Search Philadelphia Real Estate

Choose locations
to


Blog Information

Archive for the ‘Center City’ Category

A few of the “50 Best Places to Eat” in Philly: Rittenhouse/Logan Square

Monday, March 19th, 2012

Ordinarily, we would give these two western Center City neighborhoods their own blog posts for a survey like this. But with only one of Philadelphia magazine’s “50 Best Places to Eat Right Now” – the Fountain Restaurant – located in Logan Square, it makes just as much sense to include it in the roundup for Logan Square’s tonier neighbor to the south.

Mural at Butcher and Singer

Mural at Butcher and Singer

Butcher and Singer, 1500 Walnut Street, 215-732-4444. Step through the doors of this former brokerage – Stephen Starr dusted off its name – and you’re transported back in time to Hollywood in the 1930s, when plush luxe was the order of the day. Steaks and chops are the things to order now – they’re decadent, as are the sides on the a la carte menu.

Fountain Restaurant, Four Seasons Hotel, One Logan Square, 215-963-1500. Along with Le Bec-Fin and Vetri, the Fountain Restaurant sets the standard for true fine dining in Philadelphia. It also proudly resists the trend towards the casual – you still have to dress up to dine here. You’ll be glad you did, for both the food and the service are memorable – the stuff of which special occasions are made even when there aren’t any.

Lacroix at the Rittenhouse, 210 West Rittenhouse Square, 215-790-2533. Another Philly fine dining superstar, Lacroix distinguishes itself on two fronts: its inventive global menu (“progressive international cuisine,” they call it) and its Lucullan feast of a prix fixe Sunday brunch. Another draw: the chef’s table, available Monday through Thursday evenings.

Le Bec-Fin, 1523 Walnut Street, 215-567-1000. Whether this doyenne of ne plus ultra dining will regain its faded luster once its new owner takes over is a question only time can answer – the restaurant is currently closed and will reopen in May.

Matyson, 37 South 19th Street, 215-564-2925. This pioneering office-canyon BYOB has changed chefs but is still in top form when it comes to serving up creative, globally inspired American-fusion cuisine. Like those that followed in its wake, Matyson emphasizes fresh, seasonal, local ingredients on its constantly-changing menu. The $45 tasting menu is a world tour in itself.

Mémé,  2201 Spruce Street, 215-735-4900. Chef David Katz wanted to create a restaurant where dining out feels like dining at home, and the result is this rustic, casual space near Fitler Square. Your family, however, probably didn’t think to pair swordfish with zucchini cakes, fava beans and tzatziki sauce for dinner. Creative combinations of familiar and ethnic ingredients distinguish the fare at Mémé.

Oyster House, 1516 Sansom Street, 215-567-7683. The Mink family – longtime owners of legendary Philly fish house Kelly’s of Mole Street – gave this old-school seafood standby an extreme makeover three years ago after buying it back from a previous owner. The rejeuvenated restaurant is nothing less than fantastic, boasting the best lobster roll in Philly (we’ll put it up against anything you can find in New England) and a great buck-a-shuck oyster special at the bar at happy hour, with the shuckers themselves as the featured performers.

Parc Restaurant

Parc

Parc, 227 South 18th Street, 215-545-2262. Stephen Starr’s French bistro-brasserie is oh, so authentic, oh, so loud, and oh, so good. Tied with neighbor Rouge as the best place to people-watch on Rittenhouse Square aside from the square itself, Parc boasts a large a la carte menu loaded with traditional French bistro fare, with a few “foreign” objets thrown in for the Francophobes in your party. The pastries especially are first-rate. In good weather, get a seat on the 18th Street sidewalk, both to take in the scenery and spare your eardrums.

Pub & Kitchen, 1946 Lombard Street, 215-545-0350. This neighborhood gastropub wins raves for its burgers – in particular, the Churchill burger, which some diners on Yelp rate the best in town. The classic tavern-fare menu offers much beyond burgers, but those who have a beef with eating animals will likely be disappointed with the choices. For everyone else, though, this place has few peers for its combination of ambience, affordability and quality of food.

Pumpkin, 1713 South Street, 215-545-4448. What’s on the menu? We wish you could tell you, but chef Ian Moroney probably doesn’t know either until he’s bought the ingredients. Really fresh, really local, and constantly changing are the hallmarks of the New American fare at this casually romantic South Street BYOB. In addition to wine, be sure to bring cash – Pumpkin doesn’t take credit or debit cards. If you’d rather do Pumpkin at your place, their next-door market offers sandwiches, soups, chili and breakfast all day to go.

Square 1682, Hotel Palomar, 121 South 17th Street, 215-563-5008. One problem with hotel restaruants is that the food often doesn’t live up to the decor. Square 1682 is a notable exception to this rule. Chef Guillermo Tellez presides over a kitchen as inventive as the contemporary decor at this bi-level New American hotspot. Tellez mixes things up with a palette of international spices, and there’s something for everyone – even vegans – available. Notable aside: the restaruant points with pride to its LEED certification, making it Philly’s first truly green restaurant.

Tinto, 114 South 20th Street, 215-665-9150. After putting tapas on Philly’s culinary map with his first establishment, Amada, chef Jose Garces refined and improved on the idea with this, the second restaurant in his still-expanding portfolio. Only these aren’t tapas, strictly speaking – they’re pintxos, their Basque cousin, prepared with the customary Garces flair. The menu also includes more substantial offerings as well as charcuterie and cheese plates. The PhillyMag editors recommend the chestnut soup.

–By Sandy Smith for PhillyLiving.com

Photo of Butcher and Singer by Frank Roche, photo of Parc by shaggyshoo, both used used under a Creative Commons license

Posted in Articles, Center City, Fitler Square, Food and Drink, Logan Square, Points of Interest, Restaurants, Rittenhouse Square | No Comments »

A few of the “50 Best Places to Eat” in Philadelphia: Wash West

Thursday, March 15th, 2012
Mercato

Mercato

The next stop on our quick review of Philadelphia Magazine’s current crop of “50 Best Places to Eat Right Now” is Washington Square West. While the density of eateries is not as high as in Old City, the variety and quality are just as high. Folks living in Washington Square West have access to many great places to eat within a short walk of their Wash West home. The only question, then, is: In which direction does one start walking? “Towards 13th Street” looks like the best answer, for six of the eight “50 Best” eateries in Wash West are either on or within half a block of that street:

Amis, 412 South 13th Street, 216-732-2647. All three of Marc Vetri’s Italian restaurants made the “50 Best” list, including both of his Wash West outposts (see Vetri, below); this casual trattoria off Pine Street is his most affordable establishment, with most menu items under $20. It’s also his most convivial eatery; the PhillyMag editors recommend you score one of the six seats at the counter overlooking the open kitchen if you can. Small plates dominate the menu, so bring friends and mix and match.

Barbuzzo, 110 South 13th Street, 215-732-2647. Actually, we were wrong with that density comment: three of the eight “50 Best” restaurants in Wash West can be found almost in a row on the short half-block of South 13th between Drury and Sansom streets. This one comes to you from chef Marcie Turney and her life partner Valerie Safran, the couple whose six establishments put Midtown Village on the map as a dining and shopping destination. Wood-fired pizza and Mediterranean dishes are the house specialties at this affordable, fun, rustic restaurant. (More from these two below as well.)

Chifa, 707 Chestnut Street, 215-925-5555. Comidas latinas with a twist: José Garces looked to Peru, where Spain, China and Japan cross paths (recall President Alberto Fujimori?), for the inspiration for his Latin-Asian fusion restaurant on the Chestnut Street restaurant row. Pho and chicarrones (with pickled ginger and Napa cabbage), tempura and crab empanadas all happily coexist on the extensive menu, where most items are under $20; tasting menus and wine flights also available.

Kanella, 1001 Spruce Street, 215-922-1773. Chef Konstantinos Pitsillides turned a neighborhood diner into a tribute to the cuisine of his native Cyprus in 2008. “Kanella” is Greek for “cinnamon,” and the influence of that and other Mediterranean spices runs strong in the Greek Cypriot fare Pitsillides serves at this popular BYOB.

Lolita, 106 South 13th Street, 215-546-7100. The second of Marcie Turney and Valerie Safran’s three restaurants (the third, Jamonera, opened after this list was compiled, replacing another “50 Best” establishment of theirs, Bindi), this distinctive little BYOT (that’s “T” for “tequila”; they’ll provide the mixers) fuses Mexican and Continental culinary traditions and has won plenty of other critical raves. Vegetarians will be delighted to know that several of the entrees on the menu can be made vegetarian by switching main ingredients.

Mercato, 1216 Spruce Street, 215-985-2962. From the people behind neighbor Valanni comes this “Italian-inspired” BYOB where fresh seasonal ingredients are prepared with a combination of Old World care and American experimentation. The a la carte menu changes at least weekly and offers both old- and new-school Italian-American favorites. Reservations accepted only for pre-theater dining and special events.

Morimoto, 723 Chestnut Street, 215-413-9070. Iron Chef Morimoto teamed up with dining impresario Stephen Starr to produce this high-concept, high-price, high-quality Japanese restaurant where – as with so many other Starr restaurants – the decor is as much of a star as the food on the plate. Unless, that is, you order the chef’s sumptuous omakase (tasting menu).

Vetri, 1312 Spruce Street. With Le Bec-Fin changing hands, Marc Vetri’s eponymous first restaurant is now the place in Philadelphia where one can count on a consistently and truly elegant fine dining experience. The $135 prix fixe tasting menu is the only option available, but with so many sumptuous, impeccably sourced and prepared items to choose from on it, what else would one need?  If you’re thinking of going here for a weekend special occasion, book your reservations now and you might get a table a few months down the road.

Zavino, 112 South 13th Street, 215-732-2400. Elbow room is at a premium in this busy little pizzeria and wine bar, but the pies and the wines are both worth working your way through the crowds. Choose a pie from their menu, or if you’re feeling adventurous, suggest a variation on a theme. Not in the mood for pizza? There are also small plates, meat, cheese and veggie plates to choose from.

–By Sandy Smith for PhillyLiving.com

Photo of Mercato from Wikimedia Commons, used under a Creative Commons license

Posted in Center City, Food and Drink, Restaurants, Washington Square West | No Comments »

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

Tags: , , ,
Posted in Art Museum, Bella Vista, Buying a Home, Center City, Chestnut Hill, Conventional Loans, East Falls, Fairmount, FHA, Fishtown, Graduate Hospital, Loft District, Logan Square, Market stats, Mortgages, Neighborhood Pages, Northern Liberties, Old City, Pennsport, Philadelphia real estate, Point Breeze, Queen Village, Rentals, Rittenhouse Square, Roxborough, Selling your home, Society Hill, South Philly, Washington Square, Washington Square West | No Comments »

Greenfield parents rally to save art programs

Wednesday, February 8th, 2012

With the School District of Philadelphia looking to close yet another yawning budget deficit, parents have begun to take matters into their own hands in order to preserve the quality of educational programs at their neighborhood schools.

The School District has cut funding for programs considered non-essential such as studio arts, performing arts and foreign languages. One group of Center City parents has taken advantage of a state tax credit program to keep art alive at their school.

That school is Albert M. Greenfield Elementary, near Fitler Square. The school’s active Home and School Association has raised private funds to paint, landscape, and improve the school’s interior and exterior spaces, so it didn’t take much to get it involved in the business of saving cherished enrichment programs.

The HSA took advantage of a state tax credit known as the Education Improvement Tax Credit (EITC) to do this. By establishing itself as an Educational Improvement Organization (EIO), the Greenfield HSA can receive direct donations from private companies to support programs cut by the School District outside the core curriculum. Companies can deduct the donations from their state tax bills.

The HSA did not clear the bureaucratic hurdles in time to save Greenfield’s art program this year but will be able to do so for the coming school year.

Read more about this development in the Weekly Press.

–Sandy Smith

Tags: , , ,
Posted in Articles, Center City, Neighborhood Pages, Philadelphia real estate, Rittenhouse Square, Schools | No Comments »

Small is beautiful: An opening for an urban retail resurgence?

Monday, January 30th, 2012

The growth of online retailing has led to a shift in the world of brick-and-mortar retail: Behold the incredible shrinking big-box store.

Best Buy store

Retailers like Best Buy are downsizing stores in the face of declining customer traffic. They might find new opportunities and eager shoppers in urban spaces where they once could not fit.

According to an article in the current issue of Realtor magazine, discount giant Walmart is shrinking the footprint of its Supercenters from 180,000 square feet on average to a mere 105,000. At the same time, the retailer is experimenting with an even smaller store: the “Walmart Express” concept features stores averaging 10,000 to 15,000 square feet in size. This past summer, struggling electronics retailer Best Buy Co. announced plans to shrink the size of its stores and sublet excess space to other non-competing retailers while expanding a new chain of smaller stores specializing in profitable mobile devices. Here in Philadelphia, office-superstore chain Staples has already announced plans to consolidate its two Center City stores into one smaller location at 15th and Chestnut in keeping with this trend – in turn opening the way for off-price retailer Marshalls to enter the urban core for the first time.

These moves, made in response to a growing propensity for customers to use physical stores as “showrooms” where they can try out merchandise before buying online, could bring with it an unexpected side benefit: a return of a truly diverse retail mix to America’s big-city shopping districts.

Old-timers may recall a time when 15,000 square feet was big for a supermarket, and in Manhattan, it probably still is. Specialty chains like Whole Foods and Trader Joe’s don’t need much more space for their stores, which can already be found in a number of in-city locations, including three in Center City Philadelphia. A Wal-Mart Express would likely find ready patronage in similar locations – and parking would not be such a necessity.

The kinds of retailers that might sublet from Best Buy have stores that also fit well in urban settings, such as Sephora, also found in Center City. And a smaller Best Buy might work better at a site such as 16th and Vine, where a developer had envisioned such a store a few years back.

The shrinking of brick-and-mortar retail stores may be a sign of trouble for large-format retail, but it’s an opportunity for cities to capture more shoppers. All that’s required for this to happen are developers willing to bet on urban shoppers and city governments smoothing the way for redevelopment of vacant retail real estate.

–By Sandy Smith

Public domain image from Wikimedia Commons

Tags: , , , ,
Posted in Articles, Center City, Philadelphia real estate, Shopping | No Comments »

Let’s Do Brunch: 10 of Our Weekend Best

Friday, January 27th, 2012

And on the seventh day, ye shall rest. That means no cooking for you. Instead, treat yourself to a leisurely brunch at one of these great places. Whether you’re in the mood for a breakfast favorite or something more dinner-y, but on the light side, these stars of the weekend offer everyone living in Philadelphia a delightful, casual dining experience – and then some, in a few cases.

Weekend BrunchCarman’s Country Kitchen, 1301 South 11th Street (at Wharton), Passyunk Square. At this quirky, intimate diner, the best down-home cooking in Philadelphia comes with something special on the side: running conversation with the chef, who loves to mix it up on current events and whatever else is on her mind with the patrons. (Your blogger has had more than one super-cheap therapy session with Dr. Carman, who is guaranteed to remove whatever blues you may be feeling.) In good weather, you can dine al fresco at the picnic table mounted in the back of the pickup truck parked in front of the restaurant. Breakfast and brunch specialties served 7 days a week, 8 a.m.-2 p.m. BYOB.

Sam’s Morning Glory Diner, 10th and Fitzwater streets, Bella Vista. This “finer diner” is a daytime-only destination beloved by locals and lovers of fresh, local, seasonal ingredients. The weekend brunch menu features egg dishes, cakes and breads, salads and “samwiches” sure to please just about everyone. Steak lovers will appreciate the bargain-priced steak and eggs, and carb fans will find the challah French toast divine. Brunch served Saturdays and Sundays, 8 a.m.-3 p.m.

Sabrina’s Cafe, 910 Christian Street, Italian Market; 1804 Callowhill Street, Logan Square/Art Museum Area; 34th Street and Powelton Avenue, Powelton Village. Classic comfort food is Sabrina’s stock in trade, and the long lines of diners waiting for tables attest to its quality. Breakfast lovers will find their favorite meal served all day, and there are vegan and vegetarian items on the menu as well. Brunch specials include a burger of the week, eggs Benedict Florentine, and a continually changing menu of cleverly named creative items.Brunch served Sundays, 8 a.m.-4 p.m. BYOB.

Valanni, 1229 Spruce Street, Washington Square West. Cocktail lovers will find this uber-cool Gayborhood mainstay as much to their liking as diners will, with a drink menu that goes well beyond the standard Bloody Marys and Mimosas. The kitchen is incapable of turning out a mediocre meal, and brunch is no exception. The Monte Cristo sandwich is to die for. Outdoor seating in season. Brunch served Sundays, 11 a.m.-3 p.m.

Jones, 700 Chestnut Street, Washington Square. Stephen Starr’s Mom-food eatery does everything with a nudge-nudge, wink-wink attitude, with the only difference being that you are in on the joke at this very Brady restaurant. The food, however, is serious – all your favorite classics are on the brunch menu, or you can order items from the all-day menu as well. Chicken-and-waffles fans, take note. It’s also a great place to dine with the kids. Brunch served Saturdays and Sundays, 10 a.m.-3 p.m.

Honey’s Sit ‘n’ Eat, 800 North 4th Street, Northern Liberties. Bet you didn’t know there was such a thing as “Southern Jewish food.” Well, there is, and Honey’s has it. It might be more accurate to say that the best traditions of Southern and Jewish cookery coexist side by side on Honey’s extensive menu, which features breakfast, brunch and deli favorites all made with ingredients sourced from some of the best local farms, including East Kensington’s Greensgrow Farm. But there are some interesting intersections of the two: brisket soft tacos, for instance. Brunch served Sundays, 7 a.m.-5 p.m. BYOB.

Jake’s and Cooper’s Wine Bar, 4365 Main Street, Manayunk. Feeling like doing something grownup for brunch? Here’s the place to do it. This Manayunk pioneer offers the full white-tablecloth, fine-dining experience and a menu of more than 30 items, all emphasizing sustainably grown, local ingredients. If you prefer wine to a Bloody Mary with your brunch, Cooper’s offers 35 different wines by the glass and 50 by the bottle, including several excellent values. (Jake’s will undergo a total makeover starting in the spring of 2012.) Brunch served Sundays, 10:30 a.m.-3 p.m.

The Swann Lounge at the Four Seasons, One Logan Square. $73 per person and worth every penny, the Swann Lounge’s Sunday brunch buffet is the most sumptuous in the city. Patrons enjoy an embarrassment of riches: traditional breakfast favorites, a global appetizer menu, salads and classic entrees, all prepared with French flair and served with one of the city’s loveliest views as a backdrop. Service, as one might expect at an establishment of this caliber, is super-attentive without being intrusive. Brunch served Sundays, 10 a.m.-2 p.m.

Mixto, 1141-43 Pine Street, Washington Square West. From the owners of Tierra Colombiana in North Philly’s Zona del Oro comes this delightful Cuban-Latin-Caribbean fusion alternative to the standard weekend brunch. Sure, Mixto offers plenty of traditional items for the less adventurous, but the Creole, Cuban and Caribbean dishes on the restaurant’s weekend breakfast menu offer a break from the ordinary. The wood-and-brick décor and exterior plantings will make you think you’ve left Philly for the tropics – and for a while at least, you have. Try their bacon Bloody Mary as well. Brunch served Sundays, 8 a.m.-3:30 p.m.

Farmicia, 15 S. 3rd Street, Old City. Imbibers, do your wallet a favor: Dine here and take advantage of the only weekend brunch Happy Hour in town, with half-price drinks from 11 a.m. to 2 p.m. Saturday and Sunday. Farmicia – the marriage of former White Dog Cafe chef Kevin Klause’s and Metropolitan Bakery owners James Barrett’s and Wendy Smith Born’s visions – offers simply prepared artisanal fare in a relaxed environment, with an emphasis on local ingredients. Brunch served Saturdays and Sundays, 10 a.m.-3 p.m.

–By Sandy Smith

Photo by Alice Park from Wikimedia Commons, used under a Creative Commons license

Posted in Articles, Bella Vista, Center City, Logan Square, Neighborhood Pages, Northern Liberties, Old City, Points of Interest, Restaurants, South Philly, University City, Washington Square, Washington Square West | 1 Comment »

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

Posted in Art Museum, Articles, Bella Vista, Buying a Home, Center City, Chestnut Hill, East Falls, Fairmount, Fishtown, Graduate Hospital, Loft District, Logan Square, Luxury Homes, Market stats, Northern Liberties, Old City, Pennsport, Philadelphia real estate, Point Breeze, Queen Village, Rittenhouse Square, Roxborough, Selling your home, Society Hill, South Philly, University City, Washington Square, Washington Square West | No Comments »

Fortunate Philly home owners may get property tax cuts – if…

Thursday, January 19th, 2012

Philadelphia Real EstateAccording to a watchdog we watch, onetime City Controller candidate Brett Mandel, Philadelphia real estate owners may be able to slash their property tax bills by up to 44 percent, thanks to the city’s sloppy real estate assessment regime.

In his email newsletter today, Mandel reported that the Board of Revision of Taxes ruled that Philadelphia property owners who appealed their assessed valuations as too high were eligible for reductions in their tax bills. The basis for the reductions is a ruling issued last summer by a state board that reviews city and county property assessments for conformity with state guidelines. The Commonwealth requires local jurisdictions to assess property at 32 percent of market value for tax purposes, and property owners in any jurisdiction that fails to meet this standard may appeal to have their taxes based on whatever rate the state determines is the local standard. Last summer, the state board determined that Philadelphia assessed property at 18 percent of market value on average. Following state law, a number of city property owners appealed their tax bills, and today, the BRT found in their favor.

This has several ramifications for City Hall. The first has to do with plugging the hole these lower tax bills will blow in the city and School District budgets. If the ruling stands, property tax receipts will fall by up to $80 million in the coming year, a large hole for the city to fill. However, according to Mandel, the city plans to appeal the decision on the grounds that the numbers the city gave the state last year are inaccurate and that the real numbers will show the city passes the state threshold.

If the folks in City Hall are smart, though, it will also light a fire under the new Office of Property Assessment to proceed with the full reassessment of property citywide that just about everyone agrees is needed to ensure city property is fairly valued. Right now, similar properties in the same neighborhoods may vary widely in their assessments, leaving longtime owners with ridiculously low taxes while newer residents face much higher bills. Politically connected property owners have also been known to benefit from the discrepancies in local property assessments. When the BRT handled both assessments and appeals, this problem got swept under the rug, so to speak; with the separation of the asseessment function into a new city agency last year, the problem can no longer be hidden that easily. Rather than appeal a flawed system, the city should take the opportunity to put an accurate and fair assessment system in place before more taxpayers get their bills lowered.

–By Sandy Smith

Tags: , , , ,
Posted in Articles, Buying a Home, Center City, Philadelphia real estate, Schools, Selling your home | No Comments »

10 Rittenhouse lands in the lap of its lenders

Monday, January 16th, 2012

One door closes, another door opens. The 10 Rittenhouse Square luxury condominium tower on Rittenhouse Square is now mostly in the hands of the lenders who financed it.

Foreclosure proceedings came to an end on Jan. 10 when senior lender Istar Financial purchased the building’s 129 unsold condos at sheriff’s sale. Developer ArcWheeler agreed in May 2011 not to contest the foreclosure after spending several months trying to forestall it after Istar first moved to foreclose in the fall of 2010. Carl Dranoff, the Philadelphia developer who had been named receiver of the building at Istar’s request, had no success selling units in the building – he told The Philadelphia Inquirer’s Al Heavens that only one individual had attempted to buy a unit since the filing, and that person was rejected because the purchase was part of a bulk sale.

In addition to its financial woes – the developers owed more than $208 million to its lenders; Istar, based in New York, was owed $175 million and mezzanine lender Delaware Valley Real Estate Investment Trust was owed about $33 million – the building had also been tied up in litigation over the past few years. The sheriff’s sale brings these woes to an end, but it brings with it a challenge for the lenders: Move units that no one else has yet been able to move, despite their being located in a signature building at the most fashionable address in the city. Are the sluggish sales a byproduct of the slow Philadelphia real estate market, or were they the product of problems with the original developer and marketing team? The lenders are about to find out for themselves.

–By Sandy Smith

Tags:
Posted in Articles, Center City, Foreclosures, Philadelphia real estate, Rittenhouse Square | No Comments »

Just in time for Restaurant Week, Marc Vetri delivers a raspberry

Wednesday, January 11th, 2012

In case you have been living under a rock, the Center City District’s semi-annual Restaurant Week is just around the corner. Actually, “Restaurant Week” is now a misnomer – this popular event, now in its 10th year, runs for two weeks – from Jan. 22-27 and Jan. 29-Feb. 3 for the winter edition. (Another two-week Restaurant Week takes place in the fall.)

Le Bec-Fin

Maybe we could dine at Osteria for $65 a head, but we doubt we could get out of Le Bec-Fin for that little.

Philadelphia-area food lovers devour this event, and with good reason: more than 100 of Center City’s best restaruants offer special three-course prix fixe menus for just $35 for dinner – and many of them also offer special $20 lunch menus. (Tax, gratuity and alcoholic beverages are not included in the package deal.) For adventurous diners, Restaurant Week offers a chance to sample unusual fare and high-end dining experiences ($35 for dinner at Le Bec-Fin? Sign us up!) they might not otherwise consider.

The event draws large crowds to the participating restaurants. Many restaurateurs love Restaurant Week for the exposure it gives their restaurants to new patrons. So does the Center City District. Echoing economic development officials in other cities that run such events, the CCD’s Kristen Linker told Forbes last fall, “Since its inception in 2003, Center City District Restaurant Week has generated over $23.9 million in additional revenues for the restaurants and pumped over $90.7 million into Center City Philadelphia’s economy.”

Not among the fans, however, is Marc Vetri, quite possibly the most celebrated chef in Philadelphia today. In a status update on his Facebook page, Vetri said that the discount dining deal really isn’t that much of one, especially after figuring in the wine, tax and tip. You could dine at his Osteria restaurant in Fairmount, he said, for about what the Restaurant Week special would run per person after throwing in all the rest. (The full text of his complaint can be found on Foobooz.) Add the crowds and the harried waitstaff to that, he said, and you might be better off dining at the restaurant of your choice on a normal night.

To some, these are fighting words. To others, Vetri has revealed the emperor has no clothes. What do you think? Share your comments here.

–By Sandy Smith

Photo of Le Bec-Fin by TexasDex from Wikimedia Commons, used under a Creative Commons Share-Alike 3.0 license

Tags: , , , , , ,
Posted in Articles, Center City, Fairmount, Graduate Hospital, Logan Square, Old City, Philadelphia real estate, Points of Interest, Restaurants, Rittenhouse Square, Society Hill, Washington Square, Washington Square West | No Comments »

Page 1 of 712345...Last »