"Man Makes Ridiculously Complicated Chart to Find Out Who Owns His Mortgage"

Huffington Post

Goldtex Building will be Developed into Apartments

A beautiful, old textile building with a prominent location near center city and all the convention center action, is getting a new life.  According to public records, the building at 315 N. 12th Street sold last month to "Post Goldtex LP" for 4.5 million.  The property had been listed for 8.25 million.  According to the listing, zoning has approved 145 units in 125,000 usable square feet.

Lending Misconceptions

I recently got quite frustrated listening to an NPR interview where the "expert" was describing how it is basically impossible to get a mortgage.  His claims that you better have 20% down and a 740 credit score if you want to buy a house were just flat out wrong.  Sure, conventional loans are often requiring 20% down and higher credit scores than they used to but:

 1. They are not impossible to get.  I have buyers getting great rates on conventional loans for investment properties.  The expert was basically saying just forget it if you want a conventonal investment loan.

 2.  There is other financing out there.  Right now the PHFA is lending to people with credit scores as low as 580, only 3 percent down and at rates as low as 3.75% with no points.  If I were a first time buyer, who got all of my information from the news, I would think it nearly impossible to get a mortgage, when really with a steady job, somewhat decent credit, and 3% down I could be in a home fairly quickly.

3.  If you do want a conventional loan, have a good credit score and some cash on hand, interest rates, housing inventory, and housing prices make it one of the best times to buy in recent history. 

While I'm on the topic of media misconceptions, I also would like to talk about the market.  The Philadelphia market is better than the national market!  Most market experts expect modest gains in housing prices in Philadelphia in the future.  I love when the national housing market statistics are reported repeatedly in local media with no referance to the fact that Philadelphia is doing better than the national trends.

Queen Village Buddhist Temple

Photo: PlanPhilly

Plan Philly reported last month on the restoration of the Emanuel Evangelical Lutheran Church at 1001 S. 4th street.  PlanPhilly writer Alan Jeffe details the path to new ownership:

After World War II, the German-language services were switched to English, and the congregation dwindled as families moved to other parts of the city. Michael Schreiber, a member of the historic preservation committee of the Queen Village Neighbors Association, said the remaining congregation moved into the church basement but retained a deep commitment to the neighborhood. Social service and community groups used the building, and it served as a center for visiting sailors from around the world.

In the early 1960s, a $90,000 restoration included rebuilding the nave and chancel and repainting the interior and exterior of the beautiful wood clock tower. A renovated 1840 organ was installed, and the original clock was repaired.

The congregation continued to diminish, however, and two years ago they abandoned the church.The Berlin clock was removed, leaving holes in the tower. The building deteriorated and windows were vandalized, Schreiber said.

The Philadelphia Historical Commission stepped in last January, filing a petition in the Court of Common Pleas asking that it order the Lutheran Synod and the congregation to repair the masonry and roofing and seal the holes left by the clock. An inspection by the Department of Licenses & Inspection found the main floor of the church had been taken up and that the building was unsafe.

“Both the Synod and the congregation took it upon themselves to solve the problems and they were very cooperative,” said Jonathan Farnham, executive director of the Historical Commission. The commission suggested that the congregation seek a new owner for the building. “We were surprised to learn that within a month or so, they said they found a Buddhist group interested in purchasing the church.”

With financing impossible for a building in this condition, the former owners of the church are allowing extra time to pay it off and many of the new congregation are volunteering time and skills for the renovations.  Below is a picture of a newly completed first floor room, and picture of the floor which had been removed.

South Street Bridge is Back!

Photo: philly.com


I think I will go for a run over to University City to celebrate!

Blighted Property Conservatorship Act

photo: nkcdcgardencenter.org

A new city law could have a significant positive impact on Philly neighborhoods.  According the the Inquirer a non profit named Urban Tree Connection has been a test case for whether or not a new law, allowing neighbors and activist to request control over vacant land, will hold up in court.  In a positive move, the court granted the non profit stewardship of land in West Philadelphia.  Inquirer writer Kia Greggory writes of the impact:

Under the Pennsylvania Abandoned and Blighted Property Conservatorship Act, which became law this year, nonprofit groups such as Weiner's, senior lien holders, neighbors, and other frustrated individuals can petition the court to be named conservators of an abandoned and blighted property. To meet the criteria, the property must also be considered a public nuisance, in need of substantial repair, a fire risk, and unfit for occupancy.    

As conservator, UTC can legally continue to plant and harvest on the land and follow through on its vision to create a community cooperative

With over 300,000 vacant lots in Philadelphia, this power to utilize the abandoned space is significant move in the right direction.