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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.

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Posted in Articles, Center City, Northern Liberties, Philadelphia real estate, Rittenhouse Square, University City, Washington Square West | No Comments »

Street fairs enliven Wash West next weekend

Friday, September 28th, 2012
Midtown Village Fall Festival

Great eats, fun activities for young and old, a beer garden, arts and crafts from all over – there’s something for everyone to enjoy at the annual Midtown Village Fall Festival.

Two of Center City’s biggest and best street fairs take place back-to-back next weekend, serving up a menu of food and drink, arts and crafts and all-around fun for all.

First up is the Midtown Village Fall Festival on Saturday, Oct. 6. This year’s seventh annual festival will be the biggest ever, with more to see, do and experience. A six-block swath of the neighborhood will be turned over to Village residents, vistors and the merely curious from noon to 7 p.m. Besides delicious food and great libations from the area’s many restaurants and neat stuff from local merchants, there will be artisans and craftspeople offering unique items from all over, a bigger and better “Little Villagers” play area, and even a chance to dunk the Presidential candidate of your choice – “Barack Obama” or “Mitt Romney” – to benefit the Philadelphia Fire Department Fallen Heroes Memorial in Franklin Square. For the complete lowdown on this free event, visit MidtownVillage.org.

Then on the next day, Sunday, Oct. 7, the rainbow flag flies high over the Gayborhood – same area, two names – for the annual Outfest street festival. The area’s LGBT-friendly businesses pull out all the stops for this annual event held on the Sunday before National Coming Out Day. This year’s edition will likewise be bigger than ever, with more than 140 vendors, community groups, and flea markets participating, plus a day-long schedule of entertainment and activities – including dancing in the street with your choice of DJs. All the details at the Outfest web page.

-Sandy Smith

 

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

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. 

Posted in Articles, Center City, Old City, Pennsport, Philadelphia real estate, Queen Village, Rittenhouse Square, South Philly, University City, Washington Square West | No Comments »

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.

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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 »

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

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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 »

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 | No Comments »

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

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 »

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

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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 »

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.

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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 »

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