Lancaster County PA Realty Check: April 2007

A great way to get started in real estate investment is to purchase a two-unit property, live in one side, and rent the other side to offset your expenses.  Here is just such a property!  This Lancaster city duplex is actually both sides of a double house.  Only $109,900. for the total  property!  Here are some of the features of this 2-unit:

Brick construction

3 bedrooms in each home

One side will be available for a buyer to live in (or to rent to someone of your choice)

Backyards on both sides 

To see this home, to discuss real estate in general, or to get information on any other listed property in Lancaster County, call me direct at (717) 951-5552, or use the link to the right to email me. 

Buying or selling a home is one of the biggest financial transactions most people will ever make, and there can be a fear of the unknown on the part of either party.  For a seller, the thought is: "What if my buyer finds some epensive problem that I have to fix?"  Buyers, on the other hand, are thinking, "How do I know there isn't something with the major systems that I can't see?"

Home warranties to the rescue!  For a seller, a home warranty can be a very savvy marketing tool, since most home warrany companies offer sign riders that can "ride" on the sale sign, advising about the warranty; plus the warranty can be included in ads.  It's one more legitimate marketing tool.

For buyers, the warranty can reduce buyer reluctance, based on the knowlege that someone will repair their mechanical systems if something happens.  It doesn't eliminate the need for a home inspection, but it does add a level of comfort to the purchase.

A home warranty typically covers the seller for up to six months during the selling period.  Then the same warranty covers the buyer for a whole year after the sale.  Typically there is a $50 or $55 deductible for each repair call; then the warranty covers the rest of the repair.  The warranty company has their own locally contracted service companies.  If a service person has to come out more than once for the same repair, the deductible is only applied once.

Typically the cost for a warranty is about $375 to $450, depending on the type of home being covered.  Systems usually covered are the heating unit, central air, the water heater, plumbing, and electrical systems.  The warranty may also cover roof leaks, sump pump, water softener, gas lines and other options.  For a relatively small additional fee, major appliances can also be covered.  Read your Home Warrantor's brochures for details on the exact coverage of each provider.

In conclusion, home warranties can reduce risk and stress for both buyers and sellers, and can often even make the transaction easier for their agents!  It's a good thing for all parties to know that such options exist.  Incidentally, buyers can purchase these warranties on their own!  There's no need to rely on buying only homes that have been warranted by the sellers.

For more no-obligation information on how an Accredited Buyers Agent can protect your interests and save you money, contact Brian Schulman at (717) 951-5552 or brian@findlancasterhomes.com .

©BrianSchulman2008

I've owned a Garmin Nuvi 660 GPS (global positioning system) for several months now.  I can't believe how I ever lived without this little gem!  Beautiful bright color screen, accurate to within about 20 feet, it talks to you in a male or female voice with a variety of accents and languages which you can choose - what more could you want?

I've talked to people who complained about the accuracy and idiosyncrasies  of other brands.  My Nuvi not only tells me where to turn, but how far ahead the turn  is and what the street name is.  The last feature is called text to speech, or TTS.  Based on the map and satellite information it gets, it will read street names and routes to you.  Since its pronunciation is based on an algorithm, it sometimes gives some interesting mispronunciations (for instance it pronounces the first syllable of "Buchanan" as rhyming with the word "much"), but if there's any question you can ask it to repeat itself.

It also gives me the estimated time of arrival at my destination, and a different screen shows a list of all the turns I will make. Other extras which I have not even had the time to explore yet are the MP3 player, audio book reader, bluetooth capability and an FM traffic warning system!

My Nuvi has saved me gasoline and hours of lost time in showing homes, especially in areas outside my normal neighborhoods. I've come to rely on it.  As a matter of fact, calling it "it" somehow feels wrong - it sometimes seems so human I had to name him - "Elmo", as it happens!

I named "Elmo" after St. Elmo, a fourteenth-century monk who became known as the protector of sailors, and who kept their ships from getting lost (get the connection?)   When sailors would see a halo of lightning playing around the ship's mast, they named the phenomenon "St. Elmo's Fire" and considered it a good omen of St. Elmo protecting them.

The Nuvi 660 is a little pricey, but if anything ever happened to it, I would  get one again in a New York minute.  Incidentally, extended warranties are available very reasonably.

Copyright2007BrianSchulman©

The National Watch and Clock Museum in Columbia,  is a most interesting place to visit while in western Lancaster County, PA.  Run by the National Association of Watch and Clock Collectors, the museum first opened in 1977 with about 1,000 items, but has expanded to over 12,000 items, from the most intricate pocket watches to magnificent granfather clocks and antique animated clocks.

A separate area features railroad watches from the long history of American railroads.  Other specialized displays feature French clocks, German musical clocks, tower clocks,  and American clocks from 1780 to 1880.  The museum is recognized as the largest collection of clocks in North America. 

The Watch and Clock Museum is located at 514 Poplar Street, Columbia, PA.  You can get more information from their website at www.nawcc.org/museum/museum.htm 

Copyright2007BrianSchulman©

Lancaster County, PA has a both a long history and a varied economy, but it's still surprising what a long list of things there is about which Lancaster County is known for being the first, biggest, or best.  For instance, the Columbia-Wrightwville bridge over the Susquehannah river is the longest concrete multi-arch bridge in the U.S. 

Route 30 (the Lincoln Highway) is America's oldest paved highway. 

Lancaster itself is the oldest inland city in the USA.

The Manheim Auto Auction is the world's largest auto auction, with 26 separate lines, each capable of auctioning cars and trucks separately all at the same time! 

Willow Valley, in Willow Street, PA, with its latest expansion (fourth phase), is now the largest retirement community in the country, with condos and phases for independent living, assisted living, and nursing care. 

Lancaster"s Central Market is the nation's oldest (1730's) publically owned, continuously operated farmers market. 

Linden Hall, Lititz, is the oldest girls' boarding school in the U.S. (1746).

Lesser-known examples:  Shank's Extract, Lancaster, is the country's largest distributor of saffron.

High Steel Structures, Lancaster, is the largest steel fabricator in the U.S.

Victor Division of Woodstream, Lititz, is the largest manufacturer of mousetraps in the WORLD.

Bube's Brewery, Mount Joy, with stone catacombs that are said to have been used in the underground railroad before the Civil War, is the only Victorian-era brewery still standing in the U.S. It's also an excellent restaurant.

Anvil International (formerly ITT Grinnell) in Columbia is the largest pipe producer in the USA.

One of the reasons Lancaster County continues to be a desireable place to live is because of its unique combination of history and a vibrant economy.  I have more of these first/bests!  If there is any positive feedback I will post more in the future. 

Zillow.com, a psuedo-appraisal website operating nationally, has been challenged by the state of Arizona on the grounds that Zillow does not have a state-licensed appraisal license.  While unsuccessful at trying to get the website taken down, Arizona is apparently now going to try to challenge them in court.  While I know that many in our industry have not been pleased by the prospect of long-distance property value estimates, this is the first I have heard of a state taking such action.

Consumers have made Zillow.com wildly successful in spite of the fact that there are glaring inaccuracies in the estimated values it publishes.  Based on public records, the values are reflect past markets rather than present conditions.  In addition, since the estimates are sight unseen of the subject homes themselves, variations of location, decoration and condition are subjective and supplied by the owners, obviously not an arms length objective evaluation.

While I'm all in favor of free market competition, it seems to me that national companies with no personal knowlege of local homes and conditions are diluting the perceived value of legitimate appraisals by qualified appraisers, or comparative market analyses by qualified local Realtors(R).  Trying to sell listings that have been mis-valued prior to the listing due to inaccurate information found by the sellers on such websites, makes transactions more difficult.  

The whole nation has joined together in solidarity and compassion for the students, faculty, parents and loved ones who were affected  by the tragedy at Virginia Tech.  Being involved in home sales and rentals in Lancaster County, PA, I have seen how violent incidents can change a market.  Last year at Franklin & Marshall College, in the northwestern quadrant of Lancaster City, there  was a violent attack on a male student living off campus.

Due largely to this incident, among other security and communications upgrades, F&M changed its policy of allowing students to live off campus. Approximately 900 students had lived off campus in the vicinity of F&M, making the surrounding area an outstanding neighborhood for increasing values and good rental investments.  It had become second nature for both investors and owner-occupants to look at the northwest quadrant as a top choice for both a pleasant neighborhood and an appreciating area.

The resulting disappearance of the college off-campus rental market has changed the dynamic of available tenants for those properties that were previously kept as student rentals, which in turn has affected the rental values.  While home values have yet to radically change, sales in that area have slowed.

As colleges in towns across America and Canada reassess their security policies, it is certainly possible that where students should live will be  questioned, and in some cases changes will take place.  I don't expect the changes to necessarily reflect Lancaster's experience.  For instance, Virginia Tech's rampage occurred on campus rather than off campus.

Nonetheless, violent episodes can change how people view certain neighborhoods.  After a drive-by shooting earlier this year, in a different neighborhood, a certain street got an undeservedly bad name because of the wide publicity generated due to its being the location at which certain lawless individuals happened to find each other. Homes on this particular street have become hard to sell despite the fact that the street is no worse than many other streets in its area.

It is said that time heals all wounds.  Will the incident at Virginia Tech change college-town real estate markets?  It remains to be seen, and it will not be uniform across the country.  But it is something to think about.