Interest rates are going up. The Federal Reserve raised its key interest rate by 0.25 percentage point on Wednesday. It was just the third time that the Fed has increased rates since the financial crisis. The move was anticipated after last week’s strong jobs report. A rate hike is a sign that the Fed is confident about the pace of growth in the U.S. economy. Read more from CNN Money here.
Postgreen Homes, a Fishtown-based real estate development company, is opening a six-unit boutique hotel in Old City later this year. The Lokal Hotel will feature six apartment-style suites. Direct is proud to finance this unique redevelopment project. Read more about the project here.
After 70 Years in Business Martin Elfant Inc. To Become Elfant Pontz Properties In 1946, Martin M. Elfant founded a small real estate business in Northwest Philadelphia. Martin Elfant Inc. (Direct Mortgage Loan Company’s parent company) did a little bit of everything, from sales to investing, lending and property management. After graduating from Wharton, Robert J. Elfant joined in his father’s business and became president in 1977. Over the next 25 years, Robert grew the management business from 50 to [...]
Introducing The Westview, A New Mixed Use Development ProjectA new multi-million dollar redevelopment project in the center of Mount Airy’s commercial corridor is less than one month away from completion.The Westview is the first new construction, mixed-use development of it’s kind in the area. Located at the corner of Germantown Avenue and Westview Streets, the building contains two street-level retail storefronts and 28 luxury apartments. Elfant Pontz Properties (Direct’s parent company) and MBA Equities purchased the former dialysis center in 2012. Together [...]
Direct client Patrick Jeune prices his properties to sell. “I buy smart, I build right and I sell smart,” he says. At just 26-years-old, he is definitely doing something right. He’s already in business for himself, developing residential real estate throughout the city. His last project in South Philadelphia went under contract the day after it hit the market. Friends wanted him to price the property higher, but he was already making great margins. “I’m not greedy,” he says. “And I want [...]
712 E Lincoln Highway, Coatesville, PA 19320 For Sale: Mixed use building with ground floor commercial and a bi-level apartment above. Sold in as-is condition. Property to be turned over vacant. 3 beds 1 bath 1,682 square feet. $79,900 – Seller financing available. Contact us for more information.
Supply Is Not Meeting The Demand In Philadelphia With the start of the busy spring real estate market, the biggest challenge facing buyers is the ongoing lack of available inventory. The shortage has generated a competitive atmosphere for buyers; time is of the essence and bidding wars are common. “It’s a seller’s market. Compared to 2012, the average days-on-market is way down in nearly every zip code, while median prices of properties sold in parts of Fishtown and Kensington, for [...]
At the moment Direct’s most popular zip code is 19146 which includes Grays Ferry, Point Breeze and Graduate Hospital, with a whopping 19 properties on the books! We have a six way tie for second place, with seven properties each in the zip codes 19121 (Brewerytown, Temple, North Philly), 19125 (Fishtown, Kensington), 19143 (West Philly), 19119 (Mount Airy), 19102 (Center City) and 19082 (Upper Darby). 19142 and 19122 each have six.
An inventory shortage is threatening to derail the momentum of housing market, especially in the first time buyer price range. “For February, BHHS Fox & Roach Realtors’ HomExpert Market Report showed inventory in the eight-county region down about 3,100 houses from the same month in 2015.” The Inquirer reports that there is a strong need for homes in the $350,000 range in many Philadelphia neighborhoods and suburbs. Read the full story here.
In the city of Philadelphia roughly 10,000 homes are listed for sheriff sale each year. Auctions are held up to five times a month. There is inherent risk associated with buying property at Sheriff Sale but it is a calculated risk, one that research and preparation can minimize. Properties scheduled for auction are posted ahead of time on the Philadelphia Sheriff’s Office website. You should gather as much information as possible and know exactly what you’re willing to pay for the property before bidding. [...]