Philadelphia area at low risk of housing-price drops

Posted on Fri, Oct. 3, 2008

Philadelphia area at low risk of housing-price drops
By Alan J. Heavens
Inquirer Real Estate Writer
Philadelphia-area housing prices have a small risk of being lower in two years, according to a study by the PMI Mortgage Insurance Co.
> Using second-quarter data from the Office of Federal Housing Oversight, the Walnut Creek, Calif., company said Wednesday that the eight-county region has only a 2.1 percent chance of lower prices two years from now.
> By comparison, the Fort Lauderdale, Fla., area has the greatest chance of further price drops of the 50 largest metro areas - 99.5 percent.
> The 16 metro areas with the greatest chance of continued falling prices are in California, Florida, Arizona and Nevada, all of which experienced major increases in housing prices during the housing boom.
> PMI chief economist David Berson said increases in foreclosures and unemployment had significantly heightened the risk of future home-price declines in these areas.
> As a further indicator of how the region is faring, July data from Radar Logic Inc., a New York firm that tracks real estate transactions, showed that the Philadelphia region's year-over-year price decline was just 3.2 percent from July 2007 - another indication that, in the words of Philadelphia economist Kevin Gillen, "the downturn here is very mild compared to many other U.S. cities."
> Radar Logic chief executive officer Michael Federer said, "What we are seeing now is a situation in which the [foreclosure process] is driving prices down in markets with relatively high concentrations" of distressed properties.
> Various statistical measures show that housing prices in the eight-county Philadelphia area have declined just under 4 percent since what Gillen says was the region's peak: the 2007 second quarter.
> City single-family home prices have fallen 6.6 percent since the peak, he said. Gillen's figures do not include Center City condo sales.
> Prices in the suburban market have dropped 4.3 percent since the second quarter of 2007, Gillen said.
> Intervention efforts by the city, Pennsylvania and New Jersey have kept foreclosure sales low even as filings have increased, though not in numbers seen elsewhere, according to RealtyTrac Inc., which tracks them.
> Since Philadelphia began its pilot program for mortgage-foreclosure diversions in late spring, 42 percent of 552 properties have been saved from sheriff's sales, and the sales of an additional 36 percent have been postponed.
> Delaware County officials had scheduled a meeting for last night with community leaders to discuss establishing a diversion program based on the Philadelphia model.

Contact real estate writer Alan J. Heavens at 215-854-2472 or http://mail.prufoxroach.com/exchweb/bin/redir.asp?URL=http://www.philly.com/inquirer/business/20081003_Philadelphia_area_at_low_risk_of_housing-price_drops.html?adString=inq.business/mailto:aheavens@phillynews.com.

Prudential Fox & Roach receives J.D. Power and Associates Award

August 28, 2008

FOR IMMEDIATE RELEASE

For more information contact:
Jeff Stluka

Prudential Fox & Roach

232 Eagleview Blvd

Exton, PA 19341

484-875-2600 484-571-9501
jeffrey.stluka@prufoxroach.com

Prudential Real Estate Ranked Highest for Seller Satisfaction in J.D. Power and Associates’ 2008 Home Buyer/Seller Study, Prudential Fox & Roach Announces.

(Exton, PA) – Prudential Real Estate Affiliates, Inc., a Prudential Financial, Inc. [NYSE: PRU] company, and Prudential Fox & Roach announced that Prudential Real Estate ranks “Highest Satisfaction for Home Sellers Among National Full Service Real Estate Firms” in J.D. Power and Associates’ 2008 Home Buyer/Seller Study.
The inaugural study measures customer satisfaction of home buyers and sellers with major national real estate companies. Overall satisfaction is determined by examining four factors for the home selling experience: agent (43%); marketing (38%); office (12%); and services (7%).
Among home sellers, Prudential Real Estate achieved a score of 793 on a 1,000-point scale – and Prudential Real Estate received particularly high ratings from customers in the marketing and office factors.
“We are very proud of this distinction, as it underscores the quality of our affiliates and their hard-working sales professionals,” said Laurie Keenan, president of Prudential Real Estate Affiliates, Inc. “Our sales professionals are local experts, and sellers appreciate their ability to market and price homes right -- along with providing exceptional, attentive service.”
The team at Prudential Fox & Roach works hard to not only meet, but exceed the expectations of its clients – sellers and buyers, explained Mary Lou Graham, Broker, Prudential Fox & Roach. “In the current challenging market, our clients want all the expertise and market knowledge we can offer – and by leveraging Prudential’s brand strength, its wide array of product and service offerings and its strong Internet marketing programs, we can provide sellers with the increased exposure they need.
The J.D. Power and Associates study finds that despite the popularity of home buying and selling resources on the Internet, the real estate sales professional remains key to customer satisfaction with real estate companies. A large proportion of both home buyers and sellers rely on the Internet to facilitate the buying or selling process, with 68 percent of buyers saying that they used Internet tools to help them in the purchase process and 61 percent of sellers reporting that they used a website listing to market their home. In addition, among sellers, online methods are the most important aspect of marketing.
However, the sales professional carries the greatest importance among the factors that comprise overall satisfaction among both home buyers and sellers.
According to J.D. Power and Associates, although the Internet provides home buyers and sellers with the ability to perform some essential tasks – such as listing a home for sale or researching a neighborhood in which to purchase a home – it still does not replace the importance of a good sales professional. Particularly in an uncertain real estate market, professional advice from sales professionals can be especially valuable to buyers and sellers. The knowledge and expertise provided by experienced sales professionals is an important benefit of using a full-service real estate company.
The study also finds that the average time a respondent’s home remained on the market was slightly more than six months, although home sellers represented by the top-ranking real estate companies report that their homes were on the market for slightly less time – approximately five and a half months, on average.
Satisfaction averages 794 among those customers whose homes sold within five months or less, but declines considerably to an average of 730 among customers whose homes took seven months or longer to sell, the study showed. A real estate company that provides sales professionals who are skilled at determining the appropriate market value and listing price for homes, and who can effectively market properties, can help minimize the time that clients’ homes remain on the market – which can save the seller money, inconvenience and anxiety.
Nearly one-half of respondents in the study (46%) reported using recommendations from family or friends to find their real estate sales professional. Approximately 28 percent used the Internet, 23 percent used a sales professional they had used previously and 11 percent used a printed real estate guide.

The study also reports that home buyers were shown an average of 13 homes before they made a purchase. Home sellers reported that, on average, their home was shown 11 times, and about five open houses were conducted before a sale occurred.
The 2008 Home Buyer/Seller Study includes 3,670 evaluations from 3,205 respondents who bought or sold a home between April 2007 and June 2008.
Headquartered in Westlake Village, Calif., J.D. Power and Associates is a global marketing information services company operating in key business sectors including market research, forecasting, performance improvement, training and customer satisfaction. The company’s quality and satisfaction measurements are based on responses from millions of consumers annually. For more information on cell phone ratings, car reviews and ratings, car insurance, health insurance and more, visit JDPower.com. J.D. Power and Associates is a business unit of The McGraw-Hill Companies.
Prudential Real Estate and Relocation Services, Inc. is Prudential’s integrated real estate brokerage franchise and relocation services business. Prudential Real Estate franchises are independently owned and operated. Companies are selected based upon outstanding performance
records, high levels of customer service and shared business values with those of Prudential. Prudential Real Estate provides franchises with business strategies using Operation Reviews as well as numerous benefits, including access to Prudential Real Estate’s Online Seller Advantage program designed to provide real-time information to sellers with the touch of a keystroke. Prudential Real Estate is one of the largest real estate brokerage franchise networks in North America, with nearly 2,100 franchise offices and approximately 64,000 sales professionals in the franchise Network as of June 30, 2008.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $638 billion of assets under management as of June 30, 2008, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit http://www.news.prudential.com/.

High volume of traffic at 1201 Boden Place

There was quite a bit of traffic at my open house on 8/3/08. The address is 1201 Boden Place Fort Washington, PA 19034. Well maintained one of a kind custom built Center Hall Colonial with Majestic Columns in Award Winning Upper Dublin School District. This home was lovingly cared for by the original owner for the last 32 years. This home boasts an oversized front porch w/four two story tall pillars, two fountains, lovely landscaping, a large & very private deck and patio. New Heat Pump/HVAC & Hot Water Heater (2006), Wired for FIOS, newer appliances, built-in Maytag conventional/convection oven, built-in Amana Microwave/Convection oven w/warming cycle, 30” Induction Radiant Glass Cook Top, Furniture Grade Kitchen Cabinets w/matching panels on Fridge & Kitchen-Aid dishwasher, crystal chandeliers, seamless rain guard gutters, newer garage doors, underground lawn sprinkler system. Professionally designed landscaping, hardwood floors, spacious closets in an exceptional location near schools,parks,PA Turnpike,309 Expressway & Bethlehem Pike. Walk to train to Center City & Airport. This won't last in this Location,Location,Location. Listed for $513,000.

Jeff Stluka to represent Yahoo! E-Team

Jeff Stluka has been selected from 80+ agents to represent the Prudential Fox & Roach Exton Home Marketing Center on the Yahoo! Internet E-Team. He completed all training on Tuesday 2/12/2008 and will begin servicing internet clients immediately.

Contractor referral service

Prudential Fox & Roach has a great contractor referral service. The website is www.homenetsolutions.com. The phone number is 877-508-7600. You can pick a contractor and read reviews before hiring them. You can also add your own reviews and comments after they complete the work. I find it to be very useful. Enjoy!
Jeff

Photos of 396 Prairie Lane (Real Estate West Chester, PA)

Images of Woodledge at Whitford Hills (Real Estate Exton PA)

Images of 1230 Rose Lane Berwyn PA 19312

Breakfast of Champions

Posted on Wed, Dec 26, 2007
Prudential Fox & Roach champions honored
PrudentialFox & Roach, Realtors honors each of the highest sales producers at a monthly "Breakfast of Champions." Featured are the Champions from the Chester County Offices being congratulated by management for exceptional production during the month of October 2007. Pictured are (sitting, left to right) Jim DeFrank, Chadds Ford; Cathy Rock, Longwood; Marie O'Brien, Longwood; honoredforout standing business contribution tothe TridentGroup; Janice Roosevelt, ChaddsFord; honored forout standing business contribution to the Trident Group; Bill McCormick, Exton; (standing, lefttoright) Alan Reburn, regional manager; Tony Dahm, West Chester; Anthony Nanni, Chadds Ford; BrianNelson, WestChester; GaryStacy, Oxford; honored for outstanding business contribution to the Trident Group; Kit Anstey, West Chester and GeorgePlumley, Longwood; honored forout standing business contribution to the Trident Group. Honored but not pictured were Kim Brooks-Miraglia, ChaddsFord; Betty Patterson, Exton; Daryl Turner, Exton; Jeff Stluka, Exton; honored forout standing business contribution to the Trident Group; Anne Keene, Oxford; J. PatrickCurran, Oxfordand Suzie Pertz, West Chester; honored forout standing business contribution to the Trident Group.For more information visit www.prufoxroach.com.

Jeff Stluka honored at Prudential Fox & Roach "Breakfast of Champions" again.

Check it out! I was invited to the "Breakfast of Champions" again. It's a nice pat on the back from Prudential Fox & Roach.

http://www.pa8newsgroup.com/WebApp/appmanager/JRC/Weekly;jsessionid=34M6HzJNyWF0JJLtdShfYzTGYyK8TQ5pG0gVX6VGGbX68rHjM4gQ!-632043534?_nfpb=true&_pageLabel=pg_wk_article&r21.pgpath=%2FPA8%2FOpinion&r21.content=%2FPA8%2FOpinion%2FHeadlineList_Story_1322462

Powerful end to 2007

I had a great close of 2007. All of my listings went under contract, so now it's time to gear up for a great spring market. I spent a few days at the Triple Play Realtor's Convention in Atlantic City, NJ early in December. It was very educational, not to mention lots of fun.