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

Fully Approved Developer Opportunity in Fishtown!!

This project is ready for an investor to pull permits. Over one and half years have gone into drawings, meetings, streets department and zoning.

Property is approved for 16 units, 1-commercial restaurant and 15 residential units with 1-1 parking for residential units.

22,000 square feet building with plans for a green roof with common roof deck, dog walk and elevator service throughout.

Plans are available for review!  Asking $1.8 million.

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

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

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