Well, finally something that’s been touted here at this blog site for several years is proving to be true, although it comes to no surprise for those of us seeking, wholesaling and purchasing cash flow real estate investments in Philadelphia and the region. 

Based on a Zillow “Home Value Index”, a slideshow released last week on CNBC’s website has two Philly zip codes coming in at second and third place in the U.S.

Philadelphia homes in the South Philly zip code of 19145 (# 2) has seen a “year-over-year price growth of 19.1%“, while the zip code of 19148 (#3) has seen a “year-over-year price growth of 16.9%”. 

At sellphillyproperty.com , we have wholesaled and purchased ourselves cheap investment houses in these zip code areas over the years.  We presently have an investment property in 19145.    They have become great cash flow investments for our real estate property investor client base.  There is also a spill over effect from these zip codes too.  With Philadelphia Zillow’s one year home value going down only .1%, there have been pockets of Philadelphia investment homes being purchased at great values resulting in cash flow and equity. 

These are the zip code areas neighboring 19145 and 19148.  The various neighborhood growth developments being acted out in the Philadelphia Northern Liberties, University City (19104 # 14 with 13.5% growth), West Philadelphia, South Philadelphia, Temple Univ. – North Philly, Nicetown/Logan (Temple’s newly opened medical school)  and parts of northeast Philly, are undeniable.

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Real Estate sales were up considerably in July

Positive signs for real estate have surfaced yet again, indicating a troubled market that appears to be stabilizing.  July housing statistics are in and have exceeded economists’ forecasts with sales up over 9%.  While the number of sales are down considerably from the peak of 2005, they are up quite a bit from January.

The upswing of Real estate sales is largely attributed to the first time homebuyer tax credit which covers 10% of the value of the home up to $8,000. The current tax credit is only good until December 1^st and there is a big push to extend the credit. Home builders in particular want to see the credit extended because any projects that are started today cannot be guaranteed finished by the tax credit cut-off date.

For more information on July’s sales and the current state of the National real estate market visit Yahoo Real Estate.

Real Estate values and sales seem to be on the rise

The Clear Capital Report sees home prices rise across the country when analyzing quarterly results.  The report sees home value gains in all regions of the country, averaging out to 5%, with the Midwest gaining the most at 11.2%.  The real estate improvements are linked with summer being a buying season, increased investment opportunity and the previous large drop in home values.

The second quarter of 2009 followed a period of extremely low real estate activity, couple that with tax incentives, low mortgage rates and reduced home values, and the evidence of a true buyer’s market became omnipresent.  Acquiring a mortgage is probably still the most difficult part of the home buying process but money is strating to loosen.  Increased sales volume indicates an improvement in the real estate sector, a welcome sign for a beleaguered economy.

For a complete look at the Clear Capital report click here.