Relevant Commentary, all information Philly (real estate and otherwise), Open Houses, Listings, Happenings, and More — by Jeff “City” Block
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Center City Market Update
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September’s closings (listed below) typically reflect sales that occurred during July & August. These are generally two of the slower months of the year for written sales, and that has borne out in 2021. August was the second slowest sales month (in dollar volume) of the year and July the third slowest. That makes sense. But to show you can never time the real estate market, guess what the slowest month of 2021 was for the City Block Team? January or September, which are typically among the slowest months? No. Actually, it was March, which is generally the celebrated start of the spring real estate market.
Now, of course, this is just City Block Team sales, and we are just one real estate team with 11 agents. But we have 183 written sales to date for 2021 and will likely hit 200+ for the year. So, the sample size is not that small.
The point is not that March is a bad month to sell real estate. Just the opposite, as it remains one of the best. The point is that you cannot time the market and should not try. This does not mean that I do not look at typical market timing to help sellers plan and strategize. For example, if you need to get work done to get your home ready to sell most quickly and for the highest price, it is nice to know where a six-week job fits into the overall market. But this shows that such timing is still speculative.
So, I like to plan, and for my clients to plan, about what is not speculative. These are the ways a seller can always come out on top:
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The sales process will always go smoother If we spend the time to do some reasonable work, so the property presents at its absolute best. For our purposes here, let’s assume that work is reasonable if it will not inconvenience a seller too much (from their subjective standpoint) and it will bring them at least a three times return on their investment (“3X ROI”).
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I will provide my expertise regarding what work will be easier to do and provide a 3X ROI. I will recommend contractors. And I will help coordinate and oversee the work (and if a seller is out of town or otherwise needs more assistance, I basically provide total coordination and oversight). By the way, my broker Compass will generally pay for all of this work upfront, with no interest or fees, so the seller has no out-of-pocket expenses whatsoever. Then it is paid back out of the increased settlement proceeds.
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The seller should plan to do any work and/or sell when the timing works best for them. Sellers often ask me, “We are ready to list now and now works best for my family, but should we wait until the spring?” Or “We really are not ready to list until next year, but the market is so hot now, do you think we should rush it?” My answer is almost always “No. Timing the market is speculative but what works best for your family is most important. Sell when you know it works best for you, and I will help you get the home ready and sell it for the highest price under the timing scenario that works best for you.” Now there are always nuances and specific circumstances, and of course I would discuss them in detail when working out the best plan for each client. But as a general rule, this is the way to go.
I feel this advice is among the most important I can give to a real estate client. If anyone wants to discuss their specific situation, whether looking to sell in 2021, 2022, or beyond, please reach out at any time. And the more time we have to plan and discuss the better, so whether you are thinking Spring 2022 or 2023+, please reach out.
I hope you have a great weekend.
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4 Bed | 2.5 Bath
$980,000
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7111 Germantown Avenue #104
2 Bed | 2.5 Bath
$585,000
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3 Bed | 2.5 Bath
$465,000
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Here is a list of the other 12 properties the City Block Team sold this September:
*Represented Buyer & Seller
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5 BD | 2.5 BA | 3,348 SF | Lovely Front Porch | Large Rear Yard | $595,000
A significant home in the Penn Alexander Catchment. Very large, nice character, and one of the largest rear yards in University City. The serene rear yard is 100′ with additional green space beyond it. The entire lot is 196′, and includes an established front garden as well, leading up to the lovely front porch. The rear yard also has a deck and established garden (and cherry and peach trees).
On a great block, this home has the bones to be a premier Spruce Hill residence. When creating your home, here is what you will have to work with — 10′ ceilings on the 1st floor and 9’+ on the 2nd and 3rd. Original pine floors through some of the home. Exposed brick. Leaded glass, original character and a lot of cute and quirky details you would expect to find in West Philadelphia. 5 large light filled bedrooms plus a family room. 2.5 baths. Great windows and light throughout.
The kitchen (overlooking the deck and huge yard) is big and bright with lots of windows and offers a superb palette for the renovation. The dining area offers a gas fireplace that provides a warm glow to the exposed brick as well as really comfortable heat.
The 2nd floor has 2 bedrooms, a full bath, and a grand family room overlooking the rear yard.
The 3rd floor has a large, bright front bedroom, perhaps to be combined with the adjacent bedroom to create an awesome main bedroom suite. A small mini-kitchen could be a convenient laundry room. Big rear bedroom overlooking the rear yard. Skylight. Excellent closet and storage space throughout.
Big, dry basement.
This is an amazing home on a great block in the Penn Alexander Catchment. Within blocks of Clark Park and its phenomenal Farmers Market, Local 44, Bottle Shop, Green Line, ReAnimator Coffee and Knockbox Cafe, TacoTacoMexican (formerly Honest Tom’s), Tampopo, Pop Shop, Renata’s, Clarkville, Baltimore Avenue Restaurant Row, CVS, movie theater, and much more. Two blocks to the Penn Alexander School. Walk to HUP, Penn, CHOP, Penn Vet, Drexel, University of the Sciences, Presby, Science Center. 11 minutes to Center City by car and plenty of convenient SEPTA options. With a 95 WalkScore and 97 BikeScore.
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What are my Clients Saying?
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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!
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Chestnut Hill Conservancy’s Night of Lights 2021
During Chestnut Hill Conservancy’s Night of Lights, Germantown Avenue’s storefront windows will have historical images projected through them and neighboring historic buildings will be illuminated with colored lights and films.
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Food & Drink Picks
This week in Philly there are tons of options for those who love delicious food and awesome drinks:
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At Fairmount Water Works guests can get Parks on Tap’s brews and enjoy Boathouse Row views (ongoing).
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At Cuba Libre there is a special prix-fixe Esperanza menu to celebrate Hispanic Heritage Month (through October 15).
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Visit Midtown Village for the Halloween themed pop-up bar Nightmare Before Tinsel (through October 31).
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Head to Fishtown to check out the newly opened LMNO where patrons can enjoy the flavors of Baja California brought to them by Stephen Starr.
Photograph & content courtesy of uwishunu.
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Dine Latino Restaurant Week
This Monday Dine Latino Restaurant Week returns and some of the city’s best Latinx-owned restaurants are offering meal deals which include a free appetizer or dessert with the purchase of two dinner entrées.
Click here for more information and to view the list of participating restaurants.
Photograph & content courtesy of uwishunu.
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Mount Airy
New Construction
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504 S 46th Street
COMING SOON
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5 Bed | 2.5 Bath
$595,000
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733 S 12th Street, Unit 200
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1811 Chestnut Street #502
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4921 Walton Avenue
NEW PRICE
5 Bed | 2.5 Bath
$475,000
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727 S 50th Street, Unit B
BRAND NEW LISTING
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137 W Weaver Street
NEW LISTING
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1122 Tree Street
NEW LISTING
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1535 W End Drive
NEW LISTING
3 Bed | 1.5 Bath
$225,000
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191 Presidential Boulevard, Unit R530
NEW LISTING
1 Bed | 1.5 Bath
$175,000
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250 S 13th Street, Unit 8F
NEW PRICE
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Some imagery in this e-newsletter was sourced via Visit Philly, UWISHUNU Philadelphia, phillymusicfest.com, philadelphiacitizen.org, and Canva.
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