Archive for the ‘Art Museum’ Category

Philadelphia real estate market: First quarter trends

Thursday, February 16th, 2012

Philadelphia Real EstateEven though the real estate market has been tumultuous for many recently, Philadelphia somehow seems to be doing much better compared to most other parts of the country. The local market has some activity, as in housing is being purchased and seeing increases. Additionally, construction of new single-family homes continues to go up, especially in the suburbs.

One point of prosperity in the Philly real estate market lies in the increase in existing home sales into December. December 2011 took in about five more percent of existing sales than December 2010 did. Sales from the end of last year thus far have been positive. This is something the housing market needs momentously. Thus far in 2012, there hasn’t been a significant increase in homes purchased but there is certainly a growing interest in property expected to take place. 

On the seller’s side, there is hope that rising apartment rental rates could drive some potential buyers back into the fold in 2012. The average rental rate for all Philadelphia apartments has gone up nearly eight percent in the last year alone. This equals an increase of nearly $80 in the past year alone. The thought is that those individuals or couples on the fence about renting and buying could take a more serious look at buying, especially with today’s mortgage rates.

Reports have shown that mortgage rates have been hitting record lows throughout the country, as well as here in Philadelphia, which is certainly inviting for potential buyers. Right now, a 30-year fixed-rate mortgage is coming with 4.007 APR. With mortgage rates being this low and rentals continuing to increase in price, there is hope that some buyers will begin to see the benefits of buying in early 2012.

Right now, Philadelphia’s top selling areas have remained the northwestern and western areas of Center City. However, other parts of Philadelphia have retained their value attracting buyers and keeping the market going.

Right now, the big issue the city faces is sale prices, specifically for sellers. It is important to note that even though sales prices have dropped in this area, they have not plummeted as much as other cities across the country.

 

Rittenhouse Square

Rittenhouse Square, in western Center City, continues to show strength

In the coming months, there is reason to be optimistic that these prices can get a small pickup. Median prices were down about six percent in December from the previous year, but this could have been expected. The months of November and December are generally regarded as slow months for real estate anyway, but the numbers shouldn’t have too heavy an impact on the rest of the first quarter of 2012.

A glance at the early trends in 2012 Philadelphia real estate is truly a mixed bag right now. Coming off the month of December is usually not pretty for any market; however, the Philly market has looked rather stable in the early part of the year. Regardless, it should remain to be seen if factors such as mortgage rates, rising rental rates and an increase in existing home sales can positively influence the market for both buyers and sellers throughout the first half of 2012. 

–By Emma Crawford, special to PhillyLiving.com

Five fun things to do this weekend

Friday, February 3rd, 2012

Besides brunch, that is.

There’s never a lack of good things to do on a weekend in Philadelphia. This weekend, of course, one of them is First Friday, the monthly gallery-hop/street fair that takes place all over Old City. But we’ve written about that before as well. So assuming that as Item One, here are four other events you might want to check out:

2. and 3. Get your groove on. Make tonight an all-night dance party! Start with this month’s Art After 5 event at the Philadelphia Museum of Art, featuring homeboy DJ Cosmo Baker. He may live in Brooklyn now, but he remains true to his Philly roots, spinning a mix of hip-hop, disco, funk, R&B and reggae. And when you need to take a break, there’s cocktails, light snacks and supper, and a stupendous collection of art all around you. Then head down to South Street for Sex Dwarf, Robert Drake’s long-running dance party featuring those choice New Wave hits that got you through the ’80s in one piece. (Missed that decade? All the more reason you should go.)
Art After 5: 5 to 8:45 p.m. at the Philadelphia Museum of Art, 26th Street and Benjamin Franklin Parkway. Free with Museum admission.
Sex Dwarf:  9 p.m. to 2 a.m. at Fluid, 613 South 4th Street. Free before 10 p.m., $5 after 10.

4. C’mon over to the dark side. Bikinis, bikers and blackness are all on the bill of this month’s Secret Cinema program, which celebrates the outlaw biker ethos of the late ’60s and early ’70s. Opening the night is “Trailer Trash,” a collection of carefully selected trailers for some of the classics of the genre: “Wild In the Streets,” “Devil’s Angels,” “Mondo Teeno,” “You Only Live Twice” – wait, isn’t that James Bond? – and more. These set the stage for the evening’s feature, “The Black Angels” – Laurence Merrick’s 1970 mashup of the biker flick and the blaxploitation picture in which rival biker gangs make turf war and race war one and the same.
Secret Cinema: Saturday, Feb. 4, at 8 p.m. at International House, 3701 Chestnut Street. Tickets $9, students/seniors $7, International House members free.

5. Go for Baroque with Maniaci. Tempesta di Mare, Philadelphia’s baroque orchestra, goes cross-cultural this weekend with “Italians in Vienna,” a concert featuring works written by Italian composers imported to Vienna by the Hapsburg court. Joining the chamber players once again is tenor Michael Maniaci, hailed by the Toronto Globe and Mail as “one of the greatest singers of his generation,” who last performed with Tempesta di Mare in 2006. Pre-concert talks by Wendy Heller of Princeton University fill you in on the cultural ferment that made Vienna such a happening place in the Baroque era.
Tempesta di Mare: Saturday, Feb. 4, at 8 p.m. (talk at 7 p.m.) at Arch Street Friends Meeting, 320 Arch Street, and Sunday, Feb. 5, at 4 p.m. (talk at 3 p.m.) at the Presbyterian Church of Chestnut Hill, 8855 Germantown Avenue. Tickets $25 and $35, seniors $20, students $10, school-age children (grades 3-12) free. 

–Sandy Smith

Highlights from the Philly Living Market Action Report, 4th Quarter 2011

Monday, January 23rd, 2012

On the whole, it’s still a good time to buy if you are in the market for real estate in Philadelphia. But some market conditions are beginning to trend more favorably for sellers as well.

That’s our reading of the data in the latest Philly Living Market Action Report.  Our quarterly guide to real estate market trends in Center City and surrounding Philadelphia neighborhoods offers grounds for cautious optimism in the months to come. While sales volume is down for the quarter relative to the previous year, it is up significantly from the previous month and quarter, running counter to the usual end-of-year downturn. The average selling price for homes in Center City and environs rose significantly from last quarter and one year ago, while the median selling price fell slightly in both cases. This suggests that buyers on the whole are still looking for value, even though a few opted for properties at the upper end of the scale.

In terms of prices, the highest prices continue to be commanded in the city’s two most desirable neighborhoods: Rittenhouse Square (19103) and Chestnut Hill (19118). Worth noting, however, is a continued, sustained upward trend in median selling prices in Southwest Center City and Point Breeze (19146), reflecting especially increased activity in the latter neighborhood.

Inventory continues to decline, offering the prospect of better prices for sellers in the months to come, but days on market rose slightly, suggesting buyers are still waiting sellers out. Sale price-to-list price ratio also dropped slightly from last year and last quarter but held steady from the previous month.

For full details on activity in Philadelphia’s neighborhood housing markets, request a copy of the latest Market Action Report at phillyliving.com/reports.

Philadelphia street scene by Adam Jones, Ph.D., used under a Creative Commons license

It’s Official: Philly Housing Market Is Improving

Tuesday, January 10th, 2012

Residential street in Center City PhiladelphiaThere are now 76 markets where the real estate picture is expected to look better in the months to come, according to the latest National Association of Home Builders/First American Improving Markets Index, released Jan. 9. The Philadelphia real estate market is one of those 76.

The addition of 40 metro areas to the monthly list of improving markets suggests that the fitful housing market recovery is spreading beyond the smaller markets that were not as heavily affected by the bursting of the housing bubble in 2008. Last month, there were 41 cities on the list. (Five of those – Anchorage, Alaska; Fort Wayne, Ind.; Canton, Ohio; Scranton, Pa., and Charleston, W. Va. – dropped off the list.)

“While relatively small metropolitan areas continue to dominate the list of improving housing markets, it’s important to note that several major metros in diverse parts of the country have now joined the field as well – including such metros as Dallas, Denver, Honolulu, Indianapolis, Nashville and Philadelphia,”NAHB Chief Economist David Crowe said in a news release. “This is an encouraging sign that gradually strengthening economic conditions are starting to take hold across a broader swath of America.”

The NAHB and title insurer First American base the index on trends in three categories: employment growth from the Bureau of Labor Statistics, house price appreciation from Freddie Mac, and growth in single-family housing construction permits from the U.S. Census Bureau. A metro area that has had six consecutive months of growth from a prior trough in all three areas gets added to the index.

What does this mean for you, the Philadelphia home owner or buyer? If you are in the latter camp, we suggest you accelerate your house-hunting timetable if you can. While home price growth is forecast to be modest for the year ahead, prices are expected to rise, and that means that you are more likely to get the home you want at a great price now than later. If you are a home owner, talk with your Realtor about the ideal time to put your home on the market if you are still weighing your options. Our team of real estate experts can assist you in determining when and how to best take advantage of a rising market.

School Report Card: Laura Wheeler Waring School

Wednesday, December 21st, 2011

Location: 1801 Green Street, Philadelphia, PA 19130

Enrollment: 263 students in grades K-8 in 2011-12

Student-teacher ratio: 11.5 in 2010

Demographics: African-American, 79.1%; White, 1.9%; Asian, 0.8%; Latino, 13.3%; all others, 4.9%. 11% of Waring students have learning disabilities. 90.9% are economically disadvantaged, and 1.9% are learning English as a second language.

Attendance area: The roughly triangular attendance area for Waring takes in southeast Francisville, Franklin Town and the rapidly gentrifying eastern two-thirds of Fairmount. It is bounded on the east by Broad Street, on the northwest by Wylie Street, 19th Street, Fairmount Avenue, 21st Street, Green Street and 23rd Street, and on the southwest by the Benjamin Franklin Parkway.

Metrics:

Attendance rate (2010-11) 93.6%.

PSSA performance (2011, percentage of students scoring proficient or advanced):

Subject School District State
Math 55.3% 58.6% 77.1%
Reading 40.5% 52.0% 73.5%
Science 25.0% 34.8% 60.9%
Writing 22.5% 51.2% 75.0%

Profile: Named for the Connecticut-born early 20th-century African-American artist who made Philadelphia her home for her entire career, Laura Wheeler Waring School has a teaching staff that has been dedicated to improving the performance of its students; in the mid-2000s, it received a Keystone Award, which recognizes significant improvement in a school’s performance, and was recognized as one of the 10 most improved schools in the state by The Philadelphia Inquirer. The school has a modern computer lab and two science labs, and major renovations in the latter half of the decade upgraded its library and common spaces. A partnership with the Walnut Street Theatre gave the school a new mini-theater in 2007 and funds an active drama club. Other extra-curricular activities include Homework Helpline, Sports Club, Chess Club, Student Council and a student newsletter.

School Report Card: Albert M. Greenfield School

Tuesday, December 20th, 2011

Location: 2200 Chestnut Street, Philadelphia, PA 19103

Enrollment: 520 students in grades K-8 in 2011-12

Student-teacher ratio: 13.8 in 2010

Demographics: African-American, 47.1%; White, 33.5%; Asian, 7.5%; Latino, 4.2%; all others, 7.7%. 9.8% of Greenfield students are classified as gifted, and 16.5% have learning disabilities. 57.7% are economically disadvantaged, and 1.5% are learning English as a second language.

Attendance area: The Greenfield attendance area includes the residential portion of Logan Square, Rittenhouse Square, Fitler Square and the northern part of the Graduate Hospital area (Southwest Center City). It is bounded on the north by the Benjamin Franklin Parkway, on the south by Bainbridge Street, on the east by Broad Street and on the west by the Schuylkill.

Metrics:

Attendance rate (2010) 94.5%.

PSSA performance (2011, percentage of students scoring proficient or advanced):

Subject School District State
Math 71.6% 58.6% 77.1%
Reading 67.9% 52.0% 73.5%
Science 60.2% 34.8% 60.9%
Writing 58.3% 51.2% 75.0%

Profile: Named for a longtime Philadelphia real estate titan and champion of intergroup harmony, Albert M. Greenfield School prides itself on its ethnic and economic diversity and its academic excellence. The school consistently ranks among the better elementary schools in the city and well outperforms its demographically similar peers. The school is well equipped, with computer access in every classroom, two computer labs, two science labs and a state-of-the-art library. Greenfield students benefit from several curriculum reform programs, including Core Knowledge, Mathematics in Context, and Mathland, and go on to attend some of the city’s most academically rigorous and challenging high schools. Greenfield has an active and involved Home and School Association that works to incorporate the region’s artistic, cultural and historic resources into the school’s curriculum and activities. The school also provides a wealth of extra-curricular activities, including Scrabble Club, Homework Club, Science Club, Health Club, Art Club, Yoga Club, Spanish Club, String Orchestra, Wind Ensemble, Newspaper, Yearbook, American Girl Club, Business Club, Student Council, Learning Club, Safety Patrol, Sports Club, Kickball, Chess Club and Math 24 Club.

School Report Card: Bache-Martin School

Tuesday, December 20th, 2011

Location: 2201 Brown Street, Philadelphia, PA 19130

Enrollment: 370 students in grades K-8 in 2011-12

Student-teacher ratio: 10.6 in 2010

Demographics: African-American, 77.2%; White, 10.1%; Asian, 0.5%; Latino, 6.3%; all others, 6%. 5.1% of Bache-Martin students are classified as gifted, and 20.8% have learning disabilities. 84.7% are economically disadvantaged, and 1.1% are learning English as a second language.

Attendance area: The Bache-Martin attendance area includes the western portion of the Art Museum area – also known as Fairmount – and a corner of Francisville. It is bounded on the north by Ridge and North College avenues, on the east by Wylie Street, 19th Street, 21st Street, 23rd Street and the Eakins Oval area, on the south by Fairmount Avenue from 19th to 21st, Green Street from 21st to 23rd, and the parkland around Eakins Oval to the Schuylkill, and on the west by 25th Street above Brown Street and 26th Street below it.

Metrics:

Attendance rate (2010-11) 93.6%.

PSSA performance (2011, percentage of students scoring proficient or advanced):

Subject School District State
Math 61.5% 58.6% 77.1%
Reading 59.0% 52.0% 73.5%
Science 32.4% 34.8% 60.9%
Writing 32.1% 51.2% 75.0%

Profile: Named in part for Alexander Dallas Bache, the 19th-century American physicist and surveyor who was also the first head of Philadelphia’s historic Central High School, Bache-Martin School has benefited from major investments in its physical facilities over the past five years, including a cybrary – a state-of-the-art research center equipped with laptop computers, book and DVD stacks, and small- and large-group instructional areas – and improved classrooms and play areas. The school recently revamped its curriculum through a three-year federal grant awarded to implement a project-based approach that relies on real-world experiences and partnerships with the community to foster learning. School extra-curricular activities include Chess Club, Math 24 Club, boys’ and girls’ basketball, track and volleyball teams and an orchestral music program. The school also offers after-school child care for local families.

School Report Card: Introduction

Tuesday, December 20th, 2011

ClassroomContrary to the conventional wisdom on the subject, cities are great places to raise children. In addition to the lessons they learn in class, they get exposure to a host of real-world sights, sounds and experiences that will stay with them for life. Good city schools capitalize on this potential by bringing the community into the classroom through partnerships and special programs.

If you are considering buying a home in Philadelphia, you have many options for educating your child. Greater Center City contains within its borders outstanding public, charter, parochial and private schools, each with their own unique strengths. Our School Report Card series is designed to help you make informed choices about the best places for you to live in Center City if your children are part of the picture.

Each Report Card contains data on demographics, attendance, enrollment, student-teacher ratios and academic performance as measured by the Pennsylvania System of School Assessment (PSSA) tests where available. School profiles contain information on areas of academic emphasis, special programs offered, community and parent involvement and extracurricular activities. Use the links below to read about each school:

Elementary Schools

Public Schools: Chester A. Arthur, Bache-Martin, Albert M. Greenfield, Andrew Jackson, Gen. Philip Kearny, Gen. George A. McCall, William M. Meredith, George W. Nebinger, Spring Garden, Edwin M. Stanton, Laura Wheeler Waring

Charter Schools: Christopher Columbus, Folk Arts-Cultural Treasures, Independence, Laboratory Charter School of Communications and Languages, Math, Civics & Sciences, People for People, Russell Byers, Universal Institute

Parochial Schools: Holy Redeemer, Sacred Heart of Jesus, St. Francis Xavier, St. Gabriel, St. Mary Interparochial, St. Peter the Apostle

Private Schools: Friends Select School, The Philadelphia School, St. Peter’s School

Secondary Schools

Public Schools: Academy at Palumbo*, Bodine High School for International Affairs*, Business & Technology*, Constitution*, Creative and Performing Arts*, Benjamin Franklin, Franklin Learning Center*, Horace Howard Furness, Julia Reynolds Masterman*, Parkway Center City*, Science Leadership Academy*, South Philadelphia
(*=citywide magnet school)

Charter Schools: Architecture and Design, Friere, Math, Civics & Sciences, Philadelphia Electrical and Technology, World Communications

Parochial Schools: John W. Hallahan (girls), Roman Catholic (boys)

Private Schools: City Center Academy, Friends Select, St. Joseph’s Prep

–Sandy Smith

Some hopeful signs in latest existing-home sales data

Tuesday, November 22nd, 2011

While the market for real estate in Philadelphia lags the national trend for now, nationwide figures from the National Association of Realtors suggest the housing market is ever so slowly yet definitely turning a corner.

While the main attention-grabber in the NAR’s Monday report on existing-home sales for October was an unexpected 1.4% rise in sales from September’s figure, other data in the release show continued improvement in the overall state of the housing market. Annualized sales of existing homes nationwide in October were 13.5% above the pace at this time last year. In addition, the inventory of homes on the market continues to fall gradually. The 3.33 million existing homes for sale in October represent a 2.2% drop from the previous month. At the current sales pace, it would take 8 months to sell all the inventory, down from 8.3 months in September. The real estate industry trade group says that both figures have been trending downward gradually since July of 2008.

And while the national housing market remains a buyer’s market, with the national median price of existing homes 4.7% below last year’s level, sales of distressed properties – foreclosures and short sales – also continue to fall as a share of the total. October’s 28% share was down 2 percentage points from the previous month and 6 from the previous year.  Some of that fall may be due to delays in getting foreclosed properties to market, according to NAR Chief Economist Lawrence Yun: “In some areas we’re hearing about shortages of foreclosure inventory in the lower price ranges with multiple bidding on the more desirable properties,” Yun said. “Realtors® in such areas are calling for a faster process of getting foreclosure inventory into the market because they have ready buyers.”

Yun also noted that relaxation of today’s tighter credit standards would improve both the overall pace of existing-home sales and the absorption of distressed properties. “In addition, extending credit to responsible investors would help to absorb inventory at an even faster pace, which would go a long way toward restoring market balance,” he said.

Sales trends in the Philadelphia real estate market are more in line with those in the Northeast, where NAR data for October show a 5.1% falloff in existing-home sales from last month and a 1.4% rise from one year ago. TREND MLS data for October show sales in Center City Philadelphia and areas immediately adjacent running 35% below last month’s figure and 12% below the same month one year ago.

–Sandy Smith

Turn your roof into a garden paradise and save

Friday, November 18th, 2011

So you’ve found that new home in Philadelphia you’ve always dreamed of, the one with the huge roof deck with spectacular skyline views, and you want to turn that deck into something really special. Or maybe you already own a piece of Philadelphia real estate with a roof that’s about due for repair or replacement. Here’s an idea that will add value and beauty to your home, cut your energy bills, and help our urban environment all at the same time: Turn that roof of yours green.

Intensive green roof

Intensive green roof with flowers on a Kater Street townhouse

Green roofs – roofs planted with low-maintenance grasses or plants that absorb and retain water – are a small but important way to help reduce the burden placed on Philadelphia’s sewer system when it rains. By absorbing and holding storm water, green roofs reduce runoff into the city’s sewers, which in turn reduces flooding and sewage pollution in the rivers that provide the city and region with drinking water.

Passive green roof

A passive green roof like this one requires very little maintenance

Green roofs are also a component of the Philadelphia Water Department’s comprehensive stormwater management program for the next 25 years, “Green City, Clean Waters.” This plan has won national praise for its innovative approach to the water management issues raised by urban development because it relies on nature more than engineering to reduce storm water flows.

Green roof deck

Turn your roof deck into your back yard by going green - it adds beauty and lowers your energy bills

But what’s in it for you? Fruits and vegetables, if you so choose. Or a rooftop oasis where you can relax. Lower energy bills thanks to the added insulation of the soil. And lower maintenance costs in the long run.

Installing a green roof requires you to do some homework first. You will need to find out how much weight your roof can support and how its drainage system functions, for starters. The cost of the installation will vary depending on what type of green roof you choose; the accompanying pictures give examples of the most common types.

For more information about green roofs and to find an installer, visit Green Roofs for Healthy Cities.

The Philadelphia Water Department also has information about green roofs and other stormwater management tools homeowners can use to reduce storm runoff, as well as the role these tools play in the city’s 25-year stormwater management plan. Visit the Green City, Clean Waters website for full details.

–Sandy Smith

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