Tag Archives: Philadelphia

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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1300 Kater Street

One things for sure. When they need to fill their gas tank, they can walk right over to Hess. What a spot for these 22 new homes being built at 1300 Kater Street. This development has been underway since last year and we are starting to see this development take shape. Designer Harman Deutsch has worked on several projects in and around Philadelphia. From architectural to consulting services, this team of designers focuses on balance in esthetics.

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Esthetics next to Hess? These homes will be 50′ tall and four stories high, making them the largest market rate homes in Hawthorne. This vicinity has been booming with similar projects. Although, I can’t say Id want to look out my window at a Hess Gas Station every day. On the flip side, your tank should never touch E.

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Stroll Down to Pier 68.. And Bring Your Fishing Pole?

By Summer 2014, the Delaware Waterfront may look a little different. Recently, the Delaware River Waterfront Corporation (DRWC) was awarded a $5 million grant from the William Penn Foundation. This grant is to work on two pier parks in Pennsport. For years, communities and neighborhoods have seen I-95 as a barrier to the waterfront. The goal is to find ways to connect these astray neighborhoods to the river. The key is connector streets. Work is to be conducted from Pier 53 to 70.

Screen shot 2013-10-09 at 4.24.52 PM(Image Source: Pennsporter)

Screen shot 2013-10-09 at 4.26.55 PMCurrent View of Pier 68  (Image Source: Planphilly.com)

This includes Pier 68, 390 feet of useable land that extends over the river. Pier 68 has high hopes and plans as initial talks have already stated the possible Bassmaster’s Fishing Tournament in August 2014. This Pier would remain open for public fishing opportunities. The Washington Avenue Connector will be accompanied with a Tasker Street Connector to give more direct access to Pier 68. The DRWC has a long agenda and plans to create a waterfront easily accessible by it’s neighborhoods, to preserve land and natural beauty of the Delaware waterfront. Can you imagine strolling down to Pier 68 with bait and hook?!

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Well Shiver me Timbers, The 2nd Annual Seaport Festival This Weekend.. Arrr.

This Friday-Sunday bring the whole family out to the Independence Seaport Museum (211 S. Columbus Blvd). Between the quaint neighborhoods of Old City and Queen Village, the 2nd annual Seaport Festival is a weekend long adventure that will showcase Tall Ships, arts and crafts, live music, Philly food trucks and other family activities on the Delaware waterfront. Don’t miss the ‘Parade of Boats’ on Friday October 11th from 5-7pm, as they arrive from Penn’s Landing.

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You can join in the parade by purchasing tickets to be aboard these ships. Or watch for free at the landing. On Saturday, don’t miss the Pirate Battles, as ships shoot canons back and forth to one another on the river. If this just caught your attention, you can get one step closer to the action by purchasing a ticket to be aboard during these Pirate Battles. To read more information and purchase tickets click here.

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Breaking Bread with Fleisher

Fleisher Art Memorial was founded in 1898 as a non profit organization focused on making art accessible to everyone in the community regardless of background or experience. Founder, Samuel S. Fleisher pushed his vision to reality understanding that art is one of the greatest assets and equalizers in a society. On November 24th join your neighbors in Bella Vista for a public supper to celebrate Fleisher’s 142nd birthday.

A small donation will provide you with a meal and ballot. While artists and presenters share their proposals you can enjoy dinner and dessert. Proposals are creative, unique and art inspired. All attendees are asked to vote on which project should receive the ‘dough’. Maybe this is why they call this community gathering Breaking Bread?! Read more information here.

breakingbread(Image Source: fleisher.org)

Each year Fleisher influences more than 17,000 individuals who strive to learn and create art. They hold classes, exhibitions and community programs including this Breaking Bread event. Samuel Fleisher believed in the importance of self expression through creativity and intellectual exploration. His core values focus on the artist is us all, the fulfillment of art and the community in which we create and share art.

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“Art Enriches the Community — By nurturing each individual’s creative potential, we aim to provide social,
cultural, and economic benefits to the community as a whole.” – Samuel Fleisher 

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The Physick House in Society Hill

The Physick House located at 321 S. 4th Street in Society Hill is a historical mansion from the late 18th century was home to Philip Syng Physick. He was a Philadelphia born American physician. In 1793 as the Yellow Fever epidemic swept through Philadelphia, Dr. Physick stuck around to treat victims. He has been called “the father of American surgery”.  In the late 1960’s the house was restored and donated to the Philadelphia Society for the Preservation of Landmarks. Today this mansion remains a National Historic Landmark and serves as a museum to locals and tourists. The house even has a garden that replicates one from the 19th century.

Screen shot 2013-10-03 at 5.13.14 PM(Image Source: wikipedia.org)

This month the Physick House is opening its doors and inviting the public in for fun and games. Starting on Thursday October 10th, you can join your neighbors for wine and beer tasting from 5:30-8pm. Music, food and raffle opportunities will be available. Tickets are $30 and proceeds help support the ‘Restore the Roof’ campaign. Another benefit is 50% of admission is tax deductible.

Screen shot 2013-10-03 at 5.16.43 PM(Image Source: philalandmarks.org)

On Thursday October 23rd through Saturday the 26th , get your Halloween on with the Physick House. Join in for ‘History, Mystery and Murder Drama’. Starting at 8pm, a walking performance will take you through the house of history. Tickets are $30. Whether your ears perk up with beer or maybe mystery’s are more your kind, the Physick House is sure to show you a good time!

Screen shot 2013-10-03 at 5.27.15 PM(Image Source: philalandmarks.org)

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Green Living on Broad Street

Broad Street has been forever changing and growing. It has been revitalized with the implementation of several theaters, restaurants, schools, hotels, historic sites and more. Each year seems to bring new and bigger projects to Broad Street. A desire to be in center city, close to these attractions has led more young families moving into this area.

Back in 2010, Dranoff Properties completed 777 Broad Street. These luxury apartments brought more than 100 new apartments within minutes walking distance to these Philadelphia attractions. These apartments were known as green living and the first smoke-free apartment dwelling introduced in Philadelphia. Offering retail space on the ground level and a pool on the roof, who would ever want to leave their home dwelling of 777?!

On to the next. Dranoff is bringing you Southstar Lofts.  It will be a six story building that mimics 777 in a sense of commercial space occupying the ground level and garden and roof access. Southstar Lofts will maintain the proposed 2,500 square feet of green space around the property. This space was once occupied by Garden of the Arts and tended to frequently. Vibrant blooms always could be seen peaking through the fences. Well, at least they’re keeping with the ‘green’ theme! 

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They’re work has started and framing has started to reveal the shape Southstar Lofts. We look forward to seeing the progression of this project. Scheduled occupancy of Spring 2014 doesn’t seem so far away.

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