Chester County Real Estate News: August 15th, 2011 Comments Off
Coatesville officials: Code enforcement needs attention
Coatesville City officials say better enforcement of city codes could raise revenues to potentially close a $2 million budget gap. During a budget workshop, City Manager Gary Rawlings suggested implementation of the “Instant Ticketing Program,” which the city’s codes department has presented before to council. With the ticket system, city officials would notify violators that if a violation continues, they would receive a summary offense that in turn could be appealed to a city administrator. Currently, the city sends a violation notice then a ticket that can be appealed to District Court. Rawlings said the program could increase the city’s revenues from code violations. But council members said many violations are thrown out in court because the department does not properly record violations or because violations are simply not enforced.
Source: Daily Local; 7/31/2011
Private meeting between township supervisors may have been illegal
A recent private meeting between a quorum of both West Caln and West Brandywine supervisors may have violated the state’s Sunshine Act, according to an open meetings expert. Prior to the meeting, officials from both townships announced the boards would hold an executive session, or a private meeting, to determine which ambulance company would cover the two townships. All West Caln supervisors, two West Brandywine supervisors, the assistant manager of West Caln and the manager of West Brandywine were present at the meeting, according to multiple sources. The Sunshine Act has five provisions that allow for an executive meeting. The board can privately discuss matters relating to personnel, negotiate contracts with a union, discuss property acquisition, receive legal counsel or discuss issues that bring legally protected information to light. West Brandywine Supervisor Thomas McCaffrey said the boards were holding the session privately because the debate over which ambulance service to choose could get very heated and negative comments could be made about specific companies. West Caln will be expected to name its new provider during its Aug. 8 meeting. West Brandywine is expected to name a new company at its Aug. 4 meeting.
Source: Daily Local; 8//2011
EIT redux in Franklin
Despite protests from residents, the Franklin Township Board of Supervisors voted to put an open space earned income tax (EIT) proposal on the ballot. Residents voted down a previous referendum that would have included an EIT increase of 0.5% during the May primary by a margin of 67 votes, with 616 votes in favor and 679 votes against. The board felt that there was much misinformation circulating about the tax, and so they have put the question back on the ballot. The new EIT increase would eliminate the .5 mills from the municipal real estate tax dedicated toward open space. The EIT increase is expected to generate approximately $440,000 each year, while the .5 mills from the property tax generates approximately $160,000 annually. Presently, the money accumulated from the open space tax goes toward paying off a $3.5 million, 30 year loan to fund open space projects. The program has saved just under 2,000 acres of land to date.
Source: Chester County Press, 7/20/2011, Avon Grove Sun; 7/21/2011
Understanding the National Debt Issue Comments Off
I have been struggling to understand the whole national debt issue, other than just having a strong feeling it wasn’t good for everyone. I received an email from a friend who is a financial advisor, which was forwarded from another source. It helped me to truly grasp what’s going on. It’s very concerning.
If you know anybody who just can’t grasp the stupidity of this so called “debt limit deal”…..try this.
It can’t get much clearer.Federal Budget: $ 3,820,000,000,000 (3.82 Trillion)
Income: $ 2,170,000,000,000 (2.17 Trillion)
New Debt: $ 1,650,000,000,000 (1.65 Trillion)
Amount Cut: $ 38,500,000,000 (38.5 Billion) –; about 1% of the total budget.
National Debt Total: $ 14,271,000,000,000 before this years budget.
Let’s Put This In Perspective.
It helps to think about these numbers in terms that we can relate to.Let’s remove eight zeroes from those numbers and pretend this is a
household budget for the fictitious “Jones” family.Amount of money the Jones family spent this Year: $38,200
Total income for the Jones family this Year: $21,700
Amount of new debt added to the credit card this Year: $16,500
Outstanding balance on the credit card: $142,710
New/Total outstanding balance on credit card: $159,210
So last week, the Jones family sat down at the kitchen table
and agreed to cut $385 from their yearly budget.An historic amount?????????
This month in Real Estate – August 2011 Comments Off
Chester County Real Estate Statistics: July 2011 Comments Off
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Don’t buy the fear!
We talk to many people on a weekly basis about the real estate market. The cold hard truth about the market is that it is following the overall economy which is not great. There is still much fear and anxiety out there, especially when you mix in the credit rating drop and other factors… It’s just not fun. We want to encourage you to not buy into the fear but rather, look at the facts and be educated. Education will push out the fear and that is a much more healthy place to be. There is a lot of opportunity right now, for those who can see it. Let’s look at the numbers more closely. . .
CLOSED SALES (DEMAND):
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Closed sales are off 28% from the 5 year average and 7% from last year. That is significant, as last years closed sales in July were dramatically down, and this month is another 7% off. However, it is a seasonally expected decrease and we hope that next month follows the season and increases slightly.
PENDING SALES :
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As with closed sales, pending sales are off the 5 year trend by 25%, which was expected, and fairly close to last years July numbers. You will know that things are improving when the pendings and closed sales rise above last years, closer the the 5 year trend.
ACTIVE LISTINGS (SUPPLY):
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Some good news is that the number of active listings is seeing a slight decline. We have been expecting the supply to be firmly increasing until about October. Less supply will help relieve some downward pressure on prices. The question we are asking is – why is there less inventory? Is it because everyone is so down on the market and don’t want to even try? It certainly isn’t because many homes were bought up, we can see that in the sold activity.
AVERAGE SOLD PRICE:
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The average sold price continues to follow the 5 year trend.
LIST TO SALE PRICE RATIO:
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Another area of good news is that the list to sale price ratio is is trending upwards. This is good news because it means that, overall, seller’s are getting more money for their homes. In addition, the ratio did not drop like it did last year in July. This could mean that prices may be stabilizing, however, due to the decrease in overall activity, this is a small step in the overall market towards stabilization. But, we will take it!
What does this mean?
It’s an amazing time to buy a home, a possibly a bad time to sell one if you bought it in the last 5 years. It’s also an amazing time to invest in real estate. The deals we are seeing out there are just amazing.
IF YOU ARE SELLING OR THINKING OF SELLING:
Yes – it is still a difficult time to sell a home. However, our team continues to have great success getting homes sold. At the end of July, we’ve sold around 25 homes. In the end, you must have an exceptional agent by your side to help you get the information and perspective you need to make this critical decision. We’ve helped many clients do just that over the last year and a half. Call us today to let us know you need help.
IF YOU ARE BUYING A HOME OR THINKING ABOUT IT:
There continues to be amazing opportunities there for those who have all their “ducks in a row”. If you do not have a home to sell, that means knowing the process, having your financial options figured out and knowing, clearly, what you are looking for. If you have a home to sell, that adds that you have met with Caleb to know what the SELL side looks like and then meeting with Chris to clearly nail down the buy side. Interest rates have been sneaking up lately, going from 4.25% to 4.5%, even as high as 4.625% last week. So if you are thinking about buying, call us today to get that ball rolling.
NEXT STEPS:
- What Is My Home Worth? Want to get a good idea of what your home is worth? Complete my Home Value Survey and find out what your Chester County Home is worth. . .
- What Is That Home Worth? “Stop the car, honey … look at that house. I wonder what it’s selling for” Does this ever happen to you? Ever wonder what that house is selling for? Search and view all homes for sale in the Chester County area
- What do I need to know before I sell? Typically when a home does not sell, there is one reason…and it isn’t price. Please contact me to discuss what you need to know before you sell!
BTW, We do have very specific data for every price range and area of town. Want specific data pertaining to your neighborhood or your own home? We have it! Please let me know if you would like a neighborhood-specific analysis by contacting me!
Chester County Real Estate News: August 8th, 2011 Comments Off
Coatesville officials: Code enforcement needs attention
Coatesville City officials say better enforcement of city codes could raise revenues to potentially close a $2 million budget gap. During a budget workshop, City Manager Gary Rawlings suggested implementation of the “Instant Ticketing Program,” which the city’s codes department has presented before to council. With the ticket system, city officials would notify violators that if a violation continues, they would receive a summary offense that in turn could be appealed to a city administrator. Currently, the city sends a violation notice then a ticket that can be appealed to District Court. Rawlings said the program could increase the city’s revenues from code violations. But council members said many violations are thrown out in court because the department does not properly record violations or because violations are simply not enforced.
Source: Daily Local; 7/31/2011
Private meeting between township supervisors may have been illegal
A recent private meeting between a quorum of both West Caln and West Brandywine supervisors may have violated the state’s Sunshine Act, according to an open meetings expert. Prior to the meeting, officials from both townships announced the boards would hold an executive session, or a private meeting, to determine which ambulance company would cover the two townships. All West Caln supervisors, two West Brandywine supervisors, the assistant manager of West Caln and the manager of West Brandywine were present at the meeting, according to multiple sources. The Sunshine Act has five provisions that allow for an executive meeting. The board can privately discuss matters relating to personnel, negotiate contracts with a union, discuss property acquisition, receive legal counsel or discuss issues that bring legally protected information to light. West Brandywine Supervisor Thomas McCaffrey said the boards were holding the session privately because the debate over which ambulance service to choose could get very heated and negative comments could be made about specific companies. West Caln will be expected to name its new provider during its Aug. 8 meeting. West Brandywine is expected to name a new company at its Aug. 4 meeting.
Source: Daily Local; 8//2011
EIT redux in Franklin
Despite protests from residents, the Franklin Township Board of Supervisors voted to put an open space earned income tax (EIT) proposal on the ballot. Residents voted down a previous referendum that would have included an EIT increase of 0.5% during the May primary by a margin of 67 votes, with 616 votes in favor and 679 votes against. The board felt that there was much misinformation circulating about the tax, and so they have put the question back on the ballot. The new EIT increase would eliminate the .5 mills from the municipal real estate tax dedicated toward open space. The EIT increase is expected to generate approximately $440,000 each year, while the .5 mills from the property tax generates approximately $160,000 annually. Presently, the money accumulated from the open space tax goes toward paying off a $3.5 million, 30 year loan to fund open space projects. The program has saved just under 2,000 acres of land to date.
Source: Chester County Press, 7/20/2011, Avon Grove Sun; 7/21/2011
Chester County Real Estate News for August 1st, 2011 Comments Off
Phoenixville to review mixed-use plan for former Phoenix Steel site
Phoenixville will hold a conditional use hearing to review plans for The Shoppes at French Creek at 7 p.m. on Aug. 2 at Borough Hall, 140 Church Street, Phoenixville. Phoenixville-based The DeMutis Group has proposed constructing a $60 million mixed-use property on the former 120-acre Phoenix Steel site, optimistic it can attract additional businesses to the downtown area.
Source: Mercury; 7/17/2011
Penn Township adopts map of historic resources
Appeals are expected following the June adoption of a new historic resources map that accompanies a zoning ordinance passed in 2004. Among provisions in the historic resources ordinance adopted seven years ago are regulations that address the process of demolishing or removing buildings identified as historical resources. Over the course of several years, the township’s historical commission developed a list of significant structures, but no official map was adopted. The map that township supervisors recently approved includes 18 locations in the Jennersville area with 11 different property owners involved. Among the sites is the Red Rose Inn and the homes immediately beside it and directly across the street. Eight other locations are between Old Baltimore Pike and the Route One Bypass around the Conard-Pyle nursery. Audience members at the hearing expressed a range of concerns regarding adoption of the map. They asked questions regarding the long delay between the adoption of the ordinance and the map; the limited area affected by the map; and how the historic properties were selected.
Source: Daily Local; 7/25/2011
Coatesville owes $500,000 in penalties and back pension
The City of Coatesville owes about $500,000 in penalties and back pension payments to the state after a former city manager allegedly had employees illegally underreport their income. Current Finance Director Stacy Bjorhus said the city had underreported salaries in 2007 after former City Manager Harry Walker instructed city employees to report only their regular wages, not overtime. Pension laws require municipal employees to report their wages, including overtime payments, on their W-2 forms. Bjorhus said the city owes the money it did not pay into the fund after underreporting salaries. And the state has tacked on a penalty equal to the amount the fund would have gained in interest if the proper amount had been invested. If the city does not pay back the $500,000 by the end of the year, the Auditor General’s office has the right to withhold state budget funds from the city.
Source: Daily Local; 7/26/2011
Phoenixville to consider blight ordinance
With blighted properties and “passive owners” in its crosshairs, Phoenixville Borough Council will consider a blighted property ordinance during a public hearing beginning at 7 p.m. on Aug. 9 at Borough Hall. The Neighborhood Blight Protections and Enforcements ordinance would give Phoenixville certain protections and safeguards against property owners that violate state and municipal codes, such as having an impact on crime, costing the borough money, affecting residents’ quality of life and more. The ordinance allows Phoenixville to take action against owners who violate the ordinance, such as denying their permit requests and other legal actions. The new ordinance stems from Pennsylvania Act 90 of 2010, which gives municipalities power to act on delinquent property owners and blighted land. Similar ordinances have been passed in other municipalities. A complete copy of the proposed ordinance amendment is posted on the Borough’s website www.phoenixville.org.
Source: Mercury; 7/17/2011
Chester County Real Estate News: July 25, 2011 Comments Off
Parkesburg rental ordinance amendment
Parkesburg Borough Council will consider a rental ordinance for adoption on Monday, July 18, 2011 at 7 p.m. in the Parkesburg Borough Municipal Building (315 West First Ave.). The Suburban REALTORS Alliance has reviewed the ordinance, which establishes a two year inspection requirement, outlines guidelines for disruptive tenants, and creates a Rental Space Review Board in the borough.
Charlestown passes sign ordinance
Charlestown Township has passed a revised draft of a sign ordinance that became effective July 10. The ordinance includes the following provisions relating to real estate signage:
- Open House Signs: Signs designating an open house for the sale of residential real estate may be displayed no more than three (3) days in advance of the open house and shall be removed within two (2) hours of the end of the open house. Signs which are not removed within the time limits may be impounded by the Township.
- Real Estate “For Sale” or “For Rent” Signs: Such real estate signs shall be removed within two (2) days of the completion of the activity which they advertise. Signs which are not removed within the time limits may be impounded by the Township.
Click here to read the full ordinance.
East Marlborough considers renewable energy ordinance
East Marlbourough Township residents may be able to generate renewable energy at their homes in as soon as six months, depending on how quickly township officials can generate a new ordinance to regulate the technologies involved. Township supervisors’ Chairman Cuyler Walker said officials want to create an ordinance to permit and regulate the residential installation of various green energy technologies, such as wind, solar and geothermal equipment. The subject came up because two township residents want to put wind turbines on their properties. One resident noted that the installation of a turbine could increase the property’s resale value. Ordinances permitting residential wind turbines normally recommended a setback equal to the height of the tower on lots of at least a half-acre. A draft ordinance is expected within six months to a year.
Source: Daily Local; 7/13/2011
Avon Grove raises taxes
To balance a $91.4 million budget passed two weeks ago, the Avon Grove School Board has approved a 5.91 percent property tax increase, raising the tax rate from 24.72 to 26.18 mills. A mill is a tax of $1 for every $1,000 worth of assessed real estate value. That means the owner of a property assessed for tax purposes at $300,000 paid $7,416 in school property taxes last year and will pay $7,854 this year. The budget also calls for an $18.6 million withdrawal from the district’s fund balance.
Source: Avon Grove Sun; 7/7/2011
New Garden supervisors approve contract for airport
The Chester County Economic Development Council is officially working to help New Garden Township bring new businesses to its airport. Development adviser Bob Grabus said the airport has tremendous potential for commercial development and as a destination for visitors. The township hopes to expand the airport with the addition of a business district that would also further support airport services. Board member Bob Norris, who is also a member of the township’s airport development team, said he has worked closely with Grabus and Township Manager Dan Fox to explore plans for the commercial portion of the New Garden Flying Field, a 40-acre parcel adjacent to the main airport campus. The business council will provide the township with bimonthly updates on prospective clients it has located. The New Garden airport is one of the keystone developments in Chester County, and Fox referred to the north end of the Baltimore Pike corridors as one of the best potential development regions in the county.
Source: Daily Local; 7/12/2011
Chester County Real Estate News: July 18th, 2011 Comments Off
Parkesburg rental ordinance amendment
Parkesburg Borough Council will consider a rental ordinance for adoption on Monday, July 18, 2011 at 7 p.m. in the Parkesburg Borough Municipal Building (315 West First Ave.). The Suburban REALTORS Alliance has reviewed the ordinance, which establishes a two year inspection requirement, outlines guidelines for disruptive tenants, and creates a Rental Space Review Board in the borough.
Charlestown passes sign ordinance
Charlestown Township has passed a revised draft of a sign ordinance that became effective July 10. The ordinance includes the following provisions relating to real estate signage:
- Open House Signs: Signs designating an open house for the sale of residential real estate may be displayed no more than three (3) days in advance of the open house and shall be removed within two (2) hours of the end of the open house. Signs which are not removed within the time limits may be impounded by the Township.
- Real Estate “For Sale” or “For Rent” Signs: Such real estate signs shall be removed within two (2) days of the completion of the activity which they advertise. Signs which are not removed within the time limits may be impounded by the Township.
Click here to read the full ordinance.
East Marlborough considers renewable energy ordinance
East Marlbourough Township residents may be able to generate renewable energy at their homes in as soon as six months, depending on how quickly township officials can generate a new ordinance to regulate the technologies involved. Township supervisors’ Chairman Cuyler Walker said officials want to create an ordinance to permit and regulate the residential installation of various green energy technologies, such as wind, solar and geothermal equipment. The subject came up because two township residents want to put wind turbines on their properties. One resident noted that the installation of a turbine could increase the property’s resale value. Ordinances permitting residential wind turbines normally recommended a setback equal to the height of the tower on lots of at least a half-acre. A draft ordinance is expected within six months to a year.
Source: Daily Local; 7/13/2011
Avon Grove raises taxes
To balance a $91.4 million budget passed two weeks ago, the Avon Grove School Board has approved a 5.91 percent property tax increase, raising the tax rate from 24.72 to 26.18 mills. A mill is a tax of $1 for every $1,000 worth of assessed real estate value. That means the owner of a property assessed for tax purposes at $300,000 paid $7,416 in school property taxes last year and will pay $7,854 this year. The budget also calls for an $18.6 million withdrawal from the district’s fund balance.
Source: Avon Grove Sun; 7/7/2011
New Garden supervisors approve contract for airport
The Chester County Economic Development Council is officially working to help New Garden Township bring new businesses to its airport. Development adviser Bob Grabus said the airport has tremendous potential for commercial development and as a destination for visitors. The township hopes to expand the airport with the addition of a business district that would also further support airport services. Board member Bob Norris, who is also a member of the township’s airport development team, said he has worked closely with Grabus and Township Manager Dan Fox to explore plans for the commercial portion of the New Garden Flying Field, a 40-acre parcel adjacent to the main airport campus. The business council will provide the township with bimonthly updates on prospective clients it has located. The New Garden airport is one of the keystone developments in Chester County, and Fox referred to the north end of the Baltimore Pike corridors as one of the best potential development regions in the county.
Source: Daily Local; 7/12/2011
Chester County Real Estate News: July 11th, 2011 Comments Off
Study finds slight improvement in Chester County office market
Chester County’s main commercial office market experienced a small improvement in the first half of the year, according to the latest study of the Philadelphia region by Newmark Knight Frank Smith Mack. The Malvern/Exton/West Chester submarket moved into the positive arena for the first time in more than two years, reporting a positive net absorption rate of 53,150 square feet in the second quarter, bringing the year-to-date rate to a positive 4,580 square feet, the report found. Positive net absorption occurs when more space is leased than is left vacant. Class A office space in the Chester County market made up the lion’s share of positive net absorption, at 58,275 square feet. Rental rates in the market continue to zig-zag from the second quarter of 2010 when rates were reported at $20.25 and then went down to $19.78 in the first quarter of 2011. They were back up to $20.33 in the second quarter of 2011. The vacancy rate for office space in the Chester County market is at 22.7 percent now, down from 23.3 percent last year at the same time.
Source: Daily Local; 7/6/2011
West Chester Borough Council selects Citizens Financial Advisory Committee
West Chester Borough Council has selected a seven-person Citizens Financial Advisory Ad-Hoc Committee. The Citizens Financial Committee members are E. Brian Abbott, Joe DelRossi, Matt Hussion, Tom McEvoy, Maggie McGill, Mark Thompson and David Wickard. The newly formed financial advisory committee’s job will be to report back to council about their findings as budget season moves forward. The committee’s priority activity will be finding ways to generate revenue for the borough while saving money. While there were no set criteria, discussion centered on each candidate’s background, resume, idea viability, motives for being on the board, personality and ability to work in a group.
Source: West Chester Patch; 6/7/2011
Uptown Worthington developer shifts strategy
L.L. Bean has announced it will no longer be setting up shop in Uptown Worthington, and will instead focus on a store in King of Prussia. In other substantial news for the development, the upscale theater company Muvico is no long under agreement with O’Neill Properties Group, the developer of the 100-acre mixed use community at routes 202 and 29. Much of the multimillion-dollar Uptown Worthington mixed-use project came to a halt when the project’s developer filed suit against its lender, Citizens Bank of Pennsylvania, seeking $8 billion in damages and claiming the bank reneged on some of its loans. By last summer, that amount had dropped to $297 million. Once the lawsuit is resolved, “we will re-energize our outreach to the retail community,” Steve Forster, director of public finance and government resources at O’Neill Properties of King of Prussia said, adding that the project will still be mixed-use but with a slightly different emphasis. Originally, the $700 million, 1.6-million-square-foot mixed-use project included 753 luxury residences merged into a 500,000-square-foot town center and Class A office space. The completion of the long -anticipated Route 29 E-ZPass-only ramp and widening of route 202 are expected to be completed in the near future. This could be a boon to the development during the delay.
Source: Daily Local; 7/5/2011
AGSD to raise taxes by 5.9 percent
Avon Grove School District increased real estate taxes to 26.18 mils, reflecting a 5.9 percent increase over last year. The tax increase is expected to generate $2.4 million. The increase is coupled with $3.6 million in expenditure reductions and revenue enhancements, and the use of $2 million from the general fund and $1 million from reserves in order to close a projected $9 million budget gap.
Source: Chester County Press; 6/22/2011
Unionville Chaddsford passes 2011-12 budget
The Unionville Chaddsford School District budget was passed levying the real estate taxes at 24.53 mills in Chester County and 21.82 mills in Delaware County. That reflects a 1.1 percent increase in Chester County and a 4.75 percent increase in Delaware County. Previously, school board members had considered a budget with no tax increase, but the added revenue was necessary to keep courses and programs intact while avoiding tapping into the reserve budget.
Source: Chester County Press; 6/22/2011
