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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On Wednesday 7/9/08, Easton city officials announced that $730,000 grant from Wachovia Regional Foundation that will help re-create Easton’s West Ward with environmental considerations. Turning trash-strewn lots and local dumping sites into community gardens, creating an access park to the Lehigh River and launching of an education program, Global Kids, are all included in the new urban ecology project.

Source: The Morning Call, 7.10.08

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Northampton PA is one of best kept secrets of the Lehigh Valley Real Estate Market. Low taxes and one of the best school districts, as well as affordable homes for first time buyers makes Northampton one of the best choices for homes in a family friendly area. Northamptons centralized location is ideal keeps you close to all parts of the Lehigh Valley.

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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 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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Construction of the new Sands Casino on the south side of Bethlehem started in April. Total costs are estimated at $800 million dollars and its scheduled to open in the summer of 2009. As a result real estate in Bethlehem is going up in anticipation of the impact this new project will bring to Bethlehem and the Lehigh Valley.

It’s true this development will bring many new jobs and revenue to both the state and the city. But how will it affect the surrounding neighborhoods and homes? The southside of Bethlehem does offer many nice restaurants, unique shops, and historical attractions, but the area is filled with run down homes, less than desirable living conditions, and sad to say a few slum lords.

Perhaps this new casino and additional shops will be just the boost the area needs. The south side offers tremendous potential and hopefully the economic benefits from this new project will do the trick. That said, its going to be a slow process, but in the long term, rel estate, is as always, your best investment.

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