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.

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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

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

With Economic Improvement Comes Higher Interest Rates…

1For months, the financial markets have been focused on the question of when the Federal Reserve will begin to scale back its massive bond buying program.

On Wednesday, comments from Fed Chief Bernanke and the Fed Minutes (the details of their internal meeting that gets published) caused investors to think that the tapering may begin sooner than expected.

The acknowledgment that Fed officials believe that economic growth actually could pick up quickly enough to justify a reduction in monetary stimulus was encouraging, but it was bad news for mortgage rates.

The rate sheet reflects rates that have not been up to this level since around the same time last year, ironically enough.

One of the primary goals of the Fed’s bond buying program is to to keep mortgage rates low to stimulate the housing market and boost the economy. To this end, the Fed currently purchases the vast majority of newly issued mortgage-backed securities (MBS) each month.

Since mortgage rates are mostly determined by MBS prices, this enormous demand from the Fed has helped mortgage rates decline to historically low levels.

Publication1The Fed’s MBS purchases will eventually end, however, and this week’s Fed comments raised investor concerns that this will take place sooner than previously expected.

On Wednesday, Bernanke acknowledged that there is a chance that the Fed could begin to taper its MBS purchases at one of its “next few meetings”, based on economic conditions.

So the overall feeling that the economy is continuing to recovery is good news, but with this improvement will come higher interest rates.  While this is about as high as we’ve seen in about a year this still reflects historically low mortgage rates.

I hope everyone enjoyed their Memorial Day weekend. Above is a striking picture of Pearl Harbor as we remembered all our heroic men & women who have served in our Armed Forces this past weekend.

Courtesy of Jason Griesser, Trident Mortgage

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

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

Mike McCann is Featured on CNBC’s Power Lunch!

Mike McCann on CNBCMike McCann “The Real Estate Man” spoke on CNBC’s hit show POWER LUNCH about the real estate market and real estate trends in Philadelphia.

McCann is the broker and team leader of one of Philadephia’s top Real Estate teams and works in all areas of the metro area, and spoke about the values in some of Philly’s hottest neighborhoods.

CLICK HERE TO WATCH THE VIDEO!!

Mike McCann 215.440.8345 – Jim Onesti 215.440.2052 – Office 215.627.6005
Prudential Fox & Roach Realtors – 530 Walnut St # 260 – Philadelphia PA 19106