Allentown’s visioning committee unveiled a new vision statement to guide revitalization within the Hamilton Street district for the next decade. The statement says: ”We envision the Hamilton Street District as the commercial and cultural heart of the Lehigh Valley, an attractive, welcoming community, filled with activity and energy, offering employment, dining, arts, entertainment, shopping, and residential opportunities, supported by culturally diverse and architecturally attractive neighborhoods.” The statement was developed out of ideas generated by residents, businesspeople, government staff and representatives of nonprofits during the previous four meetings at the Holiday Inn on Hamilton Street.
 
Source: The Morning Call, 8.26.08

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Northampton County Executive John Stoffa on Monday announced his proposed 2009 $330 million budget, indicating the tax rate will remain at 10.8 mills. That means a resident with a property assessed at $50,000 will continue to pay $540 in county real estate tax. It would be the seventh time in 10 years that the tax rate has remained steady for county property owners.

Source: The Morning Call, 9.23.08

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Lehigh County residents can expect a stable tax rate for the third year in a row.  County Executive Don Cunningham said Thursday the tax rate would remain at 10.25 mills, though the $405 million budget has increased by about $4.5 million over last year. 
Source:  The Morning Call, 8.22.08

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The clock is ticking for Lehigh Valleuy buyers who want to take advantage of a $8,000 first-time homebuyer tax credit because all sales must close by the Nov. 30 deadline.

The American Recovery and Reinvestment Act of 2009 authorized a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence between Jan. 1 and Dec. 1 of this year. Eligible buyers include those who haven’t owned a home in the past three years, and who plan to live in the home for 36 months after closing.

The maximum credit is either 10 percent of the purchase price up to $8,000 for a single taxpayer or married couple filing jointly, or $4,000 for married individuals filing separately.

The income limit for single taxpayers is $75,000, while the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return.

“The American Recovery and Reinvestment Act … extended the first-time home buyer credit into the current year and expanded it from the old amount of $7,500 as the maximum benefit,” said Bill Brunson, Internal Revenue Service spokesman in Phoenix. “That in essence was an interest-free loan that you had 15 years to pay back. This is an $8,000 credit and you’re not required to pay that item back as long as you reside in that home, that’s your principal, primary home, for the next 36 months.”

Taxpayers can claim the credit on their 2008 or 2009 income tax returns, even if they’ve already filed their 2008 returns, he said. IRS Form 1040X can be used to amend your 2008 return, he said.

“Now is a good time to start looking for a new home or to start to close on the paperwork if you qualify for the credit,” Brunson said.

Closing is when all parties sign the papers officially finalizing the deal, and ownership of the property is transferred to the buyer.

FOR MORE INORMATION, OR TO SEE IF YOU CAN STILL QUALIFY – CALL ME TODAY 610-533-4549
Chris Hoffman, Realtor

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The builders behind a proposed development of 216 luxury apartments and 100 town houses said it will bring a “high class” of residents to the township.  The Palmer township planning commission got its first glance Tuesday at Woodridge Falls III, proposed for 40 acres just south of Freemansburg Avenue and Dunkle Street.

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Beautiful Lowhill Townshipin Lehigh County recently adopted their 2009 budget and it calls for no hikes in property taxes. The current level is only 2 mils which is one of the lowest rates in the Lehigh Valley. Property values in Lowhill do remain high as it is a very desirable area with homes ranging in the 250k – 450k range and higher. Still, it is nice to know they property taxes are reasonable and this will help you get more home for your money.

If you would like more information on homes available in Lowhill Township please contact me

Chris Hoffman
Keller Williams Real Estate
610-533-4549

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Comparison of Lehigh Valley Home Sales from August 2007 to August 2008:


Number of Sales – During August 2008, 520 sales were reported, down approximately 23.4% from August 2007 at 679.

Average Sales Price – The average sales price for August 2008 was recorded at $228,000, down approximately 5.8% from August 2007 when the average sales price of the month was recorded at $242,000. The Average Sales price is obtained by dividing the number
of sales into the total sales dollars.

Median Sales Price – The Median Sales Price for August 2008 was recorded at $200,000 which is a decrease compared to August 2007 with a median of $210,000. The Median indicates the mid-point of the range of prices-half the homes sell for less, while half the homes sell for more.

Average Market Time-The average time on the market for Lehigh Valley properties sold during August 2008 was 68 days, an increase from 49 days in August 2007.

List Price to Sold Price Ratio:
The average sale price compared to list price for residential properties sold during the month of August 2008 is 97%, which remained the same compared to August 2007 at 97%.

New Construction:
For newly constructed homes with 4 bedrooms and 2 1/2 baths the average sale price is $440,000. The median sales price reported is $391,000. This information is based on 15 new construction properties sold during the month of August. During the month of July 2008 the average sale price was recorded at $421,000, the median was recorded at $401,000. The Average Sales price is obtained by dividing the total number of newly constructed sales into the total sales dollars of newly constructed homes. The Median Sales price indicates the mid-point of the range of sales-half of the homes sell for less, while half of the homes sell for more.

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 An 88-year-old former silk mill in Allentown PA may get a new life as apartments marketed to professionals working in New York City. Developer Nat Hyman says he wants to turn the third and fourth floors of his property at 315-325 Linden St., a warehouse that was once one of Allentown’s many textile mills, into 57 efficiency apartments that would rent for around $600 a month. The proposed apartments, next to the American Parkway bus terminal, would be ideal for singles or young couples who commute to New York City.
 
Source: The Morning Call, 8.27.08

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Comparison of Activity from June 2008 to July 2008

List Price to Sold Price Ratio:
The average sale price compared to list price for residential properties sold  in the Lehigh Valley during the month of July 2008 is 97%, which remained the same since April 2008.

New Construction:
For newly constructed homes with 4 bedrooms and 2 1/2 baths the average sale price is $421,000. The median sales price reported is $401,000. This information is based on 7 new construction properties sold during the month of July. During the month of June 2008 the average sale price was recorded at $473,000, the median was recorded at $423,000. The Average Sales price is obtained by dividing the total number of newly constructed sales into the total sales dollars of newly constructed homes. The Median Sales price indicates the mid-point of the range of sales-half of the homes sell for less, while half of the homes sell for more.

Lehigh Valley Real Estate Statistics:
The statistics presented in Market Update are compiled each month based on the figures generated from the Lehigh Valley Association of REALTORS® Multiple Listing Service. Average sales prices and median prices fluctuate monthly depending upon the number of sales at the high or low end of the price range. The year-to-date numbers will generally remain more constant. The Lehigh Valley Association of REALTORS®, “The Voice for Real Estate in the Lehigh Valley”, represents 2636 real estate professionals involved in all
aspects of the real estate industry.

Comparison of Activity from July 2007 to July 2008:

Number of Sales – During July 2008, 524 sales were reported, down approximately 24.5% from July 2007 at 694.

Average Sales Price – The average sales price for July 2008 was recorded at $236,000, down approximately 4.1% from July 2007 when the average sales price of the month was recorded at $246,000. The Average Sales price is obtained by dividing the number of sales into the total sales dollars.

Median Sales Price – The Median Sales Price for July 2008 was recorded at $207,000 which is a decrease compared to July 2007 with a median of $215,000. The Median indicates the mid-point of the range of prices-half the homes sell for less, while half the homes sell for more.

Average Market Time-The average time on the market for properties sold  in the Lehigh Valley during July 2008 was 65 days, an increase from 51 days in July 2007.

List Price to Sold Price Ratio:
The average sale price compared to list price for residential properties sold in the Lehigh Valley during the month of July 2008 is 97%, which remained the same compared to July 2007 at 97%.

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If you are looking for homes for sale in Bethlehem Township PA, then you should visit http://bethlehemtownshiprealestate.com/. This a free site which allows you to browse all the MLS listings for Bethlehem Township. You can view pictures prices, descriptions, and also schedule showings or inquire about a home for sale in Bethlehem Township.

http://bethlehemtownshiprealestate.com/ is brought to you by Chris Hoffman, one of the top selling Realtors in the Lehigh Valley. Chris works as a Buyers Agent and has helped many people, including first time buyers, find the home of their dreams.

Bethlehem Township is one of the most requested areas to live in the Lehigh Valley because of low taxes, beautiful homes, and close proximity to major highways like route 22 and 78. For more information or to view all the homes currently for sale in Bethlehem Township, please visit http://bethlehemtownshiprealestate.com/ or Chris directly at 610-533-4549

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