Relevant Commentary, all information Philly (real estate and otherwise), Open Houses, Listings, Happenings, and More — by Jeff “City” Block
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Current Philly Real Estate Market and 2021
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There is a lot going on. The election, the holidays, and of course, the pandemic (which affects everything). And in recent newsletters, I have been discussing these events even more than real estate. So, let us shift gears to what I am asked about most. What is the real estate market like right now, and what can we expect in 2021?
As I always say, no one can predict the economy and it is even hard to know exactly where things stand right now. Remember back to the Great Recession. While it acutely began with the 9/15/2008 Lehman Brothers collapse, economists later stated that the recession actually began in late 2007. We just did not know it at the time. The wisest economists will note that when it comes to the economy, there is a lot we do not know. Wise real estate professionals will note the same.
So, let us talk about what we do know. For the first time in over a decade, the suburban Philly real estate market (including NJ) is hotter than the city. Yet the city remains solid. October and November were quite slow, though that was not unexpected based on the election focus and to some extent the typical fall season. I say to some extent because nothing has been typical in 2020, so who knew what the fall would bring. Usually, early fall is very slow while later fall (November and early December) pick up a bit. That could be the case this year as well, though even later, as the pick-up started around the last week of November. Hopefully, this continues into December and leads to a hot spring market in 2021.
With respect to the 2021 spring market, no one knows of course. On a negative note for the national economy, bankruptcies seem to be way up. This is not a huge surprise considering the pandemic.
On the other hand, after the initial pandemic lockdown this past Spring, the city real estate market was red hot as soon as things opened up. I believe there’s a solid chance that come spring, if COVID-19 starts to decline, that home buyers may have cabin fever to the max and be ready to go out and buy and sell some homes. So, it could be an amazing spring, especially for Philly if the vaccine seems to be going well and people see positive signs for our amazing city of neighborhoods.
2020 was full of huge surprises. Who knows what 2021 will bring. So, as always, the best information on which to base your real estate decisions is what works best for you. Time a move around school, around needing a bigger or smaller home, around where you want to live. Sell when you are ready. Do not try and time the market.
All real estate is greatly affected by the national economy. But beyond that, all real estate is local. And in the case of Philly, it is hyper local. Not only different neighborhoods, but different micro-neighborhoods. Also, different types of housing. Condos vs houses. Rehabs vs homes that need work. Even 2018 rehabs vs 2013 rehabs can make a difference. And most buyers and sellers have specific needs, logistics to deal with, or issues that are specific to their home. This level of nuance is beyond the scope of this newsletter, but I love talking real estate details. If you want to layer your specific information on top of the information I already provided, please do not hesitate to reach out to me directly.
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CBT Open Houses on hold. Safe private showings continue.
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The City Block Team strives to be a leader in the real estate community and keeping our clients, and community safe is always a primary goal. Accordingly, effective immediately, we will no longer be hosting in-person, public Open Houses until further notice due to the substantial rise in COVID-19 cases in the Philadelphia area.
All of our listings will remain open for safe, private showings at your convenience, and City Block Team agents will be available this weekend and moving forward. So if you planned to hit an open house this weekend, just let me know. Or, if you already have a buyer agent, please contact them, and we will set the showing right away, at your convenience.
Thank you for your understanding.
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Spotlight Property of the Week
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3 bedrooms | family room | home office | 2.5 baths | roof deck | private patio | garage parking available | 2,175 Sq. Ft.
The quintessential Philadelphia townhome and among the loveliest homes in Logan Square. This home has everything you need- 3 bedrooms, large open family room, incredibly bright home office with dramatic skyline views, 2.5 baths, beautifully renovated eat-in-kitchen overlooking the private brick patio, and an awesome two-level roof deck with spectacular skyline views. Garage Parking one block away (Sellers will pay for two years upfront). Substantial original character includes 10′ ceilings on the 1st and 2nd floors; hardwood floors; original moldings, trim, doors, mantle, and exposed brick and beams. Significant renovations and updates throughout. All this in an amazing location- walk to Trader Joe’s, Whole Foods, the museums, the Schuylkill River Trail, many restaurants and coffee shops, and all that Center City has to offer. So convenient to Rittenhouse, the Center City business district, universities, hospitals, and Suburban and 30th Street Stations. The more time you spend in this home the better, so if you are spending more time at home lately, you will Love this home. (Also available for rent at $3,800/month).
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(Safe) Philly Fun This Week & Throughout the Month
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Holiday Lights at City Hall (or why to drive down Market Street)
The Deck the Hall Holiday Lights have returned to illuminate the western side of City Hall nightly for another holiday season.
Technicolor projections — created by Klip Collective and synchronized to sound effects — bring this historic building to life at this totally free show.
For 2020, the illumination plays continuously on a 30-min loop to discourage crowding and promote safety.
Photograph from @
ccdparks on Instagram & content courtesy of uwishunu.com.
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Stag & Doe Nights at Chestnut Hill
Chestnut Hill’s oldest tradition, Stag & Doe, is a classic Philly holiday experience that continues safely this year.
Every Wednesday in December, the historic neighborhood brings the holiday cheer as horse-drawn carriages trot along Germantown Avenue, a brass quartet plays festive music, and shops stay open late to help patrons find the ideal gift.
Previously an evening experience, Stag & Doe now takes place throughout the day to give visitors more socially distanced shopping opportunities.
Photograph from @
chestnuthill_pa
on Instagram & content courtesy of uwishunu.com.
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Holiday Pop-Up Shops & Markets
Whether choosing to shop in-person or online, there are tons of opportunities to support and shop local this holiday season.
This week’s pop-up markets and shops include:
Photograph from @oldcityphilly on Instagram & content courtesy of uwishunu.com.
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6 Bed | 5.5 Bath
$2,750,000
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6 Bed | 5.5 Bath
$1,650,000
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6 Bed | 5 Bath
$1,390,000
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4 Bed | 4.5 Bath
$1,325,000
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East Mount Airy
New Construction
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3 Bed | 2.5 Bath
$925,000
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408 S Croskey Street, Unit C
3 Bed | 1.5 Bath
$729,500
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4 Bed | 2.5 Bath
$700,000
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4402 Sansom Street
NEW PRICE
4 Bed | 2.5 Bath
$625,000
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250 S 17th Street, Unit 100
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4 Bed | 2.5 Bath
$597,500
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4617 Pine Street, Unit H210
BRAND NEW LISTING
4 Bed | 2.5 Bath
$449,000
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1600 S Beulah Street
BRAND NEW LISTING
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3 Bed | 1.5 Bath
$259,000
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1324 Locust Street, Unit 1123
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2601 Pennsylvania Avenue #812
1302 N Marshall Street
2648 S Hobson Street
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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! Thanks for taking the time to read this issue of Around the Block.
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Some imagery in this e-newsletter was sourced via Visit Philadelphia®., UWISHUNU Philadelphia, and Canva.
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