Relevant Commentary, all information Philly (real estate and otherwise), Open Houses, Listings, Happenings, and More — by Jeff “City” Block
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Philly Condo Data Analysis
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Last week I broke down the 2020 and 2021 market data for single family homes in Philly. I focused on the neighborhoods where the City Block Team and I do the bulk of our business, which generally includes all of Greater Center City, University City, the River Wards, some of South Philly, and the Northwest. This week, I will do the same for the condo market. If your specific neighborhood was not included, please let me know, and I can send you sales data on that neighborhood. And if you want more detailed information on any neighborhood, please let me know that as well.
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Condo sales in the City were up 29% between Year-End 2020 and Year-End 2021. Condo pricing was up 6%, which was less than single family’s 19% and multi-family’s 12%. This makes total sense to me and fits perfectly with how I describe the Philly market anecdotally. The market is really hot, especially single and multi-family. The one part of the market that is softer is the condo market. Now the condo market is not bad. Not even soft. I mean a 6% Year-over-Year increase is solid. But it is weaker when compared to the single family and multi markets. I think this actually makes sense. When the pandemic hit, people tended to want some outdoor space. Homes generally have more outdoor space than condos. So, while the condo market actually remains solid, homes did increase more in value. I will discuss multi-units more next week, but in summary, rental rates have gone up and multi prices have gone up.
I have now lived in a single family home since 2004, but prior to that, I lived in condos from 1990 through 2004. Both the Dorchester and the Barclay on Rittenhouse Square. Fun fact: My Bar Mitzvah reception was at the Barclay on October 25, 1980, which by the way, was four days after the Phillies won their first-ever World Series. As a 13-year-old boy, I was more excited about the Phils, I must say. Another flashback in time that regards property values. When I sold my Junior 1 bedroom in the Dorchester in 2000, the sale price was about $135,000. At that time, I remember everyone saying to me, “Wow, you got that price for such a small unit? That buyer is crazy.” Now, this was about 18 months before I became a REALTOR®, but I felt pretty good. Suffice to say, that buyer was not crazy, and I should have held that unit. You don’t have to be an expert on ’07 units at the Dorchester to know that they don’t sell for $135,000 today. That is for sure. In any event, I loved living in condos and many of my clients do as well.
Now back to 2020-2021. And let’s Look at Mount Airy. In February of 2020, I listed an amazing condo project at 7111 Germantown Avenue. It was under construction but was expected to be ready by the end of the year. We ran into a slight problem right after we listed, however— the Pandemic. Construction, real estate sales, city government (permits, licenses, recordings) all shut down. And while sales opened up again several months later, there were labor and supply shortages and city government effectively remained closed. Or at least overwhelmingly slow and inefficient at best. So, while a few units went under contract in 2020, the building was not completed, and we could not settle any of them.
Fast forward to 2021 and it was a totally different story. The project was completed and is amazing. It is our Spotlight Property this week (please see below). In 2021 we sold 11 of the 19 units, which was awesome. I mean look at the total number of sales in West Mt Airy condos in 2020 and 2021, and the dramatic difference in average price— a 156% increase from about $200,000 to over $500,000. Small sample size, of course, and the entire difference is the 7111 Germantown community. And remember my discussion on new construction last week. Days on market up 68% even with the sales increase and appreciation. Once again, this makes sense, with many units to sell and long-term, ongoing new construction. By the way, 7111 Germantown was actually an adaptive reuse of an existing, really cool church annex. But it was a complete gut, and the principles of new construction apply (as does the 10-year Tax Abatement!). Now to sell the remaining eight residences in 2022!
I hope you are enjoying this multi-part market analysis. Next week, on to multi-family properties. Have a great weekend.
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7111 Germantown Avenue #404
3 Bed | 2.5 Bath
$1,200,000
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6 Bed | 3.5 Bath
$650,000
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4 Bed | 2.5 Bath
$625,000
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3 Bed | 2.5 Bath
$559,000
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4578 Mitchell Street
*Represented Buyer and Seller
2 Bed | 1.5 Bath
$275,000
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5 Bed | 1.5 Bath
$175,000
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3 Bed | 1.5 Bath
$169,000
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19 distinctive and dramatic condominium residences with high-end finishes, significant character, and historic charm in the heart of Mount Airy, one of Philly’s hottest and most desirable neighborhoods. On-site covered PARKING INCLUDED. Full 10-YEAR TAX ABATEMENT. Extremely low taxes, condo fees, and utility costs in this energy efficient project. Superior construction includes extra insulation and advanced sound attenuation methods. Some units have outdoor space. This is an elevator building and is pet friendly.
7111 is comprised of very spacious 1, 2, and 3-bedroom residences, each of which has different layouts and features, including high ceilings, original hardwood floors, and exposed stone and beams. All residences have big windows, open floor plans, excellent space and light, spectacular finishes, ample closets and storage, and hardwood floors throughout. 7111 Germantown Avenue is an adaptive reuse of a historic church annex with all new systems and a newly added, beautifully designed 4th floor. Residences start at $395,000, and there are different price, size, layout, and outdoor options all the way up to magnificent #404 at $1,200,000 (SOLD).
7111 Germantown Avenue is a premier, highly sustainable condominium address in the northwest section of Philadelphia, developed by an award-winning development team. With visually compelling original character and space, along with stunning modern finishes, 7111 Germantown Avenue is easily accessible to so many restaurants, cafes, retail, parks, shopping, library, and more. 5-minute drive to the Wissahickon Valley and miles of wooded trails. 5-minute walk to two SEPTA regional rail lines. And, of course, a quick ride to Chestnut Hill, Center City, Manayunk, and the Main Line. Floorplans available for all units.
ONLY 8 UNITS REMAIN AVAILABLE!
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Museum Events and Exhibits
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Head to the Rodin Museum to see a new exhibit called Rodin’s Hands which features 15 bronzes and plasters of hands. One awesome piece is “The Cathedral,” a 1908 sculpture depicting two larger-than-life-sized hands whose fingertips are about to touch.
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New to the American Swedish Historical Museum is a unique exhibit, all about tattoos. “Tattoo: Identity Through Ink,” tells the story of why people all the way from Indigenous cultures to modern-day athletes and celebrities have chosen to adorn their bodies with tattoos. The exhibit showcases the last 150 years of tattooing in America and celebrates notable artists.
- Experience the City throughout time at the Athenaeum of Philadelphia with photos from late photographer Jerome Lukowicz. (through April 4).
Photograph and content courtesy of uwishunu.
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Black History Month Programming
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Throughout this month you can stop by the Free Library of Philadelphia’s Philadelphia City Institute or Nicetown-Tioga locations to create a paper square with your favorite Black author, a book written by a Black author, or a quote by an influential Black figure written on it. At the end of the month, all of the squares will be put together to create an amazing quilt.
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During Black History Month, the African American Museum in Philadelphia has tons of exciting and educational events to choose from including musical performances, living history presentations, movies, readings, and artistic activities.
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Mount Airy
New Construction
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3 Bed | 2.5 Bath
$770,000
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4 Bed | 3.5 Bath
$700,000
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6 Bed | 2.5 Bath
$650,000
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3 Bed | 2.5 Bath
$625,000
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249 S 45th Street
NEW PRICE
5 Bed | 2.5 Bath
$565,000
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2 Bed | 2.5 Bath
$450,000
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619 Wilder Street
COMING SOON
3 Bed | 1.5 Bath
$342,690
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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 UWISHUNU, manayunkdotcom, aampmuseum, and Canva.
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