Archive for the ‘Fairmount’ 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

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

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

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: People for People Charter School

Thursday, January 5th, 2012

Location: 800 N. Broad Street, Philadelphia, PA 19130

Enrollment: 540 students in grades K-8 in 2009-10

Student-teacher ratio: 13.3 in 2010

Demographics: African-American, 96.4%; White, 0.3%; Asian, 0%; Latino, 2.8%; all others, 0%. 85% of People for People students come from economically disadvantaged backgrounds.

Metrics:

Attendance rate (2010-11) 91%.

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

Subject This School District Public Schools State
Math 63.5% 58.6% 77.1%
Reading 54.4% 52.0% 73.5%
Science 23.5% 34.8% 60.9%
Writing 76.0% 51.2% 75.0%

Profile: People for People Charter School is affiliated with the community development corporation of the same name founded by Greater Exodus Baptist Church pastor Rev. Herbert H. Rusk II. The school follows the same core curriculum used in the Philadelphia public schools and prides itself on maintaining small class sizes (20 students on average) and individualized attention. Courses in enterpreneurship, a key component of People for People’s mission, are also an integral part of the school curriculum.

Our 10 (+1) Favorite Restaurants in Philadelphia in 2011

Friday, December 30th, 2011

One of the many great things about living in Philadelphia is the embarrassment of riches that is the city’s dining scene. Longtime residents can recite the history that led to this delightful state, beginning with the 1970s “Restaurant Renaissance” and building from there to the present. Philadelphians today enjoy a dazzling variety of eateries, from greasy spoons to elegant establishments, that offer cuisine from around the world and close to home in settings from relaxed to super-formal and at prices that suit every budget.

That scene is constantly changing, too, as new chefs try out new ideas and established names branch out in new directions. One notable local trend this year was the opening of a raft of restaurants that feature local ingredients, like The Farm and the Fisherman and The Farmer’s Cabinet in Washington Square West and Kennett off South Street. Dining impresario Stephen Starr gave Center City its first authentic English pub with The Dandelion, which opened this past summer, and another new Starr-backed establishment, Talula’s Garden, proved an immediate sensation with critics and diners when it opened on Washington Square later in the year.

Your blogger wasn’t quite able to sample all the delicious developments in Philly’s dining scene this year. But with some help from friends, we’ve been able to put together a list of 10 places – some old, some new – that consistently deliver excellent food with good service in a great atmosphere. Here, then, are Philly Living’s 10 favorite Philadelphia restaurants of 2011, in no particular order:

Han Dynasty, 108 Chestnut Street, Old City. The in-town outpost of the highly regarded Sichuan restaurant in Exton never disappoints. From mild to wild, the dishes are consistently well executed. Go with a group and be sure to share – it will be an education for your palate.

Opa Restaurant interior

The stylish interior of Opa, the new casual Greek restaurant that's on our 10 Favorites list

Opa, 1311 Sansom Street, Midtown Village/Washington Square West. This moderately priced newcomer offers contemporary interpretations of classic Greek fare in a casually stylish setting. Not out for a full meal? Try one of their excellent appetizers at the bar, which has a creative cocktail menu and several great local brews on tap.

City Tap House, 3925 Walnut Street, University City. Sure, you will be sharing the space with Penn students on a bender, but there’s plenty of room for everyone in its large, modern-rustic dining room. There’s also an outdoor terrace in good weather. Craft beers and fresh seasonal ingredients go together like hand in glove at this eatery, which capitalizes on Philadelphia’s reputation as one of the best beer cities in America.

Friday Saturday Sunday, 261 South 21st Street, Rittenhouse Square. This sole survivor of the Restaurant Renaissance still “loves you every night.” It’s also still the best place in town for a romantic dinner date, with its intimate size and still-funky decor. Its kitchen is still producing simple yet elegant dishes with flair, 37 years on, and it still has the lowest markup on wine in the city – every bottle only $10 over cost.

PYT, 1050 North Hancock Street, Northern Liberties. What’s a burger joint doing on this list? Constantly experimenting, that’s what. Legendary party promoter Tommy Up’s uber-casual burger joint/lounge/club in the Piazza at Schmidt’s continually turns out new, creative, and sometimes flat-out weird variations on the classic burger, with a different featured burger each week. Past creations include the Krispy Kreme Burger, the Chicken & Waffle Burger, and the Korean Short Rib Burger, which proved such a hit it was added to the permanent menu. Needless to say, this is not a place for the health- or weight-conscious.

Le Virtu, 1927 East Passsyunk Avenue, South Philadelphia. All Abruzze, all the time, made the old-fashioned way with all the local ingredients the owners can get their hands on. House-cured meats and fresh pasta are among the stars at this anchor of the East Passyunk Avenue restaurant row.

Raw Sushi & Sake Lounge, 1227 Sansom Street, Midtown Village/Washington Square West; 1050 North Hancock Street, Northern Liberties; Cafe Boyd’s, inside the men’s wear store at 1818 Chestnut Street, Rittenhouse Square. This stylish contemporary Japanese restaurant, which recently opened a second outpost at the Piazza, loves to play with its signature dish. If you like it raw, you will love what the sushi masters here do with rice, fish and vegetables. The cooked entrees aren’t bad either.

Osteria, 640 North Broad Street, Fairmount. Marc Vetri’s more casual Italian dining spot is every bit as outstanding as his justly famous small restaurant on Spruce Street, but easier to get into and somewhat easier on the wallet. It’s a must-visit for pizza lovers as well, as the pies on the menu are the best in the city. Of special note is the Lombarda,with Cotechino sausage, two cheeses and a fried egg atop a delicate crispy crust.

Los Taquitos de Puebla, 1149 South Ninth Street, Italian Market/Bella Vista. The influx of immigrants from the southern Mexican state of Puebla is perhaps the best thing that’s happened to the Italian Market in years, and this unassuming taqueria is a happy product of that phenomenon. Cheap and delicious, their tacos de pastor are the best in town. More adventurous eaters will find on the menu dishes made from parts of the cow you probably never thought edible: anyone for ojos or cabeza de res?

Picanha Grill, 6501 Castor Avenue, Castor Gardens. Like Fogo de Chao, this Brazilian churrascuria in the Northeast is run by actual Brazilians. And like Fogo, it features a salad bar and a dine-till-you-drop parade of succulent meats. But unlike Fogo, you can enjoy all this without taking out a loan for your meal: the all-you-can-eat experience here costs a mere $25.

Bonus: Oyster House, 1516 Sansom Street, Rittenhouse Square. Sam Mink, the third generation of the Philadelphia family behind the legendary Kelly’s of Mole Street, took his family’s old-school seafood restaurant and lightened it up. The bright, open dining room still sports the knickknacks that have graced its walls since 1976, but just about everything else is new and improved, including the best lobster roll outside New England. Don’t miss the buck-a-shuck oyster special at the bar at happy hour.

–Sandy Smith

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: 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

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