Tag Archives: Philadelphia

Philadelphia Housing Quarterly Market Update: Q1 2014

Philadelphia’s Housing Continues to Exhibit Bipolar Symptoms in 2014 Q1  by Kevin Gillen

Prices and sales continue to rise in affluent neighborhoods, but decrease or remain flat in others.

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April 14, 2014: Although it has been two years since Philadelphia house prices hit their post-recession bottom, its recovery has not only proceeded in fits and starts, but has also been unevenly—and inequitably—spread across the City’s neighborhoods. The latest stats continue to confirm this trend, indicating improved market conditions in either relatively high-income or gentrifying areas, but continued stagnation or even decline in the rest of the City. The average house value in Philadelphia declined by 4% in Q1, according to the latest data from the City’s Recorder of Deeds. However, this citywide average blends price increases in some neighborhoods with price decreases in others.

 

House prices generally increased in Philadelphia’s more affluent or revitalizing neighborhoods, but fell in most remaining parts of the City, with the poorest neighborhoods experiencing the largest declines. From smallest to largest, the average change in house prices by neighborhood in Q1 were: West Philadelphia (-17.5%), North Philadelphia (-12.9%), Kensington/Frankford (-6.1%), Upper Northeast Philadelphia (-5.9%), Lower Northeast Philadelphia (-5.7%), Northwest Philadelphia (-2.2%), South Philadelphia (+2.5%), University City (+2.7%) and Center City/Fairmount (+6.8%).

 

The median house price in Philadelphia fell to $110,000 in Q1, a 13% decrease from $127,000 in the previous quarter.

 

Home sales volume continued to increase this past quarter on a seasonally-adjusted basis, although activity remains relatively skewed towards the higher-priced vicinities of the City. There were 3,148 arms-length transactions in Q1, up from 2,849 a year ago and up from 2,503 in their post-recession low three years ago. While sales activity is trending positively, overall volume still remains below its historic average of approximately 3,800 sales per quarter. Notably, however, sales of million-dollar homes continue to run well above their historic average, providing further evidence that Philadelphia’s housing recovery remains skewed towards the upper segment of the market.

 

Although price changes remain varied across neighborhoods, this quarter’s citywide average decline has returned Philadelphia’s house price index to near its post-recession low of two years ago. Currently, the index has a value of 375.4, which is only slightly above its value of 372.0 in 2012 Q2.

 

Inventories of homes listed for sale also continued their decline in Q1. Currently, there are 6,798 homes listed for sale in the city, which is very close to the pre-bubble historic average of approximately 6,000, and down significantly from its peak of over 12,000 back in 2006. This decline in surplus inventory combined with the upward trend in sales activity should provide some optimism that supply and demand are continuing to move towards being back in balance with each other.

 

To what extent this quarter’s mixed numbers may be attributable to the adverse effects of an exceptionally cold polar vortex-induced winter is unclear. However, while some neighborhoods in Philadelphia appear to be in full resurgence, the lack of citywide price appreciation stands in marked contrast to those of most other U.S. cities.

 

According to Case-Shiller’s house price indices for the twenty largest U.S. cities, price recovery remains strong and steady in most other cities, compared to Philadelphia’s variance and unevenness. That Philadelphia’s recovery will continue in this way for the near future is supported by the most recent house price forecast from Zillow, which is projecting Philadelphia’s house prices to rise only 1.3% over the course of the next twelve months, while forecasting a 3% increase for the U.S. as a whole.

 

 

 

 

 

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Modern New Construction! Olde Richmond 19125

Looking to buy a newly constructed, modern and spacious home? Located on the 2500 block of Sepviva Street these homes offer a great space for newly weds, families or anyone looking for a custome luxury home at a great price. Offering black brick facade, 9′ ceilings, finished basement, hardwood floors, stainless steel appliances, granite countertops, a large yard and more. Check out the renderings. We like the look of these modern homes and the neighborhood is convenient to everything the City has to offer.

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Starting at $315,000 these are priced competitively on the market in a growing area of north Philadelphia. Want more information? Contact Larry at LiveLovePhilly for further details.

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Need A Faster Way to Travel Around Philadelphia? Hop on a Bike!

Coming Fall 2014 you will start to see many more bikes traveling these city streets. The city has committed millions of dollars in capital funds to this Bike Share project that may have you rethink how you get around. Their goal is to implement the Bike Share in zones of Center City and surrounding neighborhoods. When the project is at completion they hope to see between 150-200 Bike Share stations docking nearing 1,500 bikes.

Image(Photo Source: http://www.phila.gov/bikeshare)

Bike Share will be prominent in neighborhoods such as Bella VistaQueen Village, Passyunk Square, South Philadelphia, West Philadelphia, Temple University all the way to the Navy Yard.  At the most recent Bella Vista Neighbors Association meeting, this was discussed in great detail by the Mayors Office of Transportation and Utilities as Bella Vista would have a Bike Share station implemented.

The Bike Share program wouldn’t be for your everyday bike rider. This program would be targeted at students, tourists, anyone who does not own a bike. This would become one more option of transportation similar to jumping on the bus or walking. Yearly and monthly memberships will be offered. They price comparable to other major cities with Bike Share options. A single ride could be bought for under $10.

These bikes will be large, heavy and uniquely designed for Bike Share. They will be three-speed and made with hard to replace parts hoping to deter theft. Philadelphia will become the 37th city to offer a Bike Share program. As a non-bike rider living in Center City Philadelphia (for reasons of erratic Philly drivers) I am still excited to see this change come to the city as it promotes outdoor, physical activity. Although, I would consider making one change and make the helmet policy mandatory.

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9th Street Italian Market Soon to Expand.. We Hope!

Years ago you would be able to find curbside stands along portions of 2nd, 4th, 7th and 9th Streets. Today, the little section on South 9th Street is what we have coined the ‘Italian Market‘. Even so, only half of the 160 stands are currently occupied. Restrictions on what and who can sell have remained in tact for years by the city of Philadelphia.

Finally a shed of light! Last month, a new legislation passed by City Council would transfer the management and rental duties from the city over to the South 9th Street Business Association. The overall look of 9th street wouldn’t change much, but who could rent and what could be sold will bring more diversity, youth and money. The  wheeled curbside carts will remain a requirement to these street vendors.

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Vendors who currently own carts will be able to keep them while restrictions on the limit you may own has been lifted. The annual rent per stand will remain the same at $300 per year. Applications will be reviewed by a volunteer committee and determined on variety and quality. They will be viewed on a first come- first serve basis. 

This change hopes to vitalize South Philadelphia and the Italian Market and how our community can thrive with local goods. If the Italian Market starts booming with craft and art vendors, you’ll find me there on the weekends. I mean what’s better than handmade art and fresh pasta?!

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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?!

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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.

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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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