Philadelphia real estate agents nervously await the effect of new property …
News from Philadelphia Inquirer:

Every additional $ 1,000 in annual property taxes reduces the amount a buyer can pay for a house by about $ 18,500 at current interest rates, according to an industry rule of thumb, Noah Ostroff an agent with Coldwell Banker Preferred, said Tuesday.

Ostroff and others in the real estate business hope the property-tax reform, which is designed to base taxes on actual market values, does not push the city’s real estate recovery off-track.

“Philadelphia is going through a major resurgence right now, with residential developments as well as the commercial market,” Ostroff said. “I want that to keep going for the next 10 years. I don’t want to see the tax changes get in the way of this resurgence.”

Beyond the home buyers’ market, the shift in tax burden from large commercial properties, many of which are in Center City, to residential neighborhoods will have repercussions in the rental market.

“It’s going to impact everyone. It’s going to shift the whole city. It’s going to shift neighborhoods,” said Margaret Barnes-DelColle, also of Coldwell Banker Preferred.

Renters used to living in places like Bella Vista or Queen Village might have to move to lower-priced areas, such as Pen…………… continues on Philadelphia Inquirer

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Real estate profile, Feb. 19, 2013
News from Seattle Post Intelligencer:

West Seattle’s Delridge area has nice homes that are affordable, by Seattle standards. Here are four listed there for between $ 250,000 and $ 300,000, starting with 3202 S.W. Raymond St. The 775-square-foot house, built in 1947, has two bedrooms, one bathroom, a detatched garage and extensive gardens on a 5,280-square-foot corner lot. It’s listed for $ 289,950, although a sale is pending.

Photo: Courtesy Chuck Houston/Windermere Real Estate

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