July 30, 2011
On Friday a client of mine who has already identified the home he wants to purchase and negotiated favorable price and terms decided to take the weekend before finalizing his agreement of sale to see if the debt ceiling is raised. This lends credence to the argument I’ve been making all week that some economic damage has already been done by way […]
July 29, 2011
Real Estate Developer Buys Daily News/Inquirer Building Northern Liberties Developer Bart Blatstein purchased the Daily News/Inquirer Building and the adjacent garage/parking lot located at 400 N. Broad Street from Philadelphia Media Network for an undisclosed amount. Blatstein, who owns the Piazza at Schmidts to Northern Liberties has been on a bit of a spending spree lately having recently purchased the former State Office […]
July 28, 2011
CalculatedRisk reports that Homes For Sale inventory down 11.1% Year-over-year in July. HousingTracker reported that the July listings – for the 54 metro areas – declined 11.1% from last year. The positive effect of the decline in listed inventory is that there will be less downward pressure on housing prices but CalculatedRisk is careful to note that there is still a […]
July 28, 2011
CoStar reports that office leasing nationally remains strong in the 2nd quarer of 2011 despite economic uncertainty tied to unemployment, the debt ceiling debacle and European economic meltdowns. Business are continuing to add workers and lease larger and better commercial spaces because of prices that were unavailable in recent years and landlords willing to make concessions. The report shows that asking rents are 10% […]
July 28, 2011
Philadelphia Real Estate Market Outperforming National Market Prudential’s Chairman and CEO Larry Flick recently wrote a letter to the editor of the Philadelphia Inquirer in response to Cynthia Burton’s article, “A Window into the Housing Crisis”. The crux of the article was that in reality, our regional outlook remains positive and the Philadelphia real estate market continues to outperform the national market on a […]
July 28, 2011
Philadelphia Real Estate One Liners July 28, 2011 National Association of Realtors reports an increase in cancellations of pending home sale contracts. The normal rate is 4% and currently there is a 16% rate of cancellation. (CNBC Realty Check) Case-Shiller reported May home price declines in both its 10 (3.6%) and 20 (4.5%) city index. Home prices however increased slightly […]
July 27, 2011
Philadelphia Real Estate Market Data – YTD Fall Through Chart. Here’s a summary of why Philadelphia real estate transactions are not proceeding to settlement. All data compiled and provided compliments of Prudential Fox & Roach, Realtors. 38% of all contract cancellations occur as a result of the buyer’s inspection 22% of all contract cancellations occur because the buyer terminated for […]
July 26, 2011
Case-Shiller Shows Home Price Increase in May. Calculatedrisk.com is reporting that Case-Shiller released the monthly Home Price Indices for May and they show an increase in home prices. This represents a second consecutive month of increase in prices for the 10- and 20-City Composites. The 10- and 20-City Composites were up 1.1% and 1.0%, respectively, in May over April. […]
July 26, 2011
Philadelphia Waterfront Real Estate Finally Getting a Facelift. According to PlanPhilly.com, a complete draft of the Central Delaware Waterfront Master Plan has been published and can be found here. The Delaware River Waterfront Corporation is the quasi-city agency that manages the city’s property along the river and the long-term planning for the entire Central Delaware, from Oregon to Allegheny avenues. […]