Relevant Commentary, all information Philly (real estate and otherwise), Open Houses, Listings, Happenings, and More — by Jeff “City” Block
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Part 2—Jeff “City” Block to the City Block Team
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In 2001 I made the decision to leave the law and to begin my career in residential real estate. (Part 1—Leaving the Law to Become a Real Estate Professional, here). On the day of the September 11th attacks, I had been a Realtor for seven weeks. People were already worried about the economy, and after the attacks, those concerns escalated. No one knew what America and the world would face. We had all been attacked, and for the most part, America came together. The economy and the housing market boomed. From 2002 to 2007ish, the United States experienced one of the greatest real estate markets we had ever seen.
Now real estate is local, and Philly is not one of those cities or regions where real estate shoots up and down. Philly real estate is more slow and steady. So, while some areas of the country were flying high with huge and fast gains in real estate value, Philly’s rise was more measured. I mean Philly was hot, but compared to some cities we remained a reasonable and affordable place to live. And we know now, when 2008 hit, the faster the rise, the much harder the fall.
As I discussed last week, I closed my first home sale ever on my 34th birthday—a Society Hill home that was one block from where I grew up. Unlike the law, I found I had an intense passion for Philly residential real estate. Put simply—I loved it. And I excelled from the get-go. I intuitively understood how to best represent my clients at a level much higher than I ever felt as a practicing corporate attorney.
As I also mentioned last week, a few of my attorney work friends had begun calling me City, but I wasn’t known as City. It was just an off-the-cuff, once-in-a-while nickname among a few friends. As I entered the real estate profession, I thought that City would be a great nickname for a Realtor, but that it would be presumptuous to start a real estate career, have no experience and zero sales, and have a nickname. So, I started off as simply Jeff Block.
Fast forward to December 2001, and my still brand-new career was off to a phenomenal start—beyond all expectations. The market was hot; I already had a deep understanding of real estate contracts and negotiation; I intuitively understood expert real estate representation; and I had an abundant social and professional network from having lived, studied, and worked my entire life in Center City Philadelphia. Things were clicking, I was making sales, and the time was right. I took that seldom-used nickname and realized that it really flowed with my complete name. I mean that seems obvious now, but I actually had an epiphany that in real estate, I would be known as Jeff “City” Block. So, I contacted the Pennsylvania Real Estate Commission and applied for a new Doing-Business-As name. Starting in early 2002, I was officially Jeff “City” Block.
Back then, the vast majority of my marketing dollars was in print media. The Welcomat (to become the Philly Weekly), City Paper, and Sunday Inquirer were my prime advertising go-tos. My first ad proudly stated, “Born in the City. Bred in the City. Jeff ‘City’ Block.” And 2002 took off. I was in what was then the best real estate office in the city (Prudential Fox & Roach at the Rittenhouse), and I loved representing buyers. I loved representing them so much that I was hoping to win the Greater Philadelphia Association of Realtors’ 2002 Rookie of the Year Award. At the awards ceremony, I was literally shocked when they called my name. Not for the ROY, but for Top Seller (i.e., Buyer Agent) in Center City. My first full year in the business and I won Top Seller!!
An interesting and long-forgotten fact about this superior early/mid Aughts real estate market is that interest rates were at historic lows. They fluctuated between 5 ¾% and 7%. Those were historic lows back then and pundits warned that you would never see lower rates and that you better buy or sell fast before these rates returned to normal. Important Lesson: Do not make your decisions based on so-called predictions by real estate pundits. They advised me not to get into the business in 2001, they predicted a recession every year between 2001 and 2007 (they were finally correct in 2007, but missed out on the 6 years before that, a .143 batting average), and they predicted rates would rise. As I always say, no one can accurately predict the real estate market. Today, rates are around 3% and some still predict that the market will spiral downward if rates go up to 4%+. Please take all predictions about interest rates and what an adjustment will do to the market with a grain of salt.
In late 2006, I noticed something else. For the first five years of my career, I had a few listings, but I primarily worked with buyers. But a few of my early buyers were now ready to move and they wanted me to represent them in the sale of their homes. And my reputation was gaining traction, so I was starting to get more calls from potential home sellers whom I did not already know looking for me to sell their home. I started handling more listings as well as buyers, and I started to then get calls from buyers who wanted to see my listings. This was amazing except for one thing. I was already working all the time, so how could I call all these buyers back let alone find time to show them homes? The answer: I could not. I needed help and the idea of the City Block Team was born.
I had never planned to start a team. I just wanted to help buyers find their dream home and sellers sell their homes for the best possible price. Well in 2006 I realized I could only do that by hiring an assistant to help with admin tasks and a buyer agent to handle my buyer leads. My buyer agent, Jane-Lynn Citro was amazing, and my business grew. My admin did not work out and I needed someone to fill in right away. In stepped my significant other Kristen Gleason (a licensed agent who excelled at real estate admin). We worked together for about a year and we laid the very early groundwork for what would ultimately be City Block Team’s extensive and comprehensive administrative work-flow, meant to cover every possible detail to make CBT deals run smoothly. That being said, working together can be tough, and Kristen left the team for the Sales Director position at an ultra-high-end condo project in Center City (which ultimately fell victim to the Great Recession). But Kristen and I did get married and currently live in Mt Airy with our two boys, Ari and Ezra, and dog Gordon.
And the team grew. I hired a second admin (including my best friend and current Listing Coordinator extraordinaire Greg Zarro; we have now worked together for almost 14 years) and several more agents. Sales were solid through 2007 and into early 2008, but there were some signs of slowing. At the time, no one knew if it was seasonal or the beginning of a slowdown. Well, no one expected what happened on September 15, 2008. The real estate market imploded; Lehman Brothers declared bankruptcy; Wall Street melted down; a foreclosure crisis took hold and lasted for years. And so began the greatest economic downturn since the Great Depression—aptly named, the Great Recession.
How would our nation’s economy fare? What about Philly? And the City Block team, just getting started as a top real estate team in Philly? Next week, in Part 3 of this 20th Anniversary Series, I will discuss the Great Recession, some lean years, and how CBT came out stronger than ever as we moved into the 2010’s.
I hope you are enjoying this multi-part read on my 20 years in Philly residential real estate.
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5 BD | 2.5 BA | Huge Rear Yard | Penn Alexander Catchment | $635,000
A significant home in the Penn Alexander Catchment. Very large, nice character, and one of the largest rear yards in University City. The serene rear yard is 100′ with additional green space beyond it. The entire lot is 196′, and includes an established front garden as well, leading up to the lovely front porch. The rear yard also has a deck and established garden (and cherry and peach trees). On a great block, this home has the bones to be a premier Spruce Hill residence. When creating your home, here is what you will have to work with — 10′ ceilings on the 1st floor and 9’+ on the 2nd and 3rd. Original pine floors through some of the home. Exposed brick. Leaded glass, original character and a lot of cute and quirky details you would expect to find in West Philadelphia. 5 large light filled bedrooms plus a family room. 2.5 baths. Great windows and light throughout.
This is an amazing home on a great block in the Penn Alexander Catchment. Within blocks of Clark Park and its phenomenal Farmers Market, Local 44, Bottle Shop, Green Line, ReAnimator Coffee and Knockbox Cafe, TacoTacoMexican (formerly Honest Tom’s), Tampopo, Pop Shop, Renata’s, Clarkville, Baltimore Avenue Restaurant Row, CVS, movie theater, and much more. Two blocks to the Penn Alexander School. Walk to HUP, Penn, CHOP, Penn Vet, Drexel, University of the Sciences, Presby, Science Center. 11 minutes to Center City by car and plenty of convenient SEPTA options. With a 95 WalkScore and 97 BikeScore.
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The Friends of Rittenhouse Square has organized a fundraising program to replace the 145 benches in the park that are over 20 years old.
For more information please contact City Block Team member Peter S. Watson who is also a member of the committee for the The Friends of Rittenhouse Square.
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Fun Summer Tours in Greater Philly
Check out a variety of tours from Founding Footsteps where attendees can explore Philly’s notable moments, history, and important leaders.
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Pictures in the Park
presented by Verizon
Outdoor
Head to Dilworth Park this summer for Pictures in the Park presented by Verizon. These movie nights take place every Thursday for six weeks and are free for guests of all ages. Additionally virtual movie trivia will be offered at 8:15 pm and winners will receive prizes provided by Verizon.
The movies start at 8:30 pm and a variety of films, including blockbuster hits and modern classics will be shown.
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Philly’s arts and cultural organizations will be showcased every Wednesday at 5:30 pm now through August 25 at Dilworth Park.
July programming is presented by the Philadelphia Music Alliance and sponsored by the Philadelphia Music Heritage Council. The performances range from orchestral pieces to ballet ensembles to jazz and tap.
While watching guests can order from the Air Grille’s special menu and sip cocktails made with Maker’s Mark Bourbon and Michelob Ultra Organic Seltzer.
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Mount Airy
New Construction
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5 Bed | 2.5 Bath
$635,000
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2 Bed | 1.5 Bath
$595,000
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250 S 17th Street, Unit 100
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733 S 12th Street, Unit 200
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3 Bed | 2.5 Bath
$510,000
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748 S Harshaw Street
NEW PRICE
3 Bed | 2.5 Bath
$500,000
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701 Mercy Street
NEW LISTING
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241 S 6th Street #1006
BRAND NEW LISTING
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4 Bed | 2.5 Bath
$275,000
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Monroe – Gloucester County
3 Bed | 2.5 Bath
$199,900
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1810 Rittenhouse Square #503
NEW PRICE
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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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Some imagery in this e-newsletter was sourced via Visit Philly, UWISHUNU Philadelphia, centercityphila.org, and Canva.
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