Around the Block: 5/7/2021

May 10, 2021 BY JEFF CITY BLOCK

The Spring Market continues, Happy Mother’s Day, and our April closings. 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 Saturday, 5/8/21.

5/7/2021

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

More on the Spring Market & Happy Mother’s Day

When it comes to evaluating market data, two important pieces of information are the contract date and the closing date.

Sometimes people good naturedly ask me “Hey Jeff, sell a house today?” Ok, now do they mean, did the seller accept an offer on their home and we are now under contract? I mean my client reached an agreement to sell their home, so that sounds like a sale. Or do they mean 30-60+ days later when the seller signs the deed? The answer is, it could mean either. Colloquially, the sale action occurs when the parties agree to a contract. Technically speaking, a property is “sold” only upon closing. (And with good reason. While most deals end up going to settlement, signing the Agreement of Sale is only a step along the way. You need to go to closing for that contract to come to fruition.)

A property with a signed agreement is “under contract.” The MLS status for under contract is Pending. The contract date is also the “Execution Date,” which is a defined term in the Agreement of Sale. Also, in some places they refer to it as “in escrow.” This term is common depending on the locale but is never used in Philly real estate.

If an agent asks another, “hey did you just sell that home on Lombard last week,” they are using the colloquial version of the term “sell” to refer to under contract. You can tell by the context, and these different uses are typical.

And both the contract date and closing date (i.e., settlement date) are important and tell you different things. The busiest season refers to when the most properties go under contract. That is when I sell the most. But those settlements follow a month or two (or more) later. That is why there are a ton of closings throughout the summer, as it follows the spring market.

So, to follow the market now, let’s look at the City Block Team’s April closings (listed below). These are generally properties that went under contract in Q1, which this year was really solid. So, check these out and then wait for the next closing list as we move from later spring to summer. (I list the previous month’s closings in the first ATB of each month.) That is when the Q2 contracts will settle.

I love talking real estate. I hope you have a great week. And Happy Mother’s Day.

Warm regards,

Jeff

City Block Team’s April Closings

326 S 21st Street Fitler Square 6 Bed \| 5.5 Bath $2,400,000	3313 Baring Street University City 6 Bed \| 5 Bath $1,340,000
5001 Florence Avenue University City 4 Bed \| 3.5 Bath $610,000	1704 Manning Street Rittenhouse Square 2 Bed \| 2 Bath $595,000
2520 Waverly Street Fitler Square 2 Bed \| 2 Bath $555,000	1851 Blair Street Fishtown 4 Bed \| 4 Bath $485,000
2101 Market Street, Unit 1104 Logan Square 1 Bed \| 1 Bath $480,000	300 N 3rd Street, Unit 212 Old City 1 Bed \| 1.5 Bath $435,000
167 Lookout Lane Upper Moreland 3 Bed \| 2.5 Bath $420,000	221 Moore Street Moyamensing 3 Bed \| 2 Bath $375,000
1915 McKean Street West Passyunk 4 Bed \| 1.5 Bath $280,000	519 McClellan Street Dickinson Square West 2 Bed \| 1.5 Bath $280,000
5115 Delancey Street University City 2 Bed \| 1 Bath $99,900

Spotlight Property

257-259 S 46th Street

BRAND NEW LISTING

8 Unit Detached Property | 5,910 SF | Outdoor Space | Character | $1,600,000

Detached, 8 unit turn-key investment property with excellent income. Easy to rent and always occupied. Superb character and light throughout—exactly what tenants want in this perfect location. Both sides of a twin on a lovely Spruce Hill block in University City (Penn Alexander Catchment). This property includes four (4) two bedroom units, two (2) one bedroom units, and two (2) efficiencies.

Amazing property within blocks of Clark Park and its phenomenal Farmers Market, Local 44, Bottle Shop, Green Line, ReAnimator Coffee, Knockbox Coffee, Vagrant Coffee, Taco Taco Mexican (formerly Honest Tom’s), Tampopo, Pop Shop, Renata’s, Clarkville, Baltimore Avenue Restaurant Row, CVS, movie theater, and much more. Walk to HUP, Penn, CHOP, Penn Vet, Drexel, University of the Sciences. 11 minutes to Center City by car and plenty of convenient SEPTA options.

Gross Income $130,000+/year.

View full listing here

Mother’s Day Themed Giveaway

VISIT PHILADELPHIA City of Motherly Love Giveaway

Show your mother some love with an awesome prize.

Now through May 16 you can enter VISIT PHILADELPHIA’s City of Motherly Love Giveaway for a chance to win a fantastic package which includes:

One overnight stay at the Hyatt Centric Center City hotel
Two tickets to the PHS Philadelphia Flower Show
A $250 gift card to Steak 48
Two facial gift cards at Heyday Rittenhouse, $105 each
A PHLASH & Reading Terminal Market package

Check out the rules and fill out the form on VISIT PHILADELPHIA’s page.

Photograph & content courtesy of visitphilly.com.

(Safe) Philly Fun This Week

Season Opening: Blue Cross RiverRink Summerfest

Last Friday Blue Cross RiverRink Summerfest opened for the season. This summer enjoy roller skating, boardwalk games, Ferris wheel rides, and mini-golf. The arcade also returns and guests can enjoy a menu full of seasonal snacks using a QR code system that makes food ordering easy.

Check out the safety guidelines.

Masks are also required and roller skating tickets must be purchased in advance.

Photograph & content courtesy of uwishunu.com.

Featured Listings

257-259 S 46th Street BRAND NEW LISTING University City $1,600,000	7111 Germantown Avenue Mount Airy New Construction $395,000 – $1,050,000
1011 S 46th Street University City Triplex $725,000	430 S 47th Street University City 6 Bed \| 2 Bath $725,000
1601 Mt Vernon Street Spring Garden $600,000	251 S Farragut Street NEW PRICE University City 5 Bed \| 3 Bath $595,000
250 S 17th Street, Unit 100 Rittenhouse Square 2 Bed \| 2 Bath $579,000	437 W Abbottsford Avenue Germantown Southwest 3 Bed \| 2.5 Bath $525,000
1721 Rodman Street Rittenhouse Square 2 Bed \| 1.5 Bath $485,000	4617 Pine Street, Unit H210 University City 4 Bed \| 2.5 Bath $425,000
4517 Springfield Avenue University City 5 Bed \| 2.5 Bath $419,500	1600 S Beulah Street East Passyunk Crossing $409,000
1810 Rittenhouse Square, Unit 503 Rittenhouse Square Studio \| 1 Bath $215,000

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 Visit Philly, UWISHUNU Philadelphia, and Canva.

Moving? Discover the value of your home.