Around the Block: 1/27/2023

January 30, 2023 BY JEFF CITY BLOCK

2022 Philly Real Estate Report, GO BIRDS, our new and current listings, and Philly happenings. If you’d like to discuss real estate or anything in this newsletter please send me an email: [email protected]. This edition of Around the Block was originally published on Saturday, 1/28/23.

1/27/2023

Relevant Commentary, all information Philly (real estate and otherwise), Open Houses, Listings, Happenings, and More — by Jeff “City” Block

2022 Philly Market Report and E-A-G-L-E-S, EAGLES!!

Hi everyone,

This week I will discuss two of my favorite topics. Philadelphia Real Estate and the Philadelphia Eagles. Not a coincidence that both subjects cover my favorite place—the City of Philadelphia. The greatest place in which to have grown up and spent my life. And now raising my family here. I love visiting other places (just renewed my passport by the way), but always look forward to the return—to the city and job I love.

With respect to the real estate market, Compass just released its Philadelphia 2022 Market Report. This report provides an interesting year-over-year real estate market comparison of Philly neighborhoods. It focuses on three data points: (1) Number of Sales (Sales), (2) Average Sale Price (ASP), and (3) Days on Market (DOM). I recommend checking out the entire report, as the neighborhood breakdowns are a quick and fun read. By the way, I use the words “interesting” and “fun” for a reason. Because while I truly find this information fascinating, from a pure statistical standpoint, the small sample size of each neighborhood’s stats can lead to a level of arbitrariness. But all-in-all this is some cool information. Here are a few of my takes on the report:

The number of sales in the city at large is not a small sample size. The 17,153 sales in Philly in 2022 represent a 13.9% drop from 2021. That is pretty significant. However, the ASP (up 1.2%) and DOM (up 2.7%) remain virtually unchanged. This accurately represents the 2022 market to a tee, to wit, demand down a bit because of interest rates but prices and DOM remain steady due to lack of supply. The decline in both supply and demand cancels out, so while the number of sales is down 14% (because less supply and demand), the pricing and time on market remain stable. That is the 2022 market in a nutshell. I do not predict financial markets (because no one actually can), but I can tell you what I see through these first four weeks of 2023: an increase in demand that seems to roughly match last year’s decline. While supply is continuing its years-long run on the low side. Of course, four weeks in January is a small sample size, and there is the seasonal aspect as well. So what happens this year is anybody’s guess. Most economists predict a stable market as buyers get used to current interest rates (which are actually historically low but seem high based on extreme recency bias). Maybe somewhere between 2021 and 2022, which would be a pretty solid year.
Germantown (8.3%), Port Richmond (4.9%), and Northern Liberties (5.5%) are the only three neighborhoods (out of the 17 included in the report) with an increased number of sales in 2022 over 2021. Germantown and Port Richmond actually make sense. These are newly burgeoning neighborhoods, and both developers and homeowners are trying to get in. Northern Liberties is long-established as a gentrified residential neighborhood, and while it does have a significant amount of new construction, I am not sure where that fits in. This takes us back to the small sample size issue. The difference between 272 sales and 287 is not overly significant. And the Northern Liberties’ ASP did not change. Germantown had the largest increase in number of sales of any neighborhood in the city, and it should keep going. I sold four gorgeous high-end new construction (or complete rehab) homes in Germantown in 2022, and I will have eight more on the market coming soon and at least four more after that. Germantown is an old-school Philly neighborhood that is undergoing a renaissance. I mean so much going on here, that I will cover it in a future ATB. And “old school neighborhood” is actually an understatement. Germantown was founded in 1683 as an independent borough and was incorporated into the City in 1854. 340 years and going strong!!
Next, I will randomly note the neighborhoods I have lived in throughout my life. I spent 27 years of my life in Society Hill. Our nation’s most historic neighborhood saw the number of sales decrease from 244 to 193 but the ASP increased from $586K to $625K. And DOM down from 60 to 43. This is a combination of stable demand and decreased supply (and of course, small sample size, which I could mention for any of these, so will stop doing so). I lived in Rittenhouse for 10 years. Sales decreased from 450 to 324. A significant drop. Pricing down from $764K to $725K and DOM also down from 100 to 94. I also spent 10 years in University City where the sales decreased from 96 to 77. ASP and DOM were both up. ($442,000 to $488,000/36 to 45). Interesting. Finally, Mt Airy, where my family has spent the past five years. Like UCity, the number of sales is slightly down and ASP and DOM are slightly up. These four neighborhoods generally represent what the stats indicate for the city as a whole.
A few miscellaneous notes. For those who may not know, when the report refers to Philadelphia County, it means the City of Philadelphia as well. Phila. County is the city and vice-versa. They are one and the same. Also, I want to point out that the photos used for Mt Airy in the report are from two of my listings at the spectacular 7111 Germantown adaptive reuse condo project. Only three of the 19 units remain available. And these three are really nice. Expect more in Mt Airy from these same developers later this year.

I hope you peruse the 2022 Market Report. I am really looking forward to Philly real estate in 2023. I have some great stuff coming up.

More immediately, let me say how pumped I am about the NFC Championship Game this weekend at the Linc. I will be there, and I have a lot of confidence we are going to win. That being said, I am probably as confident as the Giants fans seemed to be last week (LOL). The difference is the Giants were TD+ road underdogs and actually had a losing record in the latter part of the season. Meanwhile, the Eagles are 15-1 and home favorites with Jalen Hurts as QB. SF is traveling across the country on a short week. In any event, this is the National Football League, and on any given Sunday….

I won’t need my new passport, but if the Birds win this week, it is my plan to travel to Arizona for Super Bowl LVII. But I do not want to look ahead. GO BIRDS!!

You will know on Sunday evening at around 7 pm whether it has been a great weekend.

Warm regards,

Jeff

Spotlight Property

SOCIETY HILL

742 Lombard Street

3 BD | Den | 2 BA | 1,446 SF | On the Philadelphia Register of Historic Places | Large Side Patio | A+ Location | $725,000

Charming home with lovely outdoor space listed on the Philadelphia Register of Historic Places. Located in the Society Hill neighborhood with an A+ location and 99 Walk Score.

This sun-filled, 3 bedroom PLUS DEN, 2 bath home features a beautiful brick facade, high ceilings, built-ins, tasteful finishes, a new HVAC system, a large side patio, and hardwood floors throughout.

Enter into the open living and dining area with superb light, high ceilings, and moulding. Beyond presents a hallway with a coat closet and gorgeous kitchen with stainless steel appliances, granite countertops, excellent cabinet space, and French doors leading to the large side patio. The 300 sq. ft. patio is professionally landscaped and has plenty of room to entertain and dine outdoors.

Up the stairs is a small den with built-in shelving that can be used as a library or office space. Also on this level is a bright and airy bedroom with ceiling fan and a full bathroom. The third floor has two good-sized bedrooms and another full bathroom.

A large basement with excellent ceiling height and storage space completes this home.

Located in the desirable McCall School Catchment. Easy walk to Whole Foods, Acme, Washington Square Park, Headhouse Square, Philadelphia Magic Gardens, Center City amenities, and public transportation. Welcome Home!

View full listing here

Philly Fun This Week

Weekend Attractions and Special Events

In celebration of Sergei Rachmaninoff’s 150th birthday, conductor Yannick Nézet-Séguin and The Philadelphia Orchestra alongside renowned classical pianist Yuja Wang are performing a multi-part program. Part one on Saturday, February 4th features Rachmaninoff’s Rhapsody on a Theme of Paganini and two piano concertos. And part two on Sunday, February 5th features another two piano concertos.
If you’re a car enthusiast, you should head over to the Pennsylvania Convention Center starting this Saturday to check out the latest creations from the automotive industry during the annual Philadelphia Auto Show. The show features all different types of cars and vehicles from luxury to classic to exotic. For some cars, guests are able to get behind the wheel including ones in the electric vehicle test track and the Ram Truck Territory, which is a 30,000-square-foot track with an off-road experience.

Photograph & content courtesy of uwishunu.

Northern Liberties Restaurant Week

Center City restaurant week ended on Saturday, but the dining deals continue in Northern Liberties during its Restaurant Week that started on Friday and runs until February 5th. Check out the awesome restaurants NoLibs has to offer with a promotion, that includes $10 and $15 lunch deals and $15, $25, and $40 three-course dinner menus. Some suggested favorites include Standard Tap and El Camino Real and some new eateries include, plant-based Nourish Cafe and high-end sports bar The Winston.

Photograph & content courtesy of uwishunu.

Delicious Food and Drink to Try

If you’re a soup lover you’ve got to try the newly opened soup place aptly named Broth Thyme. This Midtown Village spot has over a dozen soups made from locally sourced ingredients and each broth is cooked for 48 hours. In addition to the delicious soup it also serves up mason jar salads, sandwiches, tacos, and desserts.
Another newly opened food spot is General’s Jerky in Reading Terminal Market. Jerky lovers rejoice! General’s Jerky offers brisket jerky, sweet-and-spicy buffalo jerky, bacon jerky, and much more.
Chef Juan Lopez joins Volvér for its popular Chef in Residency program through February 12th. So head over to enjoy some delicious food from the chef behind On Point Bistro. Some of the menu additions include butter-basted scallops, potato gnocchi, and pan-seared duck breast.
On Fridays and Saturdays, South Kensington’s New Liberty Distillery highlights whiskey in its brand-new Tasting Room. Starting this Friday the distillery serves up whiskey cocktails, straight whiskey, and plenty of other delicious liquors from 4-10 pm.

Photograph from uwishunu & content courtesy of uwishunu and thephiladelphiacitizen.org.

Featured Listings

SOCIETY HILL

742 Lombard Street

3 BD | 2 BA | 1,446 SF | $725,000

WASH WEST

504 S 11th Street #36

2 BD | 1.5 BA | 1,166 SF | $385,000

UNIVERSITY CITY

632 S 51st Street

4 BD | 1.5 BA | 1,792 SF | $429,000

MOYAMENSING

1933 S 6th Street

5 BD | 5 BA | 3,250 SF | $599,000

MOUNT AIRY

7111 Germantown Avenue

New Construction

$340,000 – $1,200,000

UNIVERSITY CITY

4215 Regent Square

5 BD | 2.5 BA | 1,710 SF | $685,000

UNIVERSITY CITY

4614 Paschall Avenue

4 BD | 4.5 BA | 2,800 SF | $598,000

Experienced real estate agent?

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Please contact [email protected] to discuss. All inquiries are confidential. Thank you.

Know Someone Looking to Buy or Sell?

As always, please know that I’m humbled by and appreciative of your introductions and referrals. If you have a friend, colleague, or family member that is in need of Expert Real Estate Representation, please have them contact me.

Be assured, I will do my best to exceed their expectations! Thanks for taking the time to read this issue of Around the Block.

Some imagery in this e-newsletter was sourced via UWISHUNU and Canva.

Office: 212-913-9058

Compass RE is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

2022 Philly Market Report and E-A-G-L-E-S, EAGLES!!

Spotlight Property

742 Lombard Street

Philly Fun This Week

Featured Listings

Moving? Discover the value of your home.