Archive for the ‘University City’ Category

Philly’s Downtown Revival a Boon to Philadelphia Real Estate Market

Wednesday, May 22nd, 2013

Philadelphia Downtown Revival A Multicultural Affair 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 buPhiladelphia Downtown Revival Convention Centersinesses 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.

Philadelphia’s Hottest Neighborhoods in 2013, Part Two

Thursday, May 2nd, 2013

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

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

The Big Five of Philly’s Top 10 Hottest Neighborhoods

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

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

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

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

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

Celebrate St. Patrick’s Day at a Famous Philadelphia Pub Crawl

Friday, February 22nd, 2013

No city does St. Patrick’s Day better than Philadelphia, and there’s no better way to spend St. Patrick’s Day than with an old fashioned Irish pub crawl.  This March, grab your four-leaf clover, dress up in green, and take a tour of some of the best Irish pubs in Philly at one of these famous St. Patrick’s Day pub crawls.

luckoftheirish

Official Saint Paddy’s Pub Crawl Philadelphia
Sunday, March 17, 3 p.m.-11 p.m.
Begins at Red Zone, 35 South Second Street, Old City

The producers of the world’s largest pub crawl, pubcrawls.com, presents Philadelphia’s “official” St. Patrick’s Day pub crawl.  Hang out in Old City’s best pubs, meet new friends, and enjoy drink specials like $1 (12 oz.) draft beers, $2 bottle beers, $3 well drinks, and $4 Irish whiskey.  Register for only $10, or paint the town green with 3 days of pub crawls with a special all-access pass.  Only $20 gets you access to the Happy Hour St. Paddy’s Day Pub Crawl on March 15, the Saint Paddy’s Day Luck of the Irish Pub Crawl on March 16, and finally the Official Saint Paddy’s Day Pub Crawl on March 17.  You can even add on a Saint Paddy’s Day T-shirt for an additional $10.

runningofthemicks

Running of the Micks
Saturday, March 9, 12 p.m.-11 p.m.
Begins at Finnigan’s Wake, Third and Spring Garden Streets, Northern Liberties

“Drink, ride, and run up the Art Museum steps,” Rocky-style, at the wildest pub crawl in Philadelphia.  Visit Philly’s hottest bars and enjoy live music, contests, and drink specials for 11 straight hours.  Finish off the evening with a historic run up the Art Museum steps.  General admission is only $15, and special VIP access, including an open beer bar, is $80.

erinexpress

Erin Express
Saturday, March 9 and Saturday, March 16, 12 p.m.-6 p.m.

Philly’s number one St. Patrick’s Day celebration is presented by Cavanaugh’s Restaurant and Sports Bar in University City.  Get absolutely free bus transportation for six whole hours, and visit the Erin Express “depots,” including Mill Creek Tavern, Smokey Joe’s, The Blarney Stone, Westy’s, and many more.  Buses run in a continuous loop every 15-20 minutes, so there is no starting or ending location.  Best of all, there is no registration charge!  All you have to do is show up at one of the depots, buy yourself a drink, and hop on the next bus.

Relocating to Philly? Here’s some advice

Friday, June 15th, 2012

Center City Philadelphia at night

With cheesesteaks, the World Champion Phillies and a show that gives you a glimpse of what life can be like if you run a bar (maybe not your typical bar) in the city, it’s no reason that more and more people are starting to call Philadelphia home. As the 5th largest city in the United States, Philadelphia is home to more than 1.5 million people, and another 4 million people in the Greater Philadelphia metro area. Residents include young and old professionals, mega sports fans, university students and just about any other type demographic you can think of.

Before you get here, it is important to realize that there are four main areas of Philadelphia, all of which would be perfect places to plant your roots. Below, we will describe each of these boroughs in an effort to help you decide which one you would feel most comfortable in.

The Four Districts

The first is Philadelphia’s downtown area, known to the locals as Center City. Like most downtown business districts, Center City is where you’ll find most of the city’s tallest buildings and major employers. Center City is also where many professionals live and socialize among historical row houses and trendy store fronts. Professionals living in Center City will enjoy active nightlife, trendy restaurants, and excellent shopping.

Second on the list is South Philly. This area is home to the Philadelphia Navy Yard, the Philadelphia Sports Complex, and the Italian market that may be responsible for some of the city’s best Italian food (if you are an Always Sunny fan, this may be the area for you).

One of the most popular parts of Philadelphia is University City. As you can probably tell by the name, this neighborhood in West Philadelphia surrounds Drexel University and the University of Pennsylvania and is mainly where students attending one of these colleges reside.

The last district on our list is Mayanuk. Much like University City, this area is full of university students. Temple University and Penn students may find this neighborhood near the Schuylkill River super convenient.

Now hopefully you have chosen which section of Philadelphia you are going to relocate to. And while that is a relief, now comes the hard part, actually moving. There are many steps one must take to ensure a smooth move, but one that most don’t consider (and may be the most important) is renting a Philadelphia storage unit.

Many of these residents use Philadelphia self-storage for additional space at an affordable rate. Living in any of the regions mentioned above will more than likely require the convenience of a storage unit. For example, in Center City, residents have trouble finding parking so they use self-storage for keeping their vehicles. If you’re a student at one of the many colleges and universities located in University City or Mayanuk, you may find it easier to access a storage unit located nearby than cramming all your belongings into your dorm or apartment.

When choosing self-storage in Philadelphia, you may be tempted to save money by reserving a unit in another suburb away from you. However, remember that this option is usually only practical if you have access to transportation and won’t need to get into your storage unit frequently. Compare facilities prices online and weigh cost vs. convenience to make sure you are getting the best deal. Your goal should be to find the right unit in the best location for the lowest price, simplifying your moving experience to a tolerable level.

This article was written by Matt Schexnayder. Matt is on the SpareFoot marketing team and writes for the SpareFoot blog. SpareFoot is the largest online marketplace for self-storage with more than 5,000 facilities listed nation-wide. 

Confused about Philly neighborhoods? There’s a map for that

Wednesday, June 13th, 2012
Philadelphia Neighborhoods on Google Maps

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.

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

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/report.

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

It’s Official: Philly Housing Market Is Improving

Tuesday, January 10th, 2012

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

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

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

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

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

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

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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