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Category: Market Insights

  • Titling a Luxury Home: Individual, Trust, or LLC Ownership in Pennsylvania and New Jersey

    Titling a Luxury Home: Individual, Trust, or LLC Ownership in Pennsylvania and New Jersey

    One of the questions that comes up later than it should in a luxury purchase is: whose name goes on the deed? For a starter home, the answer is usually simple. For a $1 million-plus purchase — especially a second home, an investment property, or a purchase involving multiple family members — how you title the property can affect your privacy, your liability exposure, your financing options, and your estate plan. This is not tax or legal advice; it’s an overview to help you have an informed conversation with your attorney and accountant before you’re staring at a closing table with a title company asking how you want the deed to read.

    Individual ownership

    Taking title in your own name, or with a spouse as tenants by the entirety (available in both Pennsylvania and New Jersey for married couples), is the simplest and most common approach. It’s straightforward for financing — lenders are set up to underwrite individual and joint borrowers efficiently — and it avoids the added cost and complexity of maintaining a separate legal entity. The tradeoff is that your ownership is public record tied directly to your name, and the home is generally exposed to your personal liabilities the same way any other personally-titled asset would be.

    Revocable living trusts

    Many luxury buyers, particularly those already working with an estate planning attorney, title real estate in a revocable living trust. The main appeal is probate avoidance: property held in a properly funded trust typically passes to beneficiaries without going through the probate process, which can be slower and more public than a trust-based transfer. A revocable trust does not provide meaningful liability protection during your lifetime, since you generally retain control of the assets, but it can simplify what happens to the property later and keep the succession plan out of the public probate record.

    Financing a purchase in a trust is very manageable — most major lenders handle trust-titled purchases routinely — but it’s worth confirming with your lender and title company early, since document requirements (trust certification, trustee authority) add steps to underwriting that are easy to plan for but frustrating to discover at the last minute.

    LLCs and other entities

    Buyers purchasing a second home, an investment property, or a property intended for eventual rental income sometimes use an LLC. The appeal is liability containment — separating the risks of that specific property from your other personal assets — and, for some buyers, an added layer of privacy, since the LLC rather than an individual name appears on the public deed. LLC ownership comes with real tradeoffs, though: financing is more complex and often requires a commercial or portfolio lender rather than a standard conventional mortgage, insurance needs to be structured correctly for the entity, and depending on how the LLC is used, you may lose certain personal tax benefits associated with owner-occupied residences, such as capital gains exclusions on a primary residence sale. LLC ownership is far more common for investment and rental properties than for a primary or even a true second home used personally by the family.

    Questions worth asking before you decide

    • Will this be a primary residence, a true second home, or an income-producing property? The answer changes which structure makes sense and what tax treatment applies.
    • Does your estate plan already include a trust that other assets are titled in? If so, keeping real estate consistent with that plan often makes administration simpler for your family later.
    • How will you finance the purchase, and does your intended structure work with that financing? Confirm this with your lender before you’re under contract with a tight settlement timeline.
    • Do you have out-of-state co-owners, business partners, or family members involved in the purchase? Shared ownership situations often benefit from a written operating or co-ownership agreement regardless of the titling structure chosen.

    Get the right advisors involved early

    Titling decisions are ultimately legal and tax decisions, not real estate decisions, and they’re much easier to get right before closing than to unwind afterward. An estate planning attorney and a CPA who understands real estate should be part of this conversation well before your settlement date, particularly for a trust or LLC purchase where document preparation takes time. Your real estate agent’s role is to make sure the offer, the title company, and the lender all know your intended structure early enough that it doesn’t create a last-minute scramble.

    Frequently asked questions

    Does titling a home in an LLC actually protect my other assets?

    An LLC can help contain liability related to that specific property, but the protection depends on maintaining proper corporate formalities, adequate insurance, and correct structuring — it is not automatic. This is a question for your attorney, since the details matter and vary based on your full financial picture.

    Can I title a home in a trust and still get a conventional mortgage?

    Generally yes. Most major lenders routinely finance purchases for properties titled in a revocable living trust, though the underwriting process requires additional documentation, such as a trust certification. Loop in your lender and title company as soon as you know you intend to title in a trust.

    Can I change how a property is titled after I’ve already purchased it?

    In many cases, yes, through a new deed transfer, but doing so can have tax, insurance, and financing implications (including potentially triggering a due-on-sale clause with your existing mortgage, or transfer tax in some jurisdictions). Talk to your attorney before retitling a property you already own rather than assuming it’s a simple paperwork change.

    Whatever structure you and your advisors land on, James Kennedy can help make sure your real estate transaction lines up with that plan from offer to closing. Reach James at 215-267-8479 or jameskennedy@unlockedteam.com.

  • Insuring a Luxury Home: What Buyers and Sellers Should Know in Philadelphia & South Jersey

    Insuring a Luxury Home: What Buyers and Sellers Should Know in Philadelphia & South Jersey

    Insurance is easy to overlook during a luxury home purchase, especially when buyers are focused on price, financing, and inspection results. But for higher-value properties in Philadelphia and South Jersey, insurance is not simply a bigger version of a standard homeowners policy. Replacement cost, unique architectural features, flood zone exposure, and coverage gaps all work differently at the luxury level, and getting this wrong can create real financial exposure or even delay a closing. Here is what buyers and sellers should understand before insurance becomes an afterthought.

    Why Standard Policies Often Fall Short

    Many standard homeowners insurance policies cap dwelling coverage or use formulas that do not accurately reflect the true cost to rebuild a custom, historic, or architecturally distinctive home. A policy written for an average-sized home may significantly undervalue a property with high-end finishes, custom millwork, imported materials, or complex rooflines. High-net-worth and specialty insurers instead typically offer guaranteed or extended replacement cost coverage, which is designed to fully rebuild the home even if construction costs rise above the original policy limit — an important distinction after a major loss.

    Key Coverage Areas for Luxury Properties

    Dwelling and Rebuild Cost

    Rebuilding a historic Society Hill townhome, a custom Main Line estate, or a contemporary riverfront property in Philadelphia often costs meaningfully more per square foot than new standard construction, particularly when it involves matching period detail, custom stonework, or specialty materials. An accurate replacement cost estimate — sometimes requiring an independent appraisal — is essential to avoid being underinsured.

    Personal Property and Valuables

    Luxury homes frequently contain fine art, jewelry, wine collections, and other valuables that exceed the sub-limits built into standard policies. Scheduling these items individually, often with a specialty rider or a dedicated valuables policy, ensures they are covered at appraised value rather than a capped default amount.

    Liability Coverage

    Higher-value homes often come with higher liability exposure, whether from a pool, a dock, extensive property staff, or simply a higher profile that can attract litigation. Many luxury buyers pair their homeowners policy with an umbrella policy to extend liability protection well beyond standard limits.

    Additional Structures and Unique Features

    Guest houses, pool houses, boat docks, wine cellars, home theaters, and detached garages all need to be specifically accounted for in a policy rather than assumed to be automatically covered. Buyers should review exactly what is and is not included before closing.

    Flood Zones and Coastal Exposure

    For South Jersey shore properties and Philadelphia riverfront homes, flood insurance is a separate and often significant consideration. Properties in FEMA-designated flood zones typically require flood insurance to obtain a mortgage, and premiums vary widely based on elevation, construction type, and flood zone designation. Even homes outside a mapped high-risk zone can benefit from flood coverage, since standard homeowners policies generally exclude flood damage entirely. Buyers evaluating shore or waterfront property should request a flood zone determination and sample insurance quote early in the process, not after the offer is accepted.

    Historic Homes and Renovation Considerations

    Insuring a historic property in neighborhoods like Old City, Society Hill, or Chestnut Hill introduces additional nuance. Insurers may ask about the age and condition of electrical, plumbing, and roofing systems, and older systems can affect both insurability and premium cost. Buyers planning renovations should also notify their insurer during construction, since coverage needs typically shift while work is underway, and a vacant or under-renovation property may need a separate policy or endorsement.

    Timing: When to Start the Insurance Conversation

    Insurance should not wait until the week before closing. Because specialty and high-net-worth insurers often need time to properly evaluate a unique property, luxury buyers are well served by reaching out to an insurance broker as soon as an offer is accepted, and ideally even earlier if they know they are looking at flood-zone or historic properties. This gives enough time to secure an accurate quote, address any red flags the insurer identifies, and avoid last-minute financing delays, since most lenders require proof of insurance before closing.

    Frequently asked questions

    Do I need a specialty high-net-worth insurance policy for every luxury home?

    Not necessarily, but any home with a rebuild cost, valuables, or liability exposure that exceeds standard policy limits typically benefits from a specialty carrier or at minimum a careful review of coverage limits with a broker experienced in higher-value properties. The right answer depends on the specific home and the buyer’s overall asset picture.

    How early should I get an insurance quote when buying a luxury home?

    As soon as your offer is accepted, and earlier if possible for properties in flood zones or with unique architectural features. Insurance underwriting for high-value or complex properties can take longer than a standard policy, and most lenders require proof of insurance before they will clear you to close.

    Is flood insurance required for every home near the Delaware River or the Jersey Shore?

    It depends on the property’s specific FEMA flood zone designation, not just its general proximity to water. A formal flood zone determination will clarify whether flood insurance is required for financing and give you an accurate sense of the likely premium before you finalize an offer.

    Insurance is one more detail worth getting right before you close on a luxury property in Philadelphia or South Jersey. James Kennedy can connect you with experienced local insurance brokers as part of the buying or selling process — reach him at 215-267-8479 or jameskennedy@unlockedteam.com.

  • Escrow, Title Insurance, and Transfer Tax: What Luxury Buyers and Sellers Should Know in Pennsylvania and New Jersey

    Escrow, Title Insurance, and Transfer Tax: What Luxury Buyers and Sellers Should Know in Pennsylvania and New Jersey

    Buyers and sellers spend a great deal of time thinking about price, and understandably so. But three quieter parts of every closing — escrow, title insurance, and transfer tax — can meaningfully affect the true cost of a transaction, and they scale directly with a home’s price. On a luxury purchase in Philadelphia or South Jersey, these line items are often larger, in absolute dollars, than most buyers expect. Understanding what each one actually does helps take some of the mystery out of a closing statement.

    What escrow actually means in a real estate transaction

    The word escrow gets used in two different ways during a home purchase, and conflating them is a common source of confusion. The first is the escrow deposit, sometimes called earnest money, that a buyer puts down shortly after going under contract to demonstrate good faith. That money sits with a neutral third party — typically a title company or attorney’s escrow account — until closing, at which point it’s applied toward the purchase price.

    The second use of the term refers to an ongoing escrow account that a mortgage lender sets up after closing to collect a portion of property taxes and homeowners insurance with each monthly payment, so the lender can pay those bills on the homeowner’s behalf when they come due. On a high-value home, monthly escrow contributions for taxes and insurance can be substantial, and buyers financing a purchase should ask their lender for a detailed escrow projection well before closing so there are no surprises in the first year of ownership.

    Title insurance: protecting against what you can’t see

    Title insurance protects against defects in the chain of ownership that a buyer or lender might not discover during a standard title search — things like an undisclosed heir with a claim to the property, an old unreleased lien, a forged signature somewhere in the property’s history, or a boundary dispute that predates current ownership. Unlike most insurance, title insurance is paid once, at closing, and covers the policyholder for as long as they or their heirs own the property.

    There are generally two policies involved in a financed purchase: a lender’s policy, which protects the mortgage holder’s interest and is required as a condition of the loan, and an owner’s policy, which protects the buyer’s equity and is optional but strongly recommended, particularly on a high-value home where the potential loss from a title defect is correspondingly larger. Because title insurance premiums are calculated as a percentage of the purchase price, the cost of a robust owner’s policy on a luxury home is a real number worth budgeting for early, not an afterthought at the closing table.

    Transfer tax: often the largest closing cost buyers don’t anticipate

    Both Pennsylvania and New Jersey impose a real estate transfer tax on the sale of property, calculated as a percentage of the sale price and typically split between buyer and seller by local custom, though the exact allocation is negotiable and should be addressed explicitly in the agreement of sale. Philadelphia adds its own local transfer tax on top of the state’s, making the combined rate in the city meaningfully higher than in most Pennsylvania suburbs, which is an important factor for buyers comparing a city purchase against a suburban one.

    New Jersey layers an additional Mansion Tax on residential purchases above certain price thresholds, a detail that matters directly to many luxury buyers in South Jersey given the price points this audience typically transacts at. Because these thresholds and rates are set by statute and can change, buyers and sellers should confirm the current rates and thresholds with their attorney or title company well before closing rather than relying on a prior transaction’s numbers.

    How these costs interact on a luxury deal

    On a lower-priced home, escrow, title insurance, and transfer tax might amount to a manageable, almost forgettable line on the closing statement. On a multi-million dollar purchase, the combined total of these three items can run into the tens of thousands of dollars or more, which is exactly why an experienced luxury agent and a knowledgeable real estate attorney should walk buyers and sellers through a detailed estimate of closing costs as soon as a property goes under contract, not just in the days immediately before closing.

    Frequently asked questions

    Who typically pays transfer tax in Pennsylvania and New Jersey, the buyer or the seller?

    Local custom varies, and in many Philadelphia-area transactions the tax is split evenly between buyer and seller, though this is fully negotiable and should be spelled out explicitly in the agreement of sale rather than assumed.

    Is an owner’s title insurance policy required?

    A lender’s title policy is required as a condition of financing, but an owner’s policy is optional. It is nonetheless strongly recommended, especially on a high-value home, since it protects the buyer’s own equity against title defects that a lender’s policy does not cover.

    Does New Jersey’s Mansion Tax apply to every South Jersey luxury purchase?

    It applies to residential purchases above a set price threshold established by state law, which is exactly the range many South Jersey luxury buyers transact in. Because the applicable threshold and rate can change, buyers should confirm the current figures with their attorney or title company at the time of purchase.

    If you’d like a clear, upfront estimate of escrow, title, and transfer tax costs before you make an offer or list your home, James Kennedy can walk you through the numbers for your specific transaction. Reach James at 215-267-8479 or jameskennedy@unlockedteam.com.

  • New Jersey’s Attorney Review Period Explained: A Guide for South Jersey Luxury Buyers and Sellers

    New Jersey’s Attorney Review Period Explained: A Guide for South Jersey Luxury Buyers and Sellers

    Buyers and sellers who have transacted in Pennsylvania are often surprised by their first New Jersey deal. The contract works differently, the timeline works differently, and there is a three-day window right after signing during which either side can walk away for any reason at all. It is called attorney review, and if you are buying or selling a higher-priced home in Haddonfield, Moorestown, Cherry Hill, Medford, or anywhere else in South Jersey, understanding it is essential to negotiating well.

    What attorney review is

    In New Jersey, a real estate contract prepared by a licensed agent on a standard form becomes legally binding after both parties sign — unless it is subject to attorney review. Under a long-standing arrangement between the state bar and the realtor associations, agent-prepared contracts include a clause giving each party a short window, generally three business days after delivery of the fully signed contract, to have an attorney review the agreement and either approve it, disapprove it, or propose changes.

    During that window, either party’s attorney may disapprove the contract for any reason or no reason. If they do, the contract is canceled. That is the part that catches people off guard: a signed contract in New Jersey is not truly locked until attorney review concludes.

    A few important mechanics:

    • The clock is in business days, so weekends and holidays extend the window.
    • The clock starts on delivery of the fully executed contract to both parties, not on the date of signature.
    • Either party may cancel, not just the buyer.
    • If neither attorney disapproves within the window, the contract becomes binding as written.
    • If an attorney proposes changes, the parties negotiate those revisions, and the contract binds once both sides agree.
    • A contract drafted by an attorney from the outset generally is not subject to this review clause — it is binding on signing.

    This is meaningfully different from Pennsylvania, where the standard Agreement of Sale is binding upon execution and there is no comparable automatic cancellation window. Nothing about attorney review has an equivalent in a Philadelphia or Main Line transaction, which is precisely why buyers crossing the river need to recalibrate.

    Why it matters more at the high end

    Attorney review is a formality in many routine transactions. In a luxury purchase, it is often where the deal is actually shaped. Expensive homes carry more complexity — and more of that complexity surfaces in these three days.

    The issues that tend to surface

    • Contingency structure. Inspection scope and timelines, financing terms, appraisal protection, and how each contingency can be exercised.
    • What conveys. Estate homes often carry custom fixtures, chandeliers, built-in systems, art installations, generators, and outbuildings. Ambiguity here becomes a dispute later.
    • Deposit terms. How much, when, held by whom, and under what circumstances it is refundable.
    • Timing and possession. Closing dates, extensions, and post-closing occupancy.
    • Property-specific concerns. Wells and septic systems in Medford or Mullica Hill, flood-zone questions near water, historic-district requirements in Haddonfield, easements on larger parcels, oil tank issues on older properties, and pool or outbuilding permits.
    • Certificate of occupancy requirements. Many South Jersey municipalities require inspections or certifications before transfer, and responsibility for compliance is negotiable.

    How to use the window well

    If you are the buyer

    Engage a real estate attorney familiar with the specific municipality before you sign, not after. Three business days is short, and an attorney reading your contract for the first time on day two is at a disadvantage. Have your inspections scheduled and your lender ready so you are moving on parallel tracks rather than losing days.

    Use the window for genuine legal and structural issues. Attempting to renegotiate price without new information invites a seller who feels ambushed to disapprove and go back to the market. In a competitive situation for a well-priced luxury home, that risk is real.

    If you are the seller

    Understand that the deal is not done. Do not stop showing until review concludes, and be clear with your agent about how to handle continued interest. Have your disclosures, permits, survey, and certifications assembled in advance — the seller who can answer a buyer’s attorney immediately keeps momentum, while the seller who takes a week to locate a permit invites doubt.

    Both sides

    Respond quickly. Most attorney review problems are not disagreements — they are delays. Silence in a three-day window reads as a lack of commitment and erodes trust exactly when it is most needed.

    The strategic reality

    Attorney review changes the psychology of a South Jersey negotiation. Because either party can walk, both sides have leverage they would not have in Pennsylvania — and both carry risk they would not otherwise carry. In practice this means the strongest position belongs to the party who is prepared: counsel retained, inspections scheduled, financing documented, and questions anticipated.

    It also means an accepted offer in New Jersey is a milestone, not a conclusion. Experienced agents on both sides manage the days after signing as actively as the days before it.

    Frequently asked questions

    How long is the attorney review period in New Jersey?

    It generally runs three business days from delivery of the fully signed contract to both parties. Weekends and holidays do not count, so a Thursday signing can extend well into the following week. The precise start and end depend on when delivery occurred, which is worth confirming with your attorney rather than assuming.

    Can a seller cancel during attorney review to accept a higher offer?

    Yes. Either party’s attorney may disapprove the contract during the review period, and the reason need not be disclosed. This is why buyers in competitive South Jersey markets should move quickly through review, and why sellers should understand that continuing to entertain interest during this window is permitted.

    Do I need an attorney to buy a home in New Jersey?

    New Jersey does not require it, but proceeding without counsel on an expensive or complex property means allowing the review window to lapse without anyone examining the contract on your behalf. For higher-priced homes, particularly those with wells, septic systems, historic-district status, or unusual terms, retaining an experienced local real estate attorney is standard practice.

    South Jersey’s contract process rewards preparation. If you are buying or selling a luxury home in Haddonfield, Moorestown, Cherry Hill, Medford, or the surrounding towns and want a clear plan for the days after signing — including a referral to experienced local counsel — reach out to James Kennedy at 215-267-8479 or jameskennedy@unlockedteam.com.

  • Philadelphia’s Residential Tax Abatement: What Luxury Buyers and Sellers Need to Know

    Philadelphia’s Residential Tax Abatement: What Luxury Buyers and Sellers Need to Know

    Few local rules shape a Philadelphia luxury purchase as directly as the city’s residential tax abatement. It affects what you pay each year, how a condo or new-construction home is priced, and what happens to your carrying costs several years down the road. Yet it is one of the most misunderstood parts of buying at the high end in the city — often reduced to “the taxes are cheap” without anyone explaining what happens when the abatement ends. Here is a clear, practical explanation for buyers and sellers of higher-priced Philadelphia homes and condominiums.

    What the abatement actually does

    Philadelphia’s residential tax abatement is a temporary reduction in the property taxes owed on the improvement portion of a property’s assessed value — meaning the building itself, not the land underneath it. When a developer builds a new home or condominium, or substantially rehabilitates an existing one, the owner continues paying full property tax on the land value while the value of the new construction is abated for a defined period.

    Two points matter more than any other:

    • It is temporary. The abatement runs on a schedule from the date it is granted. It does not reset when the property is sold, and it does not belong to you — it belongs to the property.
    • It is partial. You still owe tax on the land, plus any portion of the improvement value not covered. Your bill is lower, not zero.

    The program’s terms have been amended more than once, and the rules that apply to a given property depend on when its building permit was issued. That is why you cannot assume a blanket answer applies to every new condo in Center City. The specifics must be confirmed property by property.

    Why it matters so much at the luxury end

    The higher the improvement value, the larger the abatement in dollar terms — which is exactly why it looms so large in new-construction condominiums and newly built townhomes in neighborhoods like Northern Liberties, Fishtown, Graduate Hospital, and the Rittenhouse-area high-rises. On an expensive home, the difference between an abated and unabated tax bill can be a meaningful monthly number, and it flows straight into two calculations:

    Your true monthly carrying cost

    Lenders escrow taxes based on the current bill. If you buy a property with several abated years remaining, your early monthly payment reflects the abated figure — and it will rise when the abatement expires. Buyers who budget only against the abated number can be caught off guard later. Underwrite the post-abatement payment from day one and treat the abated years as a temporary discount, not the baseline.

    What the home is worth on resale

    Remaining abatement years are a real, quantifiable asset that transfers with the property, and buyers pay for them. A home with most of its abatement intact commands more than an otherwise identical home in its final abated year. As a seller, that is a point worth marketing precisely. As a buyer, it is a point worth valuing precisely rather than accepting as a vague “bonus.”

    Questions to ask before you write an offer

    • Is the property actually abated? Never take a listing remark at face value. Confirm it against city records.
    • When was it granted, and when does it end? The start date determines the remaining runway and which version of the program applies.
    • What is the land assessment? That portion is not abated and is payable now.
    • What would the full, unabated bill look like? This is the number that matters for long-term planning.
    • Is the abatement in good standing? Delinquencies or compliance issues can jeopardize it.
    • How does the phase-out work for this property? Some versions step down gradually rather than ending all at once. Whether your increase arrives as a cliff or a slope changes your planning.

    The condominium wrinkle

    In a new luxury condominium building, each unit typically carries its own abatement tied to the building’s construction. Two units in the same building will usually share a timeline — but a resale unit that has already passed through an owner or two has fewer years left than the sponsor’s remaining new inventory. When you are comparing a resale unit against a developer unit in the same building, the price difference may look like a bargain until you account for the abatement years you are not getting. Layer the condominium fee on top and the total monthly picture can shift the comparison entirely.

    How sellers should handle it

    If you own an abated property and are preparing to sell, treat the abatement as part of your marketing package rather than a footnote:

    • Document the exact remaining term and be able to prove it.
    • Present the current bill and the projected post-abatement bill honestly. Sophisticated buyers and their advisors will find it anyway, and transparency builds credibility.
    • Recognize that as the remaining term shortens, this advantage quietly erodes. If a large share of your home’s appeal rests on the abatement, timing deserves real thought.

    Putting it in context

    The abatement should inform your decision, not drive it. Location, floor plan, light, outdoor space, parking, building quality, and long-term neighborhood strength determine what a home is worth over a holding period measured in decades. An abatement is a finite subsidy on a much longer ownership horizon. Buy a home you would want without the abatement, then treat the abated years as an advantage on top — not as the reason for the purchase.

    It is also worth comparing Philadelphia’s structure to what you would face across the river. Pennsylvania and New Jersey tax property very differently, and a suburban or South Jersey home at the same price point can carry a materially different annual bill with no abatement mechanism at all. If you are weighing city against suburbs, run the numbers on both sides rather than reasoning from the headline rate.

    Frequently asked questions

    Does the tax abatement transfer to me when I buy the home?

    Yes. The abatement attaches to the property, not the owner, so a buyer inherits whatever term remains. It does not restart at settlement. Confirm the exact remaining years in writing before you commit, because that runway is part of what you are paying for.

    What happens to my mortgage payment when the abatement expires?

    If your lender escrows taxes, your monthly payment will increase once the full assessment is taxed, and the escrow analysis may lag the change. On an expensive Philadelphia property this can be a significant jump. Budget for the unabated payment from the beginning so the expiration is an event you planned for rather than a surprise.

    Is an abated home always the better buy?

    No. An abatement lowers cost during a limited window, but the property’s location, construction quality, and long-term desirability determine its value over your full ownership. A well-located home without an abatement often outperforms a poorly located one with a large abatement. Weigh the subsidy against the fundamentals.

    Philadelphia’s tax rules reward buyers who verify before they commit. If you are considering a new-construction or recently rehabilitated home in Philadelphia and want a clear picture of the abatement status, the remaining term, and what your taxes will look like once it ends, reach out to James Kennedy at 215-267-8479 or jameskennedy@unlockedteam.com for guidance grounded in current, verified figures for the specific property you are considering.

  • 1031 Exchanges Explained: A Guide for Philadelphia & South Jersey Luxury and Investment Property Owners

    1031 Exchanges Explained: A Guide for Philadelphia & South Jersey Luxury and Investment Property Owners

    For owners of investment and income-producing real estate in the Philadelphia and South Jersey region, few tools are as powerful — or as misunderstood — as the 1031 exchange. Used correctly, it allows an owner to sell an investment property and reinvest the proceeds into another without paying capital gains tax at the time of sale. For high-net-worth owners building or repositioning a real estate portfolio, that deferral can be a meaningful advantage. This guide explains the essentials in plain English.

    Note: this is general educational information, not tax or legal advice. Always work with a qualified tax professional and a qualified intermediary before pursuing an exchange.

    What a 1031 exchange actually is

    A 1031 exchange — named for Section 1031 of the federal tax code — lets an owner defer capital gains taxes by exchanging one qualifying investment or business-use property for another of “like-kind.” Instead of selling, paying tax on the gain, and reinvesting what’s left, the owner rolls the entire proceeds into the next property and defers the tax. Done in succession, an investor can keep deferring gains across multiple properties over many years.

    The key word is defer, not eliminate. The tax obligation doesn’t disappear; it’s postponed until the owner eventually sells without exchanging. Many long-term investors use this to keep more capital working over time.

    What qualifies

    Not every property is eligible. A few core principles:

    • Investment or business use. The property sold and the property bought must both be held for investment or productive use in a trade or business. A personal residence does not qualify, though there are separate rules for primary homes.
    • “Like-kind” is broad. For real estate, like-kind is interpreted generously — you can exchange, for example, a rental condo for a multifamily building, or a commercial property for land, as long as both are held for investment.
    • Domestic real estate. The property must be real property located in the United States.

    Because a luxury vacation home or a second home occupies a gray area, owners of shore homes or pieds-a-terre used partly for personal enjoyment should get specific guidance on whether their property qualifies.

    The timelines that make or break an exchange

    The 1031 process is governed by strict deadlines, and missing them can disqualify the exchange entirely:

    • 45-day identification period. From the day you close on the sale of your property, you have 45 calendar days to formally identify potential replacement properties in writing.
    • 180-day exchange period. You must close on the replacement property within 180 calendar days of selling the original — and this clock runs concurrently with the 45-day window, not after it.

    These deadlines are firm and generally not extended for weekends, holidays, or ordinary delays. Because the timelines are tight, many investors line up their replacement property before or shortly after selling.

    The role of the qualified intermediary

    A critical rule: you cannot take possession of the sale proceeds yourself. If you touch the money, the exchange fails. Instead, a qualified intermediary holds the funds between the sale and the purchase and handles the required documentation. Choosing an experienced, reputable intermediary is one of the most important decisions in the process, and it should be arranged before you close on the sale.

    Other rules worth understanding

    • Equal or greater value. To fully defer the gain, you generally need to reinvest all of the proceeds and acquire property of equal or greater value, with equal or greater debt. Reinvesting less can create a partially taxable event.
    • “Boot” is taxable. Any cash or non-like-kind value you receive — known as boot — is typically subject to tax. This often catches owners who buy a less expensive replacement property.
    • Title consistency. The same taxpayer or entity that sold the property generally must acquire the replacement, which matters when properties are held in LLCs, trusts, or partnerships.

    How this applies in the Philadelphia and South Jersey market

    Our region gives investors a wide field to work with. An owner might exchange a Center City rental condo into a larger multifamily building, trade a South Jersey rental into commercial space, or reposition a portfolio from higher-maintenance properties into something more passive. Pennsylvania and New Jersey also have their own state tax considerations layered on top of the federal rules, so cross-border exchanges between the two states deserve extra attention from your tax advisor.

    For luxury owners, a 1031 exchange can be part of a broader strategy — consolidating several properties, moving equity into a stronger asset, or setting up an eventual estate plan. The right move depends entirely on your goals, your timeline, and your tax picture.

    Frequently asked questions

    Can I use a 1031 exchange on my primary home or vacation home?

    A primary residence does not qualify for a 1031 exchange, though it may be eligible for a separate capital gains exclusion. A vacation or second home is a gray area — it may qualify if it’s genuinely held for investment rather than personal use. Get specific advice from a tax professional before assuming your property qualifies.

    What happens if I miss the 45-day or 180-day deadline?

    Missing either deadline generally disqualifies the exchange, meaning the sale becomes a taxable event and you owe capital gains tax. Because the timelines are strict and rarely extended, most investors identify and line up replacement properties early, often before closing on the sale.

    Do I still owe tax eventually?

    Yes, unless you keep exchanging. A 1031 exchange defers the gain rather than eliminating it. The tax generally comes due when you sell a property without doing another exchange. Some owners continue exchanging over a lifetime as part of a long-term estate strategy — a plan best built with a tax and legal team.

    Considering selling an investment property and reinvesting through a 1031 exchange? James Kennedy works with luxury and investment property owners across Philadelphia and South Jersey and can help you find and evaluate replacement properties on a 1031 timeline, alongside your tax advisor. Call James at 215-267-8479 or email jameskennedy@unlockedteam.com.

  • What Happens at Settlement? A Closing-Day Guide for Luxury Buyers and Sellers in Pennsylvania and New Jersey

    What Happens at Settlement? A Closing-Day Guide for Luxury Buyers and Sellers in Pennsylvania and New Jersey

    After the search, the negotiation, the inspections, and the financing, everything in a real estate transaction funnels into a single event: settlement. For luxury buyers and sellers in the Philadelphia region, closing day is usually smooth, but the transactions that go sideways almost always go sideways here, over money movement, last-minute walkthrough issues, or document surprises. Understanding how settlement actually works, and how Pennsylvania and New Jersey handle it differently, is the best insurance against a stressful closing.

    The week before settlement: where closings are won

    A calm settlement is built in the preceding week. Several things need to converge:

    • Clear to close. If financing is involved, the lender issues final approval after verifying everything one last time. Avoid new credit activity, large unexplained deposits, or job changes in this window; underwriters recheck.
    • The closing disclosure and final numbers. Buyers receive a final accounting of funds needed at closing; sellers receive a projection of net proceeds. Review these line by line against earlier estimates and question anything unfamiliar before closing day, not at the table.
    • Arranging funds. Closing funds at luxury price points move by wire. Banks can have daily wire limits and cutoff times, so schedule the wire a day or more ahead when possible.
    • The final walkthrough. Typically within a day of settlement, the buyer confirms the property’s condition, that agreed repairs were made, included items remain, and nothing changed since the inspection.

    Wire fraud: the warning that belongs in bold

    Real estate wire fraud is a genuine and persistent threat, and high-priced transactions are prime targets. Criminals compromise email accounts and send convincing, urgent wiring instructions that look like they come from the title company, attorney, or agent. The defense is simple and non-negotiable: always verify wiring instructions by phone, using a number you already know to be correct, before sending any funds, and be immediately suspicious of any last-minute change to instructions. No legitimate closing professional will object to verification.

    How Pennsylvania settlements work

    Pennsylvania closings are typically run by a title company, with buyers, sellers, and agents often gathering around one table (though remote and pre-signed arrangements are common). The title company acts as settlement agent: it holds deposits in escrow, prepares the settlement statement, collects and disburses funds, and records the deed. Attorneys are not customarily required, though buyers and sellers with complex situations, trusts, estates, business entities, unusual title issues, often bring counsel, and at higher price points that is money well spent. Both the state and municipalities impose realty transfer taxes, and rates vary by location, notably between Philadelphia and its suburbs, so ask for a location-specific estimate early.

    How New Jersey settlements work

    New Jersey transactions carry a different rhythm from the start. After a contract is signed, both sides typically enter attorney review, a short period in which each party’s attorney can approve, revise, or cancel the contract, and attorneys generally stay involved through closing, especially in the northern half of the state; in South Jersey, practice varies and title companies often play a larger role. At settlement, the buyer’s side runs the closing, funds are collected and disbursed, and the deed is recorded with the county. New Jersey sellers should be aware of the state’s realty transfer fee, and certain sellers, including some non-residents, face additional withholding or fee considerations that an attorney or tax advisor should address well before closing day.

    At the table: what actually happens

    The event itself is mostly signatures. Buyers sign loan documents (if financing) and settlement paperwork; sellers sign the deed and transfer documents. The settlement agent confirms all funds have arrived, pays off the seller’s existing mortgage and the transaction’s costs, and disburses proceeds. Buyers leave with keys; the deed is recorded afterward. When a walkthrough reveals a problem, a repair not completed, damage from moving, items removed that should have stayed, the common solution is a negotiated credit or an escrow holdback rather than a delayed closing, which is one more reason experienced representation matters at this stage.

    Special considerations at the luxury level

    High-end closings add a few layers: purchases through trusts or LLCs require entity documents in order ahead of time; wire logistics are larger and less forgiving; included furnishings or art are sometimes documented in separate agreements; and settlement dates are more often negotiated around complex moves, renovations, or tax timing. None of this is difficult, but all of it rewards preparation over improvisation.

    Frequently asked questions

    Do I need an attorney to close on a home in Pennsylvania or New Jersey?

    Pennsylvania does not customarily require one; title companies run most settlements, though counsel is wise for trusts, estates, entities, or title complications. In New Jersey, attorney involvement is standard through attorney review and commonly through closing, particularly in the northern part of the state; South Jersey practice varies. At luxury price points, having your own attorney review documents is inexpensive relative to the stakes.

    How long does settlement day itself take?

    Usually about an hour once everyone is at the table with funds confirmed, longer if documents are signed in stages or an issue surfaces. The far more important timeline is the week before: clear to close, final figures, wire arrangements, and the walkthrough determine whether the hour goes smoothly.

    What should I do if the final walkthrough turns up a problem?

    Tell your agent immediately, before signing. Most issues resolve at the table through a repair credit or an escrow holdback that sets money aside until the item is fixed. Walking into settlement silent and hoping is the one approach that reliably backfires.

    Whether you are buying or selling at the high end in Pennsylvania or New Jersey, James Kennedy manages transactions from offer through settlement day and can tell you exactly what your closing will look like, including current transfer taxes and cost estimates for your specific location. Call 215-267-8479 or email jameskennedy@unlockedteam.com.

  • Media, Pennsylvania: A Town Guide for Luxury Home Buyers

    Media, Pennsylvania: A Town Guide for Luxury Home Buyers

    Ask suburban Philadelphia buyers to name the region’s great main streets and Media’s State Street comes up almost immediately. The Delaware County seat, a compact borough locals proudly call Everybody’s Hometown, offers something the Main Line largely cannot: a true, self-contained downtown with restaurants, theaters, and shops, plus a trolley running right down the middle of the street. Surround that downtown with townships full of wooded lots, estate properties, and well-regarded schools, and you have one of the most complete luxury packages west of the city, often at prices that compare favorably with the Main Line a few miles north.

    The borough and its surroundings: two markets in one

    Media is really two markets that share a name. The borough itself is small and walkable, with Victorian singles, twins, and newer townhomes within a stroll of State Street. Buyers here are purchasing a lifestyle: dinner on foot, the Media Theatre, community events that close the street in warm months, and the rare suburban pleasure of not needing a car for daily errands.

    Around the borough, the surrounding townships, Upper Providence, Middletown, Nether Providence, and the Rose Tree area, hold the larger luxury properties: stone colonials on an acre or more, mid-century and contemporary homes tucked into mature woods, and estate settings near Ridley Creek State Park and Tyler Arboretum. Many of these homes carry Media mailing addresses while sitting in different municipalities, which matters for taxes and schools, so verify the actual township and school district on any listing rather than relying on the address line.

    Schools and institutions

    Two public school districts dominate the Media conversation: Rose Tree Media, serving the borough and several surrounding townships, and Wallingford-Swarthmore, serving Nether Providence and its neighbors to the southeast. Both enjoy strong reputations, and the boundary between them shapes buyer searches noticeably. The area also offers convenient access to prominent independent schools in Delaware County and the lower Main Line, and Swarthmore College sits just a few minutes away, lending the area some of the cultural energy of a college town.

    Commuting and connectivity

    Media is better connected than its leafy setting suggests. SEPTA’s Media/Wawa Regional Rail Line runs through the borough to Center City, and the Route 101 trolley connects State Street to the 69th Street terminal for another rail option. Drivers reach the Blue Route (I-476) in minutes, which opens fast paths to the airport, Center City via I-95 or the Schuylkill, King of Prussia, and Wilmington, a genuine advantage for households with commutes in different directions. Philadelphia International Airport is among the closest of any premier suburb in the region.

    What the luxury market looks like

    In the borough

    • Restored Victorian and Queen Anne singles on tree-lined blocks within walking distance of State Street.
    • Newer luxury townhome communities aimed at downsizers and professionals who want turnkey living plus walkability.

    In the surrounding townships

    • Stone and brick colonials on generous lots, many from the early and mid twentieth century with later expansions.
    • Custom and contemporary homes in wooded enclaves near Ridley Creek State Park, prized for privacy.
    • Occasional true estates with acreage, outbuildings, and long drives, closer in spirit to Chester County than to the inner suburbs.

    Inventory at the top of this market is thinner than on the Main Line simply because the area is smaller, so serious buyers benefit from being prepared, financing arranged, criteria clear, before the right property appears. Property taxes vary meaningfully between the borough and each township, and between the two school districts, so comparing total carrying costs across specific homes is more informative than comparing list prices alone.

    How Media compares with the Main Line

    Buyers regularly cross-shop Media against Wayne, Bryn Mawr, and Ardmore. The honest summary: the Main Line offers deeper luxury inventory, more prestige-brand recognition, and the Paoli/Thorndale rail line; Media counters with a better-integrated downtown, closer airport access, Ridley Creek State Park at its doorstep, and, historically, more house and land per dollar. Households anchored to the airport, Wilmington, or West Chester often find Media’s geography simply works better.

    Frequently asked questions

    Is Media, PA a good place for luxury home buyers?

    Yes, particularly for buyers who want a walkable, genuinely lively downtown combined with estate-style properties nearby. The borough offers Victorians and upscale townhomes; the surrounding townships offer privacy, acreage, and larger homes, with strong public schools across the area.

    What school districts serve the Media area?

    Rose Tree Media School District serves Media borough and several surrounding townships, while Wallingford-Swarthmore serves Nether Providence and neighboring communities. Both are well regarded, and because the boundary affects specific streets, buyers should confirm the district for any individual property.

    How long is the commute from Media to Center City Philadelphia?

    SEPTA’s Media/Wawa Regional Rail Line provides direct service to Center City, and drivers use I-476 to I-95 or the Schuylkill Expressway. Exact times vary with schedules and traffic, but Media is generally regarded as one of the more convenient western suburbs, especially for anyone who also values quick airport access.

    Considering Media, the Main Line, or both? James Kennedy helps luxury buyers compare towns, school districts, and individual properties across the Philadelphia region and South Jersey. Call 215-267-8479 or email jameskennedy@unlockedteam.com for current inventory and pricing.

  • How Appraisals Work for Luxury Homes: A Guide for Philadelphia & South Jersey Buyers and Sellers

    How Appraisals Work for Luxury Homes: A Guide for Philadelphia & South Jersey Buyers and Sellers

    At most price points, a home appraisal is a formality: the appraiser finds three similar recent sales nearby, makes a few adjustments, and lands close to the contract price. Above roughly a million dollars — and especially for custom, historic, or architecturally unusual homes in Philadelphia and South Jersey — the process gets harder and the stakes get higher. Understanding how luxury appraisals work helps both buyers and sellers avoid surprises at the closing table.

    Why luxury appraisals are genuinely harder

    An appraisal is fundamentally an exercise in comparison, and luxury homes resist comparison in three ways.

    Scarce comparable sales

    In a neighborhood of similar rowhomes or colonials, dozens of relevant sales may close each year. At the high end — a Gladwyne estate, a full-floor Rittenhouse condo, a restored Society Hill townhouse — there may be only a handful of truly comparable sales in the past year, and the appraiser may need to widen the search area or the time window, both of which introduce judgment calls.

    Custom features without market consensus

    Wine cellars, elevators, carriage houses, museum-quality restorations, smart-home systems — luxury homes are full of features whose contribution to value is real but hard to prove with data. Two qualified appraisers can reasonably disagree about what a given feature adds.

    Thin, negotiated markets

    High-end sales are more often shaped by negotiation, off-market activity, and unique buyer circumstances than mid-market sales. A single unusual transaction — an estate sale, a relocation deadline — can distort the comparable set.

    When appraisals matter most

    Appraisals enter a luxury transaction in several ways. If the buyer is financing with a jumbo loan, the lender will require an appraisal — and some jumbo lenders require two for larger loan amounts. Cash buyers can waive appraisal entirely, which is one reason cash offers carry weight at the high end. Appraisals also arise in estate settlement, divorce, property tax appeals, and pre-listing pricing decisions.

    What sellers can do to support the appraisal

    • Document improvements. Keep records of renovations, additions, and major systems work — scope, contractor, and approximate cost. Undocumented improvements are easy for an appraiser to under-credit.
    • Provide a comparables package. Your agent can prepare a summary of the most relevant recent sales, including off-market or quiet sales the appraiser might miss, and meet the appraiser at the property to walk through it.
    • Highlight what is not visible. Geothermal systems, new roofs, historic tax abatements, deeded parking, and land value all deserve explicit mention.
    • Prepare the home. Appraisers are trained to be objective, but condition and presentation still shape the report. Treat the appraisal visit like a showing.

    What buyers should know

    If you are financing, understand your appraisal contingency before you sign. In a competitive situation, buyers sometimes strengthen an offer with an appraisal gap provision — agreeing to cover some or all of a shortfall between the appraised value and the contract price. This can be a smart tool at the high end, where appraisal variance is common, but it should be sized deliberately against your cash position, not offered reflexively.

    If an appraisal does come in below the contract price, the deal is not dead. Options include a reconsideration of value with additional comparables, a renegotiated price, a larger down payment to keep the loan within lender limits, or a second appraisal where the loan program allows it. An experienced agent will have managed all of these paths before.

    Regional wrinkles worth knowing

    In Philadelphia, historic certification, tax abatements, and condominium structures each add layers to valuation, and appraisers unfamiliar with a specific submarket — Society Hill versus Fitler Square, for example — can miss meaningful distinctions between blocks. In South Jersey towns like Haddonfield and Moorestown, large custom homes may have few in-town comparables, pushing appraisers toward neighboring towns with different school districts and tax profiles, which requires careful adjustment. In both states, working with lenders and appraisers who know the local luxury market materially reduces surprise.

    Frequently asked questions

    Do cash buyers need an appraisal?

    No — an appraisal is a lender requirement, so a cash purchase can proceed without one. Many cash buyers still commission one for their own peace of mind, especially on unique properties, but it is optional and does not have to be a contingency of the offer.

    What happens if the appraisal comes in low?

    The buyer and seller typically negotiate: the price comes down, the buyer covers the gap with additional cash, or some combination. The buyer’s agent can also request a reconsideration of value with better comparables. A low appraisal is a negotiation event, not an automatic termination.

    How is an appraisal different from a comparative market analysis?

    An appraisal is a formal opinion of value from a licensed appraiser, usually ordered by a lender. A comparative market analysis is prepared by a real estate agent to guide pricing strategy. They use similar logic, but the CMA can incorporate forward-looking market judgment while the appraisal must be anchored to closed sales.

    Whether you are pricing a distinctive home for sale or structuring a competitive offer, appraisal strategy matters at the high end. James Kennedy helps luxury buyers and sellers across Philadelphia and South Jersey navigate valuation with current data. Call 215-267-8479 or email jameskennedy@unlockedteam.com.

  • Narberth, Pennsylvania: A Main Line Town Guide for Luxury Home Buyers

    Narberth, Pennsylvania: A Main Line Town Guide for Luxury Home Buyers

    Most Main Line towns trade on privacy, acreage, and quiet cul-de-sacs. Narberth trades on something rarer: a real downtown. This independent borough — less than one square mile, completely surrounded by Lower Merion Township — offers luxury buyers a walk-to-everything lifestyle that is genuinely hard to find in the Philadelphia suburbs. If you want a high-end home where you can stroll to dinner, the train, the library, and a farmers market without touching your car keys, Narberth deserves a close look.

    What makes Narberth different from the rest of the Main Line

    Narberth is a borough, not a township, and that distinction shapes daily life. It has its own government, its own parks, its own business district, and a civic identity that residents guard proudly. While neighboring Lower Merion communities like Wynnewood and Merion Station are largely residential with scattered commercial pockets, Narberth is organized around a compact, walkable core along Haverford Avenue and Narberth Avenue — restaurants, coffee shops, a movie theater, boutiques, and everyday services all within a few blocks of most homes in town.

    The result is a lifestyle closer to Chestnut Hill or Collingswood than to the estate sections of Gladwyne or Villanova. Buyers who love the Main Line’s schools and rail access but find its car-dependence limiting often land in Narberth for exactly this reason.

    The housing stock: character over sprawl

    Because the borough is small and was largely built out by the mid-twentieth century, Narberth’s housing stock skews historic and architecturally varied. Expect to find:

    • Late Victorian and Queen Anne homes with wraparound porches on tree-lined blocks
    • Foursquares and center-hall Colonials from the early 1900s, many thoughtfully expanded
    • Tudor Revival and stone cottage-style homes typical of the Main Line’s interwar years
    • Twins and townhomes near the commercial core that offer walkability at a lower price of entry
    • A limited but growing number of high-end renovations and infill new construction, which command a premium because buildable land is so scarce

    At the luxury end of the market, the most sought-after properties combine period character — original millwork, stone exteriors, deep porches — with modern kitchens, primary suites, and finished lower levels. Because inventory is structurally limited, well-renovated homes on desirable blocks tend to move quickly and attract multiple interested buyers regardless of the broader market cycle.

    Commute and connectivity

    Narberth station sits on SEPTA’s Paoli/Thorndale Regional Rail line, with a ride to Center City that is among the shortest on the Main Line. Many residents walk to the station — a meaningful quality-of-life difference from towns where the train requires a drive and a parking permit. Drivers reach Center City via City Avenue and the Schuylkill Expressway, and the Amtrak hub at 30th Street Station is a short train or car ride away for New York-bound travelers.

    Schools and community life

    Narberth is served by the Lower Merion School District, one of the most highly regarded public school systems in Pennsylvania and a durable driver of property values throughout the township and borough. Private and parochial options across the Main Line — including several of the region’s most respected independent schools — are a short drive away.

    Community life is unusually strong for a town this size. The borough’s parks host summer concerts and youth sports, the annual community events calendar is full, and the walkable core means neighbors actually run into each other. For buyers relocating from city neighborhoods like Fitler Square or Queen Village, Narberth often feels like the most natural suburban landing spot.

    What luxury buyers should weigh

    Scarcity cuts both ways

    Narberth’s tiny footprint means low inventory. Buyers with specific requirements — large lots, garages, main-floor primary suites — may wait longer for the right home here than in larger neighboring communities, and should be prepared to act decisively when it appears.

    Lot sizes are modest

    If your vision of luxury includes an acre of lawn, a pool, and long private driveways, the estate sections of Gladwyne, Villanova, or Haverford will fit better. Narberth’s premium is walkability and character, not acreage.

    Taxes and value

    As with the rest of the Main Line, property taxes reflect the quality of the school district and services. Buyers comparing Narberth against South Jersey towns like Haddonfield or Moorestown should look at the total cost picture — taxes, commute, and lifestyle — rather than price alone. James can walk you through a current, side-by-side comparison.

    Frequently asked questions

    Is Narberth considered part of the Main Line?

    Yes. Narberth sits on the historic Pennsylvania Railroad Main Line corridor between Merion and Wynnewood and is served by the Paoli/Thorndale line. It is an independent borough surrounded by Lower Merion Township, and it shares the Main Line’s schools, rail access, and housing character.

    What kind of buyer is Narberth best suited for?

    Buyers who prioritize walkability, community, and architectural character over lot size. It is especially popular with families moving from Center City who want top-tier schools without giving up a walk-to-dinner lifestyle, and with downsizers who want to stay engaged in a true town center.

    How competitive is the luxury market in Narberth?

    Structurally competitive, because the borough is small and rarely has more than a handful of high-end homes available at once. Well-renovated homes on walkable blocks tend to draw strong interest quickly. Market conditions change, so contact James for a current read on inventory and pricing.

    Thinking about a move to Narberth or anywhere on the Main Line? James Kennedy specializes in luxury real estate across Philadelphia and its suburbs and can give you a current, honest read on the market. Call 215-267-8479 or email jameskennedy@unlockedteam.com to start the conversation.