Archive for the ‘Fishtown’ Category
Wednesday, May 22nd, 2013
The Philadelphia real estate market and Philadelphians themselves are feeling something in the air. A revival of Philly’s Downtown is having rippling effects throughout the city. Businesses are thriving, serving a new population of city-dwellers that have been immigrating into the city from the suburbs and exurbs year after year. This wave of new Philadelphians is partly due to investments that the city has made in the past and partly due to the rising cost of gas making many question their commutes. Whatever reason brings them to the City, this population is reviving neighborhoods, starting new local businesses, and supporting the businesses that make Philly great.
Demographic Shift Fueling Philadelphia’s Downtown Revival
A Pew Poll from 2011 (PDF) shows that the demographics of the city are shifting toward young adults and families with those aged 20-44 representing 37% of the city population. Further, it shows that only 69% of Philadelphia’s population was born in the city, meaning that 31% of that year’s population had moved into Philly at some point in their lives.
This demographic is great for Philadelphia, as it is generally composed of young professionals and their families. They are predominantly moving to Fishtown and University City neighborhoods to enjoy these areas’ thriving restaurant and cafe culture. This group’s spending is supporting Philadelphia businesses, leading to a further revival of Philadelphia’s Downtown businesses.
Philadelphia Downtown Revival: “If You Build It…”
Philadelphia bu
sinesses have been the key to Philadelphia’s Downtown revival. Their successes, some say, are a result of investments that the city of Philadelphia made in the 1990s. By passing the 10-year real estate tax abatement, Philadelphia courted business. One of the results was a New Convention Center and the many hotels that sprung up around it. Another was an increase in commercial shopping space, the same space that has made it possible for many Philadelphia small businesses to appear in the decades since.
Philadelphia is now feeling the effects of its long-term investment. More businesses means more jobs, so courting business has provided the jobs needed for the population influx of the last decade. The abatement of real estate taxes accomplished its goal of promoting business development in Philadelphia, but it also resulted in tax shortages that Philadelphians have felt through funding cuts to schools, fire departments, and police departments throughout the city.
Course Correction a Part of Philadelphia’s Downtown Revival
The Downtown Revival will need to be funded. Those young families need schools for their children and safe neighborhoods. The businesses need well-maintained roads for shipping and receiving of goods. The successful abatement left Philadelphian public servants clamoring for funding, but the City’s Actual Value Initiative (AVI) promises to be just the course correction that the city needs.
While it is likely to raise taxes on many commercial properties and increase the share of the tax burden shouldered by Philadelphia businesses, the funds that it will draw into city coffers will have a direct impact on the lives of Philadelphians. With shifting demographics moving toward those populations that economies are built upon, the Downtown Revival is likely to continue, and that can only be good for anyone who wants to buy a home in Philadelphia.
Tags: downtown, downtown revival, living downtown, philadelphia real estate, philadelphia's downtown revival, philly real estate
Posted in Fishtown, University City | No Comments »
Thursday, May 16th, 2013
Philly 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 Philadel
phia 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.
Tags: fishtown, kensington, philadelphia apartments, philadelphia schools, philadelphia teachers, philly education, philly teachers, teach for america
Posted in Articles, Fishtown, Schools | No Comments »
Tuesday, April 30th, 2013
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.
Tags: best places to live in philadelphia, living in philly, philadelphia neighborhoods, Philly Living Blog, philly neighborhoods
Posted in Articles, Fishtown, Graduate Hospital, Philadelphia real estate | No Comments »
Monday, April 8th, 2013
The Philadelphia real estate market is finally on the upswing, and many Philly neighborhoods have recently gone through huge transformations, bringing new housing, new restaurants, new shops, and new residents to the city. This month, Philadelphia magazine compiled its “Hot List 2013,” a listing of the 15 hottest neighborhoods in and around Philly. Here are just a few of the up-and-coming Philly neighborhoods that made the top ten.
New construction in Graduate Hospital. Photo: Jauhien Sasnou
#1: Graduate Hospital
With its high walkability and proximity to the city’s attractions, Graduate Hospital has quickly become one of Philly’s hottest neighborhoods. It is home to a high number of artists, and has a significantly lower crime rate than the average Philly neighborhood. Property values in Graduate Hospital have increased rapidly over the last year, attracting many investors and first-time homebuyers, including young professionals, young marrieds, and new parents. Between 2011 and 2012, the number of properties sold in Graduate Hospital increased by 23 percent.
Frankford Hall in Fishtown. Photo: M. Kennedy for Greater Philadelphia Tourism Marketing Corporation.
#4: Fishtown/Kensington
Over the last few years, Fishtown has been seeing growth from all different demographics. Residents love that it has a city feel without the high city prices. Property values in Fishtown are rising steadily as it is becoming one of the coolest neighborhoods in Philly. From 1999 to 2011, the median household income in Fishtown increased by 37.1 percent.
The Kimmel Center on the Avenue of the Arts. Photo: B. Krist for GPTMC.
#7: Avenue of the Arts
Avenue of the Arts has recently seen a surge of high-end apartments, condos, and townhouses. Property values have risen to Main Line levels as it has become the Philly neighborhood of choice for edgy young professionals with cash to burn. The completion of the Kimmel Center in 2001 transformed the Avenue of the Arts into the city’s cultural center. Between 2011 and 2012, the number of properties sold in the Avenue of the Arts area rose by 21.3 percent.
Street scene in Fairmount. Photo: Jeff Fusco
#8: Fairmount
In the past four years, Fairmount has become Philly’s suburban town in the heart of the city. Its lush trees and wide open spaces give it a small town neighborhood feel, while still being close to busy city life. Home prices in Fairmount have risen significantly over the past decade, as the area has welcomed a younger demographic, including first-time homebuyers seeking a wider variety of housing options. From 2011 to 2012, the number of properties sold in Fairmount has increased by 24.1 percent.
Tags: coldwell banker preferred, noah ostroff, philadelphia neighborhoods, philadelphia real estate, philly real estate
Posted in Fairmount, Fishtown, Graduate Hospital, Market stats, Neighborhood Pages, Philadelphia real estate | 1 Comment »
Wednesday, June 13th, 2012
The Philadelphia Neighborhoods project on Google Maps
In Philadelphia, neighborhoods matter. (Not that they don’t elsewhere.) They confer – or deny – status to residents and property, which is why (1) arguments over which blocks are in which neighborhoods can get heated (2) residents of neighborhoods as varied as Point Breeze and Southwark coined new names for their communities in the hopes of erasing perceived stigmas.
To help people sort things out, the Philadelphia Neighborhoods collaborative project launched on Google Maps seeks to delineate the boundaries of every Philadelphia neighborhood. Like a wiki, anyone can add to or edit it, which should ultimately make it a pretty accurate guide to what blocks belong where.
The project currently has two maps active. Users might want to use the second to mark subsidiary communities within larger neighborhoods, such as Spruce Hill in University City, the Devil’s Pocket in Southwest Center City or the Gayborhood (or Midtown Village) in Washington Square West. Just be prepared for others to challenge you once you define their boundaries.
Tags: buying a home in philadelphia, coldwell banker preferred, homes in philly, living in philly, noah ostroff, philadelphia real estate, Philly Living, real estate, Real Estate in Philadelphia
Posted in Art Museum, Articles, Bella Vista, Center City, Chestnut Hill, East Falls, Fairmount, Fishtown, Fitler Square, Graduate Hospital, Loft District, Logan Square, Neighborhood Pages, Northern Liberties, Old City, Pennsport, Philadelphia real estate, Point Breeze, Points of Interest, Queen Village, Rittenhouse Square, Roxborough, Society Hill, South Philly, University City, Washington Square West | No Comments »
Thursday, February 16th, 2012
Even 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, 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: coldwell banker preferred, noah ostroff, Philly Living, Philly Living Blog
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 »
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/report.
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 »
Tuesday, January 10th, 2012
There 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.
Tags: buying a home in philadelphia, center city real estate, coldwell banker preferred, living in philly, noah ostroff, philadelphia real estate
Posted in Art Museum, Articles, Bella Vista, Buying a Home, Center City, Chestnut Hill, East Falls, Fairmount, Fishtown, Graduate Hospital, Loft District, Logan Square, Market stats, Neighborhood Pages, 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 »
Thursday, January 5th, 2012
Location: 800 N. Orianna Street, Philadelphia, PA 19123 (K-8); 5901 Woodbine Avenue, Philadelphia, PA 19131 (K-1); 5339 Lebanon Avenue, Philadelphia, PA 19131 (2-8)
Enrollment: 452 students in grades K-8 in 2010-11 (all locations)
Student-teacher ratio: 12.7 in 2010
Demographics: African-American, 93.1%; White, 0.9%; Asian, 0.4%; Latino, 5.5%; all others, 0%. 42% of Laboratory students come from economically disadvantaged backgrounds.
Metrics: Attendance rate (2010-11) 96%.
PSSA performance (2011, percentage of students scoring proficient or advanced):
| Subject | This School | District Public Schools | State |
| Math | 98.2% | 58.6% | 77.1% |
| Reading | 99.2% | 52.0% | 73.5% |
| Science | 96.4% | 34.8% | 60.9% |
| Writing | 98.9% | 51.2% | 75.0% |
Profile: The school’s mission statement states, “The mission of the Laboratory Charter School of Communications & Languages is to provide a comprehensive, cognitively based program that will prepare students to communicate effectively in more than one world language and to see the world from global, international and national perspectives. The school will promote: 1) excellence in oral and written communication, 2) mastery of at least two world languages, 3) familiarity with communication technologies, 4) appreciation of cultural diversity, 5) concern for international and global issues, and 6) commitment to lifelong learning. It will be characterized by excellence in teaching, instructional methodologies that connect learning to pragmatic conditions, and close cooperation among communities, parents, and teachers.” As the school has no website of its own, we could not locate additional details about the school’s course offerings or instructional program – but we believe that the PSSAs speak for themselves. The school has campuses in Northern Liberties and Wynnefield.
Tags: 19123, education, living in philly, philadelphia real estate, philadelphia schools, schools in 19131, schools in philadelphia
Posted in Articles, Buying a Home, Center City, Fishtown, Northern Liberties, Philadelphia real estate, Schools | No Comments »
Tuesday, December 20th, 2011
Contrary 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
Tags: best places to live, buying a home in philadelphia, education, families in center city, kids in center city, living in philly, Philadelphia Kids
Posted in Art Museum, Articles, Bella Vista, Center City, Chestnut Hill, East Falls, Fairmount, Fishtown, Graduate Hospital, Loft District, Neighborhood Pages, Northern Liberties, Old City, Pennsport, Philadelphia real estate, Queen Village, Rittenhouse Square, Schools | No Comments »
