Please note that this edition of “Around the Block” was originally published on Friday, 12/13/19. The Open House (and some of the events) have since passed. Don’t worry! If you’d like to see any of the homes listed below just reach out and let us know. We’d be more than happy to get a private tour or tours all set up for you according to a date and time that works with your hectic holiday schedule.
Volume 18: Issue 52 12/13/19
Your Weekly Dose of Real Estate News, Open Houses, Listings and More — by Jeff “City” Block
2020 Real Estate Predictions (Well, sort of)
If you know me or read the ATB, you know that I am not much for market predictions. I know that no one can predict or time the market. Some things are certain. There will be a recession and market downturn in the future. When? No one knows. 2020, 2021, 2022, later? Sure. Something like that.
Philly is hot. That is not going to change. So it is the national economy and the next recession that will determine the next downturn.
Interest rates are unlikely to change much in 2020. The Fed controls that and most experts agree they will not move substantially. Certainly not enough to affect the real estate market. If the economy is solid and consumer confidence is high, the market will hum even with rates in the 5’s or 6’s. They are not even close to that now. Keep in mind that the hottest real estate market of my career (and probably in modern history) was the early-to-mid-aughts. Mortgage rates from 2003 to 2006, for example, hovered in the 5.75 to 6.5% range. Rates in 2020 should not be a concern.
I do not expect inventory to increase. It has been remarkably low for years now, and this does seem to want to budge. Maybe inventory will increase when the recession hits. Who knows?
As many of you have heard, the Philly tax abatement will be changing. I do not think that will significantly affect the market. First, the change will not take effect until 2021 (i.e., abatements applied for in 2020 will remain as-is). I will discuss these changes in detail in a future ATB. In short, I see no substantial changes to the market due to the abatement changes. (I would love to hear your thoughts on this as well, especially if you do not agree).
Finally, some people think that politics will affect the real estate market. You know, the impeachment inquiry and the 2020 election. Again, who knows? Many people made predictions before and after the last election. Some were right. Some were wrong. Totally random. Who knows? If anything, the country just focusing on an election can sometimes slow the seasonal markets somewhat. This could happen in Fall 2020, but again, who knows?
That’s it. Now you know as much as anyone else on exactly what we can expect for 2020.
Not exactly a prediction, but I hope everyone has a great weekend.
And please let me know if you have any thoughts on this piece or the 2020 market.
1934 Dudley Street
Point Breeze
Complete Renovation and Finished Lower Level
2 Bed | 1.5 Bath
$205,000 (Recently Reduced)
Welcome to this charming home on a quiet Point Breeze block. This 2- bedroom home offers a fully finished lower level. Rear patio, hardwood floors throughout, and an open layout. Excellent natural light and pours through the open living area, dining area, and kitchen. The finished lower level is a perfect extension to your living space including a half bath. In addition to location, layout, and light, this home offers a lot–Recessed lighting, Keyless entry, video doorbell.
All new electric, plumbing, and HVAC. The second floor has two bedrooms; the master including ample closet space and plenty of natural light. The second bedroom is perfect for a guest bedroom, an office, or a den. Full tile bath. Plentiful street parking on the block! An easy walk past Broad St for all the best restaurants and bars on Passyunk Square. A red-hot neighborhood within walking distance to all the Point Breeze favorites – Second District Brewery Company, Ultimo Coffee, South Philly Tap Room, and more. Beautifully renovated home.
Compass has many Coming Soon listings in the Philadelphia area. Click here to see all of the current Compass Coming Soon Listings in
Philadelphia County.
If you have any interest or questions, please contact me to discuss. Below are Coming Soon listings from the City Block Team.
501 & 503 S 45th Street
University City
Double corner property
in Penn-Alexander Catchment
2-Car Garage $1,249,000
(Available separately as well)
501 S 45th $699,000
503 S 45th $550,000
501 S 45th Street
University City
Penn Alexander Catchment
2-Car Garage $699,000
503 S 45th Street
University City
Triplex $550,000
407 S 43rd Street
University City
Quadplex
Penn Alexander Catchment $500,000
4623 Spruce Street
University City
3.5-Story Twin $499,000
173 W Price Street
Germantown
Brand New Construction
3 Bed | 2 Bath $350,000
Fun Philly Stuff
For Parents Who Like Suds & Santa
Saturday, 12/14 (1:00 p.m. – 3:00 p.m.)
At Local 44 (44th & Spruce Streets in West Philly), you can bring your kid/s, your camera, and your thirst. It’s time to enjoy the first annual visit from St. Nick himself – live in the Bottle Shop.
Moms and dads can grab a beer and also do some holiday shopping. It’s fun and it’s free (the festivities are free – you do have to pay for the beer). It’s the perfect break from the holiday prep grind.
More info about this event and other upcoming Local 44 events here.
If you haven’t been to Mt Airy Art Garage (MAAG), you’re in for a special treat. The 11th Holiday Art Market will be held at 7054 Germantown Ave (in its new location)!
This free event is for holiday shoppers who love unique fine art and handcrafts while listening to live music, enjoying holiday decorations and more. Ditch the mall and consider supporting local artists from this vibrant and eclectic community.
For a complete list of participating artists, click here.
For the Black Sheep of the Familly
Sunday, 12/15 (12:00 – 5:00 p.m.) at BOK. 1901 S 9th Street in South Philadelphia.
It’s called the Darksome Art & Craft Market and the perfect place to find a gift for those who like darker things. Expect over 50 strange and spooky artists and crafters showcasing a variety of mediums! (Think Tim Burton meets Mr. Grinch), plus Mom-Mom’s Kitchen & Polish Food Cart will be there and a DJ will be spinning funky goth tunes. For a list of expected artists (some with very clever, yet semi-disturbing names), click here.
For the Social Climber
The Cliffs at Callowhillgift card might make the perfect present for that Adrenaline Junkie on your shopping list. Looking for a fun workout to jump-start your January? Opt for a day pass or dive into a reasonably-priced membership and enjoy Philly’s all-new, massive (40,000 SF) indoor rock climbing gym right here in Center City (1010 Spring Garden Street). There are a ton of top-rope routes and bouldering. There’s also a training facility, fitness center (with rowers, bikes, treadmills, weights, and benches), showers, and saunas, plus a yoga studio for mom. Check out the party rooms for kids which will definitely be popular. Typically large spaces such as this exist mostly in the ‘burbs.
This Week’s Featured Listings
2004 Delancey Street
2-Car Garage
Rittenhouse Square
6 Bed | 5 Bath | 2 Half-Bath
$4,195,000
264 S 9th Street
Parking
OPEN HOUSE: SUN 11:00 – 12:30 p.m.
Wash West
4 Bed | 2.5 Bath $1,395,000
2024 Spruce Street #6
REDUCED
Rittenhouse Square
1 Bed | 1 Bath
$440,000
240 W Penn Street
Germantown
3 Bed | 1.5 Bath $269,000
1934 Dudley Street
REDUCED
SPOTLIGHT PROPERTY
Point Breeze
2 Bed | 1.5 Bath $205,000
2401 Pennsylvania Avenue #2A2
Art Museum
1 Bed | 1 Bath
$200,000
1324 Locust Street #505
Avenue of the Arts
Studio | 1 Bath
$120,000
Get to know Compass Concierge
I can help you sell your home faster and for a higher price with fewer days on market.
Click on the box above.
Now Under Contract
109-11 Pine Street $1,700,000 276 S 23rd Street $995,000
312 S Phillip Street $975,000
2138 Catharine Street $925,000
4530 Locust Street $775,000 507 S 45th Street $749,900
2108 Carpenter Street $640,000
4248 Regent Square $525,000 4625 Pine Street, #F310 $389,000 2219 S 18th Street $232,500
1665 Conklin Street $ 175,000
Last, but not Least…
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 send them my way. Be assured, I will do my best to exceed their expectations! Thanks for taking the time to read this issue of Around the Block.
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