is on FIRE!!

As most people know, Northern Liberties is on fire!  We are now selling single lots for $160k EACH!!

The Growth has spilled one block north into 19122 and this area is going through a tremendous transition!

You can still purchase single lots between $50k and $75k in 19122 and we are now selling 3 story new construction homes for $400k-$420k.

Currently There a few large developments getting close to breaking ground in 19122 and once they do, we anticipate further development and we feel land prices will rise because demand will rise significantly.

19122 is a great place to buy NOW before its too late…

Here are a few available projects:
– 1631-33 Cadwallader street.  two lots. 16’ x 71’ and 16’ x 74’   $45k each.

– 14XX-14XX Germantown ave.  5 lots that run street to street allowing two car parking in the rear of each new home.
$69k each for the four larger lots and $39,900 for the smaller 5th lot.

– 2027 & 2029 Huntington st. THESE two are FISHTOWN lots, 19125, but they are a great value! $40k each.  16’ x 60’ and 17’ x 60’

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