Archive for the ‘Articles’ Category

A feast for the senses on Rittenhouse Row

Saturday, May 18th, 2013
Rittenhouse Row Spring Festival

The forecast looks good today – it’s a great day for a street fair, and there’s a doozy of one on Walnut Street. Photo from Greater Philadelphia Tourism Marketing Corporation.

As sure as the flowers bloom, the crowds will flock to Walnut Street from Broad to Rittenhouse Square today for another May perennial: the Rittenhouse Row Spring Festival.

This annual event brings the city’s premier shopping district outdoors for one fun-filled, flavorful afternoon.

“Flavorful” because the district’s restaurants are the stars of the show. More than 40 Rittenhouse Row restaurants set up shop at the festival, offering inexpensive samplings of their featured fare. If you’re looking for a.bar or a.kitchen to patronize, don’t fret – both of these establishments will have tents at the event. So will the city’s two most prominent restaurateurs. If this year is like last, the Rittenhouse Square block of Walnut will be a Stephen Starr showcase, with demonstrations and booths from his Rittenhouse-area restaurants – Alma de Cuba, Barclay Prime, Butcher and Singer, Continental Mid-town, The Dandelion, El Rey and Parc. Jose Garces will be represented by his Village Whiskey, and you will have one last chance to experience Le Bec-Fin fare on the cheap – the restaurant will close for good in June, but it will have a booth at today’s festival.

There will also be shopping, with merchandise from area retailers, and live entertainment on several stages.

Rittenhouse Row Spring Festival, noon to 5 p.m. today on Walnut Street from Broad to 19th. Free.

South Kensington-Fishtown Apartments Offer Teachers Rent Discount

Thursday, May 16th, 2013

Philadelphia Teachers Receive Rent DiscountPhilly needs teachers. This statement has been repeated so many times since the 90’s that it is beginning to feel like a mantra. Drawing teachers to Philadelphia and then keeping them there seems to be an unending battle with Philadelphia students suffering the majority of the repercussions. One developer in Philadelphia thinks he has an idea that might help. D3 Real Estate plans to offer teachers in Philadelphia discounted rent when they rent from their Oxford Mills development in Fishtown.

Greg Hill of D3 Real Estate described the program:

“Although we are not educators and we’re not necessarily experts in that field, we do believe that if we can create a good working environment and a good living environment that’s affordable, it helps those very dedicated professionals do what they do best.”

This program offers a nice incentive for teachers who want work and live in Philadelphia. D3 Real Estate is able to accomplish this benefit thanks to “financing subsidies and historic tax credits.” Teachers may be the ones receiving the discount, but the real value is what this program may do for Philadelphia’s students.

Teach For America to Move Its Headquarters to Fishtown

As if having PhiladelTeach For America Relocates To Teacher Discount Rent Buildingphia business’s do their part to encourage the success of Philadelphia schools weren’t enough, D3 Real Estate’s Oxford Mills development was announced as the soon-to-be headquarters of Teach For America’s Greater Philadelphia branch. Locating their offices near to discounted housing for Teach For America’s teachers was an opportunity on which they simply could not pass.

Teach For America – Greater Philadelphia works with Philadelphia schools and communities to promote an improvement in Philadelphia schools with lower funding and struggling student populations. Since 2003, Teach For America has sent more than 250 teachers to Philadelphia and Camden, NJ schools. Many of their alumni have gone on to become leaders in the Philadelphia public and Charter Schools development. Everyday Teach For America corps members make a difference in Philadelphia students’ lives.

Philadelphia Teacher Retention Programs Initiated

Rent incentives and Teach For America programs bring teachers into Philadelphia. The City now has the challenge of retaining those teachers. A recent study of Philadelphia schools (PDF) conducted by the by The New Teacher Project (TNTP) found that a shocking number of Philadelphia educators felt overworked and underappreciated.

Philadelphia is certain to continue its efforts to encourage talented educators to spend their careers in Philly. What the Oxford Mills apartments project shows us is that Philadelphia business-owners are community members that are glad to participate when city government offers incentives.

The City is taking it one step further by making efforts to honor Philly’s best educators. Philadelphia will honor 59 excellent educators from Philadelphia public high schools by awarding them the Distinguished Teaching Award. This award recognizes teachers who truly strive to elevate Philadelphia school systems with their dedication, talent, and years of service. The award comes with a $3,500 prize from the Lindback Foundation and is awarded just in time for summer vacation. How great is that?

These efforts on the part of the City and the community are steps in the right direction, and many living in Philadelphia have high hopes that the coming decade will be a period of renewal and accomplishment for Philadelphia schools.

Living in Philadelphia, One of America’s Best Cities

Tuesday, May 14th, 2013

Living In Philadelphia City Of Brotherly LovePhiladelphia, the City of Brotherly Love, it was once the heart of the American Revolution, even serving as the nation’s capital for a period. It’s also a great place to live. Philadelphia has a thriving arts scene, including a musical culture that has repeatedly influenced American popular music. Restaurants aplenty offer food drawn from multi-cultural populations that share one thing in common: a love of good food. History and culture come together, making Philadelphia a great place to live.

The many things that make living in Philadelphia a great experience are often recognized with awards. Below, we’ve captured a few categories which we think illustrate why living in Philadelphia is living in one of America’s best cities.

Eat – Philadelphia Has Best Italian Restaurants and More

Philadelphia has a reputation for good food. Nothing illustrates this better than the Philly cheese steak sandwich, a classic often copied but very rarely done as well as the grill masters of Philly do it. Philadelphia also has a fantastic food scene that covers the full spectrum of gastronomical delights from street vendors to award winning restaurants. Just recently, Philadelphia’s Chef Marc Vetri’s restaurant Vetri was recognized by Travel + Leisure’s list of the 30 “Best Italian Restaurants in the U.S.” For great food, Philadelphians have it all, whether you’re looking for excellent pizza, true to The Boot Italian food, or authentic hand-pulled noodles in Chinatown, you can find what you are looking for in Philadelphia.

Drink – Philly Beer Scene Ranks Amongst Nation’s Best

When people talk about craft beers and microbreweries, you hear a lot about Vermont, Oregon, and Colorado, but GQ Magazine recently ranked Philadelphia as one of the America’s best beer culture cities. Philly’s annual Beer Week and dozen craft breweries were amongst the reasons for recognition. Above all, though, Philly was recognized for being “Home to the Perfect Pub Crawl” thanks to such locations as the “Memphis Taproom, Monk’s Café, Alla Spina, Tria, Yards Tasting Room, Standard Tap and Silk City.” Grab a Philly pretzel and get yourself a pint because living in Philly gives you access to a top notch beer town.

Be Merry – Philadelphia Amongst Best Cities for Holidays

Living In Philly Yearly Nutcracker PerformanceReal estate site Zillow recognized Philadelphia as one of the best cities for Trick or Treating with Chestnut Hill, Manayunk, Mount Airy, South Philly and Fox Chase being the best neighborhoods for treats. Holiday traditions are a big deal in Philadelphia. Look no further than the annual New Year fireworks off Penn’s Landing and the Mummers Parade the next day, a fun, harmless tradition that has been passed through families in the region for generations. For more than 25 years, the Pennsylvania Ballet has been entertaining generations of Philadelphians with their annual production of The Nutcracker, a true holiday tradition. Living in Philadelphia comes with holiday traditions that go back generations, making holidays memorable for innumerable Philadelphians.

Go Natural – Philly Parks Recognized For Excellence

If you’re looking to get back to nature and think that’s not something that Philadelphia has to offer, you are in for a surprise. April was National Garden Month, and during that month, two Philadelphia region gardens were ranked amongst the nation’s 10 best gardens in the country. Both Longwood Gardens in Kennett Square and Chanticleer in Wayne, PA made the list. Further, Philadelphia’s Parks and Recreations Department ensures that living in Philadelphia gives you access to many public parks, ice rinks, swimming pools, adult centers, computer labs, golf courses, and even horse stables.

While most know Philadelphia for its pretzels, cheese steaks, and role in American history, living in Philly comes with an extensive amount of benefits. Add all of these together and you can easily see why living in Philadelphia is living in one of best cities in America.

Philadelphia Real Estate News: The Actual Value Initiative and You

Wednesday, May 8th, 2013

Actual Value Initiative To Assess Philly Property Values2013 will be remembered as the year of the Actual Value Initiative (AVI) to many owners of properties in Philadelphia, residential and commercial alike. 2014 will be the year that everyone experiences the effects of the AVI, and while many are leery of the likely increase in property taxes, officials at The Office of Property Assessment (OPA) assure residents and business owners that the assessment of property value is also going to raise many properties recognized value as well.

The AVI was designed to rein in wildly disparate property values within Philadelphia neighborhoods by replacing outdated valuation methodologies with uniform property valuation criteria. This AVI criteria set is clearly stated and entirely available to the public, ensuring that properties of the same value within the city are taxed as such through an entirely open process.

Criteria for AVI Assessments of Philadelphia Property Values

OPA has established standardized metrics by which commercial and residential properties in Philadelphia will be assessed for current real estate market value. This is in order to ensure a more uniform system of measurement and thus a fair treatment of value across all neighborhoods in Philadelphia.

Properties will be assessed by size and age of property, as well as the property’s location and condition. The use of the property as a home or business will also affect property value. Residential properties in Philadelphia will be analyzed against recent sales data, using the previously mentioned statistics to adjust property value appropriately. Commercial and large, multi-family properties will be weighed by an income approach, market approach, and cost approach, taking into account property type and use. Commercial properties will also have cost of construction and land taken into account.

These Philadelphia property value metrics will be determined by the characteristics of each individual property as determined by field inspections, aerial photography, city permits and deeds, and such commercial data as property listings and sales.

What The AVI Means For Owners of Philadelphia Properties

Pew Report Shows Effect of AVI on City FundingOwners of commercial or residential properties in Philadelphia may be wondering what the AVI means for them. The answer is a bit of bad news and a bit of good news. Philadelphia property taxes are likely to increase for some property owners when the data from the AVI goes into effect in the 2014 tax year. That’s the bad news. According to recent Pew Research (seen in the chart to the right), Philadelphians have had it easy when compared to other major cities.

Philadelphia’s property taxes have been unusually low because the assessed value of some properties in Philadelphia had drifted far from actual market value, an issue most likely to be seen in commercial properties. From an operational government standpoint, this meant a stream of revenue via property taxes that failed to keep up with something that never fails to keep up with the times: contemporary costs.

Property Values Likely to Rise for Many Philadelphia HomeownersThe good news is that Philadelphia will be able to modernize itself to the standards of other American cities by further funding its schools, infrastructure, and public safety departments. The AVI may be even better news for current owners of residential property in Philadelphia who are looking to sell. The newly assessed property values are likely to give sellers a government-approved property value assessment with which they can value their property. Further, the investment of this revenue in Philadelphia enables the city to enact programs to keep Philadelphia a competitive city in the 21st Century.

Buyers looking to buy commercial or residential property in Philadelphia may want to seize the opportunity provided by the time it takes OPA to complete the AVI during 2013. Undervalued properties in Philadelphia are a great opportunity right now, assuming the AVI results in a higher valuation of the property in 2014.

Philadelphia’s Hottest Neighborhoods in 2013, Part Two

Thursday, May 2nd, 2013

best-philly-neighborhoods-to-buy-a-houseIn our last post, we began our look at the top ten hottest neighborhoods in Philadelphia as forecasted by market trends seen in the first quarter of 2013. Today, we continue our journey through Philly’s fastest-growing neighborhoods and look at a few areas where properties barely hit the market before they are sold.

Demand in some of the neighborhoods below has many surprised and bodes well for the continued recovery and growth of the Philadelphia housing market.

The Big Five of Philly’s Top 10 Hottest Neighborhoods

Cedar Park – Cedar Park is home to historic architecture of the Queen Anne style. The westward expansion of University City has put this Philadelphia neighborhood on the map of many knowledgeable house-hunters. This Philly neighborhood sports a great variety of cafes and restaurants whose menus span the globe. The efforts of its neighborhood association are drawing investment in preserving its historic buildings.

Northern Liberties – Take a look at Northern Liberties and gaze at the future of Fishtown about a decade from now. The youthful hipsters of the Bush era took over Northern Liberties, revitalized it, and were slowly driven out by the rising prices. Now, young and established professionals alike are drawn to Northern Liberties, enjoying its thriving restaurant scene and almost small-town charm.

Avenue of the Arts – Property values are skyrocketing in this once fallow neighborhood thanks to the construction of new apartments, condos, and townhouses. Avenue of the Arts is drawing young professionals who enjoy its shopping, restaurants, bars, and nightlife. Proximity to public transit and a fashionable reputation ensure Avenue of the Arts will remain a hot neighborhood for some time.

Washington Square West – The locals call it the “Gayborhood,” and yes, there is a sizable gay and lesbian population in Washington Square West. This influx of single professionals and dual-income-no-kids (DINK) couples has likely been key to this neighborhood’s complete rebirth. With thriving businesses and rising property values, Washington Square West is drawing all manner of young professionals and young families who appreciate its amazing restaurant scene and bohemian feel.

Rittenhouse Square – In the middle of it all, Rittenhouse Square offers shopping, restaurants, parks, and access to all that Philly has to offer. This neighborhood is seeing an influx of investment from the more established, including empty nesters, professionals from the Hospital of the University of Pennsylvania, and those who can afford its higher property values. Price, it seems, will never be enough to keep Rittenhouse Square from being one of the most popular neighborhoods in Philadelphia.

Where It Makes More Sense to Rent Than Buy, At Least For A While

Thursday, May 2nd, 2013
NYC skyline

If it weren’t for the outer boroughs, it would take even longer for owning to cost less than renting in New York City. Image by Nadavspi from Wikimedia Commons, used under a Creative Commons license.

At Philly Living, we’re all about promoting home ownership – it gives you not only a secure place to live but also a grubstake in both your own and your community’s future. And we are fortunate to live in a large city where homeownership remains within reach for most residents, which means that if you’re planning to stay here a while, buying beats renting in just about every case.

But there are some cities where that’s not the case. In New York, for instance, it would take you five years before the total cost of home ownership dropped below the total cost of renting. Bloomberg analysts recently crunched the numbers for renting vs. buying over a 30-year time frame and came up with a “breakeven horizon” – the point at which home ownership begins to pay off – for a number of large cities. It should come as no surprise that all six of the cities where renting makes sense for the longest time period are on the coasts. From No. 1 to No. 5 (two were tied for fourth), here they are, with their breakeven horizons:

1. New York, 5 years
2. Seattle, 4.3 years
3. Boston, 3.9 years
4. (tie) San Francisco, 3.7 years
4. (tie) Washington, D.C., 3.7 years
5. Portland, 3.6 years

The Best Cities for Renters (Bloomberg)

Philadelphia’s 10 Hottest Neighborhoods in 2013

Tuesday, April 30th, 2013
Top 10 Philly Neighborhoods

Top 10 Philly Neighborhoods

Market indicators foretell a buyer’s market continuing into 2013. Sales of homes in Philadelphia are growing slowly while inventory and price per square foot continue to remain steady, neither rising nor falling as the market slowly recovers from the housing market crash of last decade. This means that now is a great time to buy a house in Philadelphia.

This buyer’s market is causing a renaissance in various Philadelphia neighborhoods, and the resurgence of investment is reviving Philly neighborhoods that some would not expect. To take a closer look at what neighborhoods in Philadelphia are experiencing this market rebirth the most, we have compiled a list of the top ten hottest Philly neighborhoods.

Top 10 Hottest Philly Neighborhoods

Some of these up-and-coming Philadelphia neighborhoods may surprise you, but our research shows that each neighborhood on our list is experiencing interesting growth. While every Philly neighborhood has its own character, it shifts with changes in the housing market. Read on to find out the recent developments in Philadelphia’s top 10 hottest neighborhoods:

Lower North Philly – Lower North Philly is in the early stages of rebirth as this young neighborhood draws twentysomethings thanks to Temple University. This economic boost has provided for some commercial investment and a steady staple of restaurants and bars. As graduates stick around and invest in the neighborhood, Lower North Philly is likely to see continued growth.

Manayunk – The recent addition of cheaper residential lofts has given a jolt of life to this historic neighborhood that prides itself on its more than 100 historic buildings. The influx has given support to a thriving restaurant and wine bar scene that often takes advantage of the lovely scenery on the banks of the Schuylkill River. Manayunk is showing how historic Philadelphia can court modern buyers.

Graduate Hospital – Graduate Hospital is known for its low crime rates and excellent proximity to school resources, making it a huge draw for twenty- and thirtysomething single professionals, young married couples, and parent-child families. With walkability to many of Philadelphia’s best features and steady, even rising property values, Graduate Hospital will continue to be a Philadelphia neighborhood that draws long-term investment.

Fishtown – Hipsters have led the way in the Fishtown renaissance, driving the area toward a surprising influx of youthful energy and entrepreneurial spirit. The low prices attracted the younger twentysomething demographic in and a variety of businesses have arrived to meet their eclectic needs, including a Barcade and a dessert boutique. Odds are that Fishtown is primed for massive growth thanks to the low entry prices and influx of local economy-driven business.

Fairmount – The classic Philadelphia brick homes and tree-lined streets of Fairmount are drawing a younger crowd in 2013. The up-and-coming professional class is driving up property values and revitalizing this Philly neighborhood, catalyzing a boom in restaurants thriving in Fairmount.

In our next post, we will have a look at Philly’s top five hottest neighborhoods. Don’t miss out on these growing Philadelphia neighborhoods or the investment potential that they represent.

PlazaPalooza Coming to G-Ho This Weekend

Tuesday, April 30th, 2013

PlazaPalooza graphicPlazaPalooza is once again coming to Graduate Hospital this Saturday, May 4, from 1 to 7 p.m. Held in one of the triangles of Grays Ferry Avenue between South and Bainbridge streets, this year’s event promises to feature music from local bands New Pony, Tall Trees, Minas and the Clef Club Jazz Ensemble; beer from nearby Grace Tavern, and of course food from the establishments in and around the area. And, of course, what is a good street fair without something for the kids? Expect activities like a dunk tank, a fire truck, and more.

PlazaPalooza is great because it brings the community together, yes, but it also shows how the triangular intersection of 23rd/South/Grays Ferry could be better utilized as an expanded pedestrian plaza by reducing a lot of the redundant asphalt that currently covers the spot. This year, the fountain that exists at the intersection has been turned on and people regularly utilize the little amount of seating provided to enjoy the feature. The Triangles on Grays Ferry Avenue Gateway Project was formed to more fully promote pedestrianizing traffic triangles along Grays Ferry Avenue and 23rd and South Streets is one of their biggest priorities. Let’s hope events like PlazaPalooza continue to be a success and show how great the triangle can be if pedestrianized to its fullest. If the City’s Pedestrian Plaza Program wants to get in on the action as well, the more the merrier!

Historic Philadelphia Tours Lined Up for Spring

Tuesday, April 16th, 2013
Independence Hall after dark

Ever want to see Independence Hall without the crowds? You can do it after dark. Photo from Greater Philadelphia Tourism Marketing Corporation.

Historic Philadelphia, Inc. has officially announced its spring lineup for walking tours, which run through the fall and winter of 2013.  The evening tours, Tippler’s Tour and Independence After Hours, are filled with real people with real stories from Philly’s Colonial days that connect history to modern-day experiences.

What makes these tours particularly unique are their hosts – usually an actor personifying the character of a real 18th-century person. Not to worry – these aren’t some geeks off the street; each performer goes through extensive training to learn thorough details of the time period and their individual persona.  Combined with authentic Colonial locations, HPI’s tours immerse the viewer with a unique, all-access pass to real history come to life.

Tippler’s Tour showcases the city’s Colonial and modern-day watering holes while the Independence After Hours Tour highlights some of the landmarks of Philadelphia’s Historic District and gives tourists and locals wanting to get in touch with their historic side the ability to tour Independence Hall with no crowds.

For more information on Historic Philadelphia and its tours, visit the Historic Philadelphia website.

-Greg Meckstroth 

Underwater Borrowers Get 2 More Years to Refinance

Friday, April 12th, 2013

Mortgage graphicHomeowners whose mortgages are still larger than the value of their homes have two more years to refinance their loans under the Home Affordable Refinance Program (HARP). The Federal Housing Finance Agency announced yesterday (Thursday, April 10) that the refinance program for borrowers with loans guaranteed by Fannie Mae and Freddie Mac, which was set to expire at the end of this year, will be extended through 2015.

Eligibility for the program will remain the same: Borrowers must have mortgages purchased or guaranteed by Fannie or Freddie on or before May 31, 2009, with a loan-to-value ratio above 80 percent. They must be current on their loans, with no late payments in the last six months and at most one late payment in the last 12 months.

FHFA Acting Director Edward DeMarco said in a statement, “More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk.”

Those who wish to take advantage of the refinancing program should contact their current lender. If their lender is not particpating in HARP, they can obtain more information about refinancing through the program from Fannie Mae’s website, KnowYourOptions.com.

HARP mortgage refinancing program extended by 2 years (Chicago Tribune)

 

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