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

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

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

Good news for Home Flippers! FHA loosens Guidelines! www.PhillyRealEstateInvestorDeals.com

FHA says flip away — within limits

Temporary waiver of 90-day ‘anti-flipping’ rule extended through 2014

Inman News®

<a href="http://www.shutterstock.com/pic.mhtml?id=50051356" target="_blank">Foreclosure sale</a> image via Shutterstock.Foreclosure sale image via Shutterstock.

Good news for single-family home investors, rehabbers and buyers seeking to use low down payment FHA financing: The temporary waiver of FHA’s 90-day “anti-flipping” rule was extended last week through 2014.

The waiver, which facilitates purchases of homes from sellers who have held title to their properties for less than 90 days, continues a policy first adopted by the Obama administration in 2010.

Starting in 2003, FHA had imposed the 90-day standard as part of an effort to rein in rampant quick-flips of houses where investors made minimal or no improvements to rundown, foreclosed or abandoned houses, then sold them days or weeks later at high price markups with the help of inflated appraisals to purchasers using FHA loans.

Those flips frequently involved collusion and fraud by teams of mortgage loan officers, realty agents and appraisers — even straw buyers who defaulted and disappeared without making a single payment — and racked up significant losses to FHA’s insurance fund. Neighborhoods suffered because the properties remained empty and in bad physical condition, depressing values of houses in the immediate vicinity.

Since 2011, FHA has made annual extensions of its waiver. This year, an FHA official told me Friday, the agency opted for a two-year term in order “to provide greater levels of certainty” for lenders and buyers, removing questions about whether, and for how long, the waiver would be continued. Since the first waiver in 2010, according to the official, FHA has successfully insured $11 billion worth of mortgages on 65,250 homes where the seller had held title for less than 90 days.

In a Federal Register notice Nov. 29 announcing the extension, Acting FHA Commissioner Carol J. Galante said the objective is to increase “the availability of affordable homes for first-time and other purchasers, helping stabilize real estate prices as well as neighborhoods and communities where foreclosureactivity has been high.”

Among the key requirements that will continue during the latest waiver:

  • All transactions must be arm’s-length, with no identity of interest between the buyer and seller or other participants. Lenders are required to ensure that the seller actually holds title to the property. (In earlier flipping schemes, buy-sell transactions sometimes moved so fast that the seller never acquired legal title.) There should be no “pattern” of previous flips of the property during the 12 months preceding the transaction.
  • In cases where the sales price of the resold property is more than 20 percent more than what the seller paid for it, there must be documentation showing the renovations and repairs that justify the markedly higher resale price. A second appraisal may be used to substantiate the increase in value, but the second appraiser must be selected from FHA’s roster. When no significant renovations occur and the price is 20 percent higher than acquisition, the appraiser must provide “appropriate explanation” for the sudden increase.
  • Inspections are required of all the key components of the building structure and systems when price jumps exceed 20 percent. The inspection report must be provided to the purchaser before closing. If the inspection reveals structural or “health and safety” defects, repairs must be completed before the closing and a final inspection performed to ensure that the repairs have been made.

Real estate professionals and others involved in single-family investment activities welcomed the latest extension and its two-year time span. Kevin Kim, an agent with Windermere Preferred Living in Brea, Calif., said “this definitely benefits my investors, but it’s also good for communities” where high rates of foreclosure have left properties sitting around in deteriorating conditions.

Kim said most of his investor clients do not exceed the 20 percent price-increase threshold — “typically it’s more like 10 to 12 percent” — but they virtually all try to acquire, renovate and resell in less than 90 days.

Cathy Bureau, broker-owner of Green Home Realty in San Antonio, Texas, who specializes in the central areas of the city, says FHA’s two-year extension assures investors that there will be takeout financing for buyers, thereby cutting costs on the “hard money” line of credit financing they use to acquire their houses. At interest rates of 14 to 16 percent, “every day costs money,” she said, so for investors the ability to sell quickly after completing repairs is crucial.

Ken Harney writes an award-winning, nationally syndicated column, “The Nation’s Housing,” and is the author of two books on real estate and mortgage finance.