There is a famous saying that the early bird gets the worm. Well, all across the country buyers seem to be taking this adage to heart. In December, the Pending Home Sales Index surprised Wall Street by jumping 4.9 percent. That’s the biggest monthly gain since 2004 according to the National Association of Realtors. Spring is usually the time the Pending Home Sales Index increases; a natural tie-in since most home buyers begin their search and buy their homes in the spring. Could the unusually warm winter have anything to do with it? Or the fact that now is a great time to buy a home? Tune in to find out. One thing is for sure, the stability in the housing market is a sign of great things to come.

I was recently involved in creating a news feature about The Ellington for our local ABC Morning News, WPVI Channel 6. It was an in-depth feature on how we created our ‚’Ellington Look‚ and how viewers could duplicate the results in their own home. It was great fun, and I even got interviewed to tell the history of The Ellington. One thing that surprised me, I had no idea how much work goes into making a news feature! It looks deceptively simple on television.
We spent over two hours with the producer and the camera man finding the perfect location within the penthouse to conduct our interviews, setting up the camera and the lights, actually doing the interviews, and then having the cameraman take close-up shots of the entire penthouse, all for a one-minute, 30-second news piece. Whew! And then the producer had to go back to the TV studio to edit the entire thing. I will never look at television in the same way again. If you haven’t had the chance, take a look at the finished product here: http://www.ellingtoncentercity.com/news.html

Many thanks to Bob Timms, the producer, for making the entire process so much fun.

On New Year’s Eve, the Inquirer’s Alan Heavens’ exhorted this to anyone who is looking at a home: go out there and buy! (http://www.philly.com/mld/inquirer/classifieds/real_estate/16329764.html)

Here at The Ellington, we’ve seen that couples and single women immediately see both value and opportunity in buying as soon as it suits them. But what about the single men? Most of what we hear is that they are waiting for “the best deal”‚ they are confident that prices will drop and more values lay in store for the patient.

They shouldn’t be too sure of that. In a hot area like Center City, there are fewer homes on the market than there were over the summer. New offerings aren’t coming to market quite as fast. In other words, don’t wait too long.

The U.S. Commerce Department reported that November 2006 new home sales were up 3.4%, a marked improvement from October. For all the negative talk about ‚’bubbles,‚ 2006 was the third best year for home sales in the 30 years that the National Association of Realtors has been tracking trends.

Now that the numbers are in, 2007 looks pretty good. Real estate continues to be a great investment and strong force in the economy. In the Philadelphia/Center City market, even the longer time it takes to sell is in a buyer’s favor:
- Prices are much more competitive
- Fixed interest rates remain at historic lows
- Sellers’ expectations are more realistic
- Sales offices and realtors are quite eager to find new clients
- Builders are offering more value in their new homes.
If you’re reading this post, you know how cyclical real estate can be. Today’s ‚’buyer’s market‚ could quickly become tomorrow’s ‚’seller’s market.‚ In that context, the best homes and the best deals are available now.

Hey, Center City! Here come the Baby Boomers and Empty Nesters. As children leave home to start their adult lives, more parents are opting to sell the house in the suburbs for an urban lifestyle in Center City.

Many want a change from the exhausting commute to and from work‚ says Marcella Lacey, sales manager at The Ellington. It’s hard not to fall in love with the idea of walking to work, being close to the best restaurants, museums, and access to one of the best hospital and health care systems in the country.

Also driving their lifestyle change: after several soft months, existing home sales are back on the rise.

Here’s interesting news for everyone holding their breath to see what happens in residential real estate. This week, Freddie Mac reported that mortgage rates have declined during 10 of the last 13 weeks. Those are actually lower rates than in the early Nineties, which sparked the last housing revival.
For those looking to downsize, the decline in fixed borrowing costs could be just the huge incentive needed both to sell an existing home and move on and buy something new. That is especially true of ascending neighborhoods that rise over the long haul, like Center City.

One of the things we’ve noticed about buyers at The Ellington is that they often come from elsewhere and that elsewhere is often New York City. A much lower cost of living, a thriving arts, music and restaurant scene, and many other quality of life attractions are luring thousands of New Yorkers to Center City.

There are an estimated 10,000 who commute from Philadelphia to the NYC area every day by train or car. While that is daunting to many people, those who do it wouldn’t live any other way. For them, it’s like having the best of two worlds.

You’ve heard about it, and now they are here!
The Ellington’s new bi-level penthouses feature spacious layouts of 1,200 to 2,500 square feet, luxe master bathrooms and sweeping city views. Their two-story design captures the charm of a Society Hill townhouse with the luxury of Center City’s finest full-service condominium.

Our kitchens feature stainless appliances, black granite countertops, Poggenpohl cabinets and rich cherry finishes, not unlike that of a high-end custom-built home. Several have a den area that is perfect for a home office setup. Prices start in the high $500s.
The launch of The Ellington’s penthouses represents the next phase of our concept of elegant Center City living. Whether you’re already a resident or a potential buyer, the newest homes demonstrate a commitment to both the value and piece of mind that comes from making a wise choice.

A beautifully finished penthouse model home is open for viewing in The Ellington sales center. To schedule an appointment, please call Marcella or Glenn at 215-569-8174, or email info@EllingtonCenterCity.com.

Welcome to what may be the first blog ever specifically launched for a residential development.

The Ellington’s blog will be an online diary of information and ideas, making use of a technology that’s changing how people communicate. It’s truly ‚’interactive,‚ and that’s why we’re very excited about having a two-way dialogue with you. Our goal with The Ellington’s blog is to create an entirely new dialogue with residents, buyers, brokers, the media, and the growing numbers of people who follow real estate and the Center City revitalization, and to do so in a truly democratic fashion.

Among the subjects that The Ellington blog will cover: the emergence and power of single women buyers, Center City shopping and entertainment, holiday events and sponsorships, a perspective on the current market for Center City real estate, and the introduction of bi-level penthouse homes at The Ellington.

The launch of The Ellington’s blog is the most recent triumph of marketing strategy for the renovated building at 1500 Chestnut Street that is now more than 50% sold, with 88 of the 160 available homes either sold or under contract. In September, The Ellington was named Best Condominium Home of the Year Under $500,000 by the Building Industry Association of Philadelphia (BIA) and won a total of five of the association’s 2006 William Penn Awards of Excellence.

We welcome your involvement and comments, and really want to hear what you’re seeing, and what you’re thinking. As always, you can call Marcella or Glen to schedule an appointment to view the nine home models in The Ellington’s sales center by calling 215-569-8174, or emailing us through ellingtoncentercity.com/contact.html.

All the residents of The Ellington are a financially savvy bunch. But did you know we are part of a greater national trend? It turns out that the majority of Ellington homeowners are single women. In 2006, single women continued to buy their own homes in record numbers across the country.

Several of The Ellington’s residents are living proof of this phenomenon. They bought becausethey don’t want to pay rent anymore, own their own homes in luxurious Center Citysurroundings, and gain a leveraged investment for their futures.