Around the Block: 5/5/2023

May 8, 2023 BY JEFF CITY BLOCK

Philly spring market update, 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, 5/5/23.

5/5/2023

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

Philly Market Mini-Update

We are now over four months into 2023 and well into the heart of the spring market. This year’s real estate market remains really interesting.

The higher interest rates continue, but buyers are more used to them now. Do they even seem kind of normal? They are actually in line with historically low interest rates that borrowers have enjoyed over the decades, though obviously high compared to the absurdly minute rates we have seen since the Great Recession.

The inventory of available homes remains exceedingly low, so the supply side is stunted. Meanwhile, demand is stable, as buyers have accepted these rates and frankly have had trouble finding homes due to prolonged inventory issues. So many buyers remain in the market. This supply-demand dynamic has caused prices to increase in most segments of the market. Philly has always been more of a slow-and-steady market rather than a boom-or-bust, so the price increases have typically not been dramatic. But there have been exceptions to that. And exceptions the other way as well, as a few segments of the market continue to remain flat.

By the way, one of the many things I love about Philly is that the market is so generally even-keeled. I much prefer that to a volatile roller-coaster style real estate environment.

Every neighborhood, street, type of property, and specific home is different, so if you have any questions about how your home may fit into the current real estate market (or questions about the future), please reach out. I love to discuss real estate.

Have a great weekend.

Warm Regards,

Jeff

Spotlight Property

UNIVERSITY CITY

4632 Larchwood Avenue

New Price

5 BD + Family Room | 2.5 BA | 2,718 SF | Original Character |

Stellar Outdoor Space | Rewired in 2022 | $967,500

On one of the most desirable tree-lined blocks in the Penn Alexander Catchment–Beautiful 5 bedroom + Family room, 2.5 bath twin with significant original character. Stellar outdoor space includes a covered rear deck and gorgeous garden plus a front porch and another lovely garden.

100% rewired in 2022. All modern wiring. All active knob & tube removed. Central Air on 2nd & 3rd floors (stays cool on the 1st as well). High ceilings; original hardwood floors; leaded, stained glass; beautiful moldings, woodwork, and other details. Excellent storage throughout. Multiple ceiling fans. Big, dry, clean semi-finished basement.

This is one of the city’s best locations. In the PENN ALEXANDER SCHOOL CATCHMENT and within blocks of Clark Park and its superb Farmers’ Market, Mariposa Food Coop, ReAnimator Coffee, Knockbox Cafe, Vagrant Coffee, Local 44, Bottle Shop, 48th Street Grille, Dottie’s Donuts, TacoTaco Mexican, Tampopo, Renata’s, Baltimore Avenue Restaurant Row (including Loco Pez, Vietnam Cafe, Gojjo, Carbon Copy, Aksum, Vientiane, Green Line Cafe, Clarkville, and more), CVS, the Penn Alexander School, and much more. Walk to HUP, Penn, CHOP, Penn Vet, Drexel, University of the Sciences. 10 minutes to Center City by car and plenty of convenient SEPTA options. 94 WalkScore. 99 BikeScore.

View full listing here

Philly Fun This Week

Philly Tech Week and Masonic Temple Tours

Philly celebrates its innovation and technology scene with virtual and in-person events during Philly Tech Week running until Saturday, May 13th. Check out the full schedule to see all of the events including coding and gaming sessions, parties, and networking.
Philly’s Masonic Temple features some of the area’s most intricate and beautiful rooms and to celebrate its 150th anniversary, the property hosts a series of free public tours. During the tours, participants will explore several large halls with distinct themes including the massive Corinthian Hall inspired by Ancient Greece’s open-air temples and the archaeological-inspired Egyptian Hall. Morning tours depart every 20 minutes from 9:30 to 10:50 am and afternoon tours run from 1 to 3:20 pm.

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

Featured Listings

UNIVERSITY CITY

4632 Larchwood Avenue

NEW PRICE

5 BD | 2.5 BA | 2,718 SF | $967,500

COBBS CREEK

35 Property Portfolio in West Philly

BRAND NEW LISTING

35 Single-family Properties | $7,000,000

SOCIETY HILL

742 Lombard Street

NEW PRICE

3 BD | 2 BA | 1,446 SF | $699,000

FAIRMOUNT-ART MUSEUM

768 N 24th Street #1

2 BD | 1.5 BA | 1,169 SF | $535,000

UNIVERSITY CITY

4721 Chester Avenue

6 BD | 3.5 BA | 6,623 SF | $1,300,000

UNIVERSITY CITY

435 S 46th Street

NEW PRICE

5 BD | 2.5 BA | 2,721 SF | $725,000

FAIRMOUNT-ART MUSEUM

768 N 24th Street #2

2 BD | 1 BA | 1,183 SF | $435,000

MOUNT AIRY

7111 Germantown Avenue #403

3 BD | 2.5 BA | 1,775 SF | $830,000

MIDTOWN VILLAGE

105 S 12th Street #201

1 BD | 2 BA | 1,333 SF | $675,000

WEST POWELTON

321 N 40th Street

5 Units | 5,792 SF | $1,595,000

UNIVERSITY CITY

245, 253-255 S 44th Street

3 Properties | 5,742 SF | $1,550,000

UNIVERSITY CITY

255 S 44th Street

4 Units | 2,000 SF | $525,000

UNIVERSITY CITY

4616 Paschall Avenue

BRAND NEW LISTING

3 BD | 3 BA | 2,800 SF | $550,000

MAIN LINE

533 Pugh Road

COMING SOON

3 BD | 2.5 BA | 2,450 SF | $925,000

MOUNT AIRY

7111 Germantown Avenue #102

3 BD | 2 BA | 1,670 SF | $540,000

SOCIETY HILL

504 S Hancock Street

2 BD | 1 BA | 1,100 SF | $345,000

UNIVERSITY CITY

632 S 51st Street

NEW PRICE

4 BD | 1.5 BA | 1,792 SF | $375,000

WEST MOUNT AIRY

153 W Weaver Street

4 BD | 1.5 BA | 1,240 SF | $299,000

Experienced real estate agent?

Would you consider joining one of the most respected real estate teams in Philadelphia?

The City Block Team is looking for an experienced agent who wants to provide Expert Real Estate Representation. CBT is committed to helping you build your business and offers excellent coaching and mentoring; solid systems & admin support; leads (quality over quantity); superb team camaraderie; and outstanding team name recognition and regard.

Please contact [email protected] to discuss. All inquiries are confidential. Thank you.

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, thephiladelphiacitizen.org, 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.

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Philly Market Mini-Update

Spotlight Property

Philly Fun This Week

Featured Listings

Moving? Discover the value of your home.