Relevant Commentary, all information Philly (real estate and otherwise), Open Houses, Listings, Happenings, and More — by Jeff “City” Block
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The Chestnut Street Bridge is scheduled to reopen Saturday night, March 19, 2022. The bridge connects University City to Center City and has been closed since August 2019 for reconstruction and renovations.
*Message from Alert Philadelphia by Center City District and photo from Wikipedia.
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The Philly Spring Market Paradox
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First of all, Wow!! The Chestnut Street Bridge is opening up this weekend. Does that help you a lot? For me, that is huge. I love it when a bridge or major artery reopens. I find it both exciting and satisfying!
Now, onto the Philly spring market discussion.
This spring market is a fascinating paradox. On the one hand, the inventory of available homes for sale is at an absolute all-time low. On the other hand, things are as busy as they would be in any spring market.
One reason for this is because most of the limited number of properties that are listed for sale have more than typical activity– tons of showings, sometimes multiple offers, and a higher percentage sell very quickly. This compressed bundle of activity takes skill and a tremendous amount of time to navigate properly.
At the same time, once a home is under contract, deals are now more complicated than ever to see through to closing. Inspectors are more thorough than ever, and higher prices can magnify the significance of an appraisal. Plus, the paperwork and minutiae only increase year over year. I love the legal, financial, and transactional aspects of real estate, and my legal background obviously helps, but things can get intense.
Of course, there are properties in this market that do not sell quickly. It is a fallacy to think that everything sells immediately (then there would be zero inventory, and that is not the case). Many properties sell quickly, but not everything. Some homes sit for a while. And remember, whether a home is perceived to “sell quickly” is relative. In a typical balanced market, a home that sells in 30-60 days would be considered a perfect success. In this market, a home that is on the market for 30 days (let alone 60 or 90+), may seem like it is sitting forever. Totally understandable as this is not a balanced market. There are various reasons why homes may sit, and the key to my job is making sure the marketing is perfect, any potential issues are addressed, every lead and scintilla of interest is thoroughly vetted, and no stone is left unturned. And even with all that, while there are many reasons a home may remain on the market for an extended period of time, it generally boils down to one thing—price.
On the purchase side, the City Block Team represents a lot of buyers (I personally represent mostly sellers but always a few buyers at any one time as well). For certain properties in this market, it takes a lot of time to make sure your buyer has a leg up on the competition.
So, all of the above, plus spending a lot of time with each client equals a busy-as-usual spring market even with the extreme dearth of inventory.
Fortunately, I love what I do, and I love being busy. So all-in-all, it is an interesting time, and I enjoy analyzing stuff like this. I hope you had fun reading about it. As always, please let me know if you have any questions or comments, or if you (or a friend, family member, or colleague) need advice with the potential sale of your home or a home purchase. I would love to help.
I hope you have a great weekend.
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812 Lombard Street #25
Brand New Listing
3 BD | 2.5 BA | 1,950 SF | Work from Home Space | Superb Natural Light | Balcony | Ideal Location | $695,000
Welcome to Lombard Mews! This updated 3 bedroom 2.5 bathroom home with balcony has the perfect work from home space.
Hardwood floors throughout, Brand New roof (2021), and Newer HVAC (2018). The $75 monthly HOA fee pays for maintenance of courtyard walkways, plantings, and security gates.
The ideal Wash West location gives you the best of all worlds– combining the absolute convenience of a 99 WalkScore (Whole Foods, restaurants, coffee shops, ACME, Seger dog park, playground, and walk to all that Center City, Society Hill, Bella Vista, Italian Market, and Midtown Village have to offer) with a quiet, secure, off-street courtyard setting in the Award-winning Lombard Mews.
Convenient GARAGE PARKING less than 2 blocks away. Seller offering to pay for 1 year upfront (at $350/month).
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Live Performances in Philly
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Check out a modern adaptation of Oliver Twist created by hip-hop choreographer Rennie Harris. This unique show includes a blend of house music and gospel choir and follows the story of a young Black man’s journey from toil to triumph.
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Through March 27th, watch a hilarious show by Ken Ludwig, A Comedy of Tenors, at the Bristol RiversideTheatre. This show follows three famous tenors as they poorly prepare for the “Concert of the Century.”
Photograph & content courtesy of uwishunu.
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Head to the Pennsylvania Convention Center for the two-week-long annual Philly Home Show featuring hundreds of home exhibitors and home-design experts including those versed in interior design, furnishing, gardening, landscaping, architecture, and construction.
- The full spring schedule for mural walking tours in Philly is here. This year there are three brand-new guided tours and a free, self-guided tour that uses your smartphone. The seven, 90-minute tours were created by Mural Arts Philadelphia to highlight the artists and stories behind Philly’s incredible murals. Must book tours in advance at Muralarts.org/tour.
Photograph & content courtesy of uwishunu.
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Food Events and Tasty Options
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Through March 27th Campos and Uber Eats are getting an early jump on celebrating National Cheesesteak Day (officially March 24) by offering a buy-one-get-one-free deal on certain menu items. To get this deal you will need to order through the Uber Eats app.
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Keep the Saint Patrick’s spirit going by ordering a special pizza featuring baked ham, cabbage, and mustard cheese from SliCE‘s Fishtown and Italian Market locations (through March 31).
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Head to P’unk Burger in East Passyunk to get a hand-dipped shake made with locally bought Girl Scout cookies. The menu created by owner Marlo Dilks, features seven shakes, including three vegan options. It was made to honor Women’s History Month, and proceeds from shake sales will be donated to the Girl Scouts of Eastern Pennsylvania.
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Seven Contiguous Shells Ready for Development
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Mount Airy
New Construction
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830 S 48th Street
NEW LISTING
5 Bed | 2.5 Bath
$850,000
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3 Bed | 2.5 Bath
$749,500
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918 Remington Road
BRAND NEW LISTING
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812 Lombard Street #25
BRAND NEW LISTING
3 Bed | 2.5 Bath
$695,000
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4842 Cedar Avenue
BRAND NEW LISTING
6 Bed | 2.5 Bath
$669,000
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257 S Farragut Street
BRAND NEW LISTING
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6 Bed | 2.5 Bath
$629,000
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619 Wilder Street
NEW LISTING
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 and Canva.
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