Lancaster City Real Estate -- It's not Growing, it's Booming!

 Even in this so-called 'down market' of real estate, it seems that construction of new facilities and renovations of older facilities have been booming in Lancaster City this past year.  

2007 has been the second highest year for construction spending. 

The highest year for construction spending has been 2006 -- and it may be quite some time until something tops that!   In 2006, Lancaster City boasted $239 Million in construction spending -- at more than 3 times the previous record.  Granted, a majority of that spending was the $99+million on the Lancaster County Convention Center, but an impressive number nevertheless.   

2007 brings us to $96.4 million in construction spending.  These figured are tallied from the submissions for Lancaster City Building Permits.  The previous highest figure was back in 2003 for $75 Million.   

So, besides the Lancaster County Convention Center and the Marriot Hotel at the conventions site, what else is in store for glorious Lancaster City?   

Well, for one there is the NorthGate Condominium Project on North Queen Street with luxury residential condos and commercial/retail spaces.  This project is right across the corner from the always delicious Belvedere Inn and on the same block as the Queen Street Shops -- where you will find a mix of cafes, antique and retro shops and art galleries.  

Another is Urban Place in the former Kerr Glass factory, which is a completely privately-funded endeavor.   Lancaster General Hospital has been continuing with their commitment to growth, with additional office space as well as parking facilities.    The Lancaster Quilt Museum saw the completion of their addition and renovation.    The Pennsylvania Academy of Music has been keeping sideliners eager to see the completion of their long-awaited $21million renovation.   

Additional Information from Lancaster Online: 

2007 CITY BUILDING PERMITS

· County of Lancaster, 150 N. Queen St., office building renovation, $19.2 million.

· City of Philadelphia, 29 E. King St., renovations for state Labor & Industry offices, $3.4 million.

· Park City Center, renovations, $2.8 million.

· Burle Business Park LP, 806 New Holland Ave., renovations for five stores, $2.5 million.

· Franklin & Marshall College, College Avenue, addition to Benjamin Franklin dormitory, $2 million.

· Franklin & Marshall College, 931 Harrisburg Ave., Iron Hill Brewery at College Row, $1.68 million.

· EDC Finance Corp., 1101 N. Charlotte St., demolition permits for 45 former Armstrong floor plant buildings, $1.66 million.

· Lancaster General Hospital, 519 N. Duke St., renovations to third and fifth floors, $2.8 million.

· RNL LLC, 507 E. Fulton St., construction of new warehouse, $1.3 million.

· Heritage Center of Lancaster, 37 N. Market St., renovation and addition to quilt museum, $1.24 million.

So, what's in store for downtown LANCASTER CITY in 2008?  How about the newly announced parking garage at Lancaster Newspapers -- and the long-awaited luxury condominium units planned for the historic Lancaster Press Building.  

Lancaster City real estate is booming!  Where else can you find beautiful architecture, be within walking distance to gourmet restaurants, art galleries, schools, independent retail shops and the wonderful Fulton Opera House?  And... still catch a train just a few blocks away to Philly or Harrisburg and points further?   

Personally, I am excited about all of the growth and changes happening in Lancaster City.  I think the luxury condominiums are a huge bonus, and have been waiting for them for years!   Who knows -- I might consider a move myself!

For Lancaster City Real Estate information, Homes for Sale in Lancaster, 
Townhomes for Sale in Lancaster and Historic Homes for Sale in Lancaster 
contact Jeannie Kontis, Realtor, directly at 717-330-5137. 

Lancaster City landlords -- listen up!  Realtors need cooperative tenants and cooperative landlords in order to sell your listed Lancaster City investment properties. 

I was showing some multi-unit investment properties today in Lancaster City.  Some were kept in fairly good condition considering these properties are well over a century old.  Others are clearly in need of some maintenance.  These were mid-priced investment properties in popular areas of downtown Lancaster City.   

Landlords, my question to some of you is:  Do you do anything to maintain these homes? 

I know that Lancaster City is stomping down on "slumlords" and Mayor Gray has a hard-at-work rental taskforce, that we are all going to be very appreciative of.  I have to admit that the properties I viewed today are not ones that I would consider slums, but some are just missing some basic components of proper property maintenance  (now there's a tongue twister!)   

It appears that many landlords think that their investment property will sell based solely on "the numbers" and without any regard to property maintenance issues -- how about that leaky roof and missing shingles?  How about that loose railing?  What would happen if a tenant fell because the railing gave way?   

One of the properties viewed today didn't look half bad until we got to one of the apartments, where the tenant began immediately to complain about the leak and flood that happened from the apartment above him.  There has been a 2x3 foot hole in his ceiling for the past 4 months because of this leak.  It fell and leaked all over his bedroom:  his dresser and clothes were soaked from the water and filthy from the plaster.  So he now has plastic sheeting covering up his stuff in his bedroom to keep the plaster dust from settling on his belongings -- for 4 months.  Granted, his was far from the most "clutter free" apartment we've seen, but still, don't tenants deserve to live without a 3 foot long hole in their bedroom ceiling?  

Speaking with the tenant in the upstairs apartment prior to viewing the apartment with the hole in the ceiling, we were told that they have no water pressure in their bathroom sink.  Well, now I know how well this 'leak' was repaired.  "Let's just shut off the water.  There, it's fixed now."  

I think we'll be passing on submitting an offer on that particular place.  If something so obvious hasn't been fixed prior to putting the home on the market for sale, imagine what lurks elsewhere?

Other rental investment properties that we've seen were in surprisingly good condition.  The apartments were clean and well kept, thanks to those quality tenants.  Clearly, some were long-term tenants and took pride in their little piece of the world.  And the fact that they were not at home when we viewed the properties was an unexpected surprise, as many tenants cause a problem by not answering the door and not cooperating with showings. 

Lancaster landlords, I know how you can make your tenants cooperate:  Offer them a small monthly refund on their rent if they cooperate and promise to vacate the apartment during showings and keep their premesis neat and orderly.  I promise you it will make a world of difference, and your investment property will sell quicker than a similar property with messy, difficult to deal with tenants. In the long run, you win.  Try it!

Visit www.JeannieSellsLancaster.com for
Investment Properties in Lancaster City, 
Homes for Sale in Downtown Lancaster, or any Lancaster County Real Estate.
Contact Jeannie Kontis directly at 717-330-5137
Email  Jeannie@JeannieSellsLancaster.com

Contact Jeannie Kontis 717-330-5137 direct  Homes in Lancaster PA - Real Estate in Lancaster County The Bob Wells Realty Group, Lancaster Real Estate Long & Foster Real Estate, Inc.