Real Estate News
 

Reader Mailbag: Vacant Property Owners in Philadelphia

With the recent fire in Kensington that took the lives of two of our firefighters, we think this email discussion from one of our blog readers may be of interest:

Good evening Stephanie, I came across your blog while attempting to help a friend find commercial space for rent in Northern Liberties (specifically 710 N. 2nd St). For months, my friend has walked around the area, collected addresses, and tracked down vacant property owners but has been unsuccessful in obtaining space. The only time he was able to actually make contact with someone (200 West Girard), the developer was "unsure of what he wanted to do with the property" while it rotted away across from the brand spanking new Superfresh. I was honestly taken back when he shared his challenges with me. How can these owners be content with their abandoned structures when the Piazza is booming at the other end of the street? I know the business would be a great success in the area. Do you have any suggestions? Thank you so much! Rose

Thanks for reaching out to me. I want to first say that you, I, and a whole lot of people are asking the same questions. Why are these property owners hanging on to properties that they are not maintaining or putting to best use? I personally believe many of the owners are experiencing a mix of circumstances preventing their property from being used to the full potential. Many owners may be holding off selling because they are waiting for "the right time" when they can sell at top dollar. Sadly, many property owners are still hanging on to sales numbers that were overly inflated during the Real Estate Boom in 2005-06. Those people do not really put a priority on how their unused crumbling property impacts the community both on an aesthetic and economic level. Some folks simply do not have the money right now to develop property and/or they may not know how to develop the property. Many of these owners are inexperienced Real Estate Investors or from another generation, or perhaps from out of the city or state and have an "out of sight out of mind" mentality.

Read the rest of this post and a follow-up post "No One Looks Good Squatting"

Stephanie tells you about squatters who took over one of their listings and what you can do to avoid this ugly mess if your property is vacant.

Tip Jar

   
Be Flexible When it Comes to Settlement

We see many delays in settlements these days for a number of reasons (which is another topic in altogether). Buyers and sellers should not make plans written in stone.

Read our suggestions to avoid issues on settlement day. 

Meet Your Neighbor

Sculpure in Northern Liberties

Sculpere Studio

Favorite Quote

"People who soar, are those who refuse to sit back and wish things would change." - Charles R. Swindoll 

Featured Listing

Norris Point- Ask About Pre-Construction Pricing & Tour Model Unit

Fishtown's latest and hottest townhouse dvelopment

Modern Distinct Design - 2000 SF
3 bedrooms, 2.5 baths
Study
Roofdeck w/ skyline view
Private off street parking
Rear patio
Full basement
Ten year tax abatement
Pre-construction pricing starts at $369,900
Model homes available to tour
Available late summer 2012

For more details call: 215-694-3707 or visit NorrisPoint.info

Photo Gallery 

Useful Resources