Monthly Archives: May 2015

Pennsylvania House OKs real estate tax breaks

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Real Estate Law on May 30, 2015.

Many homeowners in Philadelphia have felt the burden of the Actual Value Initiative, which calculates a homeowner’s property taxes based on the property’s market value. The initiative, which launched in the 2014 tax year, caused an increased tax rate for many people living in the city.

Tags:

Outlets hope to lure ‘destination shoppers’ back to Center City

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Development on May 22, 2015.

It may be difficult for Baby Boomers to think of Philadelphia and the concept of “destination shopping” without sighing, even momentarily, for Wanamaker’s, Lit Brothers, Gimbel’s and Strawbridge and Clothier. These were the stores you would get dressed up to go to, the stores where your mother would buy you a new Easter dress or necktie. There were sales once or twice a year, and a day of shopping would include lunch or tea at one of the in-store restaurants.

Tags:

With condos and co-ops … conclusion

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Real Estate Law on May 13, 2015.

We are finishing up our discussion of the differences between condominiums and cooperatives. It’s an important difference if you are purchasing a home, and it’s important if you are looking for an investment property. It is also important if you are looking to buy up a block of buildings in any given Philadelphia neighborhood to put up an office tower or grocery store — will you have to negotiate with one person or business or with multiple homeowners?

Tags:

With condos and co-ops, ‘common’ may not mean ‘shared’ p2

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Real Estate Law on May 7, 2015.

Not everyone is familiar with the concept of a homeowners association fee. If you watch HGTV shows like “House Hunters,” or if you live in a planned community, you may be familiar with the sometimes annoying restrictions that HOAs put on their members. There may be preferred paint colors, for example, for exteriors of homes and outbuildings; some HOAs dictate what color a homeowner can paint his front door. If your lawn is not edged just right, you may hear from the HOA. The monthly dues may not be high, but the expectations are.

Tags:

With condos and co-ops, ‘common’ may not mean ‘shared’

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Real Estate Law on May 4, 2015.

Not every real estate investor is Donald Trump. And that’s a good thing. Trump’s public persona aside, his reputation is for large-scale developments that only a fraction of individual investors can really afford. In some cases, he may be competing with hedge funds or financial institutions, certainly. The point is, though, that there are other investors out there that would like to build their portfolios slowly or that may just want to see if being a landlord is for them.

Tags:

Oh good grief. Another issue for Revel hits the courts

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Commercial Real Estate on May 1, 2015.

It really doesn’t end. The continuing saga of Revel, the bankrupt casino complex in Atlantic City, has taken another, somewhat unexpected turn. Developer Glenn Straub may own the property, but the state of New Jersey has pointed out that he is not automatically entitled to the casino license granted to the original owners.

Tags:

  • Best Lawyers | Best Law Firms | U.S.News | 2015
  • Philadelphia Ranking Tier 1 - Land Use & Zoning Litigation
  • msi Global Alliance | Member of Independent Legal & Accounting Firms
  • Business Journals Law Firms | Top 50 | 2012