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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 »

Affordable Living Solution for Dense Cities: Think Small

Thursday, April 18th, 2013
Micro-apartment

Small apartments are the big thing in a growing number of densely built cities where affordable housing is hard to come by. The trend offers benefits for both renters and landlords. Photo from NYCMayorsOffice via Flickr.

When a middle-class income is barely enough to buy a phone booth in some of our largest cities, how can we come up with housing middle-class residents can afford?

The answer, say a growing number of experts, is: Build phone booths.

We exaggerate a bit, we realize. But the “micro-apartment” – an apartment that’s significantly smaller in size than those allowed under old zoning codes – is gaining favor with both elected officials and developers.

New York Mayor Michael Bloomberg, for example, has championed revising the city’s zoning code to legalize apartments as small as 250 square feet in size. In Philadelphia, such apartments would still be illegal under the current zoning code.

Developers are warming up to them as an affordable living solution because they offer a win-win situation for both the builder and the tenant. For example: A typical one-bedroom apartment in New York has 750 square feet of space. Under New York’s new minimum size of 250 square feet, a builder could put three apartments in that same space.

Those apartments will rent for well below what that 750-square-footer will, putting them within reach of one- and two-person households, especially younger ones of more modest means. Yet the total income to the owner will be more than what that 750-square-foot apartment would produce.

This article explains the advantages of building micro-apartments for property owners in densely built cities. We don’t think Philadelphia is one of these yet, not by a long shot. But if the residential boom that has transformed swaths of North and South Philadelphia into extensions of Center City continues, we could envision a time when demand for housing in the most desirable areas is so great that owners might want to consider the small-scale solution too.

 

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Posted in Uncategorized | 1 Comment »

3rd Annual Burger Brawl is a Go

Thursday, April 18th, 2013

Burger Brawl logoRob Wasserman, owner of Rouge, 500 Degrees and The Saint James, has announced the Third Annual Philadelphia Burger Brawl is officially on this year. The event will be held on Sunday, May 5, 2013, from 3:00 to 6:00 p.m. at the Fleisher Art Memorial in Queen Village.

The Brawl was founded in 2011 by Rob and his wife Maggie to benefit the construction of computer labs in elementary schools throughout Philly. The first two events funded a computer lab in the William M. Meredith Elementary School. The Third Burger Brawl (and any Brawl in the future) will award computer labs to Philadelphia public schools on a needs basis that allows principals to vie for the award.

With more than twenty of the city’s top burger chefs set to compete to see whose burger is best, the event is expected to raise quite a bit of cash and plenty of sponsorships. More than 700 attendees are expected, and Mr. Marc Summers will be emcee.

This year’s Brawl participants include:

  • Alla Spina
  • Barbuzzo
  • Butcher and Singer
  • The Capital Grille
  • The Corner
  • The Dandelion
  • Ela
  • Good Dog Bar
  • The Industry
  • Kennett
  • London Grill
  • Lucky’s Last Chance
  • Misconduct Tavern
  • Miss Rachel’s Pantry
  • Percy Street Barbecue
  • Shake Shack
  • Silk City
  • South Philadelphia Tap Room
  • Spencer ETA Burger
  • Table 31

Tickets are $75 each and include burger tastings from all participating restaurants, cocktails from Jim Beam, beer tastings from Dogfish Head brewery, Rita’s Water Ice, Krispy Kreme doughnuts and more. Tickets are available here. Hurry up, the event is expected to sell out quickly.

 

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Posted in Uncategorized | 3 Comments »

Historic Philadelphia Tours Lined Up for Spring

Tuesday, April 16th, 2013
Independence Hall after dark

Ever want to see Independence Hall without the crowds? You can do it after dark. Photo from Greater Philadelphia Tourism Marketing Corporation.

Historic Philadelphia, Inc. has officially announced its spring lineup for walking tours, which run through the fall and winter of 2013.  The evening tours, Tippler’s Tour and Independence After Hours, are filled with real people with real stories from Philly’s Colonial days that connect history to modern-day experiences.

What makes these tours particularly unique are their hosts – usually an actor personifying the character of a real 18th-century person. Not to worry – these aren’t some geeks off the street; each performer goes through extensive training to learn thorough details of the time period and their individual persona.  Combined with authentic Colonial locations, HPI’s tours immerse the viewer with a unique, all-access pass to real history come to life.

Tippler’s Tour showcases the city’s Colonial and modern-day watering holes while the Independence After Hours Tour highlights some of the landmarks of Philadelphia’s Historic District and gives tourists and locals wanting to get in touch with their historic side the ability to tour Independence Hall with no crowds.

For more information on Historic Philadelphia and its tours, visit the Historic Philadelphia website.

-Greg Meckstroth 

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Posted in Articles, Old City, Points of Interest, Society Hill | 1 Comment »

Philadelphia Magazine Names Philly’s Hottest Neighborhoods

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.

Graduate Hospital

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.

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.

Kimmel Center

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.

Fairmount street scene

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.

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Posted in Fairmount, Fishtown, Graduate Hospital, Market stats, Neighborhood Pages, Philadelphia real estate | 1 Comment »

Fannie Mae Posts Record Profit in 2012

Wednesday, April 3rd, 2013
Single-family house

Fewer bad loans and reduced foreclosure losses contributed to Fannie Mae’s rebound to record profitability in 2012.

In another sign that the housing market turnaround is beginning to lift many more boats, mortgage guarantor Fannie Mae reported yesterday that it earned a record $7.6 billion in the fourth quarter of 2012 and $17.2 billion for the year.

Fannie Mae’s turnaround enabled the government-sponsored enterprise to pay $11.6 billion in dividends to the U.S. Treasury last year. In the last quarter, it made a $4.2 billion dividend payment on the government’s $187.5 billion investment in the company and sibling Freddie Mac. The dividends count as a return on the investment and not as repayment of the bailout money.

Since entering government conservatorship in 2008, Fannie and Freddie have paid $65.2 billion in dividends to the U.S. government. Under an agreement with the U.S. Treasury that went into effect this year, the two companies can retain only $3 billion in net worth, with any assets beyond that amount going to the Treasury.

Bloomberg News quotes Fannie May President and Chief Executive Officer Timothy J. Mayopoulos saying in a telephone conference call with reporters, “We expect to remain profitable for the foreseeable future. It’s a very good thing for taxpayers, but there’s still an important task in front of policy makers to determine what structure they want to have for the future housing finance system, what institutions they want to have playing the various roles in that system and then figuring out how to attract private capital.”

When Fannie and Freddie collapsed under the weight of underwater mortgages after the housing market bubble burst in 2008, government regulators did not map out a path to independence for the companies, as they assumed Congress would liquidate and replace them before they returned to profitability. Yesterday’s announcement raises the possiblity that a different future for Fannie and Freddie may be at hand, one in which they may continue to play a role in the nation’s housing finance system.

The profits come on the heels of a $16.9 billion loss in 2011. Analysts attribute the dramatic turnaround to a shrinking portfolio of bad loans and lower losses from sales of homes in foreclosure.

 

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Posted in Uncategorized | 1 Comment »

Three Tips to Avoid Online Rental Scams

Tuesday, March 26th, 2013
Craigslist scam message

If an apartment listing on Craigslist sounds too good to be true, it probably is. Here are some tips on how both renters and landlords can avoid being taken in by rental scams.

With classified websites like Craigslist becoming one of the most popular ways to advertise or search for a rental property, online rental scammers have become more and more prominent. Falling for a rental scam can end up costing you thousands of dollars and can even result in identity theft. Whether you’re seeking a new place to live, or listing your property for rent, follow these tips to recognize a phony listing or renter and avoid becoming the victim of a rental scammer.

1. Remember: If it seems too good to be true, it probably is.
Scammers list rental properties for hundreds of dollars less than similar properties in the area, often with real addresses and photos copied from legitimate listings. Or they’ll answer a listing offering to rent a property sight unseen. The golden rule of Craigslist is to only deal locally and in person. Be sure to meet with anyone you deal with online and investigate their credentials before doing business.

2. Get everything in writing.
Never agree to make a deposit on a rental without first signing a lease. The person showing you the property may not even have a legal right to rent it to you, and may end up making off with your deposit and leaving you without a place to live. You should also never agree to rent out a property without meeting with the renter to sign the lease. Scammers will often claim to be out of the country and offer to make a deposit by cashier’s check, only to later back out of the agreement and request a portion of the deposit back. The check will bounce, but not until after you’ve cashed it, leaving you with high bank fees and a negative balance while the scammer disappears with your money.

3. Never send personal information through the Internet.
If you reply to a listing and are asked to fill out an online credit check before seeing the property, delete the message and move on. Scammers will use fake credit checks to retrieve your personal information, like your social security number and bank account information, to steal your money and even your identity. It’s best to never click on any links sent to you through Craigslist, unless you can verify the website to which they lead. You should always insist on meeting in person to view the rental and fill out any necessary paperwork. You should also research the property to ensure that the person you’re meeting is the real owner or manager.

The bottom line is you should always know who you’re dealing with when renting a property listed on Craigslist, or listing a property for rent. Avoid deals that seem too good to be true, only deal in person, and get everything in writing. If you’re moving to another city or state, experts recommend you only deal with a licensed agent to avoid being scammed. Follow these tips and you can protect your money, and your identity, from online scammers.

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Posted in Articles, Rentals, Uncategorized | No Comments »

2013 Mural Tours Season Unveiled

Friday, March 22nd, 2013
Mural Tours

The Mural Arts Program’s tours showcase some of the best of the 3,600 murals on walls all across the city.

The Mural Arts Program has officially unrolled its 2013 Mural Tours Season for the spring and summer, a huge variety of tours that gives folks the chance to see and experience the country’s largest mural program with 3,600 murals dotting the Philly landscape. Officially beginning in April, additions for the year include new tour routes, interacting with working muralists, and specialty tours.

The new tours will show off some of the newer murals as well as the original classic public art pieces. The tours, which will be experienced by trolley, are called: “Mural Arts Masterpieces” and “Mural Arts New Works.” They join numerous other walking, biking, and trolley tours that give users the opportunity to explore Philadelphia’s neighborhoods off the beaten track where most visitors don’t venture. Also, monthly one-time specialty tours have been added to the 2013 schedule.

Advanced reservations are strongly recommended but not required.  Tickets are available online at www.muralarts.org or by phone at 215-925-3633. For private group tours and specialty tours, please call 215-925-3633×10.

 

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Posted in Points of Interest, Uncategorized | 2 Comments »

Is a Short Sale Right for You?

Wednesday, March 20th, 2013

To sellers, a short sale can mean a way out of crushing debt and monthly mortgage payments they can’t afford. To buyers, a short sale can mean a great deal on a new home. A short sale is when a lender agrees to accept less than the total amount due on a home loan. This usually happens when the loan on the property is larger than the sale price minus expenses. However, despite the name, short sales are rarely short. Lenders aren’t too quick to approve a transaction that will lose them money, so they usually require massive amounts of paperwork, including bank statements and other financial records, which can quickly become outdated and need to be replaced. This can drag the process on for months at a time.

If you’re considering selling your home through a short sale, there are a few things you can do to speed things up and make the process as painless as possible for everyone involved.

1. Talk to the right person.
When you start thinking about a short sale, call your lender to discuss the process. They may try to transfer you to the “real estate short sale” or “workout” department, but you want to talk to the individual responsible for handling short sales. Ask for the name of the supervisor in charge of approving short sales, and talk to him/her.

2. Submit a letter of authorization.
Write a letter to your lender authorizing them to release your personal information to anyone involved in the sale, including your real estate agent, closing agent, title company, or lawyer. Be sure to include your loan number and your agent’s contact information.

3. Write a hardship letter.
Describe in detail the situation that led to your requesting a short sale. Mention if your lost your job or became ill or injured. The sadder your letter sounds, the better, but be honest.

4. Ask that the lender not to report adverse credit to reporting agencies.
This might help protect your credit rating, but remember that the lender is not required to accommodate your request.

5. Keep bank statements updated.
Make a note of the ending date of each bank statement you send to your lender. When the statement is about to expire, expedite a new one to the lender right away.

If you’re interested in buying a short sale, be sure to have the home thoroughly inspected to uncover serious problems as early as possible. You might even want to bring in specialists for expensive problems like termites or mold. When Adam Melson purchased a short sale home in Philadelphia, he ended up having to make $40,000 in renovations. What he was told was just a little termite damage ended up being a far more serious problem. “The boards supporting the kitchen floor were entirely eaten by termites,” Melson told Bankrate.com. “I wound up hauling over 10,000 pounds of my house to the dump in rented box trucks.”

The bottom line is, a short sale is not a quick and easy solution for buyers or sellers. It’s important to do your research, and consult the advice of your lender, real estate agent, or lawyer before considering a short sale.

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Posted in Articles, Buying a Home, Mortgages, Selling your home | No Comments »

Pros Say “It’s Never Been Easier” to Sell Philadelphia Real Estate

Tuesday, March 12th, 2013
Students seeking affordable housing have stimulated a wave of renovations across the city and made selling Philly easy.

Students seeking housing have stimulated a wave of renovations across the city, filling newly rehabbed and converted apartments and supporting higher rents.

This past Thursday marked the 11th annual RealShare Philadelphia, a meeting of over 500 real estate professionals. More than two dozen industry experts spoke at the event, which took place in the Crystal Tea Room at the historic Wanamaker Building.

One topic of discussion at RealShare was why, as Robert Fahey, executive vice president at CBRE, said, “It’s never been easier to sell Philadelphia.” The panel of experts pointed to many different reasons for the city’s current developer appeal. Philadelphia is lower profile than nearby cities like Boston and Washington and less subject to “wild cyclical swings,” according to Chris Terlizzi, senior vice president and regional manager at First Niagara Bank.

Experts also referred to a younger demographic which is currently pouring into Philadelphia’s many renovated apartment buildings. David Dolan, senior managing director with Newmark Grubb Knight Frank, said that nearly 6 million square feet of older office space in Philadelphia has recently been converted to apartments, attracting major owner/developers. The city’s high livability factor is due in part to the so-called “meds and eds” sector, according to Timothy Proctor, senior vice president at TD Bank. However, the experts cautioned that recent 6-8% rent increases may not be able to sustain the 1,500 to 2,000 new units which will come on the market next year.

According to The Wall Street Journal, the thousands of newly renovated apartments in Philadelphia will likely attract college students, regardless of the rent increase. Universities across the country are facing a shortage of student housing, and with aging dormitories in dire need of upgrades, The Journal estimates that colleges in the U.S. are short between 1.5 and 2.15 million beds. Even after the housing crash, parents and student loans continued to pay the increasing rent for student apartments. These are a few of the reasons why major developers are buying more and more student housing in Philadelphia.

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Posted in Philadelphia real estate, Rentals, Schools | 2 Comments »

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