If you cast you eye across the area in PA from the Main Line out to Carlisle, you see a largely similar landscape of small cities (Lancaster, York, Lebanon, Reading and Harrisburg as examples) connected by a network of boroughs (Strasburg, Lititz, Millersville, Hummelstown, Camp Hill, Carlisle etc). In between are townships of suburban or rural character. With the economic malaise development of raw land in these last areas has become problematic from a profit/marketing standpoint, edging out all but the largest concerns.

For the next phase of growth that will bring small and mid-cap players into the mix, look to the first two categories – urban and borough level opportunities. The chatter about “second story development” in the cities and borough rezoning for economic opportunity areas has been ongoing in recent years, but I think we have not yet seen the municipal/business/developer cooperation truly needed to jumpstart this movement in real estate.

As a Mayor, I am opening lines of communication with our Lancaster County agencies to explore ways of creating a bundle of benefits we can offer prospective businesses in our downtown district. As a real estate professional, I’m looking explicitly at how we can cater to the free market to make our “product” – a vibrant borough with incentives to develop there – the most attractive in the area.

Regionally, this interplay of governmental/non-profit collaboration and the real estate sales/lease community is critical… we can’t work separately or worse, at cross-purposes. Catering to large developers isn’t the answer either – it’s the small business looking to grow who will be most open to expanding in urban areas and small class A spaces.

It’s my opinion that the counties of Central PA need to focus energy on their boroughs and cities very soon if they really want to see a turnaround in property values (and tax revenues). And it can’t happen soon enough.

The “F.L. Suter Home” is an expansive 4,604 square foot Tudor Revival home nestled along Wheatland Avenue in the first phase of School Lane Hills (homes built in the first quarter of the 20th century).  The 5 huge bedrooms and 4 updated baths make the upper floors fully functional for any family, but it’s the first floor that truly delights.

Here’s a list of some of the features of 1112 Wheatland Avenue:

• Prestigious School Lane Hills neighborhood
• Wide street with light through traffic
• 2 blocks from President Buchanan’s Wheatland estate
• Close to vibrant Lancaster City downtown and F&M college campus

• Architecturally and period-sensitive kitchen remodel
• All new premium appliances
• Restored and expanded butler’s pantry
• Baths remodeled or restored
• Central staircase to all floors
• Large foyer and full-length central hall
• Huge living room and covered side veranda
• Dramatic 1927 great room extension
• Master suite with full dressing/laundry room/balcony
• Full third floor guest living capability
• Formal dining room with French doors
• Abundant closet space throughout
• Full basement with plenty of extra storage
• Flagstone walkways and patio
• Terraced rear yard with new privacy fencing

• Updated electric and mechanicals
• New high efficiency gas Boiler and Hot Water Heater
• Excellent exterior condition, no deferred maintenance
• Many upgrades and maintenance work completed – move right in!

This is a Coldwell Banker Previews Home in Lancaster County, PA so you can expect something wonderful… see the big photo tour and more property details at www.1112Wheatland.com.

Everyone is asking around Lancaster County and Central Pennsylvania – what’s going to happen with home prices, and when will we see the “good times” for sellers? It all comes down to, would you believe it, economics…

Supply and demand. Demand and supply.

Let’s pretend the home market is at a certain level of activity – prices and supply of homes for sale. Now, something happens to change the level of buyer activity (rates dropping for mortgages, silly tax credits, etc) and homes begin to sell. Now, buyers become a bit frantic and sellers (and realtors) sense this and price start rising. Multiple offers, same-day sales, overall a sense of craziness. Sound familiar? That was 2003 -2007 in a nutshell.

Now, something happens to the market (say, a crash?) that puts a damper on buyer activity. All of a sudden there are “too many” homes on the market and the prices are still trying to go up, but the buyers are not playing that game (neither are the appraisers for the banks, BTW). As the number of signs in yards grows, the sellers are the ones who get frantic.

Finally, sellers give up and start lowering their prices to get the home sold and move on. Or, they default for whatever reason and the distressed property sells for a cut rate. Now the “race to the bottom” of the real estate cycle has begun.

Lancaster PA home sales are in this last phase now. Where is the bottom? No one can say for sure but I predict prices will have to fall another 10% to get close to a “reset” point in the market here (prices have already fallen about 8-10% on average). Obviously, good economic news and job creation through small business expansions will be a huge factor in resetting the market.

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(c) 2011 Jeff Geoghan

This flexible commercial building in Lancaster PA includes two office spaces plus a separate, free- standing flex building.  Listed for $600,000 with the following features:

• Only 2 blocks from Lancaster General Hospital
• 8 one-bedroom apartments; 1 two-bedroom apartment, 2 office spaces, and 1 flex space
• Apartments and office space are basic but well maintained
• Newer air conditioning units;  newer boiler, recent exterior paint and roof/chimney work.
• Separate flex building to rear of property could be used for commercial or offices, or convert to laundromat
• Two first floor office spaces
• Mix of heat pumps and oil fired steam heat
• Plenty of onsite parking!
• Potential net income easily over $60k a year.

For more information, call Lancaster Commercial Realtor Christine Sable, CCIM, at 717-399-9361

Today I got a chance to see the inside of Fresco Green Scene, a hot new shop in Lancaster City at 104 West Chestnut Street 1st Floor, right near the corner of Chestnut & Prince in the heart of Gallery Row. This store is the product of the imagination of Rick Frescatore and his team at Fresco, a growing brand that focuses on sustainable living.

A few months ago I interviewed Rick at his first store, located on Commerce Drive in Manheim Township. Here’s the interview:

http://www.youtube.com/user/yourlancasterhome#p/f/39/9xgANb9W2Lw

While the Manheim Township store is primarily geared towards remodelers, building trades and homeowners looking for green product alternatives, the Fresco Green Scene charts new territory for Fresco by focusing on “the things you fill the shelves with” in your newly green built home, as Rick comments. The product line is a wide variety of cleansers, bath oils and soaps (some of which are available at a very cool refill bar, where you can buy the glass dispenser, fill it up and then return when you need refills). In addition Fresco Green Scene has a nice selection of crafted fashion accessories, art pieces and decor, all developed along sustainable lines.

To see the whole story check out http://www.facebook.com/frescogreenscene

They opened on “First Friday” in August and the traffic “was incredible” according to Rick. They will hold a grand opening celebration on First Friday in September, using Art Park across Prince Street to have music and more. Be sure to come out ant support this great addition to the vibrant downtown Lancaster scene!

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North Shippen Place condominiums are located at the corner of East Walnut and North Shippen in Lancaster City, Pennsylvania.  The address of the main building is 231 North Shippen Street, Lancaster PA 17602.  There are 4+ floors (they have a little “half floor” the way the building is constructed).  The building apparently was converted from a tobacco warehouse in a good example of adaptive re-use in Lancaster City.

The prices for condos in North Shippen Place range from the low $90,000’s to about $130,000.  It is possible to rerent them – units will show up on Craigslist from time to time.  The condo fee is fairly low – approximately $210 per month that covers most everything.  Owners don’t get any extra storage, but parking is wide open and nobody ever complains about not getting spaces.  Of course, city property taxes aren’t cheap but overall these condo homes are very affordable homes in Lancaster County.

The real cool stuff, though, is the proximity of North Shippen Place to the heart of Lancaster City.  It’s only a few blocks to Lancaster General Hospital’s main campus, and does qualify for the the Lancaster General “Home In The City” homebuyer incentive the hospital offers.  A couple of blocks further is North Queen Street with it’s shops and restaurants.  Another block and you’re right in the middle of downtown Lancaster City.

Search Lancaster City Condos For Sale

If you’re looking at buying a home you’ll likely come across the phrase “privacy violation” somewhere. In a nutshell, a privacy violation occurs in real estate where you have to pass through one room to get into another, specifically with bedroom spaces.

This is a common issue in homes for sale in Lancaster City, PA and also in older farmhouses around Lancaster County. I was just in one such home this morning showing it to some buyers from New Jersey. Privacy violations can be a significant issue when listing agents don’t disclose them properly and buyers are led to believe that there are 3 bedrooms (for example) when in reality you have to walk through 1 of the them to get into another. The real estate convention is that, for a room to be counted as a bedroom, it must have 2 things:

1) Independent access to a common area (hallway, living room etc).
2) A closet space of some sort.

Rooms with privacy violations are commonly included in the MLS and advertising as “bedrooms” – there’s just so many of them and the county tax records generally note them so why not, right? As a buyer you’ll need to know that before setting up the showing, though.

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(c) 2011 Jeff Geoghan

Today I’m discussing real estate in Lancaster City, PA – in particular the three things that IMO make the difference when it comes to value and buyer interest….

1 – Offstreet parking (or garages).  This is HUGE issue for most city buyers, and not so common among the real estate inventory.  If you have one, it really helps (assuming the garage actually fits some sort of modern car).  As a home buyer, you would be well served to look for one but it does severely limit your search.

2 – Second baths – this is a biggie.  Almost everybody I start working with wants that elusive “half bath” in order to keep guests out of their inner sanctum.  However, many buyer ultimately settle for a home in Lancaster City with only one bath, which is perfectly fine with me.  Just remember that that 2nd bath is a great asset and should be trumpeted in the listing.

3 – Newer kitchens – yep, that investment in new cabinets, hardware, flooring or countertops WILL pay off in Lancaster City.  A fresher kitchen really makes a home stand out in the photos and in person.  If you have one, be sure to get big glossy photos of it up on the internet.

There are other important features of homes in Lancaster City, but 7+ years selling on all the blocks in town has me thinking these 3 are the biggies.

Any questions – love to hear them at jeff@yourlancasterhome.com.

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Choose Jeff Geoghan for your next home sale or purchase in Lancaster PA! Thanks.

(c) 2011 Jeff Geoghan

Today I’m in Manheim Borough, PA at the world headquarters of Baron Insurance Group talking to Christopher Vogt about “hot button’ issues for insurance companies when it comes to older homes such as are found in Lancaster City PA real estate or that of the surrounding 18 boroughs of Lancaster County.

Getting insurance on a property is normally a pretty painless affair, and many prospective homebuyers simply make a call to their current auto insurance carrier a few weeks before settlement is to take place. However, there have been a number of instances in my 7 years of brokering homes for sale in Lancaster City and the boroughs where the insurance suddenly becomes a “front burner” issue because a problem or barrier to securing coverage is uncovered.

Chris reviews some common issues that can trigger concerns on the part of insurance companies – aluminum wiring, knob and tube wiring, galvanized plumbing, outdated roofs and heating systems are just a sampling. These things are quite common in older homes and buyers need to be aware BEFORE they write a contract on the home – there may be a need to include provisions to bring the up to insurable spec.

It’s a good idea to have a buyer agent who is familiar with the hot button issues on the insurance side, so you have a professional pair of eyes looking at the house during the initial showings. Also, be sure to include your insurance agent in the pre-offer discussions so as to head off as many surprises as possible. This plus a good home inspection will make you as confident a buyer as can be expected today.

Any questions on specific situations on insurance guidelines or coverage can be directed to Chris Vogt at www.baroninsurancegroup.com or (717) 665-2985. You can always reach me at jeff@yourlancasterhome.com

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Choose Jeff Geoghan for you next home sale or purchase in Lancaster! Thanks.

(c) 2011 Jeff Geoghan

Virtually every other day I interact with prospective home buyers who are in the early stages of researching properties (usually online) and reaching out for more info on a property. To anyone in this stage, let me give you some advice you won’t see or hear in most places:

HIRE A BUYER AGENT FIRST

The process of real estate buying usually involves you (as a buyer) eventually hiring an agent to write the offer for you and move forward. All too often, however, buyers wait and wait before taking the step of engaging an agent. Do not do this – the first thing you should do is research knowledgeable and good communicating agents in your area (my area is of course the greater Lancaster PA real estate market) and meet with some. The goal is to have a buyer agent as you are “shopping’ for homes to use as an information source. Why?

The biggest reason is that any seller’s agent you talk to (the ones with the sign in the yard) does NOT have any legal obligation to keep your personal information confidential – in fact, they do have a legal obligation to divulge your comments and info to the seller of the house…their client. It makes no sense at all to go around calling seller agents and asking them questions about their listings – it’ll inevitably lead to a personal conversation on your part. This reason alone should be enough to convince you to “get professional help” first rather than trolling the internet without a net.

Here are some other reasons:

a) You only need to address questions to one person, who will in turn use their industry contacts to get the answers for you fast.
b) You can deflect the sales pitch of all the other agents you talk to at open houses, etc. by directing them to “your agent”
c) Your agent will (should) have extensive local knowledge in your preferred area, and be able to give you any “insider info” on properties etc.
d) Buyer agents are free – the seller of the home you ultimately buy pays the commission.

Do the smart thing and hire a buyer agent to represent you – and do it first. Then you’ll at least have one friend in the business on YOUR side!

Thanks for watching! Please take a moment to subscribe here athttp://tv.yourlancasterhome.com and pop over to our facebook page to “like” it at http://www.facebook.com/lancasterhomes

Choose Jeff Geoghan for you next home sale or purchase in Lancaster! Thanks.

(c) 2011 Jeff Geoghan