Around the Block: 6/4/2021

June 7, 2021 BY JEFF CITY BLOCK

Real Estate Market update, new listings, and fun things to do in Philly this week. 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, 6/5/21.

6/4/2021

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

Market Update

Wow. Things are changing. A few weeks ago, after the surprise CDC announcement, people started removing their masks outside. A few did but most people walking around Center City continued to don them. It looked pretty normal (i.e., and by normal I mean pretty much everyone still masked up). Then the following week, it was about half-and-half. Now, so few people are wearing a mask outside… and starting over the past week or so, not inside either. Except for most retail stores and public transportation, indoors is becoming mask free as well. Our office just relaxed its rule so that vaccinated people can go mask-free. I love it.

So things are opening up and the masks are dropping off and do you know what seems to be holding steady through all of it? The real estate market. To see how 2021 is shaping up so far, let’s track City Block Team’s sales contracts by month—

Properties under contract—

January (20 units/$13.6M)

February (15 units/$10.2M)

March (11 units/$6.6M)

So far, it seems like we are on a downward trend. And unusual that Jan/Feb would be much more productive than March. Ok… wait for it…

April (30/$20M)

May (34/$19.5M)

Now we are talking. So in 2021, the late winter/early spring market was much hotter than usual. The traditional start of spring was stalled for one month. And then the Spring market TOOK OFF in April and May. What do I predict for June? I think the market will start to slow (it pretty much has to) but will remain solid. If we can Jan/Feb’s numbers, that will still be an awesome June.

Now while May was a monster month for writing sales contracts, it was a slower month for settlements–$6.9M. This makes sense because settlements typically lag contracts by 60 days. March was a slower month with $6.6M in contracts, so the May closing number totally aligns.

Let me add some perspective. CBT has generally been in the $80-$100M range in sales over the past 5 years. We are already at $84M through May. That is how strong the market is this year. Keep in mind that the market numbers generally slow down significantly the second half the of the year, so by no means is this heading for $150+. But it will be big and simply put, the real estate market is insane.

Finally, let’s take a look at our May 2021 settlements.

923 Clinton Street Washington Square West 4 Bed \| 1.5 Bath $1,240,000	1725-27 Addison Street Rittenhouse Square 4 Bed \| 4.5 Bath $1,100,000
1928 Montrose Street Graduate Hospital 4 Bed \| 3 Bath $581,000	7 Mountain View Trail Chadds Ford 4 Bed \| 3 Bath $575,000
662 N 33rd Street Mantua Neighborhood $475,000	4830 Osage Avenue University City 3 Bed \| 1.5 Bath $375,000
2447 Federal Street Point Breeze 3 Bed \| 2.5 Bath $352,000	1245 Day Street Fishtown 2 Bed \| 1 Bath $335,000
821 S 58th Street Cobbs Creek 4 Bed \| 2.5 Bath $247,500	411 Dudley Street Moyamensing 2 Bed \| 1 Bath $240,000
5635 N Mascher Street Olney 3 Bed \| 1 Bath $210,000	846 E Woodlawn Street East Germantown $145,000

Spotlight Property

2613 Naudain Street

Brand New Listing

3 Beds | 2 baths | Office | Finished Lower Level

Bright corner home with Parking in Fitler Square | $1,000,000

Bright corner home with substantial character and PARKING in a perfect Fitler Square location. The corner of two lovely, quiet, tree lined blocks—Naudain & Taney.

3 bedrooms, 2 full baths plus an office and semi-finished lower level (ideal for a family room, exercise room, office, playroom, etc). The paved rear patio is large enough for your car and a smaller patio set. Original random width pine floors, exposed brick, original millwork, original fireplaces, custom Sapele mahogany woodwork.

Spectacular light from three exposures (South, West, and North) exposures. Recently updated and in beautiful condition. The combination kitchen/dining area offers seating for five at the sizeable dining bar. All new kitchen appliances, shaker cabinets, granite tops. Just a great home with lots of comfortable spaces. Nest thermostat. Brand new ultra-high efficiency HVAC (2021). Both baths offer radiant floors. Solid doors and quality finishes throughout. Best location. A quintessential 19th century Philadelphia home. Note—Home has gentle, easy to navigate turn-stair.

View full listing here

(Safe) Philly Fun This Week

Philly Beer Week

Last Friday kicked off a 10-day festival all about beer. Philly Beer Week has events all around the city celebrating its beer culture — from home brewers to nationally known beer makers. The tagline for this year is, “It’s Essential.”

So, get out there and support businesses by drinking beer in one of the best beer cities in America and the home of our nation’s largest and oldest Beer Week.

Photograph & content courtesy of visitphilly.com.

Hand to Hand Circus Festival at Fringe Arts

On June 3rd FringeArts resumed live performances with the debut of its socially distant two-week festival of circus acts and workshops. The Hand to Hand Circus Festival features up-and-coming entertainers performing juggling, aerial acrobatics, tightwire, and more, both indoors and out.

Photograph from fringearts.com & content courtesy of visitphilly.com.

PHS Philadelphia Flower Show at FDR Park (June 5-13, 2021)

This year the nation’s longest-running horticultural event is moving outdoors for the first time in its 192-year history. The location of this spectacular show will be at South Philly’s FDR Park.

Guests can enjoy breathtaking exhibits by the world’s best floral and landscape designers.

This year’s theme is “Habitat: Nature’s Masterpiece,” and will feature premier horticulture and landscape design, demonstrations, themed nights, entertainment, and a marketplace.

Get the info on tickets and purchase them here.

Photograph & content courtesy of visitphilly.com.

West Park Arts Fest

Head online and to West Fairmount Park for its annual arts and cultural festival. The event usually features art making, a craft fair, live music and dance performances, storytelling, and more. This year will be a little different due to COVID-19 restrictions.

More details will be revealed closer to the event. Visit the West Park Cultural Center’s website to stay updated.

Photograph from westparkcultural.org & content courtesy of visitphilly.com.

Featured Listings

257-259 S 46th Street NEW PRICE University City 8-Unit Detached Property $1,495,000	7111 Germantown Avenue Mount Airy New Construction $395,000 – $1,095,000
2613 Naudain Street BRAND NEW LISTING Fitler Square 3 Bed \| 2 Bath $1,000,000	1601 Mt Vernon Street Spring Garden $600,000
608 S 9th Street #1 NEW LISTING Bella Vista 2 Bed \| 1.5 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
605 N 18th Street, Unit 1 BRAND NEW LISTING Spring Garden 3 Bed \| 2 Bath $439,000	2113 Abigail Street BRAND NEW LISTING East Kensington 2 Bed \| 2 Bath $399,000
4617 Pine Street, Unit H210 NEW PRICE University City 4 Bed \| 2.5 Bath $395,000	997 N 6th Street, Unit 1 BRAND NEW LISTING Northern Liberties 2 Bed \| 2 Bath $299,000
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, westparkcultural.org, fringearts.com, and Canva.

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