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Nov. 2, 2016

More Americans Leave Expensive Metro Areas for Affordable Ones

Americans are leaving the costliest metro areas for more affordable parts of the country at a faster rate than they are being replaced, according to an analysis of census data, reflecting the impact of housing costs on domestic migration patterns.

Those mostly likely to move from expensive to inexpensive metro areas were at the lower end of the income scale, under the age of 40 and without a bachelor’s degree, the analysis by home-tracker Trulia found.

Looking at census migration patterns across the U.S. from 2010 to 2014, Trulia analyzed movement between the 10 most expensive metro areas—including all of coastal California, New York City and Miami—and the next 90 priciest metro areas, based on the percentage of income needed to pay a monthly mortgage on a typical home.

ENLARGE

The net population flows skewed away from the most expensive markets, though the trend became less pronounced for those higher up the income scale. For example, there was a net flow of more than 27,000 people making less than $30,000 from high-cost markets to more affordable markets throughout those five years, but for those making more than $100,000, the net loss declined to 2,438 people.

The census data don’t specify why a person moves, said Ralph McLaughlin, Trulia’s chief economist, but the disproportionate impact on lower-income people suggests housing costs are a pressure point.

“All theories suggest that when a market becomes increasingly unaffordable, those that bear the burden are those on the lower end of the income distribution,” he said.

The data look exclusively at movement among people within the U.S., not international migrants. Other recent research has shown a similar trend of migration from expensive markets to inexpensive ones.

ENLARGE

An April report from Trulia researcher Mark Uh found that lower-income households represent a larger share of those moving away from the most expensive markets than their overall population in those markets. For example, those earning less than $60,000 a year make up 27.4% of all households in the San Jose metro area, but they represent nearly half of all households moving away.

Another study this year from California policy group Next 10 and Beacon Economics found that New York state and California had the largest net losses of domestic migrants between 2007 and 2014, and that lower- and middle-income people were more likely to leave.

Not everyone is pushed out, though. Some simply find opportunity in more affordable markets.

Karim Jinnah grew up in San Jose and after college worked for a Southern California software company that catered to the home rental industry. A Dallas firm bought his company in 2010, and he was later offered a promotion for a position in Texas.

He liked the offer, and he always wanted to invest in real estate for additional income. So he ran the numbers and realized how much easier that would be in Texas.

“In California the cost of housing is so high. The numbers didn’t make sense, in terms of acquiring property and renting it out,” he said. “I couldn’t really do that in Los Angeles, but I could do that in Dallas.”

Within a year of moving, he was able to save enough money to purchase a new home while still renting out his house in Oxnard, Calif. He now owns three homes in the Dallas area.

Write to Chris Kirkham at chris.kirkham@wsj.com

Feb. 4, 2016

Feng Shui Main Line PA

 

Feng Shui Main Line PA 

 

Feng Shui is an ancient Chinese science originated from over 3500 years ago. Feng Shui studies the energy circulation in nature as well as the effect of the living environment on people. a Chinese philosophical system of harmonizing everyone with the surrounding environment. The term feng shui literally translates as "wind?-water?" in EnglishAt the beginning it was called Kan Yu, meaning the monitoring of the activities of the forces between the Heaven and Earth, but ever since Qing dynasty the term Feng Shui has  prevailed.

Watch this short presentation to learn more about creating good energy in and around your house. 

https://youtu.be/li_5IPUy2ZI

Contact Helene - Xiaoyi - De Vlieghere at 610-203-9509

Jan. 25, 2016

Main Line Market News Spring 2016

Main Line Real Estate News 

Is Main Line real estate market getting hot again? 

Clearly Main Line’s real estate market has recovered from the 2012 bottom. Buyers are back, prices are going up for the most part, and inventory is down. But it is a very different market today than it was back in 2006.  

Today’s Main Line market is different also because Philadelphia has changed. Philadelphia’s revival has both created competition and benefited Main Line. Philadelphia is now more than ever an attractive place to live and remains very affordable from a big city standard. While the 5th largest, it is only the 10th most expensive city in the US.  Over the last 5 years Philadelphia has become a destination for millennial generation in search for an affordable place to live, proximity to good job and a city with high walkability score. Philadelphia also offers them the opportunity for significant price appreciation and attractive 10 year tax abatement on new construction. 

While creating some level of competition Philadelphia’s revival is good news for the Main Line. As the population in Philadelphia grows, demand for suburban housing in close proximity increases.  Additionally, the quality of the public school in Philadelphia remains a major issue, and many families look for larger suburban living with good schools. With affluent and sophisticated living, outstanding education and proximity to economic and political centers, makes the Main Line one of the best suburb in the nation and a favorite destination. I would expect this trend to intensify as millennial generation age.  

As life style changes, expectation from housing evolves.  Fueled by home décor and rehab reality shows, today’s buyers are increasingly looking from the newest trend in layout and décor. Open floor plan, bright and neutral colors are thought after.  Prices of well appointed homes tend to appreciate at above market average. Meanwhile homes with functional and aesthetic obsolescence see usually price stagnation and potentially price decrease.   

Prices for entry level properties, prices below $500K have increased the most on the Main Line since the housing bottom of 2012. This is driven by first time home buyers and affordability. Quality inventory remains low, and well appointed homes tend to sell very quickly.  

The middle market, properties priced between $700K and $1.4M remains very solid, especially for updated properties offering updated living spaces and premium location.  

However, the market for properties over $2M remains weak, and price continues to decrease for some properties due to limited demand and changing needs. The time for exuberance seems to have cooled off, leaving priority to more refined, sophisticated and smaller properties closer to urban centers.  

With affluent and sophisticated living, outstanding education and proximity to economic and political centers, while only a short drive to summer and winter sports, makes Main Line one of the best suburb in the nation to raise a family. I would expect Main Line Real Estate price to continue to appreciate at moderate pace.  

 By Remy De Vlieghere. www.MainLine-Properties.com

 

 

Jan. 5, 2016

Main Line Real Estate News

Main Line Real Estate 

From one end to the other, Main Line commercial and multi-family residential real estate is on fire!  Semi-urban residential living on the Main Line is not far behind. 

From one end to the other, the Main Line is seeing significant retail and multi-family developments. 

It started 2years ago in Wynnewood, at the corner of Lancaster Ave and E Wynnewood Road, initially with the demolition of several lots, and now the construction of a new 10,000 sq f retail space for the new Whole food, Starbucks, and a couple of other shops. 

Ardmore, the principal economical center of the Main Line, is enjoying an increasingly vibrant retail and restaurant scene. Property developments are now transitioning to more luxury condominium such as the one on Montgomery Ave, right across Suburban Square replacing the old YMCA. A 32-unit condominium complex, over 4 stories is now under construction and expected to be on the market by late summer 2016. These luxury condos are expected to sell around $1M.
 

Downtown Bryn Mawr is also seeing a transformation with construction of a $20M mixed use development at 909 Lancaster Ave, which has historically been a soft spot in term of retail activity. The new development called “The Village” will include 35K sq f of retail space and 17K sqf of office space. Completion is expected in spring 2016.

 

As the Millennia generation is flocking Philadelphia, and trickling into the urban area of the Main Line in search of more space and better school, residential living offering walkability to shops, restaurant and public transport continue to be in high demand. Real Estate prices in that segment of the market are expected to continue to increase at above average.

 

By Remy De Vlieghere. www.MainLine-Properties.com 

 

Dec. 9, 2015

Where to invest next ?

Where to invest next?

This is always the question of any good investor. You want to find the next best place, be early without being the first, and making sure that other will follow.

Well, after Conshohocken which has seen significant price appreciation over the last 5 years, King of Prussia may be next.  Real estate is all about location, and KOP is very well located with easy access to major highway, shopping and now public transport to city center.

For more information about investing in real estate, and long term wealth management programs centered around real estate, contact Remy D.  You can reach Remy at 610-800-3383 or visit www.MainLine-Properties.com

http://planphilly.com/articles/2015/12/03/long-awaited-train-to-king-of-prussia-would-boost-economy-study-says

Nov. 23, 2015

Real Estate boom in Philadelphia fueled by Millennials

Real Estate boom in Philadelphia fueled by Millennials

 

Now that the dust is finally settling from the financial turmoil that has rocked the country for the last decade, Millennials are turning out to be a force in certain real estate markets that appeal uniquely to their demographic. Philadelphia is one of those markets, and the heat is on.

Whether or not they fit the ubiquitous profile that is most popular in media— that of the single, adult child in his or her 20s or 30s living at home, rent-free, with Mom and Dad—Millennials have been in a holding pattern, postponing household formation, home purchases and a large number of what most older generations consider to be integral facets of young-adult life. Their behavior has skewed a number of national trends, including a variety of real-estate-related ones, in the process.

LOOK BEYOND THE HYPE

A savvy investor will look past the media hype to realize it is irrelevant whether the Millennial population buys or rents—as long as that investor is appropriately positioned in the market. The questions are simple: Are Millennials moving into the market, and what induces them to spend their housing dollars— buying or renting—in the area?

Fortunately for investors, Millennials are extremely clear about what they want when it comes to housing, so it is easy to see that Philadelphia meets the criteria.

WHAT MILLENNIALS WANT

In a nutshell, Millennials are looking for good jobs, significant home appreciation in the next five years or fewer, and a specific lifestyle that offers city living, walkability and close proximity to work. Philadelphia is a prime spot for these things and, as a result, is quickly becoming a Millennial hotbed.

Philadelphia’s strong appreciation trend is likely to continue for the next five to 10 years, thereby fulfilling this generation’s desire for short-term geographic commitment. (Most Millennials say that they do not go into any job or location with more than a seven-year plan in place.) Metro-area real estate appreciated just over 7 percent in the last 12 months, and that rate is still rising. Philadelphia’s director of commerce, Alan Greenberger, recently went on record saying, “I have not seen a boom like this in the entire time I’ve been (in Philadelphia),” which is saying something since he’s been in the city since 1974—longer than Millennials have been alive.

Greenberger predicted that Philadelphia’s boom would last as long as another decade, although he warned that the pace of appreciation might slow as the boom levels off. Philadelphia’s boom is not likely to become a bubble because a steady influx of Millennials will keep the market moving and growing even as the intense pace of appreciation tapers off. Investors should be able to count on Philly’s solid inventory, population influx and growing market of first-time homebuyers, and single-family renters should sustain the growth without allowing things to get out of control.

Appreciation alone will not a Millennial market boom make, however. In order to attract Millennials, a market needs good jobs with growth potential with companies that are interested in working with a young population of workers. This describes the Philadelphia market precisely.

‘COOL’ WORKPLACES

Philly is filled with companies building deliberately “cool” workplaces that are close to the townhouses and condos that most Millennials say they prefer, while the city itself is making the commute to work as pleasant as possible, thanks to everexpanding greenways for cycling and walking and an extremely solid transit system.

The biggest employers in the area are also still growing. Comcast, Lockheed Martin, GlaxoSmithKline and IBM all are expanding their operations in the area and have been since 2010, statistics show. These companies are courting Millennials and, in many cases, even have programs specifically geared toward helping their young employees pay off their student loan debts.

WHAT IS THE REALITY?

Are Millennials moving to Philadelphia and creating a strong, thriving, sustainable housing recovery in that city? You bet.

According to U.S. Census data, the median age of people moving to Philadelphia is just under 25 years. In a word: Millennials. Furthermore, they are moving into the area in huge volumes.

Last year nearly 60,000 people moved from the East and West Coasts to Philadelphia and, in large part, they moved there from higher-cost cities like Los Angeles, Baltimore, New York City and Washington, D.C. This not only indicates that the market is expanding, it also means that the new population is used to paying a pretty penny for housing and is likely to do so in their new locale.

For the price of a brand-new, luxury home in Philadelphia (think 9-foot ceilings, all the amenities, etc.), a buyer would be lucky to snag a fixer-upper two-bedroom, one-bath bungalow in D.C. or something even smaller and in a highly inconvenient location in Los Angeles. As a result, Philadelphia is nearly irresistible to Millennials wishing to “move up” in their housing or even start families in their own homes without ramping up their housing budgets.

Many analysts have counted the entire northeastern United States out of the Millennial-based housing recovery, due to high median home prices in that region of the country. Philadelphia’s housing market proves without a doubt that at least one northern city can absolutely benefit and thrive thanks, in large part, to Millennial movements in housing.

by Carole J. VanSickle Ellis

 

Nov. 23, 2015

Flipping Philadelphia

Flipping Philadelphia

DATA FROM REALTYTRAC SHOWS BUSTLE OF ACTIVITY FROM INVESTORS IN PHILADELPHIA METRO AREA.

 

Philadelphia is no Las Vegas, highly publicized for its home-flipping activity, but when it comes to real estate investing, the City of Brotherly Love is giving Sin City a run for its money.

“The investor market has just been incredibly hot in Philadelphia,” said Vince D’Agostino, shareholder at Foundation Title, which has 14 offices throughout Pennsylvania and New Jersey. D’Agostino said teardowns are common as neighborhoods gentrify. “(In) some up-and-coming neighborhoods you have some impressive condos (being built).”

Reality TV crews may not be swarming the city yet, but exclusive data from RealtyTrac shows investor worker bees are clearly busy in this blue-collar area situated on the train line about onethird of the way from New York to Washington, D.C.

Second-quarter data from Realty-Trac showed 833 flipped properties (single family homes and condos) in the Philadelphia area, representing 5.4 percent of total sales. The average gross ROI was 53 percent, based on average purchase price of $143,479 and flipped |price of $220,160—for a $76,681 average gross profit.

MORE INVESTORS THAN PROPERTIES

“I have a list of investors. Finding the properties is the problem,” said Bob MacHarrie, a real estate agent with RE/MAX Access covering the core neighborhoods in the city of Philadelphia. MacHarrie said real estate investors are moving further out of the Center City neighborhood at the epicenter of Philadelphia and into adjacent neighborhoods that still have upside potential for flipping and other investment strategies. “For single-family homes, there is almost nothing in Center City, so they have to go into the secondary ones. And in reality they are really pushing those boundaries.”

Investors are pushing those boundaries out as far as Cherry Hill, N.J., located just across the Delaware River from Philadelphia, according to Gary DeGree Sr., owner of 1st DeGree Realty with Mercer, Burlington, Gloucester and Salem counties in New Jersey.

“What I’m seeing personally is more investor sales than anything else—buyand-flips and things like that— because they’re getting these properties from the banks at a discount and fixing them up,” said DeGree, who said he has been involved in real estate for about 30 years and owned his own company for about two years. “The all-cash investors, they are going to make out with the better deals.”

CASH BUYERS ON THE UPSWING

RealtyTrac data showed an uptick in cash buyers in the second quarter of the year in the Philadelphia metro area, which also includes Burlington, Camden, Gloucester and Salem counties in New Jersey. All-cash buyers purchased 5,740 single-family homes and condos, representing 36 percent of all sales in the metro area during the second quarter. The number was up from the previous quarter as well as the same quarter last year.

“For investors, the strengths of the Philadelphia market can be found in its apparent weaknesses: home prices there are less expensive than many other northeastern markets, giving investors a lower cost basis going in; the long tail of foreclosures from the last housing crisis gives investors more opportunity to find bargains; and the presence of many transitional neighborhoods with properties in poor shape provides more fodder for flippers to add value to homes through rehab and therefore reap bigger flipping profits,” said RealtyTrac Vice President Daren Blomquist.

D’Agostino said many of the cash buyers with whom his title company works are investors buying foreclosures at the sheriff ’s sale—which requires cash and comes without the safety net of title insurance.

“We know those investors directly because they will look to us to research those properties ahead of time,” he said, explaining that his company can run an extensive title search for the investor in this situation.

MacHarrie also identified cash buyers as an important and emerging trend in the Philadelphia market.

“On the competitive properties there are a lot of cash buyers,” he said, noting that not all the cash buyers are big investment companies or older buyers coming in with equity from a previous sale. “Some of those are young buyers.”

WHERE TO INVEST

MacHarrie, the Philadelphia real estate agent, said Point Breeze is one of the emerging neighborhoods adjacent to the core Center City neighborhood that investors are targeting because of the stronger upside potential.

While the Center City neighborhood— nestled between the Delaware and Schuylkill rivers on the east and west, and bordered on the north and south by Vine and South streets—is Philadelphia’s “most expensive and popular area,” according to MacHarrie, adjacent neighborhoods such as the Brewerytown neighborhood to the north of Vine Street and the Point Breeze and Graduate Hospital neighborhoods to the south of South street are more affordable and have more opportunities for investors.

According to Blomquist, “Areas that are best bets for investors are those adjacent to those markets that have already gentrified as well as those with convenient access to the train line to New York, as more people are willing to commute from Philadelphia to New York given that home prices and rents are so much more affordable in Philadelphia then New York.”

By Realtytrack

Nov. 22, 2015

3 Main of Line School districts rank in the top 25 in the Nation

Best School Districts in US

   Best Place to raise a family

With top ranking schools and affluent neighborhoods, the western suburb of Philadelphia called the Main Line is great place to raise a family and give your kid a great education.

 

3 Main of Line School districts rank in the top 25 in the Nation. Tredyffrin-Easttown makes it to the top spot, while Radnor School district ranks #20 and Lower Merion #22. https://k12.niche.com/rankings/public-school-districts/best-overall/?utm_medium=social&utm_source=facebook&utm_campaign=2016k12RLP

 

The Main Line is also well known for its private and parochial schools. On the Main Line there is a great school for every student, including those requiring gifted programs or special education. For a complete list of private school on the Main Line visit: http://www.mainline-properties.com/main-line-private-schools/

 

Located less than 90 minutes away from the Atlantic Ocean and beautiful sandy beaches, mountains and winter sports, and beautiful country side, the Main Line will provide plenty of opportunities for weekend escapes.

 

To learn more about the Main Line communities, visit http://www.mainline-properties.com/communities/

 

 

Oct. 22, 2015

Main Line Real Estate Green Interior Design

 

Even if environmental friendly products are more and more popular, it’s still not as easy as pie to find them.

We have gathered for you names of companies in the area that are dedicated to offer and work with green and sustainable products.

 

 

If you are looking for an old door, sink or reclaimed lumber, this is the place! They also offer deconstruction and demolition services with a goal of zero waste creation.

Philadelphia Salvage Company, Philadelphia.

http://www.philadelphiasalvage.com

 

A store specialized in original handmade sustainable furniture and art, with interior design services.

Origin & Ash, Bryn Mawr.

http://www.originandash.com/index.html

 

Amy Cuker is an interior designer who love to create sustainable, low-maintenance, and beautiful interior environments.

Down 2 earth, Elkins Park.

https://down2earthinteriordesign.com

 

These three companies provide sustainable products and materials with advises and interior design services:

 

Renewal, Wayne.

http://www.renewalse.com

 

Greenable.

http://www.greenable.net

 

 

Ke & Co, Glen Mills.

http://keandco.houzz.com

 

BEAM is a lighting design firm that creates illuminating spaces by using innovative lighting solutions.

Beam, Glenside.

http://www.beamltd.com

 

If you want to change your floor, Palandro offers green flooring products including cork, bamboo, hardwood, reclaimed and wide plank flooring.

Palandro, Broomall.

www.palandro.com

 

This store has a wide range of green building materials, from paint to countertop to windows.

The Environmental Home store, Doylestown.

http://www.environmentalhomestore.com

 

You want to redo your garden path? Consider using recycled granite from Forever Stone.

Forever Stone, Downingtown.

www.foreverstone.biz

 

Planning to build a new home? Consult this architectural firm specialized in green and sustainable architecture and LEED.

Re:vision, Philadelphia.

http://www.revisionarch.com

 

Buckminster Green is a general contractor who follows sustainable green practices for its remodelling and design services.

Buckminster Green, Philadelphia.

http://www.buckminstergreen.com/home.php

 

For all your home repairs, this contractor is environmentally conscious and believe in reducing and reuse.

The golden hand, Chester Spring.

http://www.thegoldenhandman.com

 

Finally, for a beautiful garden inspired by Nature and healthy for the environment, you can contact Eartwise Landscape.

Earthwise landscape.

http://www.earthwiselandscapes.net/Earthwise_Landscapes/Welcome.html

 

 

 

 

Oct. 12, 2015

Philly Best Rental Market

Fishtown, Univesity City, Logan Square, and along North Broad street are the places in Philadelphia with the highest rent. 

Philadelphia Rental Map

 

http://www.phillymag.com/property/2015/07/31/rent-watch-phillys-3-most-expensive-hoods-for-a-1-bedroom-apartment/