15 New Homes coming to Front and Dickinson

I just sold a fantastic lot to one of my Developers at Front and Dickinson Street in The Pennsport section of Center City Philadelphia. Fifteen homes will be built, delivery Spring 2017. Each home will have Garage Parking, 10 year tax abatement, Roof deck and 2500-3200 square feet. There are corner homes available as well. These 4-story homes will have amazing views and top of the line finishes throughout. Contact me for details and to reserve a unit. Jimconstruction-plans-and-hat

Incredible New Development Opportunities!

2209-15 League Street. Graduate Hospital!! 3 continuous lots and a shell. $675k

22XX Greenwich, Point Breeze – Coming soon! – $45k

Francisville Lots: 833-835 N 15th Street + 837 N 15th Street + 1437 Parrish Street
(ZONED IRMX which allows multi-family with NO commercial requirements!!!)
833-835 N 15th St – $119,000.00  –  837 – $89,000.00  – 1437 Parrish – $99,000.00

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For more information or to make an offer today contact
Jim Onesti 215.440.2052 or jonesti@mccannteam.com
BHHS Fox & Roach, McCann Team 215.627.6005 Main 

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*

 

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