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Witty takes, can't-miss Philly updates, insider info, and curated listings - by Jeff "City" Block |
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Hi Readers, Today, a quick summary of Philly’s new budget that City Council just passed 15 votes to 1. The biggest change that will affect real estate buyers and sellers is the increase in Philly’s already astronomically high transfer tax on real property. This tax is customarily split evenly by the buyer and seller in every real estate transaction in the city. Including the state’s 1% charge for its portion of the transfer tax, the Philly transfer tax currently stands at 4.278% or 2.139% per side. With the new budget increase, it will be 4.578% or 2.289% per side. On a $750,000 home, this change will add $1,125 to each party’s closing costs. On the bright side for all Philly property owners is that the city is not raising the annual property tax rate for 2026. It will remain at 1.3998%, and since the 2026 property valuation assessments are expected to stay the same, the vast majority of Philly property owners will see no increase in their 2026 property tax bill compared to 2025 (the Homestead Exemption will also remain at $100,000). The budget includes Mayor Parker’s $800,000,000 bond initiative to fund multiple affordable housing, housing repair, and other housing initiatives over the coming five years. Overall, the goal is to build or repair about 30,000 homes. The budget includes some minutely incremental reductions to Philly’s wage tax and Business Income & Receipts Tax (the dreaded BIRT). The changes are so small as to be virtually de minimis. The BIRT tax is a city business and revenue killer. Simply bad policy. But do not fret, the City does plan to materially reduce the BIRT—by 2039!!!!! And to make matters worse for small businesses, the city eighty-sixed a vital tax break for small businesses. It exempted the first $100,000 in gross revenue from the BIRT, which meant that Philly’s smallest businesses were de facto exempt from the tax. Sadly, the city faced a lawsuit regarding the validity of this tax break under the PA constitution, and did away with the tax break entirely. This is bad news for Philly’s “mom & pops,” makers, and other small businesses that are bringing in smaller amounts of gross revenue. This budget just passed yesterday and takes effect July 1st. That is when the new transfer tax increase takes effect as well. Have a great weekend, Happy Father’s Day, and be prepared for traffic and road closures tomorrow. Warm regards, Jeff |
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Please contact Jeff for information and property addresses for all Private Exclusive Listings
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| University City - NEW Price! Open house: Sunday 3:00 - 4:30! |
| | 6 BD | 3 BA | 3785 SF | $1,140,000 |
| The finest of University City Homes. Let’s check the boxes: Penn Alexander Catchment? Of Course. A 21’ wide, beautifully landscaped extra side lot (plus an additional rear deck and yard). This home has just about as large an outdoor space as you can find in the city. And note that while this home and its outdoor space have all the light and openness of a corner property, it is not on a corner, so you gain maximum privacy that is not otherwise available to other city homes. Not only does the expansive side yard separate this home from the adjacent homes, but it also borders the rear yards of those homes for even more space between properties.
All of this open space is on the southern face, so enjoy a wall of large south facing windows, plus dramatic eastern and western light throughout the day. Exquisite original woodwork throughout. A rare chance to enjoy both ornate Victorian woodwork and spectacular brightness throughout. Other character includes high ceilings on all three floors, hardwood floors with ornate inlaid detail, significant original stained and leaded glass, exposed brick and beams, repurposed marble bathroom countertops, original doors and original windows (all working, with storms). Plus multiple window seats in various spots throughout the home.
6 bedrooms plus a large family room, plus another family room. 3 full baths. Lovely sun room. Separate Dining Room. Spacious, renovated, and bright kitchen with tons of windows and superb storage. Extended eating bar. Exposed Brick. Lovely Garden Views.
The finished lower level is half above grade for tons of natural light plus a separate entrance. This space is perfect for a LEGAL Airbnb, in-law suite, guest suite, professional office, or family space and home office. Includes one bedroom, one full bath, living/dining area, and a kitchenette (included in the bedroom/bath count above).
Fully rewired by Gen3. No knob & tube. Dimmers. Radiator heat and high-velocity central air (no central air in basement and first floor front, which all stay cool). Beautiful lighting fixtures throughout. Some original to this c. 1908 Georgian-style home and some added by current owner. Excellent storage throughout. Plentiful permitted street parking on the block.
Located on a wonderful tree-lined block in the PENN ALEXANDER CATCHMENT. An ideal location—Easy walk to Clark Park and its fabulous Farmers' Market, Knockbox Cafe, ReAnimator Coffee, Baltimore Avenue's Restaurant Row (so many places to eat), University City Swim Club, Penn Alexander Catchment School, Don Barriga Mexican Grill, Doro Bet, Gojjo, Clarkville, Green Line, TacoTaco Mexican, Local 44 and the Bottle Shop, CVS, and so many coffee shops, restaurants, and shopping. Close to HUP, CHOP, Penn, Drexel, UCity Tech/Science Corridor. 12 minutes to Center City by car or bike and plenty of convenient SEPTA options. |
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| | | | 6 BD | 4.5 BA | 4250 SF | $1,525,000 |
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| | | | | 8 BD | 3.5 BA | 4300 SF | $1,045,000 |
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| | | | 5 BD | 2.5 BA | 2958 SF | $929,000 |
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| | | University City New Price! |
| | 6 BD | 3 BA | 3785 SF | $1,140,000 |
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| | University City New Price! |
| | 7 BD | 3.5 BA | 3557 SF | $920,000 |
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| | | University City - triplex COMING SOON! |
| | 7 BD | 4 BA | 3496 SF | $860,000 |
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| | University City BRAND NEW LISTING! |
| | 5 BD | 2.5 BA | 3100 SF | $850,000 |
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| | | Ludlow - Duplex Brand new listing! |
| | 6 BD | 5 BA | 2615 SF | $795,000 |
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| | | | 7 BD | 8 BA | 9500 SF | $4,750,000 |
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| | | Albany Township/Berks County |
| 333 New Bethel Church Road |
| 6 BD | 4.5 BA | 2507 SF | $1,690,000 |
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| | | | 6 BD | 4 BA | 2500 SF | $695,000 |
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| | | | | 3 BD | 3 BA | 2029 SF | $620,000 |
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| | | | 3 BD | 2.5 BA | 2500 SF | $625,000 |
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| | | University City New Price! |
| | 5 BD | 3 BA | 2805 SF | $639,000 |
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| | University City Brand new listing! |
| | 4 BD | 1.5 BA | 2356 SF | $599,000 |
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| | | University City - Triplex Brand new listing! |
| | 6 BD | 3 BA | 3081 SF | $599,000 |
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| | University City Brand New Listing |
| | 4 BD | 1.5 BA | 1700 SF | $549,000 |
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| | | | | 2 BD | 2.5 BA | 1100 SF | $525,000 |
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| | | | 3 BD | 2.5 BA | 1700 SF | $525,000 |
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| | | East Oak Lane Brand new listing! |
| | 5 BD | 2 BA | 2300 SF | $430,000 |
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| | | 3 BD | 2 BA | 1600 SF | $445,000 |
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| | | | | 4 BD | 2 BA | 1600 SF | $400,000 |
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| | | 2 BD | 1 BA | 874 SF | $389,000 |
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| | | | | 22 Property Portfolio | $2,860,000 |
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| Southwest Schuylkill Brand new listing! |
| | 3 BD | 1 BA | 1260 SF | $315,000 |
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| | | | | 3 BD | 1.2 BA | 1950 SF | $340,000 |
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| | | 2601 Pennsylvania Ave #952 |
| 2 BD | 1 BA | 958 SF | $265,000 |
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| | | Cobbs Creek Brand new listing! |
| | 3 BD | 1.5 BA | 1140 SF | $195,000 |
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| | | 1900 John F Kennedy Blvd #806 |
| 1 BD | 1 BA | 750 SF | $140,000 |
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| | | | | 3 BD | 1.5 BA | 1140 SF | $189,900 |
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| | 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.
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Office: 267-435-8015 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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Some imagery in this e-newsletter was sourced via visitphilly.com and Canva. |
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