All Forum Posts by: Marc Possoff

@Ryan D. Thanks I know it’s an older thread. Would that pricing include any minor structural repairs like footings for a 2nd floor that over hangs about 5-6 ft and maybe sistering some joists? And what about heating and cooling? Thanks!

@Troy Sheets @Robert Palladino

How will this tax abatement affect these neighborhoods in the future when the abatement ends? 

My 2 properties are in Grays Ferry and it’s a fact that it’s the next ‘hot’ neighborhood. You have Point Breeze ‘next door’ but personally I think Grays Ferry is a better location and for more potential connection to University of PA. University of PA has their mortgage and home improvement program available in the  Forgotten Bottom which the University considers Grays Ferry but it doesn’t include ‘the real Grays Ferry’. Plus the University is actively building and buying land for development in on the other side of 34th St. 

There’s also a new Septa route that goes from Grays Ferry to the University to Brewerytown. Before the route to get to the University by public transportation you had to take a bus downtown then another bus or the el to get to University City. There’s a couple that bought a completely renovated house a couple doors away from my house that are grad students at Penn. The main reason they chose Grays Ferry over Point Breeze was because of location. 

I can see the abatement being good for the short term but I’m wondering how it will affect or not effect for the long term 10+ years. Let’s say hypothetically speaking your house and land is assessed at $350k after the abatement that means your taxes will be roughly $4900’ish. 

@Troy Sheets if market value for a 14x51 currently is $50k’ish because of the abatement..: how much could it decrease with the revised abatement? 

If the Philly tax rate is 1.4% how does the abatement work with new construction? 

@Troy Sheets wow I don’t expect such a detailed response! Thanks! 

The only way I could pull this off with the vacant lot is I would have to flip it. I’ve owned the house outright that’s being renovated. I did get a loan for the rehab. Gutted the house brick to brick top to bottom. Didn’t do a set back. Just keeping the same. Only thing is the basement is low but I don’t have to do anything right now. So I’ll owe around $65’ish on the house. And I’ll still have good equity. I predict in 3-5 years that houses like this in Grays Ferry market value will be $325k - $350k then perhaps have close to the equity to build on the lot. 

I guess I want my cake and eat it too because I want to build on the lot but want to keep it. Market value for the lot is $50k’ish taxes are nothing. I do understand that the value of the lot won’t go up much vs a house. But I have some value since own the lot outright and have the value of the lot as a ‘head start’. 

@Robert Palladino is that my chimney?

@Troy Sheets what would be the approximate per sq foot to build on a 14x51 lot with medium to high finishes and a finished basement? This house that I’m currently renovating is going to be a rental. I paid peanuts for it many years ago and I own it paid in full. 

@Robert Palladino

@Robert Palladino here's a shot of the lot.

@Robert Palladino yes it does. Who’s responsible for the removal of the ‘excess’ of parge etc on both sides?

@Robert Palladino I talked to my contractor last night and he said that a 14’ wide lot should net 13’ wide brick to brick inside dimensions just like the house he’s renovating now.