This is a must see - I wish I could put this in a video, but this is a must see for parking for the future in Philadelphia and all urban cities !
The other innovative concept in Philadelphia was the Parkominium in Old City where Old City residents, business owners and investors could own individual parking in a luxury building where there is 24/7 valet, climate controlled parking.
Have you seen this type of parking similar to what 1706 Rittenhouse is doing in your city ?
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If interested in buying or selling investment properties in Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612 . You can connect with us on Facebook and Twitter . Also, check out our new Philadelphia investor site at Philly Investor Hub and ask us about Philadelphia Foreclosures and Short Sales .
The Somers Team - Philadelphia Real Estate
Search the MLS Properties Here in Philadelphia
The Philadelphia Real Estate Blog
Click here to receive our Blog updates via email !
Areas of specialty include Northern Liberties, Old City, Center City, Fishtown, Graduate Hospital, Art Museum, Queen Village, Pennsport, Old Kensington, Port Richmond, Bridesburg, Society Hill, Loft District, Spring Garden and more !
In Philadelphia, there are thousands of great rental properties to buy. Philly is a desired spot because outside of Center City, the prices are affordable and the taxes are extremely low. And those 2 ingredients make for a very profitable investment property as far as cash flow is concerned and in some neighborhoods you can toss in some appreciation to the mix and have an award winner !!!
In the out-skirts of Philadelphia, in the counties such as Montgomery and Bucks County, finding the winning recipe for a profitable investment is somewhat more challenging.
The county has higher taxes to boot and the average price of homes is considerably higher than in the city of Philadelphia. The properties are built differently. Public water and sewer is not always the standard in some county homes with wells and septic systems as well as land to care for. Thus, the maintenance of land and so on needs to be quantified as part of your recipe for success.
I guess investing in the county vs investing in a Philly row homeis like cooking French Cuisine versus "Shake and Bake" chicken with mashed potatoes and gravy. They both taste good but how sophisticated are your tastes and how much money to you have to spend ?
The property that will make an excellent investment will require some or all of the following criteria:
1) The average market rents need to exceeds your mortgage. Do not forget to calculate taxes and insurance. Use Craigslist to see what the rents are going for in the are where you are buying.
2) If possible choose a property with low maintenance or plan to budget lawn care and septic into your expenses. If your tenant is responsible for the upkeep, make sure the added costs do not exceed the market value for rent or you will never procure an occupant.
3) A Home Warranty is an excellent cure for maintenance issues that pop up and can be negotiated during the purchase. Ask the seller of the rental property you are buying to toss in a Home Warranty or buy one for yourself.
4) Location is a huge factor. If you want your investment property to appreciate, in addition to maintenance, buy in an area where property values are going to increase such as in commuter friendly neighborhoods, college towns, or in neighborhoods that are in the early stages of development. This is a buyer's market so now is the time to prospect about the future of neighborhoods and towns.
5) Multi-family Duplexes and Triplexes offer you 2 and 3 rental incomes all in one location. Mixed Use buildings can get tricky if you are not located in a commercially friendly location with easy parking and foot traffic. If there is an opportunity to procure one and the cash flows, then do it!
So, get out of the kitchen and cook up some Real Estate! It is a great time to buy.
We hope this information on Philadelphia Investment Properties was useful and informative. If so, please subscribe to our blog (only a click away !) to see our future blog posts related to the Philadelphia Real Estate Market and Philadelphia Investment Properties.
And feel free to stop by our office to discuss as well as checking out our new office location in Northern Liberties !
******************************************************
If interested in buying or selling investment properties in Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612 . You can connect with us on Facebook and Twitter . Also, check out our new Philadelphia investor site at Philly Investor Hub and ask us about Philadelphia Foreclosures and Short Sales .
The Somers Team - Philadelphia Real Estate
Search the MLS Properties Here in Philadelphia
The Philadelphia Real Estate Blog
Click here to receive our Blog updates via email !
Areas of specialty include Northern Liberties, Old City, Center City, Fishtown, Graduate Hospital, Art Museum, Queen Village, Pennsport, Old Kensington, Port Richmond, Bridesburg, Society Hill, Loft District, Spring Garden and more !
Philadelphia Homes: 4 Commonly Asked Questions Before Buying and Selling a Home
1) WHEN IS THE RIGHT TIME TO BUY OR SELL A HOME ?
2) HOW LONG SHOULD YOU GIVE YOURSELF TO LOOK BEFORE YOU ARE READY TO BUY ?
3) HOW QUICKLY DO HOMES SELL ?
4) DO I HAVE TO SELL MY HOME FIRST THEN BEGIN LOOKING ?
We hope these answers to these common questions related to before buying and selling a Philadelphia Home was useful and informative. If so, please subscribe to our blog (only a click away !) to see our future blog posts related to the Philadelphia Real Estate Market .
And feel free to stop by our office to discuss as well as checking out our new office location in Northern Liberties !
******************************************************
If interested in buying or selling investment properties in Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612 . You can connect with us on Facebook and Twitter . Also, check out our new Philadelphia investor site at Philly Investor Hub and ask us about Philadelphia Foreclosures and Short Sales .
The Somers Team - Philadelphia Real Estate
Search the MLS Properties Here in Philadelphia
The Philadelphia Real Estate Blog
Click here to receive our Blog updates via email !
Areas of specialty include Northern Liberties, Old City, Center City, Fishtown, Graduate Hospital, Art Museum, Queen Village, Pennsport, Old Kensington, Port Richmond, Bridesburg, Society Hill, Loft District, Spring Garden and more !
Philadelphia Investment Properties: 4 Tips to Assess Value !
1. INCOME
Show me the Money ! Residential, Multi-family and Commercial Mixed Use Philadelphia properties typically have one main purpose for a buyer. INCOME (cash flow) !! Mixed Use and multi-family properties are typically considered more valuable to an investor and have higher price tags than the regular residential row homes located in the very same neighborhood. Mixed Use and Multi-family properties are more expensive and more valuable to the investor because they can produce multiple sources of income. The exact amount will depend on how many rental units there are in the building. Multiple sources of income that create a cash positive outcome equals a valuable property for an investor.
It is important not to compare the prices of residentially zoned sales with the mixed use and multi-family 
sales. They are apples and oranges.
Illustration:
$100,000 Duplex row home (Two 1 bedroom apartments) bringing in 2 rentals $500 + $500 = $1,000
$80,000 Single family row home (Two Bedroom) bringing in 1 rent $650
Thus each property has it's own cash flow analysis which would include many other factors but the income that it generates is a great place to start !
2. CONDITION/APPRECIATION
The condition of the property is an important consideration. It is a good idea to assess the cost of rehabilitating a property. If the rehab cost exceeds the property's ability to recoup that improvement over a projected period of time, then the value is poor. If you can recover your improvement costs within a projected period of time then that scenario makes the investment a good one. Do not forget to consider the potential appreciation of the property. Though Location is the subject of the next paragraph... If the property is located in an area that will continue to gain value over time then the appreciation potential coupled with rental income will define value. On the same note, if the property is located in an area that is not appreciating and may be in fact declining or static, that is a consideration which will equally affect value.
3. USE/LOCATION
What, Who, Where ? For what will the property be be used ? By who will the property be used ? Where is the property ? The answer to these 3 questions will help you determine the value of a commercial mixed use property. In the neighborhoods located just outside the Center City Philadelphia Metro Area, there is an enormous sprawl of residential communities and subdivisions. Within these small communities, the mixed use properties typically have stores on the 1st floor and apartments above. These neighborhood commercial spaces accommodate small to mid-range renters such as convenience markets, pizza/sandwich shops and so on. These commercial tenants serve the immediate needs of the neighborhood. They typically bring in lower rents compared to a higher rental districts in the Metro Philadelphia Area. But, they are affordable and without the complexities in the commercial center closer or within Center City.
An example of a higher residental and commercial rental district can be found at Northern Liberties. The New Piazza at Schmidts, for example, is a complex developed in Northern Liberties by Bart Blatstein / Tower Investments. It is a community that will accommodate higher rents, higher property values and higher appreciation value for the future. In areas like this, the commercial leases can be more complex than those that are found outside the metro Area. Leases may include fit-outs costs, credits, and other nuances depending on the tenant uses. In neighborhoods more aligned with a Metro-like sector, the demographic is much broader encompassing an aspect of tourism as well as local consumers. Thus a higher rent amount is in demand and the property value is much higher compared to those areas outside of the bustling commercial center.
4. FINANCING
And finally we have the issue of financing. In the "fringe" neighborhoods outside the Metro Philadelphia Area, many of the people looking to buy in those areas are "First Time Home Buyers". Many more these days are First Time Investors. The First Time Home Buyers are looking to use the FHA or PFHA loan products since it requires a very low down payment and a low interest rate. If the property is zoned commercial on the first floor, then that buyer would not qualify. Commercial zoning requires a minimum 20% down payment. Many people do not have that much available cash. In that case, a Multi-family property without commercial zoning would be and even greater value these days because the First Time Home Buyers would be able to qualify to purchase it.
First Time Investors looking for Cash Flow properties of any sort can make a killing right now during this "Buyer's Market". We reccomend using these 4 tips for investors assessing the value of a property in Philadelphia.
We hope this info on Philadelphia Investment Properties is useful and informative. If so, please subscribe to our blog (only a click away !) to see our future blog posts related to the Philadelphia Real Estate Market .
And feel free to stop by our office to discuss as well as checking out our new office location in Northern Liberties !
If interested in buying or selling investment properties in Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612 . You can connect with us on Facebook and Twitter . Also, check out our new Philadelphia investor site at Philly Investor Hub and ask us about Philadelphia Foreclosures and Short Sales .
The Somers Team - Philadelphia Real Estate
Search the MLS Properties Here in Philadelphia
The Philadelphia Real Estate Blog
Click here to receive our Blog updates via email !
Areas of specialty include Northern Liberties, Old City, Center City, Fishtown, Graduate Hospital, Art Museum, Queen Village, Pennsport, Old Kensington, Port Richmond, Bridesburg, Society Hill, Loft District, Spring Garden and more !
Philadelphia Homes: The Somers Sell All Over Philadelphia !
The Somers sell homes all over Philadelphia. Here is a list of their most recent sales and listings in Old City, Northern Liberties, Fishtown, Old Kensington, Graduate Hospital, Avenue of the Arts, Italian Market Area, Castor Gardens, Mayfair, Port Richmond and the Temple University Area.
AVENUE OF THE ARTS - 1528 Bainbridge St - duplex, Philadelphia PA 19146
OLD KENSINGTON - 1505 N Hancock St, Philadelphia PA 19122
OLD KENSINGTON - 105 W Oxford St, Philadelphia PA 19122
PASSYUNK SQUARE - 1219 Morris St, Philadelphia PA 19148
CASTOR GARDENS - 7253 Eastwood St, Philadelphia, PA 19149
MAYFAIR - 4409 Teesdale St, Philadelphia, PA 19136
TEMPLE UNIVERSITY - 1919 N Uber St, Philadelphia PA 19121
OLD CITY - 3 N Columbus Blvd, Unit 314, Philadelphia PA 19106
NORTHERN LIBERTIES - 214 W Wildey Street, Philadelphia, PA 19123
FISHTOWN - 1522 E Montgomery Ave., Philadelphia, PA 19123
NORTHERN LIBERTIES - 706 N Bodine St $234,900
NORTHERN LIBERTIES - 921 N Randolph Street, Philadelphia, PA 19123 $179,900
FISHTOWN - 1608 E Hewson St, Philadelphia, PA 19125 $189,900
FISHTOWN - 2544 Emerald St, Philadelphia, PA 19125 $179,900
MAYFAIR - 4247 Vista St, Philadelphia PA 19136
TEMPLE UNIVERSITY AREA - 2146 N Uber St, Philadelphia PA 19121 $59,900
PORT RICHMOND - 3139 Weikel St, Philadelphia PA 19134 $75,000
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If interested in buying or selling properties in Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612 . You can connect with us on Facebook and Twitter . For investment properties, check out our new investor site at Philly Investor Hub ! If interested in checking out our new office in Northern Liberties, let us know !
The Somers Team - Philadelphia Real Estate
Search the MLS Properties Here in Philadelphia
The Philadelphia Real Estate Blog
Click here to receive our Blog updates via email !
Areas of specialty include Northern Liberties, Old City, Center City, Fishtown, Graduate Hospital, Art Museum, Queen Village, Pennsport, Old Kensington, Port Richmond, Bridesburg, Society Hill, Loft District, Spring Garden and more !
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Please visit our website at: www.thesomersteam.com to view more information about us, our listings and the thriving Philadelphia market.
About Us
Chris Somers
After working as a financial consultant with Oppenheimer for 7 years, and having also held positions with Deloitte and Touche and the Federal Government, Christopher Somers decided it was time to pursue a new challenge. He united forces with his wife Stephanie, a Philadelphia native, former Art Teacher turned business owner, to engage in a career in real estate. Focused on protecting their clients' wealth in every real estate transaction, the Somers have quickly gained recognition in their market segment.
Chris' education background and previous work experience have significantly contributed to his success as a Realtor. Clients benefit from his aggressive negotiating skills, extensive market knowledge, and financial expertise.
Featured on RE/MAX Times Online
Chris Somer's blog article entitled Plan Now to Jump Start Your 2009 Production can now be seen on the online edition of The RE/MAX Times. It is not too often that an Associate will receive a phone call from RE/MAX International congratulating for a well-written blog post and requesting approval to have it posted on their premier online publication.
Updated weekly, RE/MAX Times online edition provides all 100,000 Associates worldwide with the latest industry news, tips from top producers, coaching, business and marketing stories, and more. Chris' article provides very insightful tips for other Associates on how to achieve success in today's market, and explains why his blog has continuously generated interest and participation from the community. Whether you are a Buyer or Seller, you are encouraged to read the blog and participate in the discussions. You can also sign up to receive weekly email updates.
Stephanie Somers
Drive, enthusiasm and a very dynamic style of doing business are just a few of the words Stephanie's clients use to describe her. Before joining her husband Chris in their exciting Real Estate business, she studied and taught Arts in Center City, earned an advanced degree in natural health and nutrition, launched a business that rapidly grew from one location to various ones in Bucks and Montgomery counties, and took the challenge of expanding a private company's business overseas.
Stephanie's experience as an educator and a business entrepreneur, coupled with her organization skills and attention to detail, makes her a valuable asset to the business. She proudly wears as many hats as needed and keeps the entire team motivated to become top producing agents on a daily basis. A Realtor very seriously dedicated to the profession, Stephanie also acts as the teams manager, marketing assistant, help desk and business coach.
By knowing how to best leverage their strengths, and how to match their expertise with their client's objectives, Chris and Stephanie deliver a winning action plan.
For more information about us, visit our social networking sites:
AWARDS:
2008 Awards
Chris Somers is now a member of the prestigious RE/MAX International Hall of Fame. The coveted Hall of Fame Award is only given to Associates with more than $35 million in closed sales volume in real estate transactions since joining RE/MAX. Less than three percent of all RE/MAX Associates worldwide earned this esteemed award this year. Once inducted, the Associate becomes a lifetime Hall of Fame member.
Top 20 Individual Sales Associates AwardMonthRank
This recognition is awarded to the Top Producing Real Estate Agents year-to-date in the RE/MAX Pennsylvania and Deleware Region.
September 2008 12th August 2008 16th July 2008 12th June 2008 15th May 2008 8th April 2008 7th March 2008 4th February 2008 14th January 2008 7thOther awards received in 2008 include:
Other awards received in 2007 include:
Philadelphia, Northern Liberties, Old City, Center City, Art Museum, Fishtown, Olde Kensington, Loft District, Pennsport, Port Richmond, Bridesburg, Northeast Philadelphia, Graduate Hospital, Society Hill, condos, condominiums, new construction.
We specialize in buyer and seller agency in Philadelphia. Getting a property sold in this market is much more challenging. However, our marketing and advertising strategy is always intensive and aggressive to accomplish the goals.
What it takes to get your house sold
Not too long ago, listing a home on the MLS, putting a lock box on the door knob, and sticking a For Sale sign on the front yard was all it used to take to get homes sold. Though the Philadelphia region is still doing fairly well in comparison to the rest of the country, currently there is a large inventory of houses for sale and the time on the market doubled over the last year. This is good news for buyers but not so good news for sellers who may still be convinced they can sell their properties just as fast as their neighbors did two years ago.
It takes a well-conceived marketing plan to get houses sold these days and this is exactly the approach we take with every client. It ultimately boils down to pricing it right, creating the maximum amount of exposure in the market through innovative marketing tactics, and making sure the house shows well. With so much to choose from, buyers are picky and almost always look for properties that are move-in ready. You can read more about getting your house ready for sale in our Resources section.
"I have bought and sold several properties over the years with Chris and Stephanie. The aspect that makes them outstanding is that they live and breathe real estate. They take the time to teach me and are an asset to helping me achieve my goals" Ken Lawall
"Chris and Stephanie's immediate follow-through sets them apart as real estate professionals" Steve Scuron
"The Somers provided attention to detail - both small and large. They allowed our buying process to go off without a hitch." Andres Gomez
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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