The January 20 Inauguration – In PHILLY?
Philadephia, “City of Brotherly Love” and home of the first Independence day, is hosting an inaugural celebration on January 20. Makes sense – this is where the Declaration of Independence was signed. At 11 am on January 20, there will be a Jumbotron broadcast next to the Independence Visitor Center.
Well, it’s not even close to Washington DC, but it’s close enough for some. And unlike DC, you’ll probably be able to get a hotel room!
Philadelphia is more than history, it is a fabulous city with great opportunities for home ownership.
Philadelphia is 77th out of 100 major metropolitan areas in the USA in foreclosures. That means they’re not pressuring housing prices unrealistically downward, so properties have a better likelihood of holding their value, even in a down market. For anyone who offers Philadelphia real estate for sale, that is good news. Some realtors have noticed an increase in short sales and foreclosures, but find that the properties most likely to be affected are investor owned.
What does this mean for you, the buyer? It means that there are some opportunities in purchasing foreclosures and short sales, but your property will maintain its value and build equity as the economy improves. Take The Arts Condominium at 13th and Locust Streets, for example. It is sold out – but 23 of the 372 units have been threatened with foreclosure. These are for the most part investor owned properties. Or Waterfront Square where the price of a $3.2 million condo was slashed by $600,000. Or the promise developers made to buyers of a free Smart Car if they bought a residence at Symphony House.
This is in keeping with a trend reported last year by The Philadelphia Business Journal. Although there were more condos on the market, and prices had gone down, buyers and sellers kept making deals. Short term, the market continues to be risky, but the overall long term view for Philadelphia condos is very good for buyers.
Tour Philadelphia condos here. Let us show you, the buyer, how to save thousands of dollars on commission!
