When deciding to purchase an investment property, you should make yourself aware of the different types of Philadelphia real estate that you can purchase. Remember, an investment property is anyPhiladelphia real estate property that will bring in some kind of rent or income for access to leasehold rights. You can choose to invest in
As discussed in my blog, “Types of Philadelphia Real Estate Property Ownership,” there are different forms of ownership, investment goals, and situations, especially when you are not the sole owner but are investing with partners. The differing investment situations come when you enter into a Philadelphia real estate investment syndicate. This structure involves a number of individuals who join together to invest in one property/project. With private syndication, there is a small group of investors that usually know each other before a deal is made. Conversely, a public syndication will involve a large group of investors, where interest usually comes in the form of shares/securities. The main difference between the two types of syndication’s when investing in Philadelphia real estate is the type of management control and liability associated with the partnership.
If it all is a little too confusing to you, as it is to most, be sure to contact the experts. With regard to Philadelphia real estate investing, get in touch with a real estate agent, an accountant, and an attorney! This team, including your Philadelphia Property Management professional, will help prepare you for a lucrative and beneficial investment.
Using The Old to Make Your Philadelphia Real Estate NewIf you are looking for ways to spruce up your Philadelphia Real Estate, searching through the antique shops along the historic Antique Row.
Antique Row is a wonderful place to shop! It has numerous antique shops, vintage stores, and art boutiques. Philadelphia real estate has strayed away from the antique look and moved towards a more modern and sharp style. Antique Row will remind you of how beautiful the vintage is and purchasing a few knick knacks may really be the solution to making your Philadelphia real estate feel like home.
Here are some of the shops located on Pine St. While browsing, keep your Philadelphia real estate in mind and think about how some of the pieces may fit with your aesthetic.
Philadelphia Neighborhood: Northern LibertiesEvery street you walk on in the Philadelphia neighborhood of Northern Liberties offers fun restaurants, artistic havens, and small businesses that are sure to have you coming back for more. These components, added with the new and updated construction that is popping up all over, make thisPhiladelphia neighborhood one of the most sought after places to live in Philadelphia. Northern liberties is contained from North to South by Girard Ave and Callowhill St, respectively, and from East to West by the Delaware River and 6th St.
Northern Liberties is full of deep and rich history; “Northern Liberties… is both a historic region of Penn’s plan of Philadelphia a present day neighborhood of the modern city.” Originated in 1985, The Northern Liberties Historic District was formulated in order to preserve the architecture that defines the character of the neighborhood. Some of these protected historic places are Integrity Title Insurance, Trust and Safe Deposit Company and the Mifflin School.
Northern Liberties is overflowing with artists, galleries, studios, and artistic venues. Art Star, Projects Gallery, and Gallery 908 are all within close proximity to each other and promote fabulous artists. You can check them our during the day, or in the early evening while walking the colorful streets in this Philadelphia Neighborhood. Northern Liberties also has a ton of design and media groups that range in services from urban planning to digital imaging. Even though you are still within the city of Philadelphia, you get the small town feel from Northern Liberties due to the amount of small businesses that exist. From small coffee shops like Cafe Estelle to clothing stores like Duke and Winston, you always get the feeling of small community.
Not only can you spend the day walking around the streets enjoying music, art, and shopping, but this Philadelphia Neighborhood has some wonderful restaurants and bars. North Third and Silk City are some residents’ favorites. The Piazza at Schmidt’s, which opened in 2009, features a large permanent screen that boasts sports games, 35 art galleries and boutiques, commercial & residential units, and five wonderful restaurants all with stunning reputations. The nightlife in Northern Liberties is out of this world no matter what you’re into – you have SugarHouse Casino, Yards Brewing Company, Delilah’s, and theNorth Shore Beach club all within minutes of each other!
We’s love to hear all about your thoughts regarding Northern Liberties, your favorite places to go, your favorite shops, your favorite small businesses, so please feel free to leave us comments!
Philadelphia Neighborhood: Northern Liberties
The beautiful tree-lined streets of Washington Square are just one aspect of this Philadelphia neighborhood that make it one of the most alluring and fun places to live in the city. Washington Square is contained from North to South by Market St and South St, respectively, and from East to West by 6th St and Broad St. It is filled with some of the best restaurants, parks, historic monuments, and nightlife that Philadelphia has to offer.
Philadelphia is known for its history and Washington Square is one Philadelphia Neighborhood that is full of it. Washington Square was one of the original five plazas that William Penn created. For two centuries it has served different purposes, it now features as a gathering place for families in friends in its lush green park filled with over “60 varieties of trees.” The first hospital in our nation, Pennsylvania Hospital, was founded in 1751 and still operates today in this Philadelphia Neighborhood; it is located between 8th & 9th Sts and Spruce St. The oldest diamond district, originating in 1851, is also located in Washington Square. Known as Jewelers’ Row, this area boasts some of the most grand shops, with over 300 retailers, wholesalers, and craftsmen.
In terms of community, Washington Square is known for its large LGBT & Ally Community that lives within its borders, and the large concentration of LGBT related shops and restaurants. Whether you’re shopping for any occasion at PHAG or enjoying the entertainment during a happy hour at Woody’s, thisPhiladelphia neighborhood is aimed at being inclusive and accepting all walks of life!
If you are looking to embrace the culture of the city by exploring the arts, this Philadelphia neighborhood has multiple theaters, including the Forrest Theatre and Walnut St Theatre (America’s oldest theatre founded in 1809), and has the Avenue of the Arts running along its Western border. There are beautiful murals that are part of the international Mural Arts Program, and there are wonderful mosaics by Isaiah Zagar that are along South St.
Now, to the most exciting part of this Philadelphia neighborhood, the food, bars, and restaurants in Washington Square are some of the best in the city. Whether you are going to El Vez or Vetri, you are going to taste some of the finest dishes this city has to offer. The truth is, this Philadelphia neighborhood has mostly every type of food, in every price range, for everyone, and the same goes for the nightlife!
When you enter into Washington Square area you are sure to get an equal mix of nice people, beautiful history, excellent food, and a fun night scene!
Philadelphia Real Estate Property OwnershipThere are varying types of Philadelphia real estate property ownership that can often get confusing if you are not versed in real estate terms. Here, I will do my best to describe the differing forms in the most simple terms.
This is the most common form of ownership. In this type of Philadelphia real estate ownership, an individual is the only owner of a property, owns all the rights and interests, and can do with the asset as they see fit. The only time these lines become blurry is when a married couple purchase a property and put it in only one person’s name.
Ex: Fred buys a house. He has the right to all of the interests in the property and does not need to ask permission when trying to sell the property. Certain limits apply if property is purchased during marriage.
If you are a Philadelphia real estate owner and have ownership under tenancy in common, your rights are divided among the your other co-owners. This division does not need to be equally distributed, and each tenant has the right to do with his/her interest as they choose. When one of the co-owners passes away, the interests they owned passes to their heirs.
Ex: Fred, Ted, and Ned own a house together. Fred owns 50% interest, Ted owns 30%, and Ned owns 20%. When Fred passes away, Fred’s heirs receive the interest in the home that he held.
Joint tenancy in Philadelphia real estate involves two or more individuals owning the same property. These individuals have equal rights to the property, and the property is held under one title. In the case of joint tenancy, all owners or parties would need to reach a consensus when trying to sell or remodel the property. The major distinguishing characteristic of this type of Philadelphia real estate property ownership is that joint tenancy comes with a right of survivorship. This means that when one of the co-owners dies, the property is evenly distributed to the remaining owners, not to the deceased’s heirs.
Ex: Fred, Ted, and Ned own a property in Joint Tenancy. When Fred passes away, Ted and Ned equally distribute his interest to themselves, instead of passing them on to Fred’s heirs.
Whichever type of Philadelphia real estate ownership you take in a property, please make sure you are clear about legal ramifications that are associated with your ownership! If you have any questions in your decisions, get in touch with a legal consultant or a philadelphia property management company.
4th of July in PhiladelphiaIf you are spending the 4th of July in Philadelphia, here is a list of things for you to do around the city!
Fireworks will light up the sky this 4th of July in Philadelphia. Whether you’re watching from the Benjamin Franklin Parkway, or from your roof deck, it will be an absolutely wonderful show!
