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

Northampton County is researching whether it has the legal authority to temporarily suspend sheriff sales to try to help residents whose homes are in foreclosure. County Council on Thursday asked County Executive John Stoffa to study the issue and report back, but the panel tabled a resolution that called for a 90-day moratorium on the sales if it’s determined the authority is there.

Source: The Morning Call, 7.11.08

Bethlehem officials will be sending letters next week that tell residents to disconnect any underground spouts and direct the storm water onto their lawns. The spouts likely hook into the underground sewer pipes, which are being filled with storm water that cascades into them during heavy rains. The water is backing up the city’s feeder lines, causing water to overflow in Freemansburg. The City is drawing their authority from an old ordinance that prohibits downspouts, sump pumps and other devices that direct surface runoff from connecting to the century-old sewer system. City officials believe homeowners can fix the problem at minimal cost.
 
Source: The Morning Call, 7.9.08

Catasauqua Borough Council has approved a plan to revitalize the downtown. The plan recommends making extensive aesthetic improvements, creating a civic plaza and changing a major street from one-way to two-way. The plan recommends about $1.3 million of streetscape improvements for the downtown commercial core, ”the vicinity of Front, Pine, Bridge and Church streets.”
 
Source: The Morning Call, 7.9.08

More than 100 residents could be forced to shell out thousands to install sidewalks under an ordinance approved Monday (7/7/08) by Emmaus Borough Council. The ordinance affects about 105 residences along Dalton Street, State Avenue and Keystone Avenue who will be told to install sidewalks by Nov. 1, 2010, unless granted an exemption. The sidewalks have to be constructed with specific dimensions to ensure consistency.
 
Source: The Morning Call, 7.8.08

Comparison of Activity from June 2007 to June 2008:


Number of Sales – During June 2008, 550 sales were reported, down approximately 29.3% from June 2007 at 778.

Average Sales Price – The average sales price for June 2008 was recorded at $234,000, down approximately 0.85% from June 2007
when the average sales price of the month was recorded at $236,000. 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 June 2008 was recorded at $200,000 which is an decrease compared to June 2007 with a median of $207,000. 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 during June 2008 was 61 days, an increase from 51 days in June 2007.

List Price to Sold Price Ratio:
The average sale price compared to list price for residential properties sold during the month of June 2008 is 97%, which is a decrease compared to June 2007 at 98%.

The Bethlehem Planning Commission has approved plans for a supermarket on Eighth Avenue and a software development manufacturing plant on former Bethlehem Steel land.    PriceRite supermarket will be the last piece of redevelopment for the old Durkee spice plant near the Eighth Avenue interchange of Route 378. The 35,000-square-foot chain grocery could open as soon as the end of the year. In south Bethlehem, Synchronoss Technologies took a step toward becoming the newest tenant of Lehigh Valley Industrial Park VII on former Steel property.

Source:  The Morning Call, 7.14.08

Easton’s Planning Commission gave preliminary approval during a special meeting Wednesday night for the Easton Housing authority’s estimated $73 million project.  The authority will raze 250 apartments and build 144 units — single family homes, townhouses, twins, duplexes and cottages for senior citizens. Forty-eight of the new units are designated for sale and the rest as rentals. It’s unclear when the authority could receive final approval. The commission meets again Aug. 6.

Source:  The Morning Call, 7.17.08

A plan for a Wal-Mart and four other stores in Schnecksville was approved Wednesday by North Whitehall township supervisors on the condition the developer first check for chemical contamination on the site.  Supervisors voted unanimously affirming that Wal-Mart Stores East, owner of the 40-acre site along Route 309, could use the land for a planned commercial development.

Source:  The Morning Call, 7.17.08

Prices are definitely coming down, that’s a good thing. But, its not a fire sale. Two and three years ago when the market was hot, homes were over priced and selling for more than they were worth in some cases. What’s happening now is that home prices are coming back into line of where they should be.

If you watch the news or read the paper, you may get unrealistic expectations of how much you can expect to pay for a home. Generally speaking you can offer as much as 10% below the asking price, then negotiate to 3-5% below. Before you write the offer, your agent should be able to tell you if its priced, at, above, or below market price, an should be able to give a market report showing how much homes are selling for in that area, and this report will also show the difference between the asking price and selling price of the homes.

Here in the Lehigh Valley, in most areas homes are selling for 95-97% of the asking price. So if you were to see a home listed for sale at $200k, you can expect to get it for $190-195k. In a hot market that home may list for $220k, so you are actually getting a good deal.

The point is that you should not expect to go in with unreasltic lo-ball offers, for example offering $170k on a $200k home. Unless the home is obviously over priced, or in need of major repair, this will result in a negative response from the seller.

The Lehigh Valley real estate market continues to be strong, even in this economy, homes are bought and sold everyday, many homes still sell very quickly, others may take a longer, but prices are still holding up fairly well.

In any case, be sure you a have a buyers agent working for you before you start looking, as he or she will be able to advise you on what you should expect to pay for the home your looking for. Contact an Agent Good Luck!