Around the Block: 12/16/2022

December 19, 2022 BY JEFF CITY BLOCK

Center City’s status, 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 Friday, 12/16/22.

12/16/2022

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

Center City’s Status

I grew up in Center City, lived here for most of my life, and worked here since I graduated Temple Law in 1993.* I sometimes hear people lament that Center City has gone downhill, and they yearn for the good ol’ days. In my opinion, that is hogwash.

I loved growing up in Philly, but until the later 1990s, Center City was a shell of what it is right now. When I was growing up there was no outdoor dining. And much more limited dining overall. When I was growing up there were few families with kids in town. Now there are tons! No empty nesters came to live in the city. Now that is a big thing. And we thought of Center City as South Street to Vine. Now we have Core Center City, Extended Center City, and Greater Center City, and these desirable adjacent areas extend to north of Girard and south of Washington. Yes, it was quaint when Billy Penn topped the Center City skyline. Now, Philly has one of the most beautiful and iconic skylines anywhere!

Like every downtown throughout the world, Center City suffered a downturn starting in March 2020. Those days were surreal. Working from home for the first time in my life, and the rare times I went into Center City in the earlier pandemic days, my “rush hour” commute from Mt Airy went from the normal 25 minutes to 15. I use quotes because there was no rush hour in 2020. Every drive was like Sunday morning at 5 am. And while nice for the commute, not so much for the city. When I first went back to the office full-time about two years ago, the drive remained an eerie breeze. Now fast forward to December 2022, and my commute is back to normal… and I love it. Ok, maybe not love it, but I strongly prefer it and what it means for Center City. Actually, my commute from Mt Airy is a beautiful one. Lincoln Drive to MLK to the Parkway. Love that drive. The big issue is that Martin Luther King Drive has been closed for years at the Sweet Briar Cut-off due to bridge repairs. So you have to switch over to the Schuylkill on Montgomery Drive or take Kelly Drive (which is beautiful but takes longer). MLK will not fully reopen until Spring 2025 🙁. I digress. Bottom line is I enjoy my commute and am glad workers are coming back to Center City.

Comcast and other large corporations have recently asked their employees to come back to the office at least several days a week. Compass Real Estate just announced that its full staff must now work from our 15th & Walnut Street office full-time. I have been back in the office for two years and the City Block Team’s admin staff since later in 2021. And starting in January 2023, CBT is scrapping the dreaded Zoom team meetings for in-person meetings. My business is a people business, and I believe it is not just important to see clients in person, but colleagues as well.

While this trend is certainly encouraging, no one expects office space to ever get close to pre-pandemic levels. At least not for the foreseeable future. “’The frequency of workers coming to work in Philadelphia’s whole downtown is at 57% of pre-pandemic levels, according to anonymized cell phone data from Placer.ai. In the Central Business District, that figure is at 43%. Vacancy of office space has increased from 12% to 18% with tenants often taking up less space,’ said [Center City District President and CEO Paul R] Levy.” As Center City restores vibrancy, Philadelphia companies juggle future of office space Philadelphia Business Journal, 12/13/2022.

How retail sales have bounced back is amazing. “In the third quarter, retail sales reached 88% of pre-pandemic levels in the Center City core, 111% in extended neighborhoods and 112% citywide, according to the Center City District. In November, the average number of non-resident workers in Center City was 57% of pre-pandemic levels, according to the Center City District. That’s up from the mid-40% range a year ago. Visitors and shoppers were at 70%, down slightly from November 2021. Center City residents, however, increased to 125% of what they were in 2019. That increase in population has buoyed businesses missing out because of the smaller worker population. ‘This is an incredibly positive trend,’ Levy said.”

Some more positive takeaways from the recent Center City District Report:

In October, Center City foot traffic reached 77% of what it was in October 2019. That is incredible. “I was shocked to see the number of pedestrians that are out on the streets. That helps not only with business but also with public safety,” said City Councilperson Mark Squilla.
In October, 80.5% of Center City storefronts were open for business. Up from 54.5% in 2020. And more are coming, including some popular, national, traditionally online brands moving to brick and mortar.
Center City outdoor dining seats remain higher now than pre-pandemic. Outdoor dining is what gave Center City life in the 1990s and what kept it alive during the height of the pandemic. Center City now has over 5,000 outdoor seats. We had 3,500 in 2019. Foot traffic near Philly offices more than doubled since January. Here are other takeaways from a new report on Center City Philadelphia Inquirer. 11/28/2022.

“’There was this notion that people were going to flee cities… that clearly has not happened,’” Paul Levy proclaimed. Life is surging back to Center City, despite Philly’s deep challengesBillypenn.com. 12/12/2022.

Since March of 2020, skeptics have consistently exclaimed that people were fleeing the City and that the days of a vibrant Center City were in the past. All along, I fully disagreed. Like the city’s most famous fictional resident, Rocky Balboa, this resilient city is on its way back. I have spent my life in Center City, and I plan to spend many more decades right here!

On a totally different note, Hanukkah begins Sunday at sundown.

Here is to a bright and Happy Hanukkah to all who celebrate.

Warm regards,

Jeff

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* Except for two years in the mid-90s when I lived and worked in Los Angeles. Interesting story for a different time.

Featured on PCN’s Podcast

I was recently featured in the Private Client Network’s podcast Luxury on Location, hosted by Kevin Sneddon. Learn more about how I got the nickname “City,” how I started in real estate, my approach to listings, and what I think of native Philadelphians who are Dallas Cowboy fans.

Check it out on Spotify, Apple Podcasts, or wherever you listen to podcasts.

Spotlight Property

UNIVERSITY CITY

331 S 46th Street

6 BD | 4 BA | 5,195 SF | Original Character | Finished Lower Level | Front Porch | Spectacular Light | 2-car Parking | $1,150,000

Perhaps the Grandest, Brightest home in the Penn Alexander CATCHMENT. 2-car PARKING. Featured in Historic Architecture in West Philadelphia, with stunning original character, this “spacious corner dwelling” (c.1911) has “many windows” on its southern face and 6 large bedrooms, 4 baths, capacious living room, huge family room, large library/office/playroom, and a finished lower level with full bath and separate entrance.

Every room in this home is so bright. Ideal for those who love natural light, original hardwood floors and high ceilings throughout, detailed woodwork, leaded glass, an “elegantly carved stairway, seen through pocket doors,” restored original and period light fixtures, a spectacular facade, and a high-end chef’s eat-in kitchen. 2 fireplaces. Spacious, comfortable front porch, perfect for hanging out, with steps down to a built-in “lovers’ bench” and front & side garden. The 2-car parking-in the rear can also be converted to 1-car plus a lovely patio, as street parking is also readily available. Prolific sour cherry tree for awesome pies. Just idyllic.

A superb home in an ideal location. Easy walk to Clark Park and its fabulous Farmers’ Market, Knockbox Cafe, ReAnimator Coffee, Baltimore Avenue’s Restaurant Row (so many places to eat), Penn Alexander Catchment School, Clarkville, Green Line, TacoTaco Mexican, Local 44 and the Bottle Shop, CVS, and so many coffee shops, restaurants, and shopping. Close to HUP, CHOP, Penn, Drexel, St Joe’s Science Campus . 10 minutes to Center City by car or bike and plenty of convenient SEPTA options. Tremendous opportunity to own a significant home in the Penn Alexander Catchment.

View full listing here

Philly Fun This Week

Even More Holiday Shopping

Check out the new traveling opportunity that takes passengers to various Black- and Brown-owned businesses. The Philly PHLASH Shopping Loop is a bus route created by the Philly PHLASH and Visit Philadelphia that takes shoppers to minority-owned businesses in four separate Philly neighborhoods: South Street Headhouse District, West Philadelphia, Northern Liberties, and Center City. The bus departs at 12:00 pm each Friday from the Independence Visitor Center and spends an hour at each neighborhood. Although the bus ride is free, registration is encouraged.

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

Hanukkah Events this Week

Once again Boathouse Row lights up for Hanukkah during its Festival of Lights that runs from December 18th to the 23rd. Two awesome places to catch the display are the platform above the Fairmount Fish Ladder on the Schuylkill River Trail and Fairmount Water Works.
Head outside of the city to celebrate Hanukkah with the Sesame crew during their holiday celebration starting this Sunday. Each day at 4:30 pm Sesame Place will light the menorah, teach kids about Hanukkah, and play dreidel games. Regular park admission includes all the holiday fun.
Visit Rittenhouse Square on Tuesday for a Menorah lighting with Center City Kehillah. And after the lighting, everyone is invited to Misconduct Tavern for drinks.
This Thursday join a Hanukkah Fest for grad students and young professionals at World Cafe Live that includes live music and an ugly Hanukkah onesie and sweater contest.

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

Featured Listings

WASH WEST

504 S 11th Street #36

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

SOCIETY HILL

504 S Hancock Street

NEW LISTING

2 BD | 1 BA | 802 SF | $360,000

UNIVERSITY CITY

331 S 46th Street

6 BD | 4 BA | 5,195 SF | $1,150,000

UNIVERSITY CITY

632 S 51st Street

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

MOUNT AIRY

7111 Germantown Avenue

New Construction

$340,000 – $1,200,000

FAIRMOUNT-ART MUSEUM

2832 Ogden Street

4 BD | 2.5 BA | 1,920 SF | $655,000

MOYAMENSING

1933 S 6th Street

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

NEWBOLD

1413 S Chadwick Street

3 BD | 3 BA | 2,340 SF | $495,000

SOCIETY HILL

742 Lombard Street

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

UNIVERSITY CITY

4215 Regent Square

5 BD | 2.5 BA | 1,710 SF | $699,000

ACADEMY GARDENS

3405 Primrose Road

3 BD | 1.5 BA | 1,224 SF | $285,000

UNIVERSITY CITY

4614 Paschall Avenue

NEW PRICE

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

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.

Center City’s Status

Spotlight Property

331 S 46th Street

Philly Fun This Week

Featured Listings

Moving? Discover the value of your home.