Around the Block: 6/30/2023

July 3, 2023 BY JEFF CITY BLOCK

Mid-year 2023 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, 6/30/23.

6/30/2023

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

Mid-year 2023 Market Update

Well, here we are at the mid-point of 2023. As expected, a lot has happened so far. I say as expected because is there ever really a year where not much happens? I mean it seems as if every year is crazy, right? That probably goes back to at least the beginning of newspapers when you could get a feel for what was happening everywhere. And the more information that is out there, the crazier things seem. Needless to say, there is a lot of information out there (with much of it certainly not rising to the level of news).

Have there really been any big surprises this year? Record-breaking weather systems and other climate-related damage, including Canadian wildfires that have blanketed the United States with smoke? Sadly, this can be expected now, and ever-increasing in the future. First US President indicted? It would have been a surprise if he wasn’t. Russia’s invasion of Ukraine continues? Expected. Unrest in Israel and the Palestinian territories? Expected. Titan submersible implosion? Based on what I read, surprised it did not happen sooner. That implosion “out-headlining” the hundreds of migrants who drowned just a few days before? Not a surprise. Interest rates continuing to hover in the 6’s and the Fed intending a couple more increases? Not a surprise. 76ers knocked out of the playoffs? What else is new? The I-95 collapse? Not expected but road fires and accompanying closures happen. How about I-95 reopening in less than 2 weeks? Ding, ding, ding!! Now there is a surprise. How about Philly being named the “Frenchest” city in America?! Okay, another big surprise!

What about the Philly real estate market? No big surprises here. Inventory remains exceedingly low and prices have generally stayed steady throughout the year. I say generally because some segments of the market have softened more than others. Many condos have dipped in value. So have some homes that buyers perceive as requiring more work. On the other hand, there remains solid competition for highly updated single-family homes, so those prices have continued to increase. Keep in mind, of course, that each listing and sale is property specific, and these generalities will not apply to every property.

Also, as I have said many times before, Philadelphia’s real estate market tends to avoid big leaps and declines. So, the fluctuations I am referencing are typically pretty modest. And we have had some steady property value appreciation over the past several years, so this flat pricing is based in many cases on record high property values already established. Finally, regular seasonal changes are also in play. Once we hit Memorial Day, the number of buyers decreased and Days on Market increased. This is typical for the summer compared to the spring.

Remember, when it comes to your primary residence, do not try to time the real estate market. Make your move when the timing is right for you and your family, and the rest will take care of itself. Though if you are considering a move now or in the future (even a few years out), please reach out to me sooner rather than later. In addition to providing a current value for your home, I can help you plan, which will make it that much easier when the time is nigh! Please reach out with any questions.

Have a great weekend and Happy Independence Day!

Best,

Jeff

Spotlight Property

OLDE RICHMOND

2562 Salmon Street

New Listing

3 BD | 1.5 BA | 2,178 SF | Complete Renovation in 2010 & Further Updated in 2023 | Hardwood Floors | Fully Rewired | All New or Newer Systems | $425,000

Lovingly maintained and updated three story home on a quiet, residential block in the Olde Richmond neighborhood, just blocks from Fishtown and tons of great restaurants, fooderies, night life, and shopping.

This home has been in the same family for over 100 years and the owner commissioned a complete renovation in 2010. He did this for his own use and oversaw the highest quality work and materials. His son then put the same care into the home as he further updated it for 2023 and the current sale.

This spacious and bright 3-bedroom, 1.5 bath home with awesome patio offers Hardwood floors, central air, totally updated wiring with 200 amp service, recessed lighting and ceiling fans throughout, crown and baseboard moldings, all new or newer systems, well maintained roofing, repointed facade, new water line, 10 new windows with lifetime warranty (the rest are replacement windows in excellent condition), and more.

Superb location on an awesome block and just minutes to the city’s best restaurants, I-95, and everything the city has to offer.

View full listing here

Philly Fun This Week

Opening Attractions, Food Events, and a Block Party

Check out an awesome collection of over 150 portraits of 18th- and 19th-century leaders at the historic Second Bank of the United States. This reopened gallery includes portraits of scientists, politicians, members of the military, and explorers. Celebrated Revolutionary era artist Charles Willson Peale painted many of the portraits. The free gallery is open Fridays through Sundays from 11 am to 5 pm.
This upcoming Monday Carpenters’ Hall reopens to the public for the first time in over a year after the completion of a multi-million dollar preservation project and additional repairs needed after a fire in late 2022. While there check out a brand-new exhibit called Artifacts and Architecture that features photos of the preservation project taken by an architectural photographer and archeological artifacts uncovered during the project. Carpenters’ Hall is free to the public and was the site of the First Continental Congress in 1774.
It’s officially blueberry season and University City’s CO-OP Restaurant & Bar celebrates the awesome fruit with a special summer series menu. Some of the options include grilled grouper with a sweet-and-sour blueberry agrodolce and Sweet Amalia oysters served with blueberry granita. The new menu options are offered through the end of the month.
Ever thought about your body’s largest organ? Well, to delve into what skin is all about head to the Academy of Natural Sciences to see its newly opened exhibition Skin: Living Armor, Evolving Identity. The exhibition features real and multimedia versions of all types of skin and explores its evolution and meaning.

Photograph from visitphilly.com & content courtesy of thephiladelphiacitizen.org and visitphilly.com.

Independence Happenings and Free Museum Days

Head to the National Constitution Center to enjoy special Independence Day events throughout the entire week. The programming includes pop-up talks, flag etiquette workshops, and a recreated revolutionary war encampment, where visitors can test out the wooden muskets and watch a blacksmith forge steel. Additionally, museum admission will be free on Sunday in celebration of the Finding the Fathers scholarly series and on Tuesday for Independence Day.
What better place to celebrate Independence Day than in Philadelphia’s Historic District? This Friday through Tuesday the Museum of the American Revolution offers revolutionary activities and performances for all ages. The special programming includes a naturalization ceremony for new Americans, a hands-on activity where kids join the Continental Army and sort out historic equipment, and stage performances telling the stories of James Forten (a Black Philadelphian entrepreneur and abolitionist) and Elizabeth Freeman (a woman who sued for her freedom from slavery and won).
Head outside of the city to Washington Crossing Historic Park for Independence Day festivities over the weekend and on the fourth. One of the events includes a Living History Day on Tuesday that features live readings of the Declaration of Independence every hour and reenactors in a military encampment.
As part of the 16-day Wawa Welcome America celebration Philadelphians can enjoy free (or pay-what-you-wish admission) at the following institutions: Carpenters’ Hall on Monday (No pre-registration required), Elfreth’s Alley Museum on Monday (No pre-registration required), Eastern State Penitentiary on Monday (Pre-registration recommended), Cliveden on Tuesday (No pre-registration required), Faith and Liberty Discovery Center on Tuesday.

Photograph from constitutionctr on Instagram & content courtesy of visitphilly.com.

Fourth of July Events

On Independence Day Mayor Jim Kenney and various guest speakers celebrate freedom with a reading of the Declaration of Independence and an award ceremony on stage in front of Independence Hall. The ceremony is followed by a performance from the Black Pearl Orchestra.
Visit Fort Mifflin on July 4th for a day filled with games, musket and cannon demos, contests, guided tours, and more. And in addition to all the fun activities guests can bring their own picnic to enjoy by the riverfront. (Tables can also be reserved for $10.)
The official Philly Fourth of July parade is back on Tuesday with patriotic floats, marching bands, historic characters, dance troupes, military units, performances from Miss America 2023, and more. The parade begins at Market and South 2nd Streets and ends at City Hall.
Outside of the city in Bucks County, Peddler’s Village celebrates Independence Day with its annual BBQ Bash. Celebrate in traditional American fashion with a barbecue picnic that includes family-friendly entertainment, activities for kids, and live music.
Celebrate freedom and the LGBTQ+ community during the queer-centered Independence Gay event at Love City Brewing. This event celebrates America’s diversity and acceptance with performances from local LGBTQ+ artists and food and drinks (courtesy of Love City Brewing). Tickets are required.
Wawa Welcome America’s Fourth of July Festival ends with a bang on Independence Day with a massive free party on the Benjamin Franklin Parkway. The festivities begin with a pre-show performance from party band Snacktime and DJ Diamond Kuts on the Pennsylvania Lottery Groove Stage. This is followed by the epic free concert headlined by popular artists Ludacris and Demi Lovato. The evening culminates with an incredible fireworks show.

Photograph & content courtesy of visitphilly.com.

Featured Listings

UNIVERSITY CITY

435 S 46th Street

5 BD | 2.5 BA | 2,721 SF | $699,000

OLDE RICHMOND

2562 Salmon Street

NEW LISTING

3 BD | 1.5 BA | 2,178 SF | $425,000

COBBS CREEK

35 Property Portfolio in West Philly

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

MANAYUNK

4555 Riverside Way

4 BD | 3.5 BA | 3,190 SF | $1,025,000

UNIVERSITY CITY

4721 Chester Avenue

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

MOUNT AIRY

7111 Germantown Avenue #403

3 BD | 2.5 BA | 1,775 SF | $795,000

UNIVERSITY CITY

247-251 S 44th Street

3 Contiguous Properties | 6,726 SF | 1,525,000

MIDTOWN VILLAGE

105 S 12th Street #201

1 BD | 2 BA | 1,333 SF | $619,000

UNIVERSITY CITY

520-22 N 32nd Street

BRAND NEW LISTING

5 BD | 1.5 BA | 1,491 SF | $599,000

FAIRMOUNT-ART MUSEUM

768 N 24th Street #2

2 BD | 1 BA | 1,183 SF | $399,000

WEST POWELTON

321 N 40th Street

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

UNIVERSITY CITY

255 S 44th Street

4 Units | 2,000 SF | $550,000

MOUNT AIRY

7111 Germantown Avenue #102

3 BD | 2 BA | 1,670 SF | $525,000

UNIVERSITY CITY

4616 Paschall Avenue

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

SOCIETY HILL

504 S Hancock Street

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

UNIVERSITY CITY

632 S 51st Street

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

UNIVERSITY CITY

1333 S May Street

3 BD | 1 BA | 1,096 SF | $250,000

WEST KENSINGTON

2545 N 6th Street

3 BD | 1 BA | 1,305 SF | $195,000

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 visitphilly.com 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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Mid-year 2023 Market Update

Spotlight Property

2562 Salmon Street

Featured Listings

Moving? Discover the value of your home.