Sunday, April 20, 2008


It's nice not having to spend my Sundays looking at open houses anymore. What's interesting is that from what I can tell, of the approximately 5 billion homes we looked at, only a couple have actually sold. The center city Philadelphia market never went completely crazy, but there were a couple years of big appreciation followed by a big rehab/construction boom in which the developers assumed that there would be a couple more years of big appreciation and priced accordingly.

The other issue is that it's difficult to get a loan larger than $417,000, so there's a bit of a discontinuity in what people can afford.