Center City Homes Blog

Today in the Center City Real Estate Market there are many more short sales then there was 5 years ago.  What exactly is a short sale?  Well, there are many different definitions to a short sale, but all of them are basically saying the same thing.  A short sale is when a property is sold for less (or “short”) than the outstanding loan amount and the lender accepts the proceeds in satisfaction of the mortgage, even though it is less than what is actually owed on the property.  It is basically a last ditch effort in selling the house before it is foreclosed upon and not only does the owner lose but so does the bank.    A short sale insures that at least some of the loan will be repaid. 

A benefit to a short sale is that it allows the owner to get out of a mortgage that they cannot afford without negatively impacting their credit as much as a foreclosure.  It has been reported that a short sale could negatively impact your credit score anywhere from 50 to 100 points, while a foreclosure has been reported anywhere from 200 to 400 points.

While nobody ever wants to be in this situation, it is valuable to know your options and the difference between a short sale and a foreclosure.  If you ever find yourself in this situation, do the research and find out if your lender will allow you to sell your home as a short sale.  Obviously nobody wants this to happen, but if it does it is much better to sell your home as a short sale than having the stigma of a foreclosure on your record.  Not to mention it is much easier for a couple or individual to bounce back from a short sale than a foreclosure.  So do your research and find out what’s best for you!

If you have any questions or are looking for real estate in the downtown Philadelphia area, email me at Zach@CenterCity.com!  I look forward to hearing from you.
Zach Skidmore
CenterCityHomes.com
Zach@CenterCity.com

 What To Expect in a Home Inspection

I have followed a few home inspectors around many different Bella Vista Homes but last week I had the pleasure of following around a very knowledgeable home inspector who pointed out everything from the beginning to the end.  It was a very educational afternoon and I suggest that everyone, when accompanying their home inspector, pay close attention to what he/she is doing.  Here are a few things that I learned and also a couple things to keep in mind during an inspection. 

Depending on the home inspector, size and age of the property the longer it may take for an inspection.  A normal home inspection can last anywhere from 45 minutes to a few hours.  The older the property the more detailed and careful the inspection may be, on the other hand a newly constructed house that complies with the current code regulations is what inspectors usually call a “boring” house.  (You want the home inspector to think your house is boring) A couple interesting facts that were pointed out to me were:

-If you can physically touch a water source and an outlet at the same time, that outlet must be a ground-fault circuit interrupter or GFCI outlet.  These are the outlets with the “Test” and “Reset” buttons on them.  This outlet is part of the home inspection because they are much safer to use around water because they monitor the amount of current flowing from hot to neutral.  If there is any imbalance, it trips the circuit keeping you and me safer from electrocution.  Keep this in mind if you are living in an older property, you can change these outlets yourself for $20 while keeping yourself and your children safe. 
-When the inspector was giving the homebuyer information, he mentioned that he was not going to be able to test the AC.  Apparently it has to be 65 degrees or warmer for a period of at least 48 hours before it can be tested without the possibility of breaking.  So if you’re buying a house in the winter know that you will not be able to check the AC. 

Just a few interesting facts and other things to keep in mind when you are purchasing a home and doing a home inspection.  Feel free to drop me an email with any of your Center City Real Estate needs!

Zach Skidmore
215.901.7844
www.CenterCityHomes.com
Prudential Fox & Roach REALTORS

On my Philadelphia real estate tour the other day I went out and saw 2 condo complexes that I really liked.  The first was the old Randolph School at 915 Bainbridge St. and also the Fitzwater Lofts at 735 S. 12th.  I really liked both of these places and each offered a very different but unique opportunity for people looking to own a nice condo with parking and reasonably low condo fees. 

Fitzwater Lofts is a very nice 16 unit mid-rise condominium located just outside of Bella Vista.  This complex offers many great attributes such as; every unit has parking and every unit has a very good sized outdoor space.  It is not easy to find these two amenities together in the city especially when the Lofts are so competitively priced.  This pet friendly building with an elevator has extraordinary finishes throughout with exposed brick walls and stainless steel appliances.  The roomy feel that each unit portrays is because of its great layout.  Most of the units have an open style kitchen that overlooks the living room.  This feature adds to the units’ strong showing ability and also their resale value.  The exposed brick walls travel throughout the entire units from the bedroom to the kitchen.  The smaller size (16 units) of the overall condominium and the lack of a doorman will keep the condo fees at this building relatively low compared to others. 

The condominiums at the old Randolph School are another great complex that offers many wonderful attributes as well.  This 18 unit low-rise is centrally located in the heart of one fastest growing communities in Philadelphia.  Bella Vista is perfect place for anyone to live.  With its nice restaurants and small coffee shops at most corners this neighborhood is within walking distance of anything and everything you might need.  The pet friendly condominiums here are also smack dab in the middle of several parks that are great for dog walking and adding that perfect touch to the neighborhood.   The units in this building are an older style loft setup with a dining room and kitchen overlooking the sunken living room.  Most units in this building are one and two bedrooms with a den just below the living room.  This building has a beautiful facade and large windows in all the units which offer tons of natural light especially the units facing the south.  Most of the units in this building do come with parking while a few do not.  This is also another condo which offers low condo fees due to it requiring low maintenance because of not having a doorman and or elevator. 

 Zach Skidmore
www.CenterCityHomes.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

As most locals know, Bella Vista offers quite a variety when it comes to searching for the perfect home.  Real estate in 19147 is unique because this is one of the few neighborhoods anywhere that can offer a nice $150K starter home and million dollar condo within a few blocks of each other. 

The lowest recorded home sale in BV last year was a 1,500 square foot, 95 year old townhouse.  Although this property at the time of purchase needed quite a bit of TLC, it offered a great possibility for return on investment whether somebody was looking to flip the house or live in it for awhile and hope to sell it for a profit down the road.  I would assume that somebody saw the opportunity of a good sized house in a very desirable location and jumped on it considering it was only on the market for 4 days before going under agreement.

Bella Vista’s highest sale price in 2009 was a condo on Catharine St which settled for just under $1.1 M.  This unit offered over 3,100 square feet of space with a whopping 2 car parking and a great room measuring 25’ X 23’!  I don’t know about you but that is bigger than my first apartment!  This 3 bedroom/3 bath property offered all the upgrades with granite countertops, built-in kitchen appliances and beautiful Brazilian Cherry hardwood floors.  This property settled in a little less than 5 months of being on the market with a starting price a little over $1.2 M.  This kind of Center City real estate is a sign of what is to come in the Bella Vista Neighborhood in the future. 

With the growth of Center City and the Philadelphia real estate market on the rise hopefully Bella Vista will continue to see sales that reach 7 figures.  This being said, if you are like me and can’t afford a million dollar home don’t cross BV off of your list, with many homes ranging all over the price spectrum I am sure I can find you something! 

Bella Vista real estate may be for you…let me help you find something that fits your needs!  Email me at Zach@CenterCity.com or drop me a call/text at 215.901.7844.   

Zach Skidmore
www.CenterCityHomes.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

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