Incentives for new condo buyers are increasing in many real estate markets. Everything from price cuts, free merchanidise such as cars and appliances to a year’s free tuition are offered by anxious developers looking to get condo residences under contract and sold. In some markets, tax abatements are offered to new buyers. And then, of course, there is the $8000 tax credit incentive from the Federal government.

In Philadelphia, tax abatements are a popular incentive. The abatements offer lower taxes on new or renovated buildings. While there are proposals to change the tax abatement structure, it looks like properties that now have the abatement would not be affected.

10 years of tax abatement is a powerful reason to consider a Philadelphia condo, especially one that is newly constructed or renovated. Here are some Philadelphia condos that are particularly good values right now:

2200 Arch Street
511 Condominium Residences
North 28
National at Old City
Lofts at Logan View
Memphis Flats
The Pearl
Victory Condominiums

Find out why Condodomain is different from other real estate brokers

Rittenhouse Square has long been a Philadelphia neighborhood of distinction. Home to the world class Curtis School of Music, Rittenhouse Square has seen a surge of development and renovation in the past few years. Just this past week, Barneys NY opened its first Philadelphia store at 10 Rittenhouse, the ARC Wheeler development which has preserved the facade of the historic Rittenhouse Club while building a high rise residential tower with three high end mega condominiums.

Buyers have plenty to choose from in Rittenhouse Square, one of Center City’s most prominent neighborhoods. Take a look at these Rittenhouse Square condo residences:

10 Rittenhouse Square

1706 Rittenhouse Square

Parc Rittenhouse

1830 Rittenhouse

1900 Rittenhouse Square

Find out why CondoDomain is different from other real estate brokers.

Philadelphia is known for being the cradle of American government history – and no other place are you able to live in the midst of all the notable places that are so important to American history than in the Old City district.

Yes, in Old City Philadelphia, the living is very good – and surprisingly affordable for the urban professional. Prices of Old City condos range from the 200s to over 1 million. Old City is a wonderful place to live – in the heart of Philadelphia, close to the Ben Franklin Bridge, convenient to NJ and to I-95.

Take a look at these different buildings and lifestyles in Old City:

Lofts@209
Hoopskirt Lofts
National at Old City
Old City 108
Webster Mills

Find out what makes CondoDomain different from other real estate brokers.

Going green & saving green seem to be all the rage these days, which is why the real estate development firm Postgreen has the right idea.

Browsing aimlessly through an airline magazine trying to pass the time on a boring flight, I came across an article that literally had me rip the page out to keep! (Sorry Airtran) It was titled, “Reduce, Reuse, Real Estate” and it gave me great idea on an interesting concept taking place right in Philadelphia!

Postgreen is the source behind the 100K House, a case study in which they are attempting to build a LEED-platinmum certified Philadelphia home for only $100,000 in construction costs. For those of you unfamiliar with the high cost of green building…this is an incredible goal! Postgreen is aiming to prove that green homes can be built affordably if designed properly. Being “eco-friendly” will now hopefully be “eco-nomicially friendly” too!

After reading this article I was thoroughly impressed with Postgreen and their use of their blog as a source for ideas and information…because after all, here at CondoDomain we value our blogs in the same way.

Postgreen plans to build ten houses in Philadelphia in 2009 and a projected 40-50 in 2010. To learn more about Postgreen visit their website or their blog.

Stay tuned to our Philadelphia Condo Loft blog for more information on Green Building and Modern Condos in Philadelphia!

Source: Pam George, GO Magazine

Foreclosures are on many people’s minds lately.  Since the Federal Government has offered incentives to lenders to restructure people’s loans, local and state governments are encouraging home owners to seek help sooner rather than later and work with their lender to avoid foreclosure.  Help includes restructuring loans, and the purchase of homes by municipalities and non profits.

Foreclosure is the last stop on the money crisis train for home owners.  Once a home is foreclosed, the lender really does not want to own it.  This is why for the savvy buyer, these homes can be a great deal.

Philadelphia foreclosures are no longer just in risky neighborhoods.  The foreclosure crisis has hit all sorts of homes in all types of areas.  Pre-foreclosure, many homeowners and developers are willing to negotiate with a buyer/investor.  If they can walk away with a little cash and satisfied liens, and you have a property for less than the market value, it can be a win – win proposition.

How do you find pre-foreclosure opportunities?  By searching for them on our site!  Our partnership with RealtyTrac enables you to search all Philadelphia foreclosure listings.  Pre-foreclosures, foreclosure auctions, and bank owned properties are all at your fingertips on our site, and we can help you make sense of the entire process.  We can also assist you with obtaining financing.  Contact us today to learn more about Philadelphia foreclosure opportunities.

Foreclosures are pressuring the real estate market in many cities, but providing many opportunities for home ownership. Formerly investors and “house flippers” were the majority at Philadelphia foreclosure auctions. But now, regular home buyers who want a chance at an affordable home are flocking to Philadelphia foreclosure auctions.

While foreclosures in huge numbers hammer housing prices, efforts to sell the homes and get them off the market have two benefits. One is that once the large inventory of Philadelphia foreclosures is off the market, housing prices can stabilize and a true market value can again be established, with homeowners once again building equity. The second benefit is obvious – the buyer gets a home at a low price.

Buying a Philadelphia foreclosure is not without risk, since the buyer is responsible for repairs and all liens against the property, including taxes, construction liens, and second mortgages. When it comes to Philadelphia condos, it’s possible to have less risk exposure than with a freestanding house.   We can help you with this. We can give you information about the building, the community, and assisting you in finding out the truth about all outstanding liens. We can also assist you with purchasing any foreclosure you choose, not just a condo.

Here at CondoDomain, we have partnered with RealtyTrac so that you can search all available and pending foreclosures in the Philadelphia area. Take a look at these, and then call us with your questions.

Victory is yours at the newly renovated Victory Building. This elegant Philadelphia condominium is housed in an historic 1873 building that was originally home to the New York Mutual Life Insurance Company. Designed by Henry Fernbach, this Center City landmark is an example of the Second Empire Style.

These one and two bedroom Philadelphia condominiums are both flats and bi level residences. You come home to a world of classic elegance.

High ceilings, tile and granite baths, granite open kitchens, and original hardwoods are some of the features of these well designed Philadelphia condominium residences.

Now is a great time to buy the Philadelphia condominium you thought you could not previously afford. With the new first time home buyer tax credit, and our own special “stimulus” of giving you money back at closing, you are in a great position to live in style in one of the prime areas of Philadelphia. Call us today, and remember, we give you money back at closing.

The first time home buyer tax credit of $8000 is generating a lot of interest among potential Philadelphia condo buyers – and a lot of questions.

What’s interesting for all home buyers is the various initiatives in states right now - California just passed a $10000 tax credit for newly constructed homes available to ALL home buyers this year, in addition to the federal $8000 credit for first time home buyers. Delaware is considering mortgage and down payment assistance. Missouri is considering a $1000 credit for all home buyers, which is attached to a jobs bill. And on a more localized level, Philadelphia is offering up to $5000 for 300 new home buyers IF their employer matches the contribution. So far about 180 people have qualified under the Home-Buy-Now program. Philadelphia also has many properties that qualify for a 10 year tax abatement.

Keep watching your state and your city legislators – more help may be on the way.

Some questions that buyers have posed recently:

1. What happened to the federal $7500 credit? Can I claim that AND the $8000 credit too?

No. The $7500 credit can be claimed this year for purchases in 2008 – and it has to be paid back. The $8000 credit is for homes purchased in 2009 – and does not have to be paid back.

2. Who is a first time home buyer?

For the purposes of the $8000 first time home buyer stimulus credit, a first time home buyer is someone who has not owned a home within the past three years.

3. What happened to the $15,000 credit that was being talked about?

In the final stimulus bill, Congress reduced it to $8000, and allowed for credits on vehicle purchases. Many people in the building and real estate professions are lobbying for a full $15,000 credit for all home buyers – across all markets that would be a REAL jump start, especially in those areas where prices have fallen more than 50%. But hey, right now, it is what it is – grab it and go for it.

4. When do I see the money?

When you file your 2010 tax return.

5. What else can I do to get a great deal?

Glad you asked that question. In addition to the tax credits, here at Condodomain, we encourage you to contact our local realtors to find the best deal that is right for you – and when you get to closing, we give you money back. Yes, we offer a rebate on the commission costs that the seller pays. We charge you a flat fee for buyer representation, and the rest of the commission goes in YOUR pocket at closing – not ours.

In Philadelphia,  if you buy a Philadelphia condo for $500,000 we negotiate the best deal possible for you. We help you find the best possible mortgage for you. Then, at closing, we cut you a check (based on a price of $500,000) for up to $10,000. Next year, when you file your taxes, claim your tax credit based on your purchase price for additional savings.  Next year, when you file your taxes, claim your tax credit for additional savings. If you qualify for the Home-Buy-Now program or a tax abatement, so much the better for you!

Call us today to take advantage of all the great deals on Philadelphia condos for ALL home buyers.  And remember, we’re the people who provide you world class service and give you money back at closing.

This is a great time to be a first time home buyer. Prices are lower, interest rates are down, you have an $8000 federal tax credit – and in the Philadelphia area, you have 10 year tax abatements on many Philadelphia condos.

This is a good time for you to consider buying a Philadelphia condo at Shackamaxon Court. Located in Fishtown, an area rich in history and now a contemporary Center City hub for artist colonies, trendy bars and restaurants and shopping, this Philadelphia condo is affordable and desirable. Enter the courtyard oasis through wrought iron gates hand crafted by Fishtown artist Robert Phillips, and discover one and two bedroom Philadelphia condo residences that are newly constructed and energy efficient. The two bedroom homes are new construction, and the one bedroom homes are new flats housed in buildings from the 1880s.

Third floor units at Shackamaxon Court are especially desirable, as the two bedroom residences have TimberTech roof decks and small balconies with french doors, and the one bedroom homes have optional cathedral ceilings and skylights. Hardwood floors, berber carpets, plenty of closet space, and spacious well planned kitchens are standard. The two bedroom homes have top of the line appliances and granite countertops.

You’re two blocks away from the El station in this Philadelphia condo, and trolleys and buses are nearby as well. And of course, these condos at Shackamaxon Court feature underground parking.

Contact us about the amazing opportunities for Philadelphia condo buyers right now, and how we can make the first time home buyer tax credit and the ten year tax abatements work for you. And remember our own stimulus - we give you money back at closing. What are you waiting for?

Here at CondoDomain, we know that foreclosures offer our buyers tremendous savings. We have partnered with RealtyTrac to give our buyers great opportunities to save on Philadelphia foreclosures.

RealtyTrac also provides pre-foreclosure and short sale information. We’re happy to present this to you and assist you in finding all the great opportunities for buyers of Philadelphia foreclosures.

Looking through the data we now have on our site, here’s a few Philadelphia foreclosure opportunities I really like for buyers:

Stoney Ln # B Philadelphia, PA 19115 $150,000
S 23Rd St Philadelphia, PA 19146 $143,500
S 9Th St Philadelphia, PA 19148 $100,000

Foreclosure is the legal and professional proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court ordered termination of a mortgagor’s equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lienholders can also foreclose the owner’s right of redemption for other debts, such as for overdue taxes, unpaid contractors’ bills or overdue HOA dues or assessments. More details here on wikipedia.

We’ll be blogging more about Philadelphia foreclosure in the weeks ahead – the laws that affect you, the buyer, the process, and of course, the tremendous opportunities.

Call us about these amazing foreclosure opportunities!

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)