Incredible Development Opportunity!

2 story shell with approvals for a rear two story addition, 3rd story addition, AND a roof deck!
Run the numbers…this deal works!
Surrounded by new construction all around!
Walk to Graduate, Rittenhouse, Center City, Broad Street and so much more!

1846 Reed in rapidly developing Point breeze Area. Listed at just $78k! Won’t Last!

For more information or to make your offer today contact Jim Onesti. 215.440.2052 or jonesti@mccannteam.com

New This Week in Philadelphia…

The median list price in Philadelphia this week is $189,900.

The Market Action index has been trending down lately, while days-on-market is climbing,
providing mostly bearish signs for the market.

Publication2

For this weeks summary report CLICK HERE!

For this weeks update report CLICK HERE!

For more information or to sign up to have these reports sent directly to your inbox, contact Jim Onesti 215.440.2052 or jonesti@mccannteam.com

LOTS and Fixer uppers in Center City Philadelphia, Northern Libs, Fishtown and other ares- NOT IN THE MLS !!

richmond

We replenished our inventory and now have several development sites, Lots, shells, Fixer uppers and wholesale deals in and around Center City Philadelphia…

HURRY, because as we all know they get absorbed quick…

 

Jim Onesti- Realtor   jonesti@mccannteam.com

McCann TEAM, Prudential Fox & Roach Realtors

530 Walnut Street #260

Meredith School District HOME/ and or LOT for sale!! 627 Catharine!!! NOT IN MLS. Build your Dream home

Build your Dream home in Bella Vista/Queen Village, in the Meredith School District…

17 x 75 foot lot for sale with zoning approvals to build a 3-story, 3000 square foot custom home  $399,900

OR   cropped-jim-81111-030.jpg

Our Builder client will build you your dream home, total sale price $999,900

Contact Jim Onesti, McCann Team, Prudential Fox & Roach Realtors for details!!

215-440-2052   215-627-6005

jonesti@mccannteam.com

Jim Headshot Flyers & Print

Great new shell listing in HOT HOT area of Center City Philadelphia!!! Not in MLS!!!

2515 Manton street for $39,900. near 25th and Federal.

This area is on fire!  every builder and developer is buying land, building homes and rehabbing shells…the rents are amazingly high…we recently rented a small 3 bedroom on 2600 Manton for $1100+/month!!!  Very close to center city… call for details

Jim Onesti    McCann Team     Prudential Fox and Roach RealtorsJim Headshot Flyers & Print

Interest Rates still at historically low levels!!!!!!!!!!!! But for how much longer?


photoAnother week of strong economic data would normally push mortgage rates a little higher, however, rates recovered some ground instead and ended the week slightly lower. The big report this week was a very strong Retail Sales report. This report is always watched very closely as a major economic indicator due to Retail Sales accounting for about 70% of 
all economic activity in the US. This kind of strong economic growth should support continued improvement in the housing market.
Regarding some day-to-day stuff…it is normal this time of year to see pending closing dates on agreements of sale going into the summer. Often the pending close date is outside the free 60 day rate-lock period Trident honors. (which is nice considering most banks/lenders/brokers will only lock for 30 days for free) In these extended closing date cases we can lock the rate for longer than the standard 60 days, but there are costs associated with this option. Typically the cost is about .5% of the loan amount for every extra 30 days needed in the rate-lock period. While the buyer will always have this option to pay to lock-in we’ll also track the rates closely for your clients if they choose not to lock-in and patiently wait until they’re within the 60 day free rate lock period.cropped-2.jpg

The REAL, Real Estate Recovery is in full swing!!!

Great article from Prudential Fox & Roach Realtors CEO, Larry Flick  http://blog.prufoxroach.com/2012/10/26/fall-winter-2012-chairmans-report-its-real-its-now/

It’s Real…It’s Now!

It’s real.  Our real estate market has definitely turned the corner. Year over year pended sales have been ahead each month since April 2011, and home prices leveled out at the end of that year as well.

Data aside, the activity we’ve seen in 2012 shows that the pent-up housing demand from those five challenging years is now being unleashed. As we move forward, I believe our economy and real estate market will continue to grow at a slow and steady pace. Why?

  • Over the past five years, many potential buyers experienced life events, both good and bad, that would have prompted them to buy a new home. They held off because they were concerned about the economy and how it might affect their employment or future earnings. Now, homebuyers are overcoming these hesitations, gaining confidence, and deciding it’s time to find the house that meets their present needs.
  • Consumers are now confident that prices have stabilized.
  • Interest rates are unbelievably low, and will rise as the economy improves.

.

Finally! Blumenfeld Buys the Divine Lorraire Hotel- North Broad Street Philadelphia

  • To no one’s surprise, developer Eric Blumenfeld has acquired the title to the Divine Lorraine Hotel, Philadelphia’s most famous abandoned building and the endlessly fetishized subject of photo essays, movies, academic papers, citywide debates, cultish adoration, and mayoral declarations about the city’s renewal. Indeed, it’s not a stretch to say that this building, more than any other in Philadelphia, has exerted an almost hypnotic hold on the city’s imagination.

Despite rumors of other interested bidders, it became clear rather early on that Blumenfeld, son of real esate magnate Jack Blumenfeld, was on the inside track. He garnered City Hall’s support due to his proven track record on North Broad, where despite the skeptics, he took an abandoned building and turned it into 640 North Broad, an apartment building with Marc Vetri’s destination restaurant Osteria. (Now he makes $2 million a year from that building alone.) He converted the Wilkie Buick dealership into into another foodie haven: Stephen Starr‘s Route 6 and Vetri’s Alla Spina. He’s bought other properties along this stretch that he has big plans for, including the Metropolitan Opera House. More than anyone else in Philadelphia, Blumenfeld has made it his mission to transform a rather desolate, ignored area into the next Place to Be.

Blumenfeld’s plan for the building, according to the latest Inquirer piece, is to have 125 loft apartments, as well as new restaurants on the bottom two floors. Rumors have been swirling for weeks that Iron Chef Jose Garces—who owns 15 restaurants in Philadelphia, Palm Springs, Chicago, Scottsdale and yes, Atlantic City.