What is going on at Octo?! A new beer garden?!? SWEET!

 Morgan's Pier Announces Summer BBQ Chef Series

The hits keep on coming with Morgan's Pier, as today brings the exciting announcement that they'll be hosting a few famous local chefs to do a BBQ series this summer. Mike Solomonov (Zahav, Federal Donuts), Kevin Sbraga (Sbraga, Top Chef), and Terence Feury (Fork) are scheduled to each do a day of their own BBQ specialties on the pier. Little Baby's Ice Cream will have their trademark tricycle at the pier everyday, in addition to a free-standing hot dog stand. The tap list will feature 20 rotating drafts from regional breweries.
You can't have an Avram Hornik spot without live music, which they seem to have covered pretty well. R5 Productions' Sean Agnew is curating a free Saturday concert series, and each and every Sunday, the Sundae Open Air Party will make a home at Morgan's Pier. DJ Dave P is also setting up a lineup of international DJ acts that will make appearances throughout the summer. Looks like Morgan's Pier is shaping up as the place to be during the dog days of summer.

Dave Katz Releases Morgan's Pier Menu, Opening 5/25

In what's becoming an All-Star partnership on the waterfront, Chef David Katz of Mémé has paired up with Avram Hornik to develop the menu at the upcoming Morgan's Pier. Katz won't be working the line, but he's helping out Hornik with the development, as well as finding a full-time chef for the project.
"Avram's a friend, and he needed some help, so I stepped in," Katz told Eater. "He's a good guy, and the project is cool. But, I won't be on the line, I've got a restaurant to run."
Katz's menu is full of grill-ish foods, like burgers, tacos, pulled pork sandwiches, and popcorn shrimp. There's something for just about everyone, as Katz has numerous veggie options, too, like grilled fruit and corn, and fried Jersey tomatoes. The debut for the outdoor beer garden (and Katz's awesome menu) is next Friday, May 25th.

 Check out their menu HERE

Morgan's Pier is the name attached to Avram Hornik's new project on the waterfront. Replacing what was once Octo and previously Rock Lobster, Morgan's Pier is going for the beer garden vibe and backyard grilling style cooking. Hornik also told The Insider he's in talks with a "name-brand" chef to run the kitchen. Let's hope this concept sticks, as no previous owner has been able to bring in crowds to the surprisingly challenging location, even though the river provides a pretty backdrop to the space.
No timeline yet for the opening of Morgan's Pier, which is named for the first man to cross the Ben Franklin Bridge (George C. Morgan), which looms over the horizon above the bar.
Hornik has been on a roll of late, opening Philly's favorite new music venue, Union Transfer, and is the man behind the upcoming reboot of Ortlieb's in Northern Liberties.

Please call the Owner for showings

Some homeowners believe they can sell their home on their own.  While it's not impossible, it can be frustrating and time consuming for the homeowner and for any professional agent. The average person doesn't understand what is actually involved in a home sale or how they need to respond and react to potential Buyer's or their agents.

Some "savvy" FSBOs will spend money to have their home added to their local multiple listing service also called an MLS.  A listing service is a database that is used by professional agents to publish the clients homes and where agent look to find homes for their Buyer's.

Now, as many of my readers know there are LOTS of homes available and I spend many hours and countless weekends working for my Buyer's and showing them the best properties on the market.  Would you, as an agent, take any more time with this Seller?

For your reading pleasure, I submit to you...

"Please Call The Owner For Showing Instructions..."

On the MLS printout it reads, "Please call the owner for showing instructions."

A 13 year old boy answered.  I asked for X and this was his response...

"My dad went to get new tires on his car, do you want me to call him?"

Me: "I just want to show the house, so if that's what you need to do, yes."

13 year old: "The garage sales are going to be going all day, you're not calling about that are you?"

Me: "No, the house YOU are in is on the mkt and I'm a Realtor with a buyer who would like to show your home."

13 year old: "Oh, ha ha, sorry sir. I don't live here. Hold on..."

Some other lady "Hello, is this David?"

Me: "No, this is Greg Nino with RE/MAX. I have a buyer and would like to show your home."

Some other lady: "I am so sorry. I'm X's sister-in-law, we're in town visiting. Let me call X's wife on her cell, she's with her daughter at Party City. I'll see what's going on and make sure somebody calls you... EXCUSE ME..... LONG PAUSE........... OH, hold on. Did you say you were X's Realtor, like the Realtor for THIS house?

Me: "No, I'm GREG NINO I'm trying to show THAT house, I don't work for the seller."
Some other lady: "Oh, okay. I don't really understand.. LOL. I just want to help. YIKES. Let me call X's wife.


That was 1 hour ago.

Do you think this homeowner is saving any money by attempting to do things on their own? On the MLS it reads: "Seller ANXIOUS to look at ALL offers." There's also a btsa. Bonus to selling agent of $2,000.00. That's extra commission to the agent who brings the buyer. I wonder if they should have spent that money on something else.


Thanks to Chris Somers for sharing this with me.  Here is the original posting.

Get a closer look here

You may have noticed the new on-ramp to 95N that is taking shape.  Here is a quick look into what they are doing.

• Reconstruction and widening of Richmond Street on its existing alignment between Aramingo Avenue and Cumberland Street;
• Reconstruction and widening of Richmond Street on a new alignment shifted east between Cumberland and Ann streets;
• Replacement of two (2) Conrail bridges over Richmond Street near Lehigh Avenue with four (4) separate structures with new Conrail tracks;
• Reconstruction, a half-at-a-time, of the Girard Avenue bridge over the northbound Aramingo Avenue spur;
• Extensive utility relocations along Richmond Street and adjacent streets to the west;
• Intersection improvements along Richmond Street at Girard Avenue, Cumberland Street, Sereant Street, Huntingdon Street, Lehigh Avenue, Somerset Street, Cambria Street and Ann Street;
• Deployment of Intelligent Transportation Systems (ITS) devices -- dynamic message signs, mtraffic cameras, travel-time sensors, etc. along arterial rouites adjacent to I-95 between the Broad Street and Betsy Ross Bridge interchanges to assist PennDOT and the City during traffic management operations.

Read more


Think digging in the dirt is fun? Then you'll really get a kick out of The Aramingo Canal Archaeological Finds.  

Check out how local archaeologists are rediscovering the Aramingo Canal.  Here...

10 Decorating Tips for a Stress-Free Home

Do you like stress?  I don't like stress, it's stressful.  Here's a good reason to do some low-cost redecorating: The choices you make can result in enhanced mood, less stress, and better sleep. To turn your space into a healing haven, follow these easy 10 decorating tips for a stress-free home.

IN THE ENTRYWAY
1. Create a feel-good focal point. The first thing you see when you enter your home should be something you love, whether that's a piece of art, a vase of flowers, or a special souvenir, says Stephanie Roberts, author of Fast Feng Shui: 9 Simple Principles for Transforming Your Life by Energizing Your Home. "A beautiful first impression helps you relax from the get-go."

2. Organize daily debris. If you see old newspapers on the floor and bags of Goodwill donations waiting to be dropped off, you're going to think obligation, not relaxation. "Piles of stuff at your entryway send the message that there's more mess and chaos inside, and who wants to walk into that?" Roberts says. "Have a designated place for every item that enters and exits your house," recommends Paige Rien, an interior designer in New Jersey appearing on HGTV's Hidden Potential. She suggests placing a couple of chic containers near the front door, one for outgoing items and one for incoming things.

IN THE LIVING ROOM
3. Create space. "Our anxiety builds in small spaces if there's too much stuff," says Rien. To reduce the clutter and make the room feel larger, ask yourself if you really need all those end tables or picture frames, and cut anything deemed nonessential. Consider painting a table or bookshelf the same color (or a similar one) as the wall it's up against, so it "disappears" into it. Painting walls white or a light color will also make a smaller room feel more spacious.

4. Light up locations, not whole rooms. "Bright overhead light can make it difficult to wind down at the end of the day. Think about how a casino's lights keep you revved up," says Katherine Grace Morris, PhD, a psychologist in Maryland who specializes in making over people's home and work environments. Use spot lighting for areas where you need brightness, such as next to the sofa where you read, and put overhead lights on dimmers. Also, switch to full-spectrum bulbs, which mimic natural light better than standard ones do. "They cost a bit more, but they're worth it because they create a more soothing natural atmosphere," says Dr. Morris.

5. Create pedestrian-friendly paths. "If you can barely get into a chair without banging your leg on the coffee table, or if the path from the sofa to the door is cramped, rearrange your furniture," says Roberts. "Not being able to safely and easily move about produces anxiety--not to mention an easy way to trip or stub a toe."

6. Simplify your color scheme. Use restraint with patterns and loud colors. If you mix patterns, keep their color schemes similar, and if you like lots of colors, keep patterns to a minimum. "If you have too many bright colors or high-contrast patterns in a room, your eyes are going to be drawn all over the place, making it difficult to relax," says Dr. Morris. Simple designs and colors, on the other hand, are soothing. "The less-is-more rule applies to shelves and tabletops too," adds Rien. "Don't fill them just because they're there. Instead, display just a few pieces that are meaningful."

7. Bring the outdoors in. Being surrounded by natural elements encourages friendlier interactions with others, found a University of Rochester study. For a more peaceful home, bring in a couple of houseplants or hang a mirror across from your largest window to maximize outdoor vantage points. If your view includes more buildings than trees, hang landscape photographs on the walls, says Roberts. 

 Read more...

Fishtown: Chili Cook-off Quickly Becomes Neighborhood Favorite

Fishtown residents numbed their tongues this past weekend with spicy chili to benefit neighborhood organizations. The Second Annual Fishtown Neighbors Association Chili Cookoff at 2424 Studios on 2424 E. York St. brought local food and drink enthusiasts to enjoy some of the area’s best recipes. Entrants of 10 different Fishtown restaurants and 15 Fishtown residents put their Crock-Pots full of homemade chili to the taste test.

FNA President Jill Betters helped establish the cook-off to fill a “neighborhood programming gap between December and the spring schedule,” and the chili cook-off was the idea that won.

“We have residents contributing their recipes, as well as restaurants, and we have beer donated by local nano-brewies,” Betters said, “The whole neighborhood has been involved.”


A panel of celebrity judges consisting of Pennsylvania 175th District State Rep. Mike O’Brien, City Paper Meal Ticket writer Drew Lazor and former Philadelphia Magazine food critic Joy Manning were chosen to grade each chili dish. In addition, patrons voted in the “people’s choice” category and elected their favorite chili recipes.

Melissa Yerkov (left) is assisted by friend, and fellow journalist, Hayden Mitman (right), with dishing out her homemade chili.

“We were very successful last year, and I think it’s [an event] we will put on for quite a while,” Betters said. Residential entrants Melissa Yerkov and Hayden Mitman, under the moniker “Feed Your Mind,” were first-time competitors, but Yerkov was sure her grandmother’s chili recipe could compete with the best.

“My family members are huge football fans, and we’re always getting complements on our chili, so I’m happy to enter my grandmother, Clara’s recipe,” Yerkov said. The proceeds of the cook-off help underwrite the formation of the new Riverwards Crimewatch, helping with startup costs of the new organization that aims to create a safer neighborhood.


 There were some other bloggers at the event.  Here's what they has to say.

Housing Set for Spring Recovery as ‘Fear Factor’ Fades

Five years after the U.S. housing bust sent sales and prices plunging, the spring home-buying season is pointing to a long-awaited recovery.

Reduced prices, record-low mortgage rates, higher rents and an improving job market appear to be emboldening many would-be buyers. 

Open houses are drawing crowds. A wave of foreclosures is leading investors to grab bargain-priced homes.

And many people seem to have concluded that prices won't drop much further. In some areas, prices have begun to tick up. 

Read More... 

The Happy Rizzi House is rediculous...

The Happy Rizzi House is a famous tourist attraction in the German city of Braunschweig. It was created in 1999 by American artist James Rizzi. This bricks-and-mortar work of art took two years to complete. It opened in Braunschweig’s historical Magni quarter in 2001 and adds a new facet to the appeal of the town.
 

 

 

 

 

 

 

 

 

 

 

 

 If you ask me, it looks like a toddler designed it.

Could you live in 344 sqft?

Architect Gary Chang created an innovative sliding wall system to make 24 room options in his tiny Hong Kong apartment.

Most impressive (other than 24 room options in 344 square feet!): All the eco-friendly attributes, the golden-tinted windows that add warmth (and happiness), and mirrored ceilings that make the room look larger and increase the light value in the the room.
What a genius, small-space inspiration!

If you could have moving walls and flexible room options, could you live like this? Or is this only a single person's dream?

If you would like to see larger homes in the area or simply just want to know whats going on in Real Estate Market today; visit my website ThePhillyKind.com

FNA is doing the Philly Spring Cleanup

Spring is in the air, and once again it’s time to clean up the neighborhood! Come to the check-in spot closest to you: 

Fishtown Rec Center (1202 E. Montgomery Avenue)
NKCDC Garden Center (Frankford & Berks)
Leotah’s Place (York & Coral)
Olde Richmond (Huntingdon & Aramingo)

Brings your gloves! As always, volunteers will be given a ticket to a special BBQ hosted by the great people at Philadelphia Brewing Company after the cleanup. For more information contact Tom Potts: 215-427-0350 x 119 or tpotts@nkcdc.org

Read More

Motorcycle and Scooter Parking Expansion

With rising gas prices and temperatures, more and more folks are opting for alternative transportation such as motorcycles and scooters.  Parking for cycles and scooters has always been difficult. Pennsylvania Law prohibits motor vehicles from driving or parking on sidewalks. The Philadelphia Parking Authority has established new parking zones to accommodate motorcycles and scooters in the area between Arch and Locust, Broad and 20 Streets. Only motorcycles and scooters are permitted to park in these zones, where the meter fee will be one-half the prevailing rate on the block. Motorcycles and scooters may not park on the sidewalk in that area. Doing so will result in a $76 fine.It is unlawful to park scooters and cycles on sidewalks

List of Motorcycle and Scooter Parking

Suze Orman Vs. Warren Buffett: Whose Real Estate Advice Should You Follow? (Hint...it's not Suze)

You know Suze Orman - she delivers hardcore financial gut checks to everyday Americans on a regular basis. In her latest book, The Money Class, she also recently delivered a pretty striking declaration: that the American Dream - which, for many, includes home ownership and upward economic mobility - is as dead as a doornail.

To back this up, she points to huge numbers of jobless and what she sees as the near impossibility of getting credit these days.

But you might also have heard of Warren Buffett. He just so happens to be the third richest human being on the planet.  In Buffett's most recent letter to his company's shareholders, he, too, made a striking declaration of his feelings about owning a home: "[h]ome ownership makes sense for most Americans, particularly at today’s lower prices and bargain interest rates."
And the Oracle of Omaha didn't stop there - he literally raved about home ownership, saying that "the third best investment I ever made was the purchase of my home." Now, that's a big statement from a guy whose investment decisions have earned him a net worth over $50 billion!
Suze says the American financial dream is dead. But Buffett says buy, and buy now.  Who's right?  (And who's wrong?!)

Orman is right that one extreme version of the American Dream is dead.  But not the traditional American Dream of owning an affordable home that appreciates over time. That basic premise of the value of homeownership is valid. But it may be valid for a smaller segment than ever before. Orman believes that renters should save, save, save up every penny and they may never be a candidate to own a home.

Buffett believes now is the time to purchase as affordability has never been better.  Buffet wins here; he's right that a home is a very strong investment, with abundant yields, both financial and emotional. And according to our latest survey, the American Dream of homeownership lives on in the hearts of the 72 percent of Americans who say owning the place they live is a part of their personal American Dream.

How can you make sure your exercise in owning a home is set up to be like Buffett's 3rd best investment (#s 1 and 2 were wedding rings, btw), rather than Orman's image of the American nightmare? Here are 3 basic steps Buffett urges every American who owns a home - or wants to - to include in their approach to home ownership.
1.  Ditch your "dream home" for a practical pad. When it comes to homes and mortgages, bigger is not always better.  What is better is to buy a home that makes sense for your family's future and its finances. In Buffettt's own words, "a house can be a nightmare if the buyer’s eyes are bigger than his wallet and if a lender . . . facilitates his fantasy."  Instead of buying dream homes, Buffett went on, the goal should be to buy a home you can afford.

2.  When you buy, plan to hold. Warren Buffett is worth $50 billion, and he still lives in the home he bought 52 years ago - for $31,500. Many Americans got caught in the housing crash when they took on mortgages they could only sustain for a short period of time, then weren't able to refinance as expected. Buffett's stock investing advice has long been to avoid making investments you can't hold for at least 10 years. Likewise, buying a home should be done with a long-term plan to avoid catastrophe when home values fluctuate in the short term. 

3.  Mortgages should have fixed, affordable payments. In his shareholder letter, Buffett points out that a housing company he holds has done vastly better than other real estate and mortgage industry players and attributes their success to the fact that "our approach was simply to get a meaningful down-payment and gear fixed monthly payments to a sensible percentage of income."
Buffett believes these two mortgage musts are the key to avoiding foreclosure, opining that "[i]f home buyers throughout the country had behaved like our buyers, America would not have had the crisis that it did. . ..  This policy kept [the company] solvent and also kept buyers in their homes."
Unless you are one of those rare buyers who know their income will increase by a predictable amount at a predictable point in time, like a lawyer prepping for partnership, a good rule of thumb is to stick with a fixed mortgage payment (including taxes and insurance) that's under 30 percent of your take home income.

P.S. - You should follow Mike on Facebook, too!

Can You Really Trust a Real Estate Agent?

There was a survey done (I’ll try to find it again and put it here) on the “trustworthiness” of various professionals (Doctors, Firemen, Real Estate Agents, etc). As you can probably guess, real estate agents landed just before car salesmen (thank God) and right after lawyers (ruh, roh)!
I know, you’re not even shocked. Everyone has a story of a crappy real estate agent who tried to cheat someone out of something (or who actually did). So there’s really no shame in asking if you can really trust a real estate agent.

What is a Real Estate Agent?
Salesperson
Yep. Real Estate Agents are sales people. I get paid to sell houses. And if any real estate agent ever tells you they don’t work in real estate to make money I’d run. I am a real estate agent, in large part, to provide for my family. (I talk all about the salesperson aspect of the real estate agent in this post here.)
Agent
It’s funny, but the “agent” part of Real Estate Agent never really gets any play time. But its vitally important to understand what the agent part of real estate agent means to you as you look to buy or sell a house!
Understanding Agency
Understanding Agency is so important that the State of Idaho (who licenses me) requires me to present you (the potential home buyer or seller) with a brochure that explains the agency relationship. And what I think is more telling: it’s the only such material the state produces!
The idea of agency simply means that you (the principle) have hired me–or more precisely my Brokerage (the agent) to work on your behalf, and in your best interest, to negotiate a purchase and sale agreement on a property of your choosing. In other words I need to put your best interests ahead of mine, which includes my sales commission, because I have a fiduciary duty to do so.
Agent vs Non-agent
Now, in the state of Pennsylvania and NJ, I can actually function as a non-agent on your behalf. In other words, we don’t have a written agreement between us, but I still execute the duties you’d expect a real estate agent to do–things like write up an accurate offer, and show you houses based on your criteria, and disclose any adverse material facts about a property.
But, I’m NOT required to promote your best interest above others or bound to maintain confidentiality of your bargaining information!!
That’s why YOU should be asking me to sign on the dotted line!
Truthfully, I don’t push my buyers to sign a Buyer’s Representation Agreement. But I have asked some to, and some have asked me to.
But I won’t do business without a seller signing a Seller’s Representation Agreement aka Exclusive Listing Agreement. And I’ve never been asked to either.
But what you need to know is, a representation agreement protects both you and me. And it gives you the ability to put your full trust and faith into me as your agent.
Single Agency vs Dual Agency
To complicate things a bit (and make this post crazy long) there’s even more you need to know. In Idaho (and in many states) you have different “versions” of Agency.
Single Agency is when I (or more specifically, my brokerage) represents you, and you alone, in a real estate transaction.
Dual Agency is when I (or more specifically, my brokerage) represents you AND the seller in a real estate transaction.
“But Mike, Dual Agency doesn’t sound like agency at all! In fact, it sounds bad for me.” Well, you’re probably right in thinking that.
So why have Dual Agency at all? 
I work at Coldwell Banker Preferred. When you hire me, you hire the brokerage. Coldwell Banker Preferred is a great company and I’m proud to work for them. And since a lot of great agents work at Coldwell Banker Preferred it might not be a surprise that we do more business in the Delaware Valley than anyone else.
That’s a long winded way of saying the brokerage represents a lot of buyers and a lot of sellers.
WITH Assigned Agents vs WITHOUT Assigned Agents
Dual Agency is hotly debated in real estate circles because it presents an obvious conflict of interest in the agency relationship.
What does every seller want when selling their house? The most money possible for their home. Right? What does every buyer want? They want to buy at the lowest possible price. Right? If I represent both of you, who’s interest do I put first? The answer is nobody’s. And that’s probably not what you think I’m getting paid for, right? (These are all rhetorical questions in case you’ve missed that!)
In PA and NJ, Dual Agency is actually broken into two categories: Transactional and Limited Dual Agency with Assigned Agents.
An example of Limited Transactional would be you selling your house to your buddy and you ask me to basically do all the paperwork. At Coldwell Banker Preferred, we don’t work as Transactional agents.  There are many legal aspects of a real estate transaction and without an Agency Agreement, I can’t give you the guidance and advice you’ll need to successfully navigate a real estate transaction.
Now, Limited Dual Agency with Assigned Agents simply means that the designated broker steps in and “assigns” the two agents to represent their clients best interest (as you would in single agency) and they remain a 3 party making sure we do exactly that.
It’s still not ideal, but it’s many times better than having Limited Dual Agency without Assigned Agents.
OKAY! If you’ve read this far, gold star for you!! Of course if you have any questions just let me know!

The 10 Most Popular Housing Markets

Chicago continues to hold on to the top-spot in January as the most widely searched housing market at Realtor.com. The following are the top searched housing markets from last month, according to Realtor.com data of 146 metro areas.
1. Chicago
Median list price: $186,000

2. Detroit
Median list price: $81,700

3. Los Angeles-Long Beach, Calif.
Median list price: $320,444

4. Philadelphia, Pa.-N.J.
Median list price: $221,995

5. Phoenix-Mesa, Ariz.
Median list price: $169,500

6. Atlanta
Median list price: $150,000

7. Tampa-St. Petersburg-Clearwater, Fla.
Median list price: $142,500

8. Dallas
Median list price: $189,900

9. Orlando, Fla.
Median list price: $155,000

10. Las Vegas, Nev.-Ariz.
Median list price: $121,500

By Melissa Dittmann Tracey, REALTOR® Magazine Daily News

Read More... 

For more information on our local real estate market, or for a free home valuation.  Go to www.ThePhillyKind.com

Upgrade Your Home's Value: Practical Investments In Personal Protection

 In this economy, homeowners face a variety of economic challenges. Rather than succumb to falling real estate prices and uncertainty, there is an alternative: practical investments in personal protection, starting with fire safety, which upgrade a home's value for the betterment of everyone. This decision, which complements recent state laws requiring the installation of sprinklers and other fire safety equipment for newly expanded homes, is an affordable but effective way to immediately improve the worth of residential and commercial properties.

Homeowners in several states, including California, already endorse this idea, based on the financial conditions of the real estate market and the importance of making personal safety a top priority.

Please note: fire safety equipment refers to, among other things, the installation and maintenance of sprinklers, not smoke detectors. The latter are often unreliable - by detecting everything, including burnt toast, they detect nothing – and insufficient in the midst of a flash fire or sudden calamity. The new law mandates, instead, the use of more sophisticated equipment with a proven record of success for both residential and commercial clients.
 
The installation of fire safety equipment is not simply a matter for homeowners in the midst of a renovation or expansion. Many residents nationwide recognize that their own protection starts with a serious inventory of the options necessary to achieve this goal. Meaning: fire safety is no longer an afterthought or discretionary purchase; it is the principal means of distinguishing one property from another, while preserving the natural beauty of a home.

In contrast, other changes to a home - like the construction of a swimming pool or spa or decking – may only appeal to a select group of people, which means there is a substantial risk these "amenities" will become costly liabilities. Never mind the added expense of maintaining something a future buyer does not want and will not use. Right now, homes that have assets that appeal to everyone - things like effective security systems, energy efficient plumbing, and yes, fire safety equipment - will create equity.

With a basic investment in concealed sprinklers and regular maintenance, homeowners can fulfill both their legal responsibilities and their interests in safety. The lasting worth of this decision gives residents some much needed peace of mind, particularly during these otherwise difficult times.
Finally, some additional advice for homeowners: always work with certified, credible fire safety professionals. This topic is too important to be the plaything of inexperienced or unqualified technicians. With this understanding and an emphasis on results, homeowners have a new way to succeed. Safety is their path to new-found protection and growth.

Read More...

You can find more information on the Real Estate market and view available listings in your area at www.ThePhillyKind.com

The Federal government and 49 states have reached an agreement with five large mortgage lenders that will provide underwater homeowners with a modicum of relief and a second chance – and the national (and Philadelphia) real estate market a much-needed boost.


The agreement brings to end a massive investigation into foreclosure abuse launched by all 50 state attorneys general in 2010..

As reported by Bloomberg News, the $25 billion deal includes three main components. One is a $1.5 billion payment to some 750,000 borrowers who lost their homes to foreclosure – an amount that works out to about $2,000 per borrower. A second is a $17 billion fund that will cover debt forgiveness, forbearance, short sales and other forms of assistance for struggling homeowners. The third is a commitment to provide $3 billion towards refinancing of mortgages to lower interest rates.

The five lenders involved are the five largest in the country: Bank of America, JPMorgan, Wells Fargo, Citigroup and Ally Financial. Negotiations continue with several other lenders; if all of those agree to the settlement, the total value of the deal to homeowners could go as high as $40 to $45 billion.

Oklahoma’s attorney general entered into a separate, $18.6 million settlement with the banks.

It could be argued that some form of loan forgiveness would be necessary in order to clear up the foreclosure mess and give the housing market a real forward push. This agreement provides just that while preserving homeowners’ rights to seek legal redress for past abuses. Sounds like a win-win to us. Now let’s see how the market performs in the wake of the settlement.

-By Sandy Smith for PhiladelphiaRealEstate.com

For additional information on the current Philadelphia Real Estate Market or should you want to view available homes for sale even if you want to find the value of your current home; visit www.ThePhillyKind.com

Housing Inventory is Shrinking...Good News for the Housing Sector

There were fewer homes listed for sale at the end of 2011 than in any of the previous four years, a positive sign for the housing sector.

But appearances can be deceiving, and it remains to be seen whether the drop is the beginning of a real recovery or if inventory is being held down by sellers waiting for prices to pick up and banks moving slowly on foreclosures.

The 1.89 million homes on the market at the end of December represented a 6% decline from November and a 22.3% decline from one year ago, according to data compiled by Realtor.com.
Low inventories are an important ingredient for any housing recovery because prices could firm up in markets that have worked through their inventory.

Still, some real-estate agents aren’t celebrating because there’s a large backlog of potential foreclosures that haven’t yet been taken back and listed by banks. The inventory declines are particularly pronounced in certain states where banks have sharply slowed down foreclosures to correct document-handling abuses.

Moreover, some sellers have pulled their homes off the market to wait for a turn in prices, and that “pent up” demand from sellers could keep inventories higher once prices do rise.


read more...


You can visit my website ThePhillyKind.com for market information, search available listings or contact a mortgage consultant.   

How much does it cost to buy a home?

Often when speaking with potential buyers, I am asked how much will it cost to purchase a home.  Aside from the purchase price of the home there are a few expenses to remember. 

Down Payment

This is entirely up to the Buyer.  With FHA loans, a buyer can put as little as 3.5% down.  This payment is broken up between the initial deposit that is submitted with the Offer to Purchase, second deposit and the remaining amount which is due at closing.  Conventional loans usually want to see 20% down but different mortgage lenders will also allow 3.5% as well.



Inspections
After the Buyer has submitted and offer which is accepted the process begins. A home inspection is not required but it is strongly recommended.  A home inspector will inspect every facet of the home from the plumbing to the electric to the operation of windows.  They will let you know if there are any issues with the home and how serious they are.  A good home inspector will also provide Termite inspection and a Radon test too.  Inspections can range from a basic inspection $300 up to a complete inspection which includes termite and radon for $600.  Most inspectors will offer a discount if you order all three tests.

Closing Costs
Closing fees, also called settlement costs, cover almost every expense associated with your home loan. Because closing costs typically amount to between 3% and 5% of the sale price, it is best to wait until you receive the good-faith estimate before committing to a loan. Smart shoppers obtain good-faith estimates from two or more lenders, compare their costs and ask questions about any large discrepancies. Taxes are Title Insurance are the largest components of Closing Costs so I'll explain these in more detail.


Transfer Taxes
Closing costs also include Transfer Taxes:  In the City of Philadelphia there is a total of 4% due for taxes.  This is split between the Buyer and Seller, 2% from the Buyer and 2% from the Seller.


Title Insurance
These fees cover the administrative costs of a title search, title examination, issuance of the title commitment/binder and final title insurance policy(ies.) Also included would be charges for conducting the closing/settlement/escrow. You are free to select the company to conduct your closing/settlement/escrow, and to shop for the best pricing, however Title Insurance fees are regulated by the Federal Government so fees will be fairly similar between companies.  Costs will differ depending on which policy a buyer chooses, if the home was sold previously within the last 10 years a cheaper "re-issue" policy would be available.


Read more...

You can visit my website ThePhillyKind.com for market information, search available listings or contact a mortgage consultant.  

ThePhillyKind: 2012 Mortgage Rate Outlook

ThePhillyKind: 2012 Mortgage Rate Outlook: Mortgages There’s a possibility that mortgage rates could move considerably lower early this year. It will be brief, but here’s th...

2012 Mortgage Rate Outlook

Mortgages

There’s a possibility that mortgage rates could move considerably lower early this year. It will be brief, but here’s the scenario under which I see that unfolding: If fears of the European debt crisis hit a crescendo, that’s going to spell the low point in Treasury yields and mortgage rates. You could see 30-year fixed mortgage rates moving down into the 3.5 percent neighborhood on average. But again, I believe that opportunity’s going to be brief. All told, for much of 2012, I expect we’re going to be in familiar territory: the low 4 percent neighborhood. The bottom line is that mortgage rates are not going to be an impediment to well-qualified borrowers anytime in 2012. 

Tax Cut Extension Has Begun To Raise Mortgage Rates!
As part of the temporary resolution to the recent battle over the Tax Cut Extension that took place in the last weeks of December, Congress decided that mortgage borrowers should foot part of the bill.  Technically, Congress increased the "Guaranty Fees" that Fannie Mae and Freddie Mac charge to lenders that securitize MBS (Mortgage-Backed-Securities) with the Agencies, but ultimately, this cost must either be absorbed by lenders, passed on to consumers, or some combination of the two.
From the official release on 12/29/11:

 "On Dec. 23, 2011, President Obama signed into law the Temporary Payroll Tax Cut Continuation Act of 2011. Among its provisions, this new law directs the Federal Housing Finance Agency (FHFA) to increase guarantee fees charged by Fannie Mae and Freddie Mac (the Enterprises) by no less than 10 basis points from the average guarantee fees charged by these companies in 2011 on single-family mortgage-backed securities. This requirement is effective immediately, meaning that the average guarantee fees charged in2012 need be at least 10 basis points greater than the average guarantee fees charged in 2011." 

 The first official effects of these measures were seen today when BB&T distributed information to its brokers and correspondents regarding the impacts of the fee increase.  In the announcement, BB&T explains that the 10 basis point increase in the Guaranty Fee or "G-Fee" as it's called, equates to roughly 0.125% in rate.  

read more... 

The History of Fishtown

1217 Shackamaxon St Fishtown is a neighborhood of Philadelphia, Pennsylvania, and is one of the last truly "Family Neighborhoods" in Philadelphia. Most of the people here are cousin's or 2nd cousins, and have lived in the same homes for most of their lives. Located immediately northeast of Center City, Fishtown's borders are somewhat disputed today due to many factors, but are roughly defined by the triangle created by the Delaware River, Frankford Avenue, and York Street. Newer residents of the area consider it to go all the way up to Lehigh Avenue, while some older residents maintain the upper border to be Norris Street. HISTORY OF THE NEIGHBORHOOD PRE-1800 The area was originally inhabited by members of the Turtle Clan of the Lenni Lenape Indian tribe (who the Europeans named the Delaware Indian Tribe). The first European settlers were a group of 6 Swedish farming families, later replaced by British landed gentry, then British shipbuilders and German fishermen. 1800-1950 Within a few generations there was another influx of German immigrants, then still later in the late 19th century Polish and Irish Catholic immigrants. The two Roman Catholic Churches, St. Laurentius and Holy Name of Jesus, were built by these immigrants. Saint Laurentius, built by the Polish immigrants, and Holy Name, built by predominantly Irish and German immigrants, continue to serve the community. MODERN HISTORY The neighborhood has been working class for centuries. While poverty grew after jobs left in the de-industrialization which afflicted many "rust belt" cities, Fishtown's workers continued to maintain a stable working-class community. Most long-time residents trace their ancestry to Irish, German, and Polish Catholic immigrants. In recent years Fishtown has experienced moderate gentrification characterized by significant rises in housing prices and the opening or upscaling of art, entertainment, and dining establishments. An influx of artists and professionals has joined the ranks of police officers, fire fighters, carpenters, electricians, stone masons, plumbers, sheet-metal workers, and teamsters. The neighborhood has been chosen by the Commonwealth of Pennsylvania to be the site of the SugarHouse gaming complex, leading to some controversy within the neighborhood. read more...