The Philadelphia Condo Loft

Lets talk about the “f” word - Foreclosure. We’ve seen a lot of attention lately to President Obama’s plan to help distressed home owners avoid foreclosure, and relieve the pressure of those drastically reduced priced  homes on the market. And of course, we’ve seen this rant and this response.

What does this mean for you, the buyer of a condo here in Philadelphia? Is a Philadelphia Foreclosure a good deal for you? Will action by Congress keep you from getting an unbelievably good deal, or sweeten the deal more for you?

First, the basics of the plan. The Homeowner Affordability and Stability Plan will not go to speculators, and is intended for owner occupied homes. The Treasury will partner with lenders to reduce monthly payments, bringing down rates so that the monthly payment is no more that 38% of the borrowers monthly income.

Then further reductions will be matched dollar for dollar with the lender to bring the interest down to a 31% debt to income ratio. The modifications will be in effect for 5 years.

These apply to conforming loans only – jumbo loans, non conforming loans don’t qualify. If a mortgage is not held or guaranteed by Freddie Mac or Fannie Mae, or if a loan is more than $417,000, the homeowner won’t qualify for relief. If foreclosure is imminent, further incentives are offered to lenders to consider alternatives, such as short sales. Encouraging sellers and banks to use the short sale option is beneficial to them, and also to you, the buyer.

If the loan is not guaranteed by Fannie or Freddie, then the lender may rewrite the loan, but this is voluntary. While there are incentives for them to do this, it is not a guarantee.

Because of the sheer number of foreclosures pressuring the market in some areas of Florida and California, housing prices have dropped so much in those states that there is no way to re write the loan and have a reasonable loan to value ratio. The plan proposes to cap the ratio at 105% – far too low for some home owners who have seen a 50% drop in their home value since they obtained a mortgage.

So a homeowner who bought in 05-06, in a market where $417,000 plus a downpayment bought very little for the money, likely has a non conforming mortgage. Their property value has declined steeply, and they are in trouble and staying in trouble. However, they may qualify for some of the incentives to avoid foreclosure if their lender agrees. If these properties are offered as a shortsale, the price benefits the buyer.

The Homeowner Affordability and Stability Plan will help some people, and give lenders the incentive to accept alternatives to foreclosure. For buyers, the prices now are great, whether you buy a short sale or an Philadelphia foreclosure. You want to build equity further down the road. Reducing the number of foreclosures and distress sales on the real estate market will relieve the pressure on prices – and give us a truer sense of the market value of our homes.

Ultimately, a total economic recovery will stimulate the real estate market, because people will have jobs, income, and not be selling their homes due to “distress”.

We can show you Philadelphia condos in your price range that are a great buy now, and likely to build equity for you later in a recovered market. Some are distress sales, short sales, and some are Philadelphia Foreclosures. And, they’re wonderful places to live.  Call us,  and remember – when you buy your home with Condodomain, we give you money back at closing.

The Marine Club Condominiums in Philadelphia are affordable, convenient, and contemporary residences on Broad street, also known as Avenue of the Arts. The building was constructed in 1904 and was the Marine Quartermaster depot – today it is home to 295 contemporary and sophisticated Philadelphia condominiums.

Starting at $150,000, these sleekly contemporary residences feature 11 foot ceilings, on site garage parking, Granite Countertops, marble tile, stainless steel appliances and hardwood flooring.

At this Philadelphia condominium, you have spectacular skyline views, a pet friendly park, a 24 hour concierge, and your home is Digital cable and internet ready. A 9,000 square foot Health and Fitness Center is avalable to all Marine Club residents.

On Avenue of the Arts, you are in the midst of the best restaurants, theaters, and shops. On Washington Avenue, you will enjoy the Italian Market, one of the oldest and largest outdoor markets in Philadelphia. And you are minutes away from ballet, theater, and orchestra.

Available homes range from studios to one bedrooms, and some are lofts. Contact us to arrange a tour of this timeless yet contemporary Philadelphia condominium residence, the Marine Club Condominiums. And remember…when you buy with CondoDomain in Philadelphia you save thousands via our commission refund business model. On average our clients get back more than $10,000 cash back at closing! (Learn More)

The former Metropolitan Hospital on Franklin Square is enjoying life as a home to 129 spacious Pniladelphia condominiums. The rounded exterior of this 1960s era building now forms the MetroClub Condominiums, and it is a popular spot in City Center. A beautiful building, with parking, access to the interstates made it a great candidate for renovation. Fueled by the 10 year tax abatement program, Center City has become a popular and affordable destination for those who require a luxury residence in a prime area.

When MetroClub Condominiums first opened a few years ago, most of the residences were sold out on the first day. It continues to be a building in demand. The unique curvature of the walls meant that renovators could design apartments with open spaces, light, floor plans. The glass wall that now adorns the facade lets in a lot of light, and serves to add a touch of glamour to these Philadelphia condominiums. Full length glass window walls that gracefully curve with the building are a unique feature of these homes. You have incredible views of Center City or the Ben Franklin Bridge. And you are very close to the great shopping and dining that Philadelphia’s Chinatown has to offer.

These spacious 1 and 2-bedroom Philadelphia condominiums have an outdoor heated swimming pool, concierge service, and state of the art fitness center. Each residence comes with deeded parking access – a must have in Center City.

Priced from $250K to $900K, these luxurious Philadelphia Condominium residences offer everything you could possibly wish for in elegant Center City living.

Remember when you buy with CondoDomain in Philadelphia you save thousands via our commission refund business model. On average our clients get back more than $10,000 cash back at closing! (Learn More)

Here’s a chance to live in a new, chic Philadelphia loft home – in an old section of downtown Philadelphia.  Hoopskirt Lofts is one of a trio of projects by 806 Capital which transforms old loft buildings into swanky new Philadelphia lofts. With prices starting in the 200s, this is an opportunity to own your Philadelphia loft home with an innovative urban style.

Hoopskirt Lofts has features typical of loft buildings – high ceilings, exposed brick walls, hardwood floors. The property is entirely renovated. Residents have a choice of custom designs for kitchens and baths, including granite, marble, or silestone countertops. Sharp Two-in-One appliances conserve counter space in the kitchen, and innovative placement of the second floor in bilevel lofts creates ceiling height throughout the unit while not giving up one bit of precious bedroom or office space.

A ten year tax abatement has been applied for. Hmmm. Tax abatement. The new $8000 tax credit. Great prices, low interest rates. And our guarantee to give you money back at closing.

What are you waiting for? Give us a call today.

Remember when you buy with CondoDomain in Philadelphia you save thousands via our commission refund business model.  On average our clients get back more than $10,000 cash back at closing! (Learn More)

So what is the story with the stimulus and the tax credit for first time home buyers anyway? How different is it from the tax credit that already exists?

Originally, a $15000 stimulus credit was discussed, one that would be open to all home buyers who had not purchased within the past three years. This would have carried a 19 billion price tag. Congress reduced it to $8000. But you still are eligible if you have not owned a home within the past three years.

Congress missed a great opportunity to stimulate many local housing markets. With lower prices, low interest rates, and a large tax credit, first time buyers and those starting over after three years could have had some leverage to enter the market and relieve the backlog of inventory. $8000 is not nearly so dramatic, especially since we’ve got a $7500 credit now. The main difference is that this stimulus credit does not have to be repaid. It is also not available to those in upper income brackets.

You can claim the $7500 credit on your taxes you will file for 2008. If you buy now, you can claim the credit on the tax return you file in 2010.

Of course, when you buy your Philadelphia condo with us, you don’t have to wait to file your taxes for us to cut you our own “stimulus” – we cut you a check at closing. And our check might be larger than $8,000.

Let’s say you buy a Philadelphia condo at The Ellington or Symphony House for 500,000. The buyers commission that we collect from the seller will be around $15000. Commission rates and agreements are negotiable, and may vary. But our flat fee for representing you is only $5000. So we cut you a check at closing for the difference, which is $10,000.

But you’re in the price range for about 250K at Arch Street Exchange Lofts. Well, same math. Assume our commission for representing you, the buyer, is around $7500. But our fee is still $5000, so you receive the difference at closing of $2500.

So lets see – we still have low interest rates for qualified buyers (that’s you) a lot of Philadelphia condos on the market for the qualified buyer to choose from (again, that’s you having fun house shopping) and now if you are a first time home buyer you get an $8000 credit on your taxes next year (that’s you doing the happy dance in April 2010). AND WE GIVE YOU MONEY BACK AT CLOSING.

Give us a call, we’ll find the right Philadelphia condo for lucky you!

Never mind about Congress paring down the economic stimulus for home buyers. At The Corinthian,  there’s a personal incentive waiting for you.

How does “no condo fees for a year” sound? Well, that is what the Best Main Line Luxury Condo for three years running is offering you.

Corinthian offers all the amenities you have come to expect in a Main Line Philadelphia Condo. A guest suite is available. You have a private gym, and a personal trainer or masseuse is on call. There’s a boardroom, a club room, and secure parking. Your concierge services include not only errands and delivery, but travel planning, bill paying, tutoring, in home computer training, shopping, and reservations for travel and special events. Relax in your spacious Philadelphia Condo residence, featuring a showcase kitchen with premium appliances, and a luxury bath with enclosed shower and jetted tub.

You have a spacious, open floorplan, abundant oversized walk in closets and in unit storage, sound proof walls, and a lusciously landscaped private setting in a Philadelphia Main line location. And now, you have an incentive as well.

Don’t forget our incentive -

Remember when you buy with CondoDomain in Philadelphia you save thousands via our commission refund business model.  On average our clients get back more than $10,000 cash back at closing! (Learn More)

Why not come home to the best? Philadelphia condominium buyers have so many advantages – this fabulous city, and choices of fine residences – and right now, the opportunities for home owners have never been better.

Prices and interest rates for qualified buyers are still low. The economic stimulus bill that is before Congress will not give you a $15000 credit as a first time home buyer, but it will give you one of up to $8000. That’s only $500 more than the present $7500, but this time, there are fewer limitations. At present, you have to pay the $7500 credit back over 15 years. The new $8000 credit will not have to be paid back unless you sell within three years. And we sweeten the deal too, when we give you cash back at closing.

So let’s look at something that maybe you thought was out of your reach, but might be possible for you now. Let’s look at Aria, on Rittenhouse Square. You can expect the best here, from the sumptuous lobby, from the 24 hour concierge that knows your name and anticipates your every need, to the spa for your pet (don’t worry, you have a fitness center!) Mingle with other residents in the clubroom, host a private meeting in the full service boardroom.

Your Philadelphia Condominium residence, priced from $300,000 on up, comes fully equipped with luxurious finishes, including Viking and Bosch appliances (Sub-Zero in the upper floors) and fine decor. Aria’s location is a prime one in Rittenhouse Square.

Now that stimulus package might not really affect you if your income is above the limit. But the truth of the matter is – You have a great opportunity for prices and mortgage rates now, and what we give you back at closing will certainly save you money. Based on a price tag of $300,000 to $3 million, we can cut you a check at closing for between $4,000 and $85,000.

Now that’s a stimulus that any Philadelphia condominium buyer can live with! Let us show you, the buyer, how to save thousands of dollars on commission!

Happy Valentines day Philadelphia! Our gift to you is a bouquet of Rittenhouse Square’s beautiful Philadelphia Condominiums. And of course, we always have our year round valentine to you.

Lets start with Parc Rittenhouse. This luxury Philadelphia condominium conversion boasts spacious homes at a wide range of prices. From $275K to 15 million, these world class residences offer an uncommon level of luxury that you might only find on vacation – but you’re home, here in Philadelphia. In addition to the renovated residences inside the existing former Sheraton/Rittenhouse Regency Apartments building, three new floors are being built to house new penthouses atop the 1924 structure. Prices range from $275,000 for a studio to 15 million for the most luxurious new penthouse. The raw space of the most expensive penthouse is an amazing 15,084 square feet.

Pre war elegance is yours at 1830 and 1900 Rittenhouse Square. 1830 Rittenhouse Square is an elegant Beaux Arts building which is a highly sought after address. Turn of the century styling, spacious bay windows, and modern amenities in these Philadelphia condominiums make the 1830 a wonderful home. There are no more than two residences on most floors. 1900 Rittenhouse Square is a co-op apartment building, offering discreet, exclusive, and private living at a historic address. Built in 1926, this Rittenhouse Square Landmark is on the National Register of Historic Places.

The last contemporary Philadelphia condominiums to be constructed on Rittenhouse Square are 10 Rittenhouse Square and 1706 Rittenhouse Square. 1706 is under construction, to be completed in 2010. We’re looking forward to this new Philadelphia condominium, offering the best of modern 21st century luxury. Even your car will be pampered, being brought to you via automated parking on rails, so no one will ever touch your car except you. Priced from 1 million to 6 million, these 29 spectacular full floor residences at 1706 Rittenhouse Square will be unlike any other in Center City. 10 Rittenhouse Square is expected to be ready for delivery in the fall of 2009, with soaring ceilings, fine finishes, on premises parking, and huge penthouses. A 10 year tax abatement comes with a residence at this address of distinction.

So, when you’re at home in one of these fabulous Philadelphia condominiums, you can break out the bubbly, pop “High Society” or “Philadelphia Story” in the DVD, and enjoy classic romantic luxury beyond your wide screen HDTV. In fact, you’ll be able to pamper yourself pretty well with the money you will save at closing once you buy your luxury home with us.

Downtown Phoenixville is home to some of the Manhattan style lofts that the Philadelphia area is famous for. The Byrne Lofts in downtown Phoenixville is a great blend of the old and new. Formerly the loft building was the largest manufacturing center of women’s corsets in the USA – and now it is a dynamic Philadelphia condo residence, with single level flats and bilevel residences.

These Philadelphia lofts feature high ceilings, large double pane windows, and dramatic natural lighting. Travertine marble tiles and countertops are available for the bathroom, as are upgrades in the kitchen and custom choices of cabinets. There is an elevator in the building, a gym facility, and high speed cable internet access.

Best of all, you are convenient to many of the Philadelphia area Universities and hospitals. Downtown Phoenixville hosts 5 star restaurants and shopping, and is central to headquarters for national pharmaceutical corporations in the area. This dynamic area is undergoing revitalization, and conversion of these classic Philadelphia lofts is part of the renewal of the area. Priced attractively from $200K-$400K, the Byrne Lofts have sold well and are in demand.

To learn more about these and other Philadelphia lofts, contact me.

Traditional New York style lofts are a mainstay of Philadelphia condominium architecture. Soaring ceilings, exposed brick and ductwork all lend to bright open spaces that afford contemporary living in an urban space.

The Lofts at Bella Vista are a collection of properties which deliver spacious well lit homes with gorgeous wide views of the Philadelphia skyline. 16+ foot ceilings, large expansive windows, and the usual amenities are here. Each resident is able to customize their home decor, choosing from 1 or 2 bedroom bi-level lofts or a flat 2 bedroom 2 bath Penthouse with den. Above the roof, magnificent three bedroom 3 1/2 bath contemporary Villas have refined finishes and outstanding views.

All of these Philadelphia condominiums have gourmet kitchens with Jenn-Aire appliances and lavish bathrooms. Amenities of the Bella Vista include secure bike storage and indoor parking, a resident media room, a state of the art fitness center, 24 hour concierge, and all residences are wired for digital cable and broadband access.

These Philadelphia condominiums are in the heart of the city, on Washington Avenue, and are well priced in the range of $300K to $1.5M. Call me to tour the outstanding value at The Lofts at Bella Vista today.

Perhaps the most unique feature of the Arch Street Exchange Lofts is the tri-level design of the Penthouses. With 16 foot ceilings, and large outdoor terraces, these Philadelphia lofts are a contemporary jewel.

Arch Street Exchange Lofts also include residential lofts with traditional open floor plans, high ceilings, and high quality finishes. Maple hardwood floors, and kitchens featuring European style cabinetry, stainless steel appliances, and granite countertops.

Baths also feature granite vanity tops. are standard in these Philadelphia loft spaces. Enjoy 12 foot beamed ceilings in the living room, and 8 foot windows with historic trim. The maple floors are preserved from the original commercial use. Upgrades are available, for suspended low voltage/track lighting, and select tiles in kitchen and bath. Low-e windows and a high efficiency HVAC system mean lower energy consumption, and lower bills.

These Philadelphia lofts are a project of Northstar, which specializes in preserving architectural heritage by converting under utilized spaces to innovative and comfortable modern residences. The first floor is retail, featuring a bank and a clothing store, among others. The Arch Street Exchange Lofts are  walking distance from City Hall, Chinatown, and in the vicinity of Market East.

Contact me to tour these wonderful Philadelphia lofts at a great price in a dynamic location.

Center City is the place for new Philadelphia Condominiums, and smart buyers are not letting them sit empty too long. Lets talk about Naval Square. Toll Brothers has crafted a variety of housing types in this
comprehensive development, and at a variety of prices too. These residences are newly built town homes with private garages, and historical renovated condos with tall ceilings and distinctive, open space.

At Naval Square, you are surrounded by history. The property originally was the Naval Home, a National Historic LandmarK. This served as the first home of the US Naval Academy and the nation’s first retirement home for sailors and marines. As a military academy, it was designed to have parade grounds and exquisite residences. The Governor’s and Surgeon General’s residences have been preserved in this historic area, providing residents an ideal spot for enjoying the outdoors, walking, meeting neighbors.

There are a variety of plans for the residences. At present, the Cityview home sites are now available. These three bedroom 2 1/2 bath town homes with onsite deeded parking or attached garage feature all the quality materials you expect from Toll Brothers – gleaming hardwoods, granite and stone materials in Kitchen and bath, upscale appliances in the kitchen. There are also a variety of the Pemberton condominiums for sale. These range from studios to three bedroom Philadelphia condominiums with deeded parking.

Your community not only has beautiful landscaped grounds, but residents share a large outdoor pool and new state of the art fitness center with the latest in equipment. You’re in a gated community, and you have the rare peace and beauty that comes in a well planned urban neighborhood just a short walk from major employment centers and medical and academic institutions.

Philadelphia’s cultural life is at your doorstep. Don’t let this opportunity to own a new home in one of Philadelphia’s premier neighborhoods pass you by.  Call me for a tour of Naval Square today.