Lancaster PA Real Estate Blog

I thought this review of unemployment in Lancaster, the state and nationally would be timely given my upcoming set of articles on the state of home sales and the real estate market outlook.  Here's a chart showing the historical trends:

You'll notice right away that the Pennsylvania unemployment rate very closely tracks with the national unemployment rate.  In 2009 you can see that the national rate is leaping up & away as other states (such as Nevada and Michigan) jump into the middle teen rates for unemployment.

Lancaster County has historically tracked about two percentage points below the state and nation but you can see that the gap has closed in recent years.  We're getting hit with the same big spike in 2009 and are at all but 8% right now.  The national rate is approaching 10%. 

Here's the definition of "unemployed" that is commonly used.  Keep in mind, by this definition people who are not actively looking for work are NOT COUNTED - that includes folks who have given up the search for the time being and those who are underemployed (not earning enough to support themselves).  The actual percentage may run into the high teens...

Why am I talking about this?  I've been doing homework on our future market here in Lancaster County and the impact that foreclosures will have in driving down prices.  I beleive there's a whole new wave of foreclosures coming this winter and into 2010.  If you're like me you're probably talking to people who are just about to lose their house (or voluntarily give it up - we'll talk about that).  The unemployment situation is a root cause of all this.

Look for my next article on the develping story of mortgage delinquincies and the failure of "loan modifications".

I'm pleased to introduce you to a true Lancaster City gem - The Mary Reynolds Mansion at 802 North Duke Street. 

This Colonial Revival was built as the residence of Mary Reynolds, widow of Samuel H. Reynolds.  Estimated date of completion was 1897.  Samuel Reynolds was a prominent Lancaster attorney; his wfe was a daughter of William B. Fordney.  When new, this mansion and it's carriage house were on the northern edge of town.  The architect is unknown, but beleived to be Herman F. Wohlsen.  He certainly was responsible for much of the carpentry work evident throughout the home.

The Colonial Revival Style (also called Georgian Revival) developed after the Centennial of 1876.  This structure represents a free adaptation of the form and ornament of a New England mansion of the very late 1700's.  The use of frame, the hipped roof and the placement of ornament all indicate indebtedness to sources in the Boston-Salem area dating c. 1785-1810.

The gardens post date 1901.  Here the prominent feature is the ornamented colonnade.  The conservatory (or solarium) at the back of the house most likely was contemporary to the gardens.  The stained glass dome ceiling is an amazing piece of period art and most likely the work of a Tiffany or similar house.  The ceiling was recently valued at over $200,000 alone.  The grounds also include a large pergola that has been used for weddings and gatherings.  The carriage house is over 2,000 square feet and is finished to office space with bath.

If you are looking for a spectacular home to call your own or to use as a Bed & Breakfast, this property delivers the best in Victorian charm and size while being located in the center of a thriving city environment.  Lancaster is home to a burgeoning art colony and the new Lancaster County Convention Center promises continued growth.

The home has 9 bedrooms with closets, 3 full baths and 2 half baths.  There are many other rooms to use as you choose over 3 full floors. Square footage is over 8000 not counting the carriage house.  The entire property is offered at $1,190,000.

If you are interested in seeing this amazing property email me at info@yourlancasterhome.com or call 717-799-0851. 

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 For Lancaster PA homes for sale click here. Jeff Geoghan is a top real estate expert in Lancaster County, PA, and an involved community member. Jeff's work has been featured in the Lancaster Newspapers, WGAL Channel 8, PA Business Journal and Wall Street Journal. Jeff's blog on Lancaster County and its homes is nationally-featured. Contact Jeff for more help with your Lancaster PA Real Estate needs. Jeff is also a photographer - view some of his lancaster pa photography portfolio. Comments are welcome!

 

COLDWELL BANKER REAL ESTATE RELEASES ANNUAL HOME PRICE COMPARISON INDEX FOR united states and SELECT international MARKETS

$2 Million Difference Between Four-Bedroom Homes In Most Expensive Market of La Jolla, Calif., and Most Affordable Market, Grayling, Mich.

Singapore Tops International List as Most Expensive Foreign Market; Salinas, Ecuador Most Affordable

PARSIPPANY, N.J. (Sept. 23, 2009) – The 2009 Coldwell Banker® Home Price Comparison Index (HPCI) released today found a price gap of more than $2 million between the most expensive and most affordable U.S. housing markets.  In the annual comparison of similar 2,200-square foot homes in 310 U.S. housing markets, La Jolla, Calif. led the list as the most expensive real estate market in the country with an average home price of $2,125,000.  Grayling, Mich., also known as the “canoe capital of the world,” ranked as the most affordable market in America, where a similarly sized home costs $112,675.

La Jolla was joined on the most expensive list by 13 other California markets while Grayling was one of 20 Midwest communities on the most affordable list.  Internationally, Singapore was the most expensive market for the same type of home, $1.9 million U.S. dollars, compared with Salinas, Ecuador, which at $69,375 U.S. dollars was the most affordable studied international market.

Lancaster fell in the middle of the report, with a housing index of 71 and average price of $257,000. 

(Click here to see the full Coldwell Banker HPCI chart)

Differing from most housing reports that compare median prices, the annual Coldwell Banker HPCI, provides an apples-to-apples comparison of similar 2,200 square foot, four-bedroom, two-and-a-half bath homes in the United States, Puerto Rico, Canada and a sampling of countries/territories outside of North America where Coldwell Banker Real Estate has a presence.

”While price differentials are interesting to compare, I am most intrigued with the affordability levels now seen across much of the nation,” says Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate LLC.  “The four-bedroom, two-and-a-half bath home is one we deem ‘aspirational’ and usually purchased by move-up buyers experiencing lifestyle changes.  Thirty percent of the markets show this type of home to be below $200,000, illustrating the opportunity to take advantage of price declines, interest rate levels and increased selection of homes.  Encouraging these move-up buyers back into the market is a crucial next step toward helping to rejuvenate the housing industry and the overall U.S. economy.”

Come visit this beautiful open floor plan with soaring Palladian-style windows framing a cozy fireplace in the 2-story great room! There is a custom den with built-in cherry desk, shelving & cabinets. Professionally lighted landscaping wraps around the home.  The 1st floor MBR & laundry,eat-in kitchen w/breakfast bar, formal dining room w/ tray ceiling, wainscoting & chair rail. ELIGIBLE FOR ZERO-DOWN USDA FINANCING!

Visit www.952 Hedgewyck.com for more photos and details...

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 For Lancaster PA homes for sale click here. Jeff Geoghan is a top real estate expert in Lancaster County, PA, and an involved community member. Jeff's work has been featured in the Lancaster Newspapers, WGAL Channel 8, PA Business Journal and Wall Street Journal. Jeff's blog on Lancaster County and its homes is nationally-featured. Contact Jeff for more help with your Lancaster PA Real Estate needs. Jeff is also a photographer - view some of his lancaster pa photography portfolio. Comments are welcome!

 

I had the opportunity to visit the National Civil War Museum in Harrisburg Pennsylvania yesterday - it's located in Reservoir Park, just off of Route 83.  I was impressed by the size of the place - I understand that the collection and museum came largely from Harrisburg Mayor Stephen Reed's efforts during the 1990's.

We toured the museum's displays, which were decent but a bit hard to follow.  The layout was largely a timeline from the end of antebellum times to the westward expansion of the 1880's.  The museum's marketing pieces claim that it's the only museum dedicated to the entire Civil War in the country.  Quote:

"The only museum in The United States that portrays the entire story of the American Civil War. Equally balanced presentations are humanistic in nature without bias to Union or Confederate causes."

Here's a couple of interior photos - flash was not allowed (which I thought a bit funny, considering that we had just been to the National Gallery in Washington DC, where it was allowed with priceless paintings everywhere you look...).

It took about 2 hours to work through the whole museum, which is an acceptable time.  Admission was $9.00 for adults and $7.00 for kids over 5 years old.  Overall I thought the experience was worth it - once.  I would recommend the new visitor's center at Gettysburg National Battlefield if you're looking for something very similar.  In fact, I was struck by the similarities in the presentation and look/feel of the two museums. 

As we were leaving town I thought it would be neat to grab a photo of our state's capital dome:

We also drove by Three Mile Island Nuclear Plant on the way home to East Petersburg - yep, it was still there.

Another day in Southeastern Pennsylvania...

This morning we had another great gathering of Lancaster County Twitter users over at the Prince St. Cafe in Downtown Lancaster City.  Some new faces were there - thanks for coming out! 

Here's the list of attendees so you can follow them...

@wtrmaus
@asruiz
@beckami
@zoidland
@crazywidow
@ryansmoker
@Teammcloud
@airport_girl
@re_marks
@christophervogt
@bbes
@jeremywalter
@chuckholt
@lancasterhomes
@mspiker
@Therealizzy
@adamchlan
@joeltweets

Just on the market today - a very nice second-floor unit in Oak Knoll, a Lancaster condo community in a great location on the east side of Millersville.  For those looking to work or study at Millersville University, this could be a good option.  With a price under $140,000, this home is a good choice for someone looking to move from renting to owning before the first-time buyer credit ends in November...especially cool is that the seller is including ALL the appliances (which are newer).

Bedrooms - 3

Baths - 2 Full

Garage - 1 Car Detached

Square Ft - 1,412

Laundry Room

Fireplace

Banquet Seating in Kitchen

Walk-in Closet

Window seating

Private balcony

And more!

Check out this home's website at www.102OakKnoll.com for more photos and details.

I took the kids to the AMA Road Racing series (American Motorcycle Association) finale event held at the New Jersey Motorsports Park last weekend.  We made the 2.5 hour drive from Lancaster County to Milville, NJ through the labor day traffic (not bad).  Since I spent much of the 90's participating in the roadracing scene in southern California, including helping in the pits at AMA events for a great friend who raced, I was excited to expose my kids to my favorite sport!  The day and the track did not disappoint...

We got there a bit late but missed some of the morning lines at the gate (prepaying for tix helps too!).  We left around 6:30pm after much of the crowd had gone home...I love the evenings at the track, when the teams and riders pull up folding chairs and relax in the cooler air to chat about the day's events and life in general.  We had a special chance to get photos with Mat Mladin, retiring 7-time AMA Superbike champion who was hanging around his trailer doing autographs for the fans wandering by.  And also a special thanks to Beth Miller of the AMA who stopped to admire my son's Smokin' Joes Racing hat (she remembers them...do you?) and give my kids stickers.

Also hot was a stunt show put on in the late afternoon by Aaron Colton, a 17 year-old rider who was exceptional in flinging his Honda CBR around in an excellent display for the fans at the fences - as you'll see in the photos, he got PRETTY close to my camera lens - I got some great shots of his work.

All in all, a special day for me to get back the races after 10+ years away, and for my kids to see the sport I love and how friendly it really is.  Can't wait until next labor day!

Photos...

I don't know about you, but I use the Lancaster Library fairly regularly.  In fact, they've seen a 30% increase in traffic over 2008, according to a representative who visited our Council meeting in East Petersburg last night.  With the ranks of the jobless on the rise (what recovery?) more and more people are using the free internet access and prep materials for job hunting and interviews. 

Bad news is, with the PA budget impasse and expected cuts, the state funding for the library is going to dry up significantly.

If you're a supporter of the Lancaster Library yourself, then you have an opportunity to help this month!  Loxleys Restaurant, part of the newly opened Heritage Hotel in Centerville, is including the Library in it's "Loxley's Legend Continues" Benefit Program.  During the month of September, the Library will be one of three charities to receive 5% of the food bill. 

Be sure to specify the Library as your choice when dining there.  Tell all your friends and relatives and ask them to go to Loxley’s the next time they go out to dinner.

Go eat!

OK, this got me mad.  We received this notice at my house last night in the mail.  Here's what was visible through the envelope windows:

Notice the "HUD Lender ID" with the imposing "PA reference number" below it, and especically the "FIRST NOTICE" prominent in the top right.  Since we had just refinanced, I immediately thought this was some notice related to the new or old loan.

Upon opening the "notice", here's what I saw:

Ok, my eye had gone to all the places this mortgage ad designer had wanted them to go to:

1. PA reference number
2. "FIRST NOTICE"
3. "You have not responded"

Now that it was obvious to me that this was just another mortgage solicitation, I became pretty upset at the underhanded tactics employed by this broker.  You can't tell me that this isn't specifically designed to scare elderly and young people into calling to "see if everything is OK" just to be pitched by some salesperson on a refinance.

I did some web research on this outfit and found some truly nasty comments, even from mortgage officers advising others not to work there.  Here's an example; http://www.mortgagegrapevine.com/thread/?thread=560771.  Also, a promintent article at Philly.com about a "stimulus act" mailer "scam": http://www.philly.com/philly/business/20090307_Stimulus_gives_rise_to_consumer_scams.html. In one article the reporter says that the CEO of this company denied any wrongdoing in reference to another misleading mailer - did we expect otherwise?  Maybe he should talk to his ad staff.

This company should be ashamed of itself and in my opinion they are part of the crisis in confidence in the real estate industry right now.  Intercontinental Capital Group of 55 East 59th Street 4th Floor, New York NY 10022.  Stay AWAY from these people just because of decency's sake.