Philadelphia Real Estate: Different Types of Auctions

After the decline in the economy over the last 10 years, auctions of Philadelphia Real Estate have been occurring more frequently, with a steady rise in foreclosures, etc.  I just came across an article describing a couple who is listing their New Jersey million-dollar mansion for sale at an absolute auction. I wanted to distinguish between the different types of auctions you could encounter when searching through Philadelphia real estate.

Different Types of Auctions in Philadelphia Real Estate

For those who are looking to put their Philadelphia real estate on the market, it is important that you know about all of the options. If you are going the auction route, there are a few different options you have: absolute auction, minimum-bid auction, reserve auctions, and foreclosures.

• When listing your Philadelphia real estate, you can have an absolute auction. Simply put, this is an auction where the property sells to the highest bidder, no matter what the price is. With this format auction, sale is guaranteed, so there is a heightened sense of excitement and interest in the property, which is beneficial to the seller. Your property will most likely get the most attention than in any other format of auction.
• In a minimum-bid auction, there is a minimum listing price set for Philadelphia real estate, and bids are accepted that are above that published price. This can limit interest in sales, because buyers may not want to spend as much as is being asked for, and it limits the negotiation proceedings that you would incur in a normal sale. That being said, there is also a chance that there will be high anticipation from buyers, and that could be greatly beneficial to the seller.
• Reserve auctions are another way to sell your Philadelphia real estate. In this scenario, there is no minimum price recorded, and the seller has a specified amount of time to reject or accept the highest bid that he/she has received. In this type of auction, the seller is amounted the most protection, and are not obligated to make a sale at any price if they are not comfortable with it. This may be a deterrent to prospective buyers, as there is no certainty they will walk away with property.
• Foreclosures, while they are considered to be an auction, are not voluntarily done by the seller of the property. In Philadelphia real estate,  when an owner has defaulted on a loan, etc., there are legal proceedings that force a property to be sold. This is advertised and listed to the general public and a date and time is set for the auction to take place. This type of auction can be extremely detrimental and is least likely to get the market price for the property.

Regardless of the type of auction you are going through as an owner of Philadelphia Real Estate, please make sure you consult professionals (brokers, real estate agents, lawyers, etc.) to help make sure you are making the best personal decision!

Philadelphia Curb Appeal – What Is It and How Can You Improve Yours?

Often the phrase “curb appeal” is discussed, but less often it is defined. Simply put, Philadelphia curb appeal is how your house looks from the exterior. This would include everything from the actual facade to the gardening, paint job and color choice, etc. The easiest way for one to envisage this is to imagine pulling into a friends driveway and thinking about the impression they get of their house – this is Philadelphia curb appeal.

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How to Improve Your Philadelphia Curb Appeal

There are some very simple ways to improve your Philadelphia curb appeal. Here are some ideas to help you make your home more attractive in less than a day.

1. Sweep outside – get rid of any litter that may be around, dispose of any cigarette butts, and remove any twigs or fallen leaves. The cleaner it looks, the more appealing it is to the eye.
2. Replace old hardware – in terms of Philadelphia curb appeal, this is probably one of the most inexpensive things you can do. Purchase some new, modern hardware pieces to spruce up the outside of your house and draw attention to your place.
3. Touch up the paint – nothing’s worse than chipping paint or the wrong color palette. Get in there and touch up places that have been stained or experienced some wear and tear.
4. Clean your windows – wipe them down with some Windex and a paper towel and be shocked at what a difference it’ll make in your Philadelphia curb appeal.
5. Add an outdoor lighting fixture – whether it be for your home, apartment, condo, etc. you need to make your Philadelphia curb appeal accessible in the evening. Adding a string of lights or an outdoor lamp can do wonders for your property.

Philadelphia Curb Appeal Ideas

If you have any ideas to help spruce up one’s Philadelphia curb appeal, please leave us a comment!

What is a Philadelphia Cooperative?

I never knew what exactly a Philadelphia cooperative was – was it just people cooperating with another to form a business? What is the benefit to a cooperative versus a condominium? What would be the reason for one becoming involved in a co-op? I went to find out more about these topics, in the hopes that I could bring more awareness to the concept of a Philadelphia cooperative!

What is a Philadelphia Cooperative and How Does It Differ From Other Forms of Real Estate?

A Philadelphia cooperative is an entity that provides products or services and exists to benefit its members, who are also its owners. Member-owners invest in shares of the business, and all profit (after bills and expenses are paid) are then divided among them; shares are accrued depending on the size of your living space, interests, etc. While both developments have common interests, a condominium differs from a Philadelphia cooperative in that, with a condo, you legally own your unit (deed to property), a percentage of the shared space, and you pay your own taxes.

The Principles of a Philadelphia Cooperative

Cooperatives have existed for centuries; societies shared their assets and practices to help improve the group’s chance of survival. Co-ops are based on principles that most of us have learned in elementary school: honesty, responsibility, equality, etc. An easy way to think about this is by comparing it to buying shares of stock in a company.  According to Go CoOp, there are seven principles that serve as guidelines for the Philadelphia cooperative structure. They include voluntary membership that is open, a system of democratic control, concern for community, economic participation, autonomy & independence, education & training accessibility, and cooperation from the members of the Philadelphia cooperative. Cooperatives are not motivated by monetary profit, but to serve its members needs.

Five Types of Philadelphia Cooperatives

1. Consumer-Owned: The most common form of a Philadelphia cooperative, the owners are the people who buy the goods or use the services, i.e., credit unions
2. Producer-Owned: This type of Philadelphia cooperative is most common in agriculture, and are owner by producers of such agriculture who want to work together to improve performance.
3. Worker-Owned: These cooperatives are owned and democratically governed by their employees.
4. Purchasing/Share Services: Usually owned by smaller businesses who join together to enhance their purchasing power.
5. Hybrid: A hybrid type of Philadelphia cooperative that allows for consumers and producers to come together.

Benefits to a Cooperative

There are some definite benefits to buying into a Philadelphia cooperative. There is a sense of community with a cooperative, there is a democratic system set in place, and you will have relationships with all of your other member-owners. Everyone usually has an equal say in the happenings, and usually the communities are smaller than they would be in the case of a condominium. Co-ops tend to be more exclusive, where potential owners need to be voted into the building – the pro here being that you can pick your neighbors!

Have More Questions?

Please feel free to leave us comments and/or questions regarding Philadelphia cooperatives!

Things To Do This Mother’s Day in Philadelphia

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This weekend it is definitely all about the mother’s out there! If you are spending Mother’s Day in Philadelphia, we wanted you to have some ideas for things you can do with the special lady in your life, Mom!

A Historical Site

• The Betsy Ross House in Old City is hosting a wonderful tea this Saturday, May 12th at 4:00 PM. Tickets are $20. Reservations are required in advance, so buy your tickets now!

Creative Junkie

• Mother’s Day in Philadelphia should be all about the creative woman that mom is! Take her to the Clay Studio in Northern Liberties, and enjoy a catered brunch with an added instructional workshop, where mom can make her own beautiful creation!

Classy Lady

• Spend Mother’s Day in Philadelphia in the best style at the Loews Philadelphia. They are offering two round of a buffet brunch at this beautiful hotel. The awe-inspiring views are just an added bonus!

Loves Freebies

• For the mom who loves to get something for her money, take her to the beautiful Palm Restaurant, where they will offer a gift card to all mom’s that eat their scrumptious food!

Vacation Envy

• If you can’t quite give mom the cruise of her dreams, take her out on the Spirit of Philadelphia, a day long cruise that will feature a buffet, DJ, and wonderful views of our gorgeous city!

From all of us at JG Real Estate, we wish all the mother’s out there a fabulous Mother’s Day!!

Easy Travel: Philadelphia Phlash

The bright purple trolley, also known as the Philadelphia Phlash, will be running with its summer hours very soon; from Memorial Day to Labor Day it runs every day from 10:00 AM – 6:00 PM. It is simply one of the best ways to get around center city, with 19 stops, located in key areas of the city. Each ride is priced at a low $2 (as much as the El or Subway), all-day Philadelphia Phlash passes are $10, a family Phlash pass is $15, and children under 5 & seniors are always free! It also is super convenient with running times about every 15 minutes.

Click here for a  complete list of the stops the Philadelphia Phlash makes.

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Recent Rise in Philadelphia Foreclosures and Around the Country

While it may seem like the United States is bouncing back from the recent recession, there has been a rise within Metropolitan areas experiencing foreclosures. RealtyTrac, the leading online marketplace of foreclosure properties, shows that about half of largely populated cities saw an increase in foreclosure in the first quarter of 2012. These larger cities were led by our own Philadelphia, with an increase of 49 percent (this is 33 percent higher than it was at the same time last year). This recent rise in Philadelphia foreclosures was shared by other bordering cities like Pittsburgh, Reading, and the Allentown area.

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What is the Cause of the  Recent Rise in Philadelphia Foreclosures?

There are mixed opinions on what the cause of the recent rise in Philadelphia foreclosures is. According to Alan J. Heavens of The Philadelphia Inquirer, “Some observers attributed the increased filings in Philadelphia and other Pennsylvania cities to the end of the state’s Home Emergency Mortgage Assistance Program.” This program had formerly assisted the unemployed in avoiding foreclosure for more than 20 years. Other reasons for Philadelphia foreclosures consist of federal funding running out, notice to borrowers are no longer being given out, and counseling is no longer available. Even with some of these cuts, according to Eric Mayes, recently, “Administrative Judge John W. Herron has decided to preserve the city’s nationally known Mortgage Foreclosure Diversion Program,” which has allowed thousands of Philadelphia residents to keep their homes.

It is clear that no one is able to really pinpoint what it is that is causing the recent rise in Philadelphia foreclosures, but let’s hope this surge doesn’t last for long.

How to Make Your Earth Day 2012 Count: Tips for Philadelphia Residents

Earth Day 2012 is coming this Sunday, April 22, 2012! Here are some really simple and easy things that you can do this Earth Day 2012 to make a difference. Doing just one of these things will help our earth, and can help you!

• One of the easiest things you can do this Earth Day 2012 is turn off the lights when you’re not in the room! It seems silly, but a lot of people tend to keep lights on when they’re not using them. This will help the earth and help your electric bill!
• Use cold water when doing your laundry! According to Alexandra Zissu of practicallygreen.com, “About 90 percent of the energy associated with doing laundry involves just heating up the water.” Go invest in some Tide Cold Water or another detergent that works better with cold water and switch the temperature this Earth Day 2012.
• B.Y.O.B. in this case means Bring Your Own Bag! When you go food shopping, try to remember a reusable bag or old plastic/paper bag so that you are reducing the amount of waste for Earth Day 2012.
• Exercise Junky? Try to exercise outside when you can, reducing the electricity you would use with machines, and get a reusable water bottle! Say “no” to plastic bottles!
• On that note, make sure you are using a reusable mug when you take your coffee to work in the morning and pack your lunch in Tupperware. (Hint: If you order food one night, keep the plastic containers they send it in, and you can then wash and reuse for future lunches!)
• Earth Day 2012 is just one more reason you should try to recycle and reduce waste. One way to reduce this waste is by reducing the amount of junk mail you receive. Call any company that sends you something you would just otherwise throw away and ask to be removed from their mailing list. You can also opt to receive paperless bills from most of the companies you use for banking, cable, electricity, etc. This is another way you can reduce your waste for Earth Day 2012.
• Make Earth Day 2012 a time to talk about the importance of our earth with your children. Do fun activities with them like using recycled paper for artwork, creating a recycling “sort” game where they have to choose which items should be recycled, etc. This is a great way to spend the day and they will have tons of fun!

Final Earth Day 2012 Note

This is a great time for you to think about how you negatively and positively effect our world. Use what you doing on this Earth Day 2012 and make it into a habit; this way, Earth Day will be every day!

It’s a Beautiful Day in the Neighborhood – Shadfest 2012

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Come on over to Fishtown next Saturday, April 28, 2012 between noon and 6pm for the Shadfest 2012 (rain date: April 29th). Shadfest is held annually to celebrate the rich historical significance of Fishtown and raises money for a worthy cause, Friends of Penn Treaty Park. This is a great spring day filled with tons of entertainment and fun for kids, adults, and families. There will be food, local music, arts and crafts, and much more.

During Shadfest 2012, the 2012 Kenzinger Challenge Run will also be taking place. You can sign up ahead of time for a discounted price, or register the day of. It is a 3-mile, non-competitive scavenger hunt, with runners traveling to different historical points and gathering information along the way! Sounds to me like tons of fun for all!

Shadfest 2012 is sure to be a hit! Mark it on your calendar today!

New Construction Plans Solidify Philadelphia’s Role as The City of Brotherly Love

A project that has been in the works for years in the city of brotherly love has finally been approved: one of the country’s first affordable housing complex that is aimed towards the elderly LGBT community! After state tax credits were received, developers announced that construction would begin in the city of brotherly love in an area of the city that is commonly referred to as “The Gayborhood.”

Mark Segal, one of the major collaborator’s and proponents of this project, cites multiple reasons for why he feels this is going to make a huge difference in the lives of so many individuals that reside in the city of brotherly love. These reasons, including discrimination from fellow resident’s in retirement communities, partner’s not having the right to stay with one another in nursing homes, to closeted individuals who finally are able to surround themselves with members of their own community, are both heart-wrenching and inspiring.

This new complex will house 56 units, all one-bedroom, and will be six-stories high. It is going to be built on 13th Street between Locust and Spruce, and, if all goes the way it should, will be ready in the latter part of 2013. According to Melissa Dribben of Philly.com, “Residents bust be at least 62 – but not necessarily lesbian, gay, bisexual, or transgender – to live there.” This is a definite way to solidify Philadelphia as the city of brotherly love – how great!

Proposal For a New Casino in Philadelphia

It was just a few years ago when the first casino’s moved into the Philadelphia area. Now, Bart Blatstein, a major real estate developer in Philadelphia, has announced his plans to build a new casino in Philadelphia, on North Broad Street. This new construction would include a brand new casino, hotel, commercial spaces, and parking garages starting at the corner of Broad & Callowhill Streets, with the hotel portion being housed in what is now the “Philadelphia Inquirer” building, another property Blatstein currently owns.

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What the New Casino in Philadelphia Means For Residents

According to an article in Metro Philadelphia, which gives more information on the new casino in Philadelphia, “Blatstein said the casino site plans call for retail shops, restaurants, and theater facilities as well as the only casino in the heart of the city.” This has the potential to create tons of new jobs for Philadelphia residents and be a great source of economic development for our city.

Opinions on the New Casino in Philadelphia

It would be interesting to find out of this were something that Philadelphia residents are excited about, or whether they find it to be detrimental. Of course it is going to be one-of-a-kind, since we have nothing like it so close to the center of the city. It will bring visitors and provide much economic growth to our area. However, is this new casino in Philadelphia going to have any negative sides to it? Will there be overcrowding and more gambling problems because of it?

Let us know what you think!

photo from phillyspells.org

Philadelphia Property Management: Philly Spring Clean-Up Day

While we are a Philadelphia property management company, we also care about the community surrounding our properties, so we wanted to highlight a city-wide event planned for this Saturday, April 14th — the 2012 Philly Spring Cleanup Day.

Created and organized by the Philadelphia Streets Department, the goal of this event is to “ put an end to litter and illegal dumping – permanently.” Residents from various Philadelphia neighborhoods were able to add “projects” to the day’s planned events; in other words, block captains and other concerned local citizens could decide what area of their particular neighborhood to focus on, create the event on the Philly Spring Cleanup website, and then other residents can officially register to be a part of it.

Today being only a few days prior to the scheduled event, the deadline for creating events has passed. However, there’s still plenty of time to sign up to participate with many of them!

Here is a sample of the many projects

that are still actively accepting volunteers:

• “Frankford Ave Clean-up”: Garden Center, 1801 Frankford Ave, Kensington. They will be cleaning the Frankford Avenue corridor from Delaware Ave to Lehigh Ave.
• “Fishtown Recreation Center Clean-Up”: 1202 East Montgomery Ave. They will be doing general cleaning of the inside and outside of the Recreation Center
• “Washington Square West Clean Streets”: They will be removing trash and cleaning the streets of the Washington Square West neighborhood, which is often littered due to the high amount of pedestrian traffic on a daily basis.
• “Chinatown Spring Cleanup”: Cleaning the whole area of Chinatown, 10th Street Plaza (10th & Vine streets), focusing on the commercial core area and on abandoned or vacant lots that are prone to litter
• “Save Our Hood”: 55th & Chester, Southwest Philadelphia. “This area contains over grown vacant lots, burned out and boarded-up houses, and a playground-all of which attrach garbage, graffiti, and illegal activity. The hope is that cleaning-up this area will deter crime. There is no formal organizational support, but there is a commitment from the neighborhood youth to particpate in the clean-up and for ongoing litter removal.”

There’s a project scheduled in every neighborhood, so there’s plenty of opportunities to get involved and do your share to help keep our city clean! Get to know your neighbors, meet your block captains, join the neighborhood association, or just spend a day accomplishing something for your own personal goals.

Here’s hoping that we surpass last year’s success!

Philadelphia Property Management: Some statistics from the 2011 Spring CleanUp Day

(The following information is gathered from the Philadelphia Streets Department Program website,

• 252 Project Sites
• 12,574 Volunteers
• 1,240,360 pounds of trash removed
• 149,860 pounds of material recycled
• 1,104 city blocks cleaned
• 3,750 recycling bins distributed
• 28 parks and 17 recreation centers cleaned

Happy Spring Cleaning, Philadelphia!

Paseo Verde – New Construction in Philadelphia

There is new construction in Philadelphia taking place adjacent to Temple University Train Station.  Paseo Verde, which translates to “green walk,” will be built by Jonathan Rose Companies at 9th St & Berks St,  in an effort to “create a mixed-income, transit-oriented community in a transitioning neighborhood.” The developers of the complex really want to revitalize the neighborhood, making it desirable to outsiders, and use it to revitalize the local community, including Temple Students and the broader spectrum of residents.

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What Will This New Construction in Philadelphia Include?

If you want to know what actually will be built at the site of the new construction in Philadelphia, here is a list of what the 206,000 sqft. building will consist of:

• 30,000 sqft of ground level retail.
• 120 mixed income apartment rental units, including a mixture of one-, two- and three-bedroom apartments ranging in tenant amenities. 111 of these will be apartments and 9 will be townhouses. These apartments will have a series of different terraces, green roods, and more.
• 67 parking spaces will accommodate the residential portion of the construction.

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More About the Complex

State Senator Shirley Kitchen says about the new construction in Philadelphia, ‘What I see this doing is helping with the balance of the neighborhood.. It’s one block fits all, not like in the old days when people had the same basic goals in common. I see this as a balance.’  The complex is scheduled to finish construction in 2013.

Cannot wait to see the finished product!