Real NEastate: NE homes are selling

Q: I noticed that there are five homes for sale within a two-block radius of my home in Parkwood. I want to sell mine now, but I am worried there are too many homes on the market. Are any of them selling?

A: In the Northeast, there are for sale signs in front of more than 1,800 homes. However more than 400 of those are under contract and waiting for settlement. This year, well over 900 homes have been sold in the Northeast, accounting for almost 25 percent of overall Philadelphia home sales. It’s taking a longer time in this market, but there are homes selling.

In Parkwood, 32 homes have sold this year to date, 12 are under contract with only 31 more for sale. It may seem like a lot when there are five for sale near your house, but for some perspective, think of it this way: there are more than 5,000 homes in the 19154 zip code, and 104 of them are for sale. That’s only 2 percent.

Diabetic shock causes car accident in Parkwood

By Shannon McDonald

A Parkwood driver drove into two parked cars on the 12000-block of Medford Street after going into diabetic shock, police said. The accident occurred around 1:30 this morning, when the driver of the SUV passed out and hit two parked cars, flipping one of them over.

The driver, a 50-year-old man whose identity has not been released, remains in the hospital in stable condition.

Parkwood Community Day tomorrow

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By Shannon McDonald

Tomorrow is Parkwood Community Day at Parkwood Fields. From noon to 3 p.m. enjoy food, games and a visit from the Phillie Phanatic. It’s also the perfect chance to dunk your team’s coach in the dunk tank.

In honor of Officer John Pawlowski, proceeds from the basket raffle, blue ribbons and light sales will go to the slain officer’s family.

The weather should be in the low 70s, but the rain date is Saturday, April 25.

Real NEastate: Finding a home in the Northeast

Q: My fiance and I are getting married this summer so we’re looking to buy a home in the Northeast. We’re not sure exactly which neighborhood we want to live in yet, but it looks like our choices are limited to Mayfair and Homesburg right now. Is there any reason to hope that prices will go down in Morrell Park or Parkwood? We were thinking we should wait until that happens.

A: No one knows for certain what will happen to house values in the Northeast. Will they go up or down, or stay the same? They have already gone down a little, but not much compared to many other parts of the country.

Home sale activity in this area historically picks up in the spring. So, there’s no reason to expect home sellers who are reasonably priced in today’s market to reduce their prices now when homes are selling. Indicators currently point to no immediate decline in home sale prices in the Northeast, however, current economic conditions and job loss may have an impact in the future. It’s hard to predict if home values will decline or increase and exactly how much if they do either.

Facebook group for fallen police officer Pawlowski surpasses 14,000 members

Updated 1:30 p.m. 2/18/09

By Christopher Wink

Nearly 14,500 people have joined a Facebook group dedicated to Philadelphia Police Officer John Pawlowski, who was gunned down after responding to a call about a fight near Broad Street and Olney Avenue early Friday night.

The group for Pawlowski, 25,was made by Matt Keller, a student at Haverford Senior High School in Haverton in Delaware Montgomery County.

Community mass for Officer Pawlowski

By Shannon McDonald

There will be a community mass for fallen police officer John Pawlowski tonight at St. Anselm’s Church in Parkwood at 7:30 p.m.

Officer Pawlowski responded to a call about a fight near Broad Street and Olney Avenue early Friday night, and was shot multiple times. He was taken to Einstein Medical Center where he later died.

Officer Pawlowski, 25,  is the sixth officer killed in the last two years. He leaves behind his wife and his unborn child.

NEast Magazine would like to offer its condolences to Officer Pawlowski’s family, friends and coworkers.

Real NEastate: Ready to leave Parkwood?

By Stacey McCarthy

Q: I bought my home in Parkwood in 2005 and I am financially ready to move to a bigger home but I am afraid I will not be able to sell my house for what I paid for it. Am I destined to live in my home for another 4 years or is it possible for me to move up?

A: News reports of slipping home values – up to 30 percent – have homeowners in a panic. But remember real estate is local. Although Florida and California have dropped considerably, Philadelphia homeowners have not had the same experience. In fact, Forbes magazine has named Philadelphia the fourth best city in America for long-term housing bets.

The market has shifted almost everywhere, and in Philadelphia in 2008 we experienced a slight dip, but not a steep drop. While sold prices have gone down in Northeast Philadelphia, the good news is that they haven’t dropped dramatically.

In Northeast Philly in 2008, the average sold price went down 4.5 percent from 2007 and 2006. In Parkwood it went down only 3.5 percent. However it was still almost 2 percent higher than 2005 sold prices. That’s not bad news if you bought your home in 2005 or before.

If you are considering buying a bigger home and are able to swing it financially, now is the time to do so. A buyers’ market is certainly a “trading-up” market. While you may not make money in the sale of your home, the smaller loss at sale can be compensated by greater saving on the purchase of your higher priced new home, resulting in a significant net gain.

If you decide to wait four years, the value of your home may increase, but certainly the value of the bigger home will, too. Since that increase generally goes by percentages, it widens the gap between the old and the new homes which ultimately means more money out of your pocket.

Your first course of action should be to consult your Realtor for guidance on the actual market value of your home. Most realtors will offer a free Comparative Market Analysis (CMA) so you can make an educated decision on whether or not to sell or hold. It may not be as bad as you think.

Stacey McCarthy is a real estate agent with the McCarty Group of Keller Williams Real Esate. Her Real NEastate column will appear on NEastPhilly.com every Wednesday.

Parkwood Civic Association Meeting

The next Parkwood Civic Association meeting will be held Wednesday, Jan.7 at 7 p.m.

Congrats to Parkwood for winning the Town Watch of the Year Award!

Crime Report: Parkwood

An aggravated assault with a weapon against a police officer was reported at 4:06 p.m. on the 11700 block of Academy Place on Dec. 13.