Great Info On The 10 Year Tax Abatement Discussion!

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 jonesti@mccannteam.com
Information courtesy of
Natalie KostelniReporter- Philadelphia Business Journal

Mr. New Construction Does it Again!!

23After 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

23bThis 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 23cparking, 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!

CLICK HERE to learn more about the many developments I have SOLD OUT!

McCann Team
Berkshire Hathaway HomeServices – Fox & Roach Realtors
McCann Team – 530 Walnut Street – Suite 260 – Philadelphia PA 19106
215.627.6005 Main – 215.440.2052 Direct – jonesti@mccannteam.com

Jim Onesti & The McCann Team Bring You ANOTHER Investor Success Story!

1
Just last year we found our developer clients a phenomenal and rarely offered Northern Liberties buy! It consisted of a great piece of land located at 973-75 N 5th and 1004-12 N Orkney Streets.

Not only did we help them find and purchase the site but we also successfully guided them through the zoning and permit process. In addition to our vast development knowledge we also assisted in everything from designing to branding and marketing these homes.

2While in the process of building these seven brand new, astounding new construction homes, we were able to pre-sell six of them- months before completion!!! Our client paid just around $100k per lot and sold them for a whopping $520k to $620k each!

We love working with investors and developers and there is nothing that we don’t know about this business. This is just one of the many amazing success stories that we are able to tell!

If you would like more information about our marketing plan, our vast knowledge and experience or our proven marketing plan and track record contact me today!

3We always have lots and fixer uppers for sale in and around Center City and the surrounding areas. Many of our lots come with zoning permits and approvals.

We would love the opportunity to share your success story so contact me today!

Jim Onesti, The McCann Team Berkshire Hathaway HomeServices
215.440.2052 – jonesti@mccannteam.com

Land and Shells NOT ON THE MLS!!!!

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

 

Jim Onesti

BHHS Realtors   Fox & Roach

McCann Team

 

 

 

 

New This Week…

The median list price in Philadelphia this week is $279,900.
Demand measured by the Market Action Index is increasing and days-on-market is trending downward.
Even as more properties come available, these are positive trends for the market.

Publication1

For a summary report please CLICK HERE!

For a market update report please CLICK HERE!

For more information or to sign up to receive weekly updates delievered right to your inbox please contact
Jim Onesti. 215.440.2052 or jonesti@mccannteam.com

Philadelphia AVI Update!

As you know the AVI Actual value Initiative affects the value of homes and is the basis for our real estate taxes. GPAR has and is continuing to work with City Council on various pieces of legislation that would protect homeowners from tremendous increases in their real estate taxes.

The link below will show 3 forms for you to distribute to your clients who may need some form of relief of the tax burden:

1.     Senior Tax Freeze (filing deadline January 31, 2014) – Your real estate taxes are “frozen” at the 2013 amount. To be eligible, you must be low income (less than $23, 500 in annual income if single; $31,500 if married) and over 65 (or be a widow/widower over 50 whose deceased spouse was over 65).

2.     Homestead Exemptions (filing deadline September 13, 2013) – $30,000 is deducted from the assessment from owner-occupied residences. Applications were sent to all homeowners late 2012. You can check to see if you have applied by visiting: http://avicalculator.phila.gov  type in your address and under Property Information, verify that “YES” is under Homestead. If “NO” then complete attached form.

3.     BRT Appeal – (filing deadline October 7, 2013) – If you believe that the assessment is truly inaccurate as determined by the OPA (office of Property Assessment) you can appeal to the Board of Revision of Taxes. While on appeal, you will pay your real estate taxes at the 2013 rate with no interest and penalty accruing until the BRT rules on your case.

Click on this link to find forms. http://gpar.org/images/uploads/tax_assessment_application_201308291427.pdf

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

*Info courtesy of GPAR*