Philadelphia Commercial Real Estate News

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Philadelphia, fondly known as the City of Brotherly Love, is the largest city in the state of Pennsylvania, in the United States. It has a population of over 1.4 million with a growth rate of 1.2% on average until 2009. This growth is considered one of the lowest in the United States, however, at the present time, there has been a small but significant influx of migrants into the Philadelphia area which has helped somewhat make the office space market in Philly stable. Philadelphia played an important role in what has become America as we know it because it was here that the American Revolution and Independence was fought for. We also list all the office spaces in Pittsburgh and the majority of local listings in: Blue Bell, East Falls, Hatboro, Manayunk, Market St., Oreland, Roxboro, Bridgeport, Chester Springs, Exton, Hanover, and Queen Village. If you need an office space elsewhere check out our office listings.

Local Economy and Companies Supporting Philadelphia:

Philadelphia’s main economic interests lie in the areas of manufacturing, oil refining, food processing, health care and biotechnology. Some prominent Fortune 500 companies that have their base here are Comcast, Lincoln Financial Group, Sunoco, Rohm and Haas Company, Wyeth and Glaxo SmithKline. Some of the federal government’s facilities are also here for e.g., the United States Mint and the Federal Reserve Bank’s Philadelphia division.

Philadelphia New Commercial Developments:

New commercial development is said to be ready to make a comeback with the economy showing signs of recovery. Many business owners are planning their strategy for expansion and new ventures. The commercial districts are poised to be ready when the businesses come back strong after the turmoil. Even the local communities have agreed to work together to make these new ventures work.

Office Space In Philadelphia Rental Rates:

Philadelphia recorded one of the lowest office vacancy rates in the nation at 10.2% despite the economic crisis hitting the whole country. The commercial office rentals faced a hard knock though with a huge dip in rentals which has been experienced across the entire country. The bad economy has affected all types of spaces like serviced units, temporary office spaces, furnished units, and even just conference rooms rented by the hour have dropped in price. Many land and building owners had to package their tenancy agreements with a lot of concessions to make it attractive for businesses. The average office rentals in Philadelphia ran from $21.65 to $24.75 per square foot in the central business areas. This trend is expected to continue right through to 2010 and even further as most experts think office spaces in Philadelphia will take a few years to recover as most companies are afraid to commit to a lease or long term office rental. For more news on the local area and other major cities check out our commercial real estate articles.

Philadelphia Crime Rates and Current News:

The crime rate here is at 54 crimes per one thousand residents. This figure is considerably low if compared to the other cities in the US of the same size and population. Philadelphia is made up of large divisions, namely North, Northeast, Northwest, West, South and Southwest Philadelphia. These areas surround the Center City. Many people like to go to the old part of the city in Downtown Philadelphia rather than the mid town as the traffic is much bearable and you can take a pleasant walk to the ‘Welcome Park’. It is the place where the government of Pennsylvania first started its administration at the Slate Roof House way back in 1701. You will also come across the City Tavern Restaurant where you will find the waiters dressed in old colonial costumes to give it an authentic quaint feeling.

Source by Pat Vedder

Philadelphia Real Estate on the Brink of Dramatic Growth

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The City of Philadelphia's Planning Commission released a comprehensive plan that includes very optimistic growth statistics. The commission stated that over the next 25 years, Philadelphia could attract 100,000 residents and create more than 40,000 jobs.

The hopeful report was based on six different population forecasts with distinct approaches for gathering information. All major local statisticians that work on population growth models signed off on the report and concluded that the agreements were realistic.

The planning commission's report clearly shows how Philadelphia is on a path to sustained growth, and sometimes more accelerated development compared to other similar sized cities. One reason for this may be the lower cost of living. Philadelphiaians enjoy up to 40% less rents, taxes, and public transportation costs than New York City. The train system between the two cities is excellent which supports a daily Phila-NYC commute. This means more and more people are living in Philadelphia, taking advantage of lower costs of living, and still working in New York City.

Philadelphia is also seeing a higher retention of college graduations staying in the area. With the sunset of the financial collapse in 2007, high paying jobs on Wall Street have declined. Students graduating from some of Philadelphia's best universities, in many cases, are having more luck finding employment close to home.

To make room for the anticipated growth, the Philadelphia Planning Commission has filed various public works projects that include adding transit lines, developing new park facilities, and designing a new city agency to manage vacant and underutilized land. City officials describe the plan as long term and wide-ranging.

The expansion in population, jobs, and public infrastructure may be excellent news for real estate owners in Philadelphia. As the City becomes more connected and developed, more opportunities will be created and residents will see property values ​​agree. Philadelphia is also shifting from a manufacturing to a service economy. This means that there will continue to be a surplus of vacant industrial buildings to convert to residential, commercial, or mixed-use properties. These conversions can further help to improve illuminated areas and expand city resources to more neighborhoods.

Although the past few years have been rough, the future may be bright for the City of Brotherly Love.



Source by Joe Jesuele

Real Estate Investors – Creating Flyers to Attract Private Lenders

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Distributing flyers in your community is another marketing strategy for finding private lenders who are interested in investing in your real estate deal. Post flyers at senior centers and areas where high net worth people attend and traffic.

Again, you need to word the content in the flyer as an educational seminar or as an offer to receive free information related to your real estate services. It is important that you remember this to keep yourself out of trouble with the Securities and Exchange Commission (SEC).

Create an Effective Flyer Title

The manner in which the title is worded on your flyer is vital to the types of responses you will get. The more targeted the title is to the audience you are trying to attract, the more successful you will be in attracting highly qualified people that will be interested in working with you. 

  • Generic vs. Precise: If the title of the flyer is very generic, you will get a general audience of untargeted people who may not be interested in what you have to offer. A precisely written title will attract the right prospects that are specifically looking for the service that your flyer is advertising.

For example, don’t just put “Real Estate Seminar” in the title because this is a very broad term. What about the real estate seminar? Why do you want people to attend? What are the benefits? What are your attendees going to get out of it? 

 

Focus on what it is going to offer to your prospect and be specific. Do not go into agonizing details that are going to make your reader’s eyes glaze over. Provide the reader with just enough information to peak their curiosity so they will attend your seminar.

  • Organize the Format: Organize the format of the flyer so it looks professional. You can do this by having it professionally printed or create it yourself in a simple computer program such as Microsoft Publisher or Print Shop. Make certain it is easy to understand and easy to read and be sure everything is spelled correctly with correct use of grammar.

However you decide to create it, do not handwrite it because it will make you look like an amateur and then people will question whether or not you are knowledgeable and trustworthy. 

  • Enhance with Graphics: Include a picture somewhere on the flyer. This could be a picture of yourself delivering other real estate seminars in front of an audience, a gathering where people are asking you questions, or something else related that will provide the reader with a visual image of the content that is being addressed on the flyer.
  • Prompt the Reader to Take Action: Tell your reader what you want them to do after they read your flyer and provide your contact information, as well as the time and place of the event. You can include an extra tidbit if they call you soon such as a free offer or something related. You could also include a statement at the bottom of the flyer that refers to what they may lose out on by not attending your seminar.



Source by Mike Lautensack

Closing Costs – Fees and Expenses Associated With Selling Your Home

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When considering selling a home, the savvy homeowner must be aware of the costs associated with such a sale. While these costs can vary depending on the location of the home, many of the costs are universal.

First and foremost, if there is a mortgage lien on the home that has not been satisfied, the balance will be deducted from the proceeds of the sale. This also includes any second or additional mortgages. The lender will compute the actual balance due through the date of the sale and provide this information to the title company in advance.

Property taxes are also calculated through the date of sale and deducted from the proceeding. If there is an outstanding property tax bill, this too will be deducted from the seller's portion of the proceeds at closing. The property taxes must be current in order for the sale to be finalized.

If the seller obtains the services of a professional real estate agent, the commission which was negotiated will be paid to the broker at the time of closing.

A title insurance policy must be purchased by the seller ensuring that the home is being transferred to the new home buyer with a clear title. The cost of title insurance is based on the sale price of the home.

In some locales, utilities must be paid through the date of closing. For example, the water company may come out to take a final meter reading just before closing and informing the title company of the final water bill due and owed. This bill will be deducted from any proceeds the seller may net at the time of closing.

The seller will also be charged a governmental transfer tax which will vary by municipality.

Another governmental charge will be the cost of releasing the mortgage, if any. This fee is usually fairly minimal.

If there is a dispute against the seller, it's possible that any net proceeds from the sale of the home could have been applied to said judgment. This would also include any mechanic's lien that has been placed against the property.

Attorneys fees are also charged to the seller at closing, if these fees have not been paid in advance. At minimum, an attorney is required to prepare the Warranty Deed and Green Sheet to ensure proper transfer of the property.

An optional charge would be a home warranty offered to the home buyers. In most instances, this is paid for by the seller and is deducted from the proceeding. Offering this warranty may help sell a house faster.

It is in a seller's best interest to speak to a professional like an experienced home buyer or Realtor to obtain a more precise estimate of charges for their particular region. This will allow the seller to compute the difference between the potential sale price of their home, and the expenses that will be incurred, to accurately review their bottom line. Bear in mind, if the expenses exceed the purchase price, the seller will be required to bring funds to the closing table to cover those expenses. Therefore, it is imperative that a seller be aware of the true costs associated with selling their home, whether they live in a larger city like Philadelphia or a smaller rural area in the Midwest.



Source by Joshua Weidman

FTSE Nareit All REITs Index Down 0.1% in December

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FTSE Nareit All REITs Index Down 0.1% in December iStock 683680970 wallstreet

REIT returns were marginally lower in December, as the REIT market produced total returns of more than 9 percent in 2017.

The total returns of the FTSE Nareit All REITs Index fell 0.1 percent in December, while the S&P 500 posted a total return of 1.1 percent. For the year, the FTSE Nareit All REITs Index gained 9.3 percent; the S&P 500 returned 21.8 percent.



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Prologis Increasing Permitted Land Sites for Build-to-Suit Development

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Prologis Increasing Permitted Land Sites for Build-to-Suit Development UltaCentralValley 1515171882388 25 512X288 0

Industrial REIT Prologis, Inc.’s (NYSE: PLD) supply of permitted land sites in global locations means it can continue to meet the increasing demand for build-to-suit development activity in 2018, according to Michael Curless, the company’s chief investment officer.

Prologis Increasing Permitted Land Sites for Build-to-Suit Development SDVInternationalLo 1515171752939 10 512X288



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HPET Preserving Affordable Housing as Competition Intensifies

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HPET Preserving Affordable Housing as Competition Intensifies CourtyardPhoto3

A typical tenant at the Courtyard at Encanto in central Phoenix is a single mother working as a home health care aide. She makes about 51 percent of area median income in a neighborhood that is undergoing rapid gentrification.

Housing Partnership Equity Trust (HPET) purchased the 160-unit Courtyard at Encanto in conjunction with Chicanos por la Causa (CPLC), one of Arizona’s largest community development corporations (CDCs), in 2017. For Anne McCulloch, president and CEO of HPET, serving the needs of such tenants embodies the mission of the social-purpose REIT.



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Wisconsin Students Get Hands-On Approach to REIT Investing

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Wisconsin Students Get Hands-On Approach to REIT Investing AppliedREInvestmentTrack

Second-year Real Estate MBA students at the University of Wisconsin-Madison are gaining unique hands-on experience in active portfolio management as they manage a $2 million fund invested solely in REITs. The REIT fund is part of the University of Wisconsin Endowment first established in the late 1990s by three prominent alumni.

The students are enrolled in a special track of the university’s real estate MBA program known as the Applied Real Estate Investment Track (AREIT). It is described by the school as the first program of its kind in the country.



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FTSE Nareit All REITs Index Down 7% in February

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FTSE Nareit All REITs Index Down 7% in February wallstreet

REIT returns fell in February as macroeconomic factors continued to dominate investor sentiment.

The total returns of the FTSE Nareit All REITs Index fell 7 percent in February, while the S&P 500 fell 3.7 percent.

Total returns of the FTSE Nareit All Equity REITs Index fell 7.3 percent in February. The total returns of the FTSE Nareit Mortgage REIT Index fell 3.3 percent in the month.

The yield on the 10-year Treasury note rose 0.2 percent in February.



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How to Sell Your House to an Investor in Philadelphia PA

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How to Sell Your House to an Investor in Philadelphia PA

In the past, people would buy a home and live there for the rest of their lives, often passing it on to their family. Things have changed. Many first-time homebuyers are going into it with the attitude that they’ll sell when it’s time for a change. If you’re looking to sell your house, you could be frustrated.

Despite the market trends in Philadelphia slowly shifting, it’s still very much a buyer’s market. With so much property available, you could find yourself waiting months or longer to get a fair price on your home.

How To Sell Your House To An Investor in Philadelphia

One option that many homeowners are turning to is selling to a real estate investor like Philly Home Buyers, LLC to buy your house from you.

These independent investors typically purchase homes, repair them, and then use them to generate income; either as rental units or sell them for a profit. Philadelphia has numerous reputable and trusted real estate investors who will help you sell your home quickly.

Selling your house to an investor is relatively simple.

You provide him or her with information about your home and personal situation.

The investor will then inspect the home and determine a fair value, taking into account necessary repairs, and make an offer. If the offer works for you, you’ll close, and receive the payment for your house in cash… usually within 7 days if you want to close that fast.

How Fast Can You Sell Your House To A Philly Investor?

This process is extremely quick compared to more traditional methods, often taking just 7-10 days.

If you need to sell your Philadelphia home very quickly, with little hassle, selling to a Philadelphia real estate investor is a great option.

When you work with a real estate investor… there usually aren’t any fees involved, as you don’t have to worry about paying an agent commission, and most often, the investor will cover the closing costs.

While real estate investors are often looking to purchase homes at a discount, allowing them to fix up the house if it needs repairs… then sell the home to another home owner.

The Hidden Costs Of Waiting To Sell Your Philadelphia House

Many people don’t consider the hidden costs of holding on to a property.

Extra months of mortgage payments, utilities, maintenance costs, and other fees could quickly add up. By selling at a slight discount, you could potentially end up with a larger sum in the long run.

By selling your home to a real estate investor, you’re saving yourself possible months of headache, and you can quickly move on to your new home. You’ll avoid expensive fees, closing costs, and investors will purchase your home as-is, assuming the costs of repairs that you’d have to pay if you were selling via more traditional means.

Fill out the form to get a fast cash offer on your home!

Give us a call anytime at (215-279-4315)