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Oct 15, 2008 11:00 pm US/Eastern
Credit Crunch Not Slowing Down Developers
PHILADELPHIA (CBS 3) ―
Part of the American dream is becoming a homeowner, and in the Juniata Park section of Philadelphia dreams are coming true.
"These are great houses in a great neighborhood. Of course it's in the greatest city in the United States of America," said Michael Nutter, Philadelphia Mayor.
On a lot that was once a junk yard, developers have turned ruins into riches. The Twins at PowderMill housing development on East Cayuga Street has 50 brand new homes that are almost move-in ready.
"This is a quality project, so why wouldn't people who can afford it want to own it," said Michael Schurr, Developer.
But with a lagging economy and a severe credit crunch, some people feel getting a mortgage pre-approval is difficult but Realtor Gil Velez says they've had no problem finding buyers for the homes at The Twins At PowderMill.
"Credit is a challenge, but overall we had a lot of good buyers," says Velez.
Banks have cracked down on lending money, making it difficult for potential home buyers.
"If you have good credit and you've done what you needed to do to build your nest egg, you have one of the greatest opportunities in the city," said Schurr.
The asking price for the homes at The Twins at PowderMill is $165,000 dollars or $135,000 dollars if you make less than 80 percent of median income. First time home buyers can also qualify for a $10,000 dollar grant, which could be used for a down payment.
For more on the Twins at PowderMill development call Gill Velez at
215-291-1600.
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