Philadelphia Real Estate and Beyond September 14, 2011

Philadelphia Real Estate and Beyond September 14, 2011

Hotel Monaco Breaking Ground, Opening Summer 2012- The Hotel Monaco Philadelphia, part of the Kimpton Hotel Group, will break ground imminently and open next summer. The hotel will overlook Independence Mall in the historic Society Hill neighborhood and be located adjacent to the Bourse and the National Museum of Jewish History. The main perks for Philadelphians will be a rooftop bar and lounge that offers views of historic Philadelphia and Center City Skyline. The Hotel Monaco will be the second Kimpton Hotel in Philadelphia – Hotel Palomar in Rittenhouse Square was the first. (www.uwishunu.com)

President Obama’s Mortgage Refinance Plan Gets Lukewarm Response – The response to President Obama’s recent proposal to refinance more borrowers into lower interest rate mortgages was not positive. The plan would expand the government’s so-far disappointing, Home Affordable Refinance Program (HARP), which helps current but underwater borrowers with Fannie Mae and Freddie Mac loans to refinance. Pundits argue that principal write-down is too costly for banks and investors – including Fannie Mae and Freddie Mac. (CNBC Realty Check)

Bank of America Speeds Up Foreclosure Filings – Bank of America is ramping up its foreclosure processing, sending out far more notices of default to borrowers in August than in previous months, well over 200 percent more month-to-month. The notice of default is usually sent when a borrower is 90 days or more overdue in payments, but that timeline has been extended significantly during this housing crisis, due to the so-called “robo-signing” processing scandal and the sheer volume of troubled loans. This could indicate that the pipeline of REO properties is filling up once again that the housing prices could fall in 2012. (CNBC Realty Check)

Two New Manayunk Restaurants – Michael Klein of Philly.com reports that the owners of Agiato and the Main Street Market in the Manayunk neighborhood are opeing two new restaurants. The first, Dos Vatos Tacos, is expected to be opened by the end of October and will occupy the premises that formerly housed Little Zesty’s. The second, Cervisia, will be a beer house with upscale bar food and brick oven pizza. (www.Philly.com)

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Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog

Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623  Direct
610.636.4364  Cellular
888.308.1148  Fax
[email protected]
www.CenterCityTeam.com