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Visited the art installation at Dilworth Park yesterday. It’s actually really cool. I’m interested to see how cloudy it’s gonna be when they turn on the other lines though (which are installed but not on).
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Philly land prices plummet, as weakening housing market tightens purse strings | Philly.com
Prices paid for vacant land in Philadelphia have plummeted to their lowest levels in three years after peaking in 2017, an indication that the city's development boom led by townhouse, condo and apartment projects is losing steam. Buyers of bare development sites paid an average of $31.72 per square foot during the first six months of 2018, down more than 46 percent from last year's average of $59.23, according to public data compiled this month at the Inquirer's and Daily News' request by Kevin Gillen, senior research fellow at Drexel University's Lindy Institute for Urban Innovation. The January-to-June prices were the lowest since 2015, when land averaged $26.94 per square foot for the year. The decline comes as apartment landlords face a surge in supply that's already starting to tamp down rents, while homebuyers tighten their purse strings in the face of increasing interest rates and other headwinds, Gillen said. "We've seen a significant run-up in land prices during the recent development boom, and many parcels have priced themselves beyond what could feasibly be developed on them," he said. "We're seeing a correction." [snip] |
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But yes, curious how the constant steam from all 3 lines will look. It may be a bit much. |
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Also at some point saturation becomes an issue. Small anecdote, but I know someone who started buying and flipping abandoned/derelict properties in Point Breeze about 10 years ago and did pretty well doing it as there was so much stock available and at a good price. Now, there's zero inventory left unless you're buying at auction and a lot of developers are in wait-and-see mode about moving into the morass of North Philly (the Final Frontier). |
I definitely think it's a function of supply. So many apartments have been built recently that it's definitely had an effect on rent prices. It's sort of to be expected that after such a major glut that there would be a decline in prices. I don't think it's a function of lack of interest in the area so much.
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I can't find the pictures, but it seems that Saint Joseph's Hospital is currently under construction on the 1600 Block of Girard Ave
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I'm not sure if it's part of the Fashion District redevelopment, but it looks like there's some work being done in the first floor of 801 Market Street.
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I’m fully confident that Strawberry Mansion will be the next frontier for development in North Philly. The lack of heavy rail rapid transit service is a disadvantage, but several high-frequency bus routes serve that area. Fairmount Park is also right there. I’m starting to think that Allehegeny West would also make sense to develop for those looking at cheaper land with proximity to East Falls and Northwest Philly. |
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The very southern triangle of Strawberry Mansion is already seeing development. There are some rehabs and new construction going on there as we speak.
I think SM will develop as Brewerytown gets more expensive because it's literally right on Fairmount Park. This alone will make it desirable. |
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https://mmpartnersllc.com/project/16...girard-avenue/ |
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