Erie Real Estate

Funds Rate - Eisenhower days

The Federal Reserve cut the key interest rate to 1% this afternoon.  This is another 1/2% cut.  The second this month.

Let's see how the mortgage market reacts.  Will they raise or lower mortgage interest rates? 

Tires to Energy Plant

City not willing  to meet with Erie Renewable Energy about the city's rejection for final zoning approval.

ERE wants to meet with the City and everyone involved in the decision process.  The City basically said no.  The zoning officer has told ERE that if they have concerns that the process is to file an appeal with the city's Zoning Hearing Board.

Part of the reason for the zoning denial is the height of the smokestacks.  They exceed the allowable height limitations.  If the smokestacks were within the allowable height parameters, would the plan been approved?  Your thoughts...

County Council and LERTA

Erie County Council has given a required sign-off to the city of Erie's tax-abatement program.

County Council voted 6-0 Tuesday night to approve the city's Local Economic Revitalization Tax Assistance program.

Erie City Council and the Erie School District approved the ordinance in November 2007, but County Council also had to give its OK because it is the other taxing body in the city.

Under the new LERTA program businesses and residential property owners benefit in some way for a period of 10 years.

I'm just glad that they were able to pass this in only 11 months.  Good thing it isn't anything important.

4230 Fargo - Erie PA

Looking for a remodeled 3 bedroom home?  Many improvements.   4230 Fargo could be your new home.  Located in SE Erie and priced at $87,900 

County Council Meeting

Tonite is the next County Council Meeting @ 7:00 in Council Chambers.  The next meeting is Wednesday, November 5th

What District do you live in?  Do you know who your Council member is?

District 1 - Phil Fatica

District 2 - Joe Giles

Ditrict 3 - Fiore Leone

District 4 - Whitey Clever    

District 5 - Kyle Foust

District 6 - David Mitchell

District 7 - Carol Loll     

Distressed Properties For Sale

The Erie Redevelopment Authority has both Improved and Distressed Properties available for sale.

The have 7 single family and 2 multi-unit properties for sale that have been improved.  Most of these are for first time home buyers.  A few are available for a move up buyer or investor.

The distressed properties are uninhabitable .    A multitude of properties are available - single family dwellings, residential lots, and commercial lots.  Starting as low as $1,000.

This program is designed for qualified buyers who desire to rehabilitate a house and who have the financial and human resources available to make the rehabilitation happen in a timely manner.

All improvement must be done by qualified professionals.  Municipal work permits have to be obtained and properties are subject to inspection by city code authorities.  

Interested and want to make a proposal:

Proposals must be received by the last Friday of every month and submitted to the ERA offices located at 917 State Street.

Meetings in your Community

Have an interest in what's happening in your community?  Here are a few of the upcoming meetings for various communitites.

Millcreek Township Supervisors - Tuesday, October 28th @ 7:00

Millcreek Township Zoning Hearing Board - Wednesday, October 29th @ 7:30

Erie City Council - Wednesday, November 5th @ 9:00

Harborcreek Township Supervisors - Wednesday, November 5th @ 9:00

Harborcreek Township Parks Commission - Monday, October 20th @ 7:00

Harborcreek Township Planning Commission - Thursday, November 6th @ 6:30

Girard Township Supervisors Meeting - Tuesday, October 28th @ 4:00

Summit Township Supervisors - Monday, October 20th @ 4:30

Summit Township Zoning Hearig Board - 3rd Monday (as needed) @ 7:30

Summit Township Planning Commission - Monday, November 9th @ 7:30

Fairview Township Supervisors - Tuesday, October 21st @ 9:00

Union City - Many community events

Corry City Council - Monday, October 20th @ 8:00 

Don't see your community listed?  Have a question about  your community, let me know and I'll get the information.

  

Interest Rates - How do they compare?

Interest rates have been on the rise somewhat over the last few weeks.  However, they're just about where they were this summer.  Which is a little higher than this spring.  Will they continue an increase?  Will they ease off and decline?  No one knows.  Don't let some "expert" tell you otherwise.  The only thing that is for certian is that they will change as does the market.

A 30 year fixed rate for the week of 10/16/2008 was 6.46%.  This is the weekly mortgage survey conducted by Freddie Mac .  They were actually higher in June, taking into account fees and points. The current rates are still below the rates in 2002 and prior.  Yes, that's correct 2002 and prior.  All the way back to 1972 when the yearly average was 7.38%.

If you are in the process of purchasing, have you locked your rate?  If not, why not?  If the rate goes up it will increase your monthly payment, unless you put more money down.  A 1/4% rate increase for a 30 year fixed rate, based on a $100,000 mortgage is over $16.00 / month.

September numbers are in

Greater Erie Board of REALTORS MLS Data is the source for ths information.

Total sales for the month of September of '07 were 236 vs 237 for '08. Residential for '07 was 204 and '08 shows 192 sales. Total listings taken for the month in '07 were 506 and 459 for '08. Residential listings were down too, 387 in '07 and 321 in '08.

To me it makes sense that sales would be down slightly as the inventory is less. Contrary to popular belief that "there are so many houses for sale." Fact is, less homes have been listed for sale in the marketplace. This is true for each and every month this year in comparison to last year.

What will October bring? Let me know your thoughts.

Sheriff Sale

  The next 2 scheduled Sheriff Sales are 11/21 and 1/23.  There are no sales in December.   This take place at 10:00 AM in the Central Court, Erie County Courthouse.

More information is available by contacting the Sheriff's office