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Archive for “Real Estate” news
It's become Philadelphia's favorite political parlor game: bashing AVI. So, in an attempt to quell the criticism over its mysterious property assessment methods, the city will release a 15-page document detailing exactly how it all went down. (Council President Darrell Clarke threatened to subpoena the city for the information last week.) But look, out simpletons, it's really really complicated to understand and we don't expect you to figure it out on your first try.What I do caution people to understand is that assessments are very convoluted, detailed system of value and property,” city's chief assessor Richie McKiethen told Newsworks. "So
City Controller Alan Butkovitz, Aviator-style specs in tow, has been on something of a whirlwind tour these days, bashing Michael Nutter and his Actual Value Initiative everywhere he goes. So when a reporter last night went off-message and asked a question unrelated to property tax assessments, Butkovtitz wasn't happy. Speaking to an LGBT group Liberty City Democrats last night at the William Way Center seeking an endorsement (he's also campaigning for re-election), Butkovitz was confronted by freelance muckraker Josh Kruger about a corruption claim he's made before.Well, why don’t YOU come up here and answer the question,” Butkovitz responded, dramatically
For the seventh time in the past month-and-a-half, (seventh time) a 27-story high-rise dormitory Morgan Hall has caught on fire. All seven fires have been smallish, and all appear to be arsons. The latest, which was set in a trash can, occurred at the garage level. All the others were set higher up, above the 10th floor. (Rival arsonists?) Luckily for the students, there are no students yet, as the $216 million building is currently under construction.“It’s another annoying fire that we believe the same individual or individuals are doing,” Woltemate said. “When they do get caught, they’re going to
City Paper has compiled a handy chart documenting how each City Council member will get affected by the city's Actual Value Initiative (provided the current assessments and 1.32% tax rate hold steady. Big winners: Marian Tasco and Bobby Henon each save about $1,400. Bill Greenlee is the biggest loser, as his Fairmount taxes will rise by more than $1,500. Jim Kenney, Maria Quinones-Sanchez, and Darrell Clarke, all of whom live in gentrifying/gentrified neighorhoods, would pay more than $1,000 each. The full chart is here, which you can print out and scour for conspiracy theories, based on who proposes which kind
Philly.com reports that Philly ranks 11th on a new EPA list of cities with "green buildings." LA is first with 528 buildings; Philadelphia is way down the rankings with just 174 such buildings.But we're on the rise: "Philly's green buildings have 33.3 million square feet of space and they saved $26.7 million in energy costs in 2012. Philadelphia's ranking has been rising. In 2011, the city ranked 15th in the nation. In 2009, it ranked 24th."
The Daily News has compiled a list documenting how AVI is affecting the city's 25 biggest buildings. And guess what? All of their taxes are going down! "These numbers put in high relief a truth about AVI: It shifts the burden of the real-estate tax from commercial to residential buildings," they report. "Citywide, commercial buildings are due to save about $72 million in taxes, while homes and apartments wil pay $72 million more." Below is the tax decrease percentage each building will experience. To get a sense for ho wmuch that is in dollar figures, most will pay between $1
A chunk of Philly's skyline defining Two Liberty Place originally designated for commercial use, then for residential use, will now be converted into a luxury hotel. For the definitive piece on Two Liberty Place, check out Michael Callahan's 2009 oeuvre, "Life at the Top." [Philadelphia Business News]UPDATED [4:30 p.m.]: It will be called the Liberty Tower Hotel, and occupy floors 48-56 of the building, making it (duh) the highest hotel in the city. Read more at Property, our new real estate blog.
Always wanted to be #1 but were never good enough at sports or spelling to get an award? Then the real estate status game might be for you! Check out the most expensive two-bed rental condo on the square, at 1900 Rittenhouse: 2 bedrooms; 2,716 square feet; $6,000. But what's the point if you can't see the lush photos? Head over to Property to check 'em out. By the way, here's Liz Spikol's advice on whether to buy or rent, if you're interested.Assuming some standard variables (excellent credit, 30-year mortgage, 5 percent interest rate, etc.) and that you’re planning to stay
Profiting off our property tax increases?! Outrageous! Oh wait, that's what we want. When the Nutter administration decided that his AVI plan would be revenue neutral, (executed instead in the name of property tax fairness), many likely had this thought: "You're raising property taxes on 60% of the population and not brining in any new money? What's the point?" Well, according to real estate experts, it seems that based on market forces, the city will indeed make some money from AVI, beginning in 2015. (Next year's assessments won't affect revenue.)Kevin Gillen, a real-estate expert who worked as a consultant for the
CBS Philly reports: "Some elected officials in Philadelphia say the new citywide property assessments are full of inaccuracies, but today Mayor Nutter strongly defended the figures.In recent days both city controller Alan Butkovitz and councilman Mark Squilla have claimed that inaccuracies in the AVI assessments exceed the industry-accepted margin of error. But Mayor Nutter begs to differ.“Some of the information that the controller has put out is just inaccurate and wrong,” the mayor said today. “I think it is unfortunate if it is being done in an effort to just scare the hell out of people.”