ElSix Duplexes by City Suburban Builders

ElSix, a community of new construction duplexes located in booming East Kensington, is just one block off the York-Dauphin train stop. Perfect for investors, all units are bi-level: The downstairs unit is a whopping 1400+ square feet with 3 bedrooms and 2 full bathrooms, a finished basement, private backyard. Projected rent on this unit is $2250/month. The upstairs unit is about 1500 square feet, 3 bedrooms, 3 full bathrooms, a private roof deck, and a private balcony off the living room. Projected rent on this unit is $2450/month.

Units:

1906 E York- Sold Out
1904 E York- Sold Out
1902 E York- Sold Out
1900 E York- Sold Out
2331 Jasper- Sold Out
2333 Jasper- Sold Out

A few blocks from bustling Frankford ave, it’s just a short walk to many bars, restaurants, and shops including Urban Axes, Martha bar, Franny Lous coffee, Hello Donuts, Pizza Brain, Atlantis-Lost bar, Monkey bar, Philadelphia Brewing company and so much more!

This project was completed at the height of the shutdown and took about a year to sell out, grossing over $4 million. ElSix was built by City Suburban Builders, who have years of experience developing in the Fishtown and Kensington areas.

Check out the floorplans here!

 

How To Buy and Sell a Home on the Same Day!

Hey Guys! This is Gordon Stein with the I Love Philly Homes team at Compass. I am a residential real estate investor and broker, specializing in residential sales and development in Philadelphia and the Greater Philadelphia suburban areas.

This is a 2 part video series. Today we are going to talk about how to buy and sell a house on the same day. A lot of people may not realize the logistics and delicate art to make this happen seamlessly. There are a ton of moving parts that happen behind the scenes that we want to educate you on so you don’t end up homeless with your stuff stuck on a moving truck. 

Let's start with finding your new home…….

Alright, you are ready to buy your next home… great! You go out and find the property of your dreams and want to make an offer. Well… Not so quick! 

Do you need the funds from the sale of your current home to purchase the new one? If so, do you include a home sale contingency on your offer? A home sale contingency gives you an out of the contract, in case the sale of your current home falls through. Most sellers do not prefer this and it will weaken your offer. The other thing is, your house should be listed first before making an offer with a home sale contingency, in my opinion. Otherwise, a seller will most likely not want to accept the offer, especially in a crazy seller’s market like we are dealing with. Imagine going against another buyer in a multiple offer scenario with no home sale contingency and with similar terms- that other buyer will win out on their offer all day. 

Let’s say we go under contract with a home sale contingency!

What settlement date do you choose?

Can you move out and move in on the same day?

How does the money work? Financing will be contingent upon the sale of your current home. Your current home must sell before you can buy the new one. 

Settlement on your current home will be in the morning, and settlement on the new home you are buying will be in the afternoon. The title company from your first settlement will then wire the funds needed to the other title company for the new home you are purchasing. 

How can the new buyers do their final walk through if you still have items in your home? What happens if one of these dominos fall out of place?  Is it better to just put your stuff in storage for a couple days and space out the two settlements? 

We will talk about all this next time…

Stay tuned for part two, where we will interview one of my good friends and past clients to talk about her experience and the pros and cons.

UPDATE: Philadelphia Tax Abatement

Hey there, this is Gordon Stein with the I Love Philly Homes Team at Compass Real Estate. I am a residential real estate broker and investor specializing in new construction sales in Philadelphia and the greater philly suburban areas.

As we approach the end of 2020, I wanted to make sure that you guys were informed of the upcoming changes to the 10 year tax abatement. The abatement originally established in the 1990's was put in place to encourage development in the city after decades of urban population loss.  This has been a controversial issue for many years in a lot of gentrifying neighborhoods. 

Lets start with what is a tax abatement and how it work. Any real property has a land value or existing value plus any improvements made or structures that exist on the land. In the case of new construction, the tax assessment is only made on the land and not the actual house, since that would be considered improvements made. 

The new bill will phase out each individual abatement so that the tax break’s value will be 100% in the first year and scaled down 10% each subsequent year. It will go into effect at the beginning of 2021. Essentially this will half the value of the abatement over a 10 year period. 

The bill does not touch anyone who currently has an approved abatement already in place, and  does not effect commercial buildings or rehabs. This change will only apply to new single family residential construction.  

If you have questions on how to apply for an abatement, the differences between a rehab abatement and new construction abatement, or any real estate related questions, please reach out! gordon.stein@compass.com | 267-570-3757