Monthly Archives: November 2013

Smell, Shop and Sip through these neighborhoods…

Passyunk Square, Queen Village and Bella Vista, respectively.

What used to be home to South Philadelphia Florists is now on the market. Including the 4 apartments in the same building. Located at 10th and Wharton, the asking price on this property is a pretty penny, coming in at close to $590K. All four apartments are included in the asking price but notes suggest that the floral shop could be sold separately. This location is a high foot traffic area as Pat and Geno’s are right down the block across from the active Capitolo Playground. So who wants to stop and smell the flowers?!

Image(Photo Source: nakedphilly.com)

Flowers on your mind?! Maybe you’d like to invest in a smaller space – formerly a flower shop and private residence. An ideal location right across from the singing fountain in East Passyunk, this listing iz zoned for commercial use  and could be used in a variety of ways (commercial on three floors, commercial on first and second with living quarters on the third floor, etc., etc…) Options are endless! This might be the best location in all of Passyunk Square! All it needs is your vision and some TLC. Please view more info on this listing or contact Larry Levin.

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If you’re a vintage and/or antique collector your weekend’s just got a little sweeter. Recently opened, Nostalgia is located at 704 s. 5th Street (5th and Bainbridge) and offers all ends of vintage memorabilia ranging from sunglasses to cameras. This boutique will also be showcasing local artists throughout the year along with many other in store events. Get your shop on before heading to the Good King Tavern for some drinks and french inspired eats.

Image(Photo Source: passyunkpost.com)

Located at 7th and Kater, Good King Tavern‘s recent opening has triggered some talk around the neighborhood. Offering some cuisine diversity, we feel this is a great addition to Bella Vista. So go ahead, take a Saturday to stroll and get your grub on while wearing your new vintage shades!

Image(Photo Source: facebook.com/TheGoodKingTavern)

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Looking for Green Space in Philly? You may have to look up.

Rooftop gardens have been a hot commodity the last couple years. Especially in Philadelphia where land, green garden space and a backyard can be hard to come by. Looking back, the transformation of the rooftop at The Free Library of Philadelphia’s into a garden space seemed ahead of its time.

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(Photo Source: urbangreens.tumblr.com, 2011)

Today, you will find more single family homes with green garden space on their roof, their deck, heck anywhere some sunlight may touch. Schools in the area have also started to adopt this trend as an educational and environmentally friendly way to teach young students the importance of green space in urban cities. South Philly High School (South Philadelphia) and Andrew Jackson Elementary (Passyunk Square) have jumped on the green train! While South Philly High has been fundraising, they have reached their first goal and continue to push for more feedback and funds. Looking out at a magnificent skyline view, just imagine the transformation this roof will take on.

(Photo Source: passyunkpost.com)

As for Andrew Jackson Elementary, they have already implemented their greenery and plan to celebrate their grand opening of their rooftop garden this Saturday (11/23) from 2-4pm. This rooftop launch will be an activity packed afternoon for the entire family. Offering some of Philly’s most renowned food truck vendors, games, crafts, live music, shopping and raffles. Join in with the Passyunk Square community and help support this beneficial project in helping Philly educate our communities on the importance of green living.

(Photo Source: facebook.com/passyunksquare)

Progress so far: These were posted not too long ago in preparation for this weekend. Keep the dirt coming!

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Passyunk Square is Booming!

Recently, the talk around town lies within Passyunk Square. New businesses, restaurants and events are popping up, enticing neighbors to come out and enjoy their community.

Coffee Dessert bar was pitched this week before the Passyunk Square Civic Association’s zoning committee. The idea to open a coffee shop and bakery at 12th and Ellsworth St. sure smells sweet! Serving Green Street Roaster’s coffee, this would most likely become a stop-and-go style cafe seating just over 10 people. 

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(Photo Source: passyunkpost.com)

If you are searching for more of sit and eat style restaurant, than you may be pleased to welcome Porto to the neighborhood. At 11th and Wharton, this Portuguese influenced cuisine will offer breakfast, brunch and lunch. This space was completely renovated with state of the art appliances and vibrant decor. Be sure to stop in on Saturday and Sunday from 9-5 and don’t forget to BYOB! This is formerly the site of Carmen’s Country Kitchen and if you’ve been in the neighborhood long enough you what she put the “C” in. Let’s hope Porto can leave as lasting an impression on this space – BIG shoes to fill indeed!

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(Photo Source: passyunkpost.com)

Ok, one more hot topic around the square and a celebratory one at that! Passyunk Square Civic Association is celebrating their 10th Anniversary. Their mission “neighbors helping neighbors” shines through as multiple improvements have been made for the community over the last decade. Implementing clean ups, community gardening, town watches, and school engagement, the PSCA surely has met their goal by enhancing the quality of life in Passyunk Square.

Join them Tuesday, December 3, 2013 from 7:00 PM to 9:00 PM at the Annunciation BVM Church Hall at South 10th Street, Philadelphia, PA 19147. Food and drinks will be provided while you network and hear remarks from active community members.

(Photo Source: passyunkpost.com)

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Philadelphia Housing Market Quarterly Update Q3 2013

 

Philadelphia Housing Holds Steady in Q3 by Kevin Gillen
Prices, sales remain flat, although inventories continue to decline.

October 24, 2013: Philadelphia’s housing market continued its stop-an-go pattern of recovery this past summer, with both house prices and sales remaining essentially unchanged from the previous quarter, even after rising sharply this past spring. 

The average house value in Philadelphia declined by 0.7 percent in Q3, according to the latest data from the City’s Recorder of Deeds. This number is considered small enough so as to be statistically indistinguishable from zero. 

House prices were generally flat citywide, with a few exceptions. From smallest to largest, the average change in house prices by neighborhood in Q3 were: North Philadelphia (-1.2%), Upper Northeast Philadelphia (-1.1%), Lower Northeast Philadelphia (0.0%), Northwest Philadelphia (0.0%), Center City/Fairmount (+0.2%), Kensington/Frankford (+0.7%), University City (+3.7%), South Philadelphia (+4.0%), and West Philadelphia (+8.1%).

The median house price in Philadelphia increased to $139,900 in Q2, a 6.0% increase over the median price of $132,000 in the previous quarter and a 7.6% increase over the median price of $130,000 one year ago. However, these increases are disproportionately due to sales being skewed towards the upper end of the market, as many relatively lower-income households remain on the sidelines of the current recovery due to sluggish economic conditions and tight credit conditions. Evidence of this is given by the continuing divergence between Philadelphia’s median house price (which is affected by this upward bias towards higher-priced homes) and the indexed house price (which is computed via a regression that eliminates this upward bias). This spread currently stands at nearly $50,000, and has been growing ever since the housing bust effectively eliminated many low income buyers from the market, In addition, home sales in the million dollar-plus price bracket remain well above their historic levels, despite overall home sales still remaining below their average historic levels.  

 


Currently, Philadelphia’s housing stock has recovered 9% of its lost value since the bursting of the housing bubble in 2007. Because house values here fell an average of 21% during the bust, this implies that they need to appreciate by another 12% in order to fully recover the value lost during the recession. 

Home sales activity was also flat this quarter. There were 3,614 arms-length transactions in Q3, which was exxentially unchanged from the previous quarter, but is up 9/2% from 3,311 sales one year ago.

Philadelphia’s recovery still stands in stark contrast to those of other cities. Although Philadelphia’s housing neither appreciated nor depreciated as much as most other large U.S. cities during the housing boom and its subsequent bust, it is still lagging in its recovery. House prices in cities such as Atlanta, San Francisco, Portland, and Minneapolis have recovered approximately half of their lost value, while Philadelphia has recovered only a little more than a third. In Dallas and Denver, house price increases have been sufficiently large that not only have these cities fully recovered their lost values, but house price levels there are currently above their pre-bust peaks. 

The following chart ranks large U.S. cities by their total peak-to-trough decline in house prices, with the blue areas of each bar indicating the percent that house prices have recovered their value and the red areas indicating the percent that remains before the total loss is completely recovered.:


While Philadelphia’s housing market does generally tend to lag national trends, the currently sluggish recovery may be a sign that the market remains uncertain about the future of various local public policies that are likely to affect the future of our housing market. These issues include: the next round of AVI assessments, the possible creation of a land bank, potential reductions in our high delinquency rate of property taxes, and the future of the Ten-Year Tax Abatement. 

  For more information about Philadelphia’s Housing Market and past market updates, CLICK HERE

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