About Delaware County, PA

Welcome to the Eddystone PA SEPTA Station on the SEPTA R2 Regional Rail Line.

The station itself is located in the southern portion of Eddystone Borough between Eddystone Av and Saville Av just to the north of the Industrial Highway/ Route 291. This location affords quick access to the local industrial plants for people commuting into the area and is convenient for local residents commuting toward Philadelphia or Wilmington.

The Eddystone Station does not have any dedicated station parking but there is plenty of space for dropping off and picking up passengers on both sides of the tracks. The station has shelters on both the north and southbound sides for waiting commuters and is slightly raised in this area. It is also located in a primarily residential area but is the closest station for several large commercial/industrial businesses. The video will provide a better overview of the area:

The SEPTA R2 Regional Rail Line parallels the main rails of the Northeast Corridor which run from Boston through New York, Philadelphia,and Wilmington toward Washington DC while the R2 runs from downtown Philadelphia south through Wilmington to Newark DE. The SEPTA trains generally use the outer tracks while the Amtrak trains use the inner lines. This is a very active SEPTA stop but Amtrak does not have a stop in the immediate area.

For more current information on Eddystone and the local real estate market, be sure to check out the complete post on Eddystone Homes and History.

As always, if you have any questions or need any additional information, please do not hesitate to contact me anytime.

The Delaware County PA Sheriff's office has produced a brochure on "How to Save Your Home from Foreclosure" which provides excellent background information on the foreclosure process.

This foreclosure information was put together by Sheriff Joseph F McGinn and the Delaware County Sheriff's Office and is a nice concise explanation of the process, the options, and the contacts for anyone who may find themselves having a problem with affording their home payments. It is by no means all-inclusive but affords a quick overview of what is available in the area for Delaware County PA residents. It is not yet on their website so I have reproduced the information here - see attached.

The key point to remember for anyone facing the possibility of foreclosure is to not ignore it but reach out, learn, and obtain as much information as possible as soon as you realize there may be a problem. There are many resources and options available and they are being expanded and changed on a daily basis. The key is to learn what is available and take advantage of them before a small problem gets worse.

I would like to thank the Sheriff's Office for permission to reprint the information. For questions, please contact Sheriff Joe McGinn or the Delaware County Sheriff's Office located at 201 West Front St, Media PA 19063 - Phone: 610-891-4296 or on the web at www.co.delaware.pa.us/sheriff .

As always, if you have any questions or need any additional information, please feel free to contact me anytime.

Philadelphia Spiced Wafers (Ginger Snaps)

I never really thought about it until this week that the spiced wafers I grew up with are not only a seasonal product but also a regional product.

Doug was sharing with me that he knows a person who stocks up on boxes of these things because they are only around a very short period of time.

With my curiosity peaked, I did some research on line and sure enough, Sweetzels Spiced Wafers have the monopoly on this Philadelphia area autumn treat. This product is only available July to Thanksgiving, with Halloween being the focal point, thus the trademark black and orange box. From the articles I read on line the owner has been marketing these goodies to the larger market and they are slowly catching on. Good for him!

Another thing I learned was that these crunchy ginger snaps were at one time produced in my hometown of Bridgeport, a suburb of Philly, but due to a fire was forced to relocate out of state.

My father was addicted to these things. Every fall there would be a few boxes hanging around and one just had to have a few as a snack with a glass of milk. Fall is not complete for me without a taste of these crispy morsels.

So if you happen to see Sweetzels Spiced Wafers on a shelf in your local store or during a visit to Philadelphia in the Fall and want to try a new treat, take home a box, get a glass of milk and enjoy! The crispier the better! (Written by Gloria)

The real estate market for Eddystone Borough PA Homes continues to hold its own.

Located between the City of Chester and Ridley Township/ Tinicum Township just below Philadelphia along the Delaware River, Eddystone Borough continues its historic role as a center of commerce. Settled in the 1600s by the Swedes and then taken over by the Dutch in 1658, this was one of the earliest settled areas along the Delaware River. Originally an agricultural area as seen in Tinicum Township and Chester, it quickly grew into a center of manufacturing as industry grew throughout this area along the Delaware. Eddystone was incorporated from Ridley Township in 1888.

The growth of Eddystone Borough peaked in the twentieth Century with the growth of arms manufacturing and locomotive production. Remington Arms became a major arms manufacturer in the area during World War I. Their plant was built on Baldwin Locomotive Works land and originally manufactured rifles for the British and Russian Troops. These contracts were later replaced by US Government contracts, and the Remington plant ultimately produced almost 2 million rifles with a peak production of 6000 rifles/day before being closed on January 11, 1919. Interestingly, over two thirds of the rifles used in France were produced in the Eddystone plant.

During the same period, beginning in 1906, the Baldwin Locomotive Works built up its production in Eddystone as it moved its operations to this larger plant from facilities in Philadelphia. By 1928, all its locomotive production had been moved to the new facilities in Eddystone and its new Executive Office Building had been completed at a cost of $1,220,000. It quickly became the largest locomotive builder in the United States. Sadly, the company was unable to make the transition from steam to diesel and ultimately closed in 1956.

Today, the former Baldwin Locomotive land houses an office park (including the original Executive Office Building), a PECO generating Station, and various commercial properties. In addition, the Penn Terminals now occupy the property adjacent to the Delaware with their marine terminal and stevedoring services. The balance of the borough is primarily residentail and light commercial.

The Eddystone Borough real estate market has held up very well so far through this downturn. The average home price in Eddystone Borough approximately doubled from around $60,000 in 2000-2002 to peak with an average price of $120,000 in 2007. Since then, pricing pulled back to an average price of $103,000 in 2008 and $109,000 in 2009 year to date. (The 2009 price includes a $205,000 single family home sale).

Activity has also remained fairly constant with Borough sales ranging from a low of 23 homes in 2008 to a high of 34 homes in 2006. There have also been 26 completed home sales so far in 2009 with 3 sales pending. Today, there are an additional 16 homes on the market with an average list price of $110,000. Overall, this was one of the later areas to be impacted by rising prices seen throughout the region allowing it to avoid much of the overpricing experienced in some of the surrounding areas.

Now, the area is redeveloping with a stronger, more stable, and diversified business base including the PECO generating plant, the adjacent Boeing plant in Ridley Township, Harrah's Casino in Chester, and various other manufacturing and business opportunities. With its diversified jobs base, close proximity to Philadelphia, easy access to commuter options by SEPTA and the I-95/I-495 freeways, and affordable housing, the residential market should remain relatively stable.

As always, if you have any questions or need any additional information, please feel free to contact me anytime.

(All statistics per the TrendMLS System and believed accurate but not guaranteed)

TAX CREDIT OVERVIEW

Who Gets What?

First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What are the New Deadlines?

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

What are the Income Caps?

The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

What is the Maximum Purchase Price?

Qualifying buyers may purchase a property with a maximum sale price of $800,000.

What is a Tax Credit?

A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.

How Much are First-Time Homebuyers (FTHB) Eligible to Receive?

An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is Eligible fort FTHB Tax Credit?

Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible.

This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

How Much are Current Home Owners Eligible to Receive?

The tax credit program includes a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Can Homebuyers Claim the Tax Credit in Advance of Purchasing a Property?

No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

Can a Taxpayer Claim a Credit if the Property is Purchased from a Seller with Seller Financing and the Seller Retains Title to the Property?

Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Some examples of this would include a land contract or a contract for deed.

According to the IRS, factors that would demonstrate the ownership of the property would include:

1. Right of possession,
2. Right to obtain legal title upon full payment of the purchase price,
3. Right to construct improvements,
4. Obligation to pay property taxes,
5. Risk of loss,
6. Responsibility to insure the property, and
7. Duty to maintain the property.

Are There Other Restrictions to Taking the FTHB Credit?

Yes. According to the IRS, if any of the following describe a homebuyer's situation, a credit would not be due:

• They buy the home from a close relative. This includes a spouse, parent, grandparent, child or grandchild. (Please see the question below for details regarding purchases from "step-relatives.")
• They do not use the home as your principal residence.
• They sell their home before the end of the year.
• They are a nonresident alien.
• They are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
• Their home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
• They owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

Can Homebuyers Purchase a Home from a Step-Relative and Still be Eligible for the Credit?

Yes. As long as the person they buy the home from is not a direct blood relative, the purchase would be allowed.

If a Parent (Who Will Not Live In The Property) Cosigns for a Mortgage, Will Their Child Still be Eligible for the Credit?

Yes, provided that the child meets the other requirements for the tax credit.

Call me with any questions and have a great weekend!!