Lancaster County PA Realty Check: August 2007

The 27th Old Fiddlers Picnic was held August 4th at Lancaster County Central Park, sponsored by the Lancaster County Fiddler's Association.  Central Park, named for its central location,  is located at Chesapeake and Strawberry Streets in Lancaster.

The Fiddlers Picnic had a schedule of performers, including Jimmy LaRue and his Red Rose Ramblers, from Lancaster.  Perhaps the most fun, however, is that groups come from around the area year after year with their instruments, and play their own music in "pickup" groups.  I brought my guitar a few years ago and sat in with a group of musicians I had never met before.  As long as I could keep up with their selections, they were happy to have me sit in!

Bluegrass music is the theme of the Old Fiddlers Picnic.  Bluegrass was coined by legendary fiddler Bill Monroe, who named his group the Blue Grass Boys, after the bluegrass of Kentucky.  Bluegrass music has elements of Scottish, Irish, English and Appalachian traditions.  Instruments featured are banjo, fiddle, guitar and bass, as well as tight vocal harmonies.

Copyright2007BrianSchulman©

The Spanish American Civic Association (SACA) will be opening the doors to its new Family & Student Center in September.  The $1.2 Million La Academia Center will open at 38-42 North Ann Street.  The Center has been funded by tax credits and community and corporate donations, including a large donation from Wachovia Bank.

The new center will have a library, four classrooms, a computer laboratory, gymnasium, and cafeteria for students of La Academia Charter School located next door.  At night, classes will be held for adults to improve their English, obtain GED degrees, and learn computer skills.  The adult classes will be open to the public.

La Academia will be able to almost double the number of its students to 150 with the increased size of its facility. 

In the future, job fairs are planned for the Center.  Donations of books and gym equipment are being encouraged.  For information on making donations, SACA can be contacted at 397-6267. 

A recent tradition in Lancaster City is First Fridays.  On the first Friday evening of each month, artists' galleries, boutiques and restaurants stay open until 9:00 PM.  There are now a large number of artists' studios and galleries in close proximity downtown Lancaster. 

You can stroll down the streets and see boutiques with merchandise and art not available in the chain stores.

There are also a number of great downtown restaurants, with a wide variety of menus and styles...  In nice weather, some of them even have outdoor cafe seating.

The next First Friday will be Friday, September 7.  Click on the link to see a list of galleries, artists and restaurants that will be open late.  If you're near Lancaster, it's a great, relaxing way to end your week!  Lancaster City is undergoing a renaissance.  Why not make First Fridays a part of your routine?

Copyright2007BrianSchulman©

For the past several years "flipping" properties has seemed to to be the path to quick wealth, much like the "dotcoms" were in the previous decade.  Having attempted a few of these in the past, I can tell you that making money on a flip was never as easy as it looked in the first place.  Now, with the real estate market in flux, flipping can be even more uncertain.

Like the weather, flipping seems to be something everyone talks about, but few actually do... and even fewer do well.  My experience is that whatever you estimate it will cost to fix up the property, in fact will end up costing you twice as much.  Whatever amount of time you estimate it will take to rehab, it will take twice as long.  However long you think it will take to sell, double it.

Every time you tear something out to repair or replace, you are likely to find something behind or underneath that also needs repair.  Replacing a commode can reveal a rotten floor covering.  Removing the floor covering can reveal rotting subfloor. 

In addition, many properties have been bid up in price by investors looking for potential flip situations, at the same time prices are otherwise softening.  Some of these investors have subscribed to the Greater Fool theory: that no matter what you pay, there will always be a Greater Fool in the wings waiting to buy your property.  Now that the market has cooled considerably, the supply of Greater Fools can no longer be counted on to bail you out.  Some of us turn out to be the Greater Fools ourselves, stuck with properties for which we overpaid in the hopes of a quick turnaround.

There will always be opportunities for bargains, even in the worst of times.  Baron Rothschild advised buying "when blood is in the streets", a literal reference to the French Revolution.  But the Baron's success involved being able to hold onto assets long term until the time was right to sell.  Flippers looking for quick profits don't have that luxury.

The present owner saw the potential in this great house and started a rehab, but isn't able to continue - so the opportunity to own a reasonably priced future showplace can be yours!

There are three bedrooms plus a possible fourth bedroom on the third floor.  There are 1.5 baths.  The kitchen renovation has already been started...

Extensive hardwood floors in the foyer, living room and dining room are in excellent shape and would refinish beautifully...

The third floor has a 19' x 15' bedroom which could be the fourth bedroom.  All that would need to be done is to refinish the softwood floor, and install baseboard heat.  The walls and ceiling are almost finished, and replacement windows installed.  This bedroom would add 285 SF to the 1392 SF on the first two stories, for a total of 1,677 SF.

The home is offered at only $44,900.  For more information or for your own personal showing, call Brian Schulman at (717) 951-5552.

Copyright2007BrianSchulman©

The July figures are in from the Lancaster County Association of Realtors(R) - LCAR - and once again the same dichotomy is in evidence:  slower sales, but record prices.  July showed a decline of 2.4% from the 552 home sales in July of 2006, to 539 homes sold in the county last month.

Yet the average sale price was a record $205,525, a 7.1% increase from July a year ago.  Measured another way, prices for the first seven months of 2007 are up 4.6% from the first seven months of 2006.

The number of new residential listings in July were unchanged from July 2006, at 808.  This is actually a sign of resilience, as in a declining market the number of unsold listings would be likely to increase.  LCAR President Rich Heslin was quoted as saying that national projections "show that the housing market is improving and will likely stabilize in the coming months."

In mortgage news, the national average 30-year fixed interest rate was 6.68%, only slightly up from the 6.63% of a year ago.  The 15-year rate was 6.32%, up from 6.27% a year ago.  The one-year adjustable rates averaged 5.59%.  Locally, 30-year fixed rates averaged 6.3%, while 15-year rates averaged 5.95%.

It should be noted that the troubles in the "sub-prime" mortgage sector only count for about 10% of all mortgages.  Even though about 10% of these riskier mortgages are in default, those foreclosures still total only about 1% of all mortgages.

While these "alternative" mortgages (designed for those with lower credit scores or "stated incomes" which are not documented) are going to be harder and more expensive to get, the problem should not be overstated. 

The liquidity for conventional mortgages is still good.  Borrowers with good credit and documented income can still get excellent mortgage rates!

If you would like no-obligation information on how an Accredited Buyers Agent can help you save money and reduce your risk, call (717) 951-5552 or email brian@findlancasterhomes.com .

©BrianSchulman2008

Construction continues on the Marriott Hotel/Lancaster Convention Center.  Some of the big cranes now in place make a spectacular scene as they start their high-rise work!

With a projected opening in the fall of 2008, the Convention Center is one of several projects designed to revitalize the City of Lancaster.

The lobby of the hotel will incorporate the facade of the former Watt & Shand department store on Penn Square, which was once on the National Register of Historic Places.

When it is completed, the tower will be one of Lancaster's tallest buildings.

Peeking over the parking garage in the background, you can see the spire of the 1766 Trinity Church.  The boarded up building to the right will be restored as a historical site.

Copyright2007BrianSchulman©

Located in Gable Park Woods, an excellent and popular neighborhood in Lancaster Township close to shopping and the city, yet totally suburban, this 3-bedroom, 1.5 bath modern town home boasts many upgrades.  A level lot and driveway lead to an ample garage with overhead remote door opener.

An entrance hall with beautiful hardwood floors greets you as you arrive.  To your left, the centerpiece of the living room is a corner wood-burning brick fireplace with oak mantel.  A wide arch frames the dining room, which looks out of  French doors onto a second-floor deck overlooking a wide lawn and scenic rear view.

The kitchen gets plentiful natural sunlight through its own French doors, and has matching attractive appliances.  Wide openings between rooms give the floor plan an open feeling.

Upstairs, the master bedroom features a cathedral ceiling, walk-in closet and a private entrance to the bath.

The large clean walk-out basement has its own French doors, a separate storage area, washer and dryer, and utility sink. 

You won't have to worry about mowing or snow removal - they're both taken care of by the Homeowners Association.  The monthly fee is only $37.50. 

Offered at $995/month.  If you've been looking recently at the Lancaster rental market, you'll know that this compares quite favorably to competing rental townhouse communities nearby with no basement, no reserved parking and garage, no fireplace, and not nearly as nice interiors.

For more information on this great home, or to arrange for a personal showing,  call Brian Schulman at (717) 951-5552.

This essay, which I have slightly edited, was found in my mother's papers. 

Here are some hard questions:

How much time did we waste in the year that has now so far passed by?

Did we fill our days with life, or were they dull and empty?

Was there love inside our home, or was the affectionate word left unsaid?

Was there a real companionship with our children, or was there a living together and a growing apart?

Were we a help to our mates, or did we take them for granted?

How was it with our friends:  were we there when they needed us?

Did we perform the kind deed or did we postpone it?

The unnecessary jibe: did we say it or hold it back?

Did we deceive others?  Did we deceive ourselves?

Were we sensitive to the rights and feelings of those who worked with us?

Did we acquire only possessions, or did we acquire new insights as well?

Did we fear what the crowd would say, and keep quiet when we should have spoken out?

Did we mind only our own business, or did we feel the heartbreak of others?

Did we live right?  And if not, then have we learned and will we change? 

This is your opportunity to live in a piece of Lancaster history!  Restored 1760 log home is available at a fantastically affordable price!

Exposed log walls grace the great room, which boasts new wood floor, carpet and a corner wood stove.

The modern kitchen has a new wood floor.

There are three bedrooms, including a first floor master bedroom, plus a loft.

The bedrooms are in a large rear addition.  The house is bigger than it looks like it would be from the  front!  You can entertain or barbecue in the private fenced rear yard.

This restored home is now available at the surprisingly low price of only $77,900!  For more information, or your own private showing, call Brian Schulman at (717) 951-5552.

Copyright2007BrianSchulman©