Mike McCann “The Real Estate Man” spoke on CNBC’s hit show POWER LUNCH about the real estate market and real estate trends in Philadelphia. McCann is the broker and team leader of one of Philadephia’s top Real Estate teams and works in all areas of the metro area, and spoke about the values in some of Philly’s hottest neighborhoods.
CLICK BELOW to see the REPLAY of the VIDEO and read the transcript:
A: Mike joins us now. He has received more awards than anyone in its 100 years. He is with Prudential Fox and Roach Realtors. Welcome.
MM: Nice to be here. Thank you.
A: Let’s talk a little bit about the Greater Philadelphia Market. I understand it is a very strong market right now. Correct?
MM: Yes, we are having fun again!
A: Strongest market you have seen in quite some time?
MM: Yes. Strongest market since ’05, ’06. It sounds like it’s a tight market? That’s the big hustle right now, to get more homes to sell. It is incredible how much we have sold in the last months. Which probably explains the drop of 11% on the average days on the market. Average days on the market is down and the number of properties available is about 31%. It’s the lowest inventory I have had since ’04.
A: Let’s take a look at the first offering. Two bedrooms, one bath, just under 800 square feet. Tell me more.
MM: It’s a fantastic entry level home in South Philadelphia. It’s about 19 blocks from City Hall. We have all the sports stadiums down there. Where Rocky ran through the Italian market. Young person, young couple entry level are going to move into there, and it’s convenient to shopping and restaurants.
A: Looks like it’s newly renovated too?
MM: Yes. We have a lot of people coming in, taking the older homes and fixing them up and re-selling them to bring in the young families.
A: All right. Let’s go to the second listing. List price is $825,000. Taxes, $5800. Three bedroom, two and a half bath. 1700 square feet, built in 1980. Tell me more.
MM: Yes. that’s in the exciting Penthouse Square, Penns Landing area just off Society Hill. That is a move up buyer or possibly two working professionals who plan on having a family shortly. It has a garage, fantastic master suite with a roof deck, city view, river view. A great area for joggers and bikers and there are restaurants.
A: And it has a garage, that makes it very valuable in that area. Now to our Power House of the week. The quintessential home. The list price $1,850,000. Taxes just under $11,000. Five bedrooms, 3.5 baths. Historic property built in 1794.
MM: When you think of Philadelphia, this is Philadelphia. Pine floors, moldings, all restored to perfection. 19 feet wide, fantastic garden. This is a corporate relo. A suburban person who raised their family and moving in with maybe older children. This is six fireplaces. It’s exactly what Philadelphia represents.
A: Are you seeing some bidding wars on some of the houses?
MM: We’re seeing a tremendous amount of bidding wars primarily in entry level and move-up buyer level. In the million five to two million, those type of clients they make their decision when they want to make their decision. But as far as our $250,000 to
$900,000, multiple bids, 2-5 bids. Things are selling in the first week, going over asking price. It’s so exciting, its unbelievable…
For more information on the Philadelphia real estate market or on any of the properties or neighborhoods mentioned in this video, CLICK HERE to speak with Mike McCann
