PHILADELPHIA | Lowrise/General Developments Thread

[Cro Burnham]

Originally Posted by iamrobk

I lived in UC for ~3 years, can you post examples of what you're talking about? I can't think of what you're referring to off the top of my head and now I'm curious.

sure, this week when i'm in the area i'll get photos.

[CentralGrad258]

Having just dealt with RE market from a buyer's perspective, this feels pretty accurate. We were looking mainly in the Mount Airy area, which is not even really one of the hot hoods, but we had multiple properties snatched up before we even had a chance see them. Ended up in a bidding war that went well over the asking price. Well at least now it'll hopefully work in my favor for selling my place in Fishtown.

"From Kensington to deep in South Philadelphia and Front Street to West Philly, all the neighborhoods are hot," said Mike McCann of Berkshire Hathaway Home Services Fox & Roach Realtors in Center City.

"It's the most exciting time in my 29 years," he said. "The positive energy is unbelievable."

In the first quarter, " we were able to drive demand to listings that buyers passed on just a month before," said Mickey Pascarella of Keller Williams Real Estate.

"And for well-conditioned listings, we saw multiple-offer situations, even on homes in 'B' and 'C' locations," he said.

Read more at http://www.philly.com/philly/business/re...illy_home_sales.html#AYdo6lHG6jA8gh8y.99

[Cro Burnham]

Originally Posted by CentralGrad258

Having just dealt with RE market from a buyer's perspective, this feels pretty accurate. We were looking mainly in the Mount Airy area, which is not even really one of the hot hoods, but we had multiple properties snatched up before we even had a chance see them. Ended up in a bidding war that went well over the asking price. Well at least now it'll hopefully work in my favor for selling my place in Fishtown.

Wow, that's awesome to hear - unless you are a first time buyer, I suppose.

[CentralGrad258]

Originally Posted by Cro Burnham

Wow, that's awesome to hear - unless you are a first time buyer, I suppose.

It was honestly pretty stressful. In the beginning we focused on Fishtown, West Philly (Clark Park area) and the Northwest. It became clear pretty early that Fishtown and West Philly weren't happening for what we were looking for (granted, one of the requirements was a garage, which does limit things). Almost no inventory, and the stuff that popped up got snatched up in days. I get the feeling that there's a lot of out of town money pouring in. Anyway, it's a good sign for the vitality of the RE market for sure, just hope things aren't getting overheated.

[Cro Burnham]

Originally Posted by CentralGrad258

It was honestly pretty stressful. In the beginning we focused on Fishtown, West Philly (Clark Park area) and the Northwest. It became clear pretty early that Fishtown and West Philly weren't happening for what we were looking for (granted, one of the requirements was a garage, which does limit things). Almost no inventory, and the stuff that popped up got snatched up in days. I get the feeling that there's a lot of out of town money pouring in. Anyway, it's a good sign for the vitality of the RE market for sure, just hope things aren't getting overheated.

Too bad you can't drop the garage requirement. Mt Airy is gorgeous, though.

With all the new houses being built, it's surprising to me that inventory is short. Is your impression the buyers are flippers or outsiders immigrating to the city?

[CentralGrad258]

Originally Posted by Cro Burnham

Too bad you can't drop the garage requirement. Mt Airy is gorgeous, though.

With all the new houses being built, it's surprising to me that inventory is short. Is your impression the buyers are flippers or outsiders immigrating to the city?

Definitely not flippers. We were primarily looking at either well maintained or rehabbed houses. No "major TLC required" and no new construction. Besides, don't think Mt Airy attracts flippers, really. On the house that we ended up in a bidding war in, the other sellers were local (Chestnut Hill). I know my wife's parents just sold their Northeast twin to New Yorkers though (cash offer, waived inspection). So I dunno, hard to say where the people are coming from, just seems odd that the local market would heat up so quickly with exclusively local buyers.

[Cro Burnham]

Originally Posted by CentralGrad258

hard to say where the people are coming from, just seems odd that the local market would heat up so quickly with exclusively local buyers.

I agree. It's weird.

[summersm343]

Eight on Race - 21st and Race

Update from Naked Philly



http://www.ocfrealty.com/naked-philly/logan-square/former-please-touch-museum-will-be-demolished

[summersm343]

Former Please Touch Museum site to be demolished

The fact that this gorgeous building is being demolished for 8 townhomes is just sickening. At least repurpose the building or replace it with a highrise and preserve the facade.

Read more at http://www.philly.com/philly/business/20...uch_Museum_site.html#jQ1kf6PwMkcePUzP.99

[Larry King]

Originally Posted by Cro Burnham

I agree. It's weird.

Still A lot of pent up demand bc very few people were buying homes from 08-14

[Urbanthusiat]

It's sick that the old please touch museum doesn't have historic designation, it was one of Philly's most unique museums and a beautiful building to boot. I'd certainly say that that is "historic." I mean, I usually lean pro-development, but to knock this down for townhomes is criminal. It's buildings like these that have a cool story behind them that make Philly unique and not Anywhere U.S.A.

[3rd&Brown]

Originally Posted by CentralGrad258

Definitely not flippers. We were primarily looking at either well maintained or rehabbed houses. No "major TLC required" and no new construction. Besides, don't think Mt Airy attracts flippers, really. On the house that we ended up in a bidding war in, the other sellers were local (Chestnut Hill). I know my wife's parents just sold their Northeast twin to New Yorkers though (cash offer, waived inspection). So I dunno, hard to say where the people are coming from, just seems odd that the local market would heat up so quickly with exclusively local buyers.

I just bought a house as well. It's my second...but I'm not trading up per se as my original is rented out and I don't want to sell it. Thus, was looking for a fixer with good bones that was/is livable but had upside. Think in the sub-$125K range in places like East Kensington, South Kensington, Norris Square, Point Breeze, West Philly, etc.

I got outbid on the first 3 houses I put an offer on. 1 was at 56th & Baltimore, 1 was on the 2200 block of North Howard, and 1 was on S 26th Street in Grays Ferry. In my price range, I was being outbid by cash buyers who were planning to flip, I think. Though I've been watching all price points in a number of neighborhoods and I can tell you there are random hot pockets all over the city. Ex: If something is on the market for more than 20 days in East Falls, it's the exception, not the rule. A lot there is going under contract in a week. Anything under $125K south of Norris Square in South Kensington last days. All of a sudden, Port Richmond is on fire. Etc.

Anyways...to make a long story short, I ended up buying in West Germantown. I was reluctant at first but I've been at the house a lot cleaning it out and doing demo and have met a bunch of the neighbors. In short, Germantown is a lot cooler than it gets credit for being. Add to that, the neighbors I've met are far friendlier than anywhere else I've lived in Philadelphia. I've been driving around a lot in Germantown since I went into contract on the house and I am stunned by some of what I'm seeing, in terms of the quality of the renovations going on and the amount of investment in the neighborhood. It's just not as obvious as in other places closer to CC because the neighborhood is not as densely populated.

[Knight Hospitaller]

Originally Posted by Urbanthusiat

It's sick that the old please touch museum doesn't have historic designation, it was one of Philly's most unique museums and a beautiful building to boot. I'd certainly say that that is "historic." I mean, I usually lean pro-development, but to knock this down for townhomes is criminal. It's buildings like these that make Philly unique and not Anywhere U.S.A

Historic or not, only a barbarian would destroy something beautiful out of self-interest. Sadly, we have no shortage of barbarians. It's the urban equivalent of strip-mining.

[Cro Burnham]

Originally Posted by 3rd&Brown

I've been driving around a lot in Germantown since I went into contract on the house and I am stunned by some of what I'm seeing, in terms of the quality of the renovations going on and the amount of investment in the neighborhood. It's just not as obvious as in other places closer to CC because the neighborhood is not as densely populated.

Hands down, upper Germantown (particularly streets like Tulpehocken, Walnut Lane, Washington Lane, and Johnson Street west of Germantown Avenue) has some of the top architecture, park and transit infrastructure, and natural environmental beauty anywhere in the region. Closer in to Center City it would obviously be hot hot hot. Historically, its proximity to ever-crappy Lower Germantown (on the other side of Chelten east of Wayne Avenue) and affiliated criminal element has dampened its appeal, I think, but perhaps that is changing. Hopefully. Germantown's fall over the last 50 years is one of the great tragedies of Philadelphia in the 20th Century in my opinion.

Germantown falls a bit short in terms of mainstream retail amenities and services, perhaps because of its lower density and its being kind of below-the-radar. But hopefully that may change as well as if the neighborhood gains popularity. As it should: it really is unique and in many places gorgeous.

[3rd&Brown]

Originally Posted by Cro Burnham

(on the other side of Chelten east of Wayne Avenue) and affiliated criminal element has dampened its appeal, I think, but perhaps that is changing. Hopefully. Germantown's fall over the last 50 years is one of the great tragedies of Philadelphia in the 20th Century in my opinion.

Germantown falls a bit short in terms of mainstream retail amenities and services, perhaps because of its lower density and its being kind of below-the-radar. But hopefully that may change as well as if the neighborhood gains popularity. As it should: it really is unique and in many places gorgeous.

That's my point. I always thought the dividing line was Chelten. But it's not that simple. Last night, I drove up and down School House, Coulter, Penn, Winona...all are east of Chelten. I drove by some top dollar renovations on School House last night that looked like they belonged in Bryn Mawr, not Germantown. I was so dumbfounded by one house I drove by on the block of School House between Wissahickon and Morris that I had to circle the block to see it again. The whole area sort of feels like Pelham Road in West Mount Airy from 7 or 8 years ago. I remember driving down Pelham and thinking it was one of the most idyllic streets in the city, and literally, 80% of the houses looked like they were falling down. Now, it's untouchable.

Anyways...Germantown has other curiosities as well, as I'm learning. Chelten itself has actually improved immensely, especially between Wissahickon and Wayne. From there, it's only a few more blocks to Germantown. And ironically, you would think Germantown Avenue east of Chelten would be worse than Germantown Avenue west of Chelten, but weirdly, the blocks east of Chelten are almost idyllic. As for businesses, the new upscale pizza place (Pizzeria Nonna) opened east of Chelten on Germantown Saturday night. They had to close early because demand was so high they ran out of dough half way through the first night. Hopefully that's a good sign of things to come for the area.

[Cro Burnham]

Originally Posted by 3rd&Brown

As for businesses, the new upscale pizza place (Pizzeria Nonna) opened east of Chelten on Germantown Saturday night. They had to close early because demand was so high they ran out of dough half way through the first night. Hopefully that's a good sign of things to come for the area.

That is amazing. East Chelten was a wasteland for most of my memory. That a real restaurant can do well there is mind blowing to me. I don't get up there much these days.

That many other neighborhoods in the city declined dramatically over the decades is not surprising to me: much of the architecture of the city, particularly the blue collar parts developed from the 1900s on, have suffered from a combination of poor aesthetics, tiny cookie cutter houses, excessive proximity to vacant industrial sites and environmental contamination. Many are just not attractive places, and were not built to be attractive but rather to be commodity turn of the century worker housing. No wonder people wanted to leave those places as soon as they could afford to.

But much of Germantown is the kind place that never should have declined. It's just too pretty, the housing stock too high quality. That it did collapse in the post war shows how steep Philly's fall was in that period. When a gorgeous place with great houses is shunned as Germantown was in the 70s, 80s, and 90s, that says something much deeper about a collapse in cultural values.

So, to the extent that Germantown can really be turned around, then I will believe that Philly's time has truly come. The restoration of Germantown to its rightful place as a sought-after locale will mean to me that some sanity has finally been restored again: that what should always have been appreciated is finally being appreciated once again. Because for 60 years in this country that has not really been the case, as evidenced by the wholesale destruction of the mainstream American urban culture that flourished until the 1940s.

[City Wide]

Originally Posted by Knight Hospitaller

Historic or not, only a barbarian would destroy something beautiful out of self-interest. Sadly, we have no shortage of barbarians. It's the urban equivalent of strip-mining.

Great term for looking at this type of pointless demo. And what the site looks like after the "strip mining" is about as boring as what a real strip mine looks like.

Even in this forum that is very pro development , no one wants these buildings torn down.

Does anyone know who the owner is?

[Justin7]

God damn it.

[1487]

Originally Posted by CentralGrad258

Definitely not flippers. We were primarily looking at either well maintained or rehabbed houses. No "major TLC required" and no new construction. Besides, don't think Mt Airy attracts flippers, really. On the house that we ended up in a bidding war in, the other sellers were local (Chestnut Hill). I know my wife's parents just sold their Northeast twin to New Yorkers though (cash offer, waived inspection). So I dunno, hard to say where the people are coming from, just seems odd that the local market would heat up so quickly with exclusively local buyers.

Houses definitely get flipped in NW philly, but it sounds like the price range you were looking in is higher than what an investor would be paying. There are always a decent number of rehabs on the market in Germantown, Mt. Airy, Cedarbrook, etc.

[1487]

Originally Posted by Urbanthusiat

It's sick that the old please touch museum doesn't have historic designation, it was one of Philly's most unique museums and a beautiful building to boot. I'd certainly say that that is "historic." I mean, I usually lean pro-development, but to knock this down for townhomes is criminal. It's buildings like these that have a cool story behind them that make Philly unique and not Anywhere U.S.A.

it takes more than age for a building to get historic designation.