The future home of I. Goldberg at 718 Chestnut St. | Photo: Sandy Smith
Nana Goldberg, owner of the legendary I. Goldberg Army-Navy store, knew her days at 13th and Chestnut might be numbered back in 2015 as a wave of retail redevelopment worked its way eastward from Broad Street. But she wasn’t prepared to absorb a fourfold rent increase her landlord proposed to implement at the end of her lease this coming September.
Fortunately for her and for legions of I. Goldberg fans, she won’t have to, nor will she have to close the store. Her search for new digs has come to a successful end with the signing of a lease for 718 Chestnut Street. Read more »
The developer of The Bridge will get the rents he needs to make his project work, but those who break ground on their projects in the year ahead may find the going tougher. | Photo: Sandy Smith
The real estate sections in local and regional media of late, most definitely including this one, have been awash with stories about new luxury rental developments (like this one, or this one, or this one). Hardly a day passes without an announcement of a new high-end project on the drawing boards or a ribbon-cutting at a newly completed one.
This boom in high-end apartment construction in Philadelphia comes as a similar one nationwide enters its eighth year. That’s about the point where market cycles come to an end as supply begins to outstrip demand, and when that happens, those developers who find themselves standing instead of sitting when the music stops usually have to resort to price cuts to fill vacant units. Those who have announced but not begun new projects end up shelving them until things pick up again (if they pick up in time for the developer to follow through). Read more »
3310 Tilden St., Philadelphia, Pa. 19129 | TREND images via BHHS Fox & Roach
Do you live for the Food Network?
Do you love performing acts of culinary derring-do for your family and friends on your own domestic stage?
Do you have $500,000 or more to spend on a house?
Lucky for you, the owner of this handsome home in East Falls has made it possible to waive that last requirement in order to acquire a cooking-show-quality kitchen.
The house got a $50,000 makeover when its owner purchased it in 2005, and it’s had an additional $10,000 invested in added touches over the years. As a result, this home now shines brightly among its neighbors, but nowhere more so than in the kitchen… Read more »
The first phase of the massive East Market project includes office, residential and retail space. It’s the presence of the residents that’s driving office growth along the corridor. | Rendering © BLT Architects
Amid the numbers contained in JLL’s latest quarterly report on the Philadelphia office market were some moves that signal that life along Market Street East is about to get more interesting. In fact, it might even lead to the ultimate transformation of the entire length of Center City’s principal thoroughfare into an 18-hour live/work/play environment, if not a 24-hour one.
Two of the big ones were Five Below’s announcement that it will move its headquarters into the Lits Building at 701 Market and Pulver’s later announcement that it will build a speculative office and retail tower at 1301 Market. Coming as both do on the heels of the massive East Market office/residential/retail project, they signal growing interest among office tenants in the eastern stretch of Market.
There’s a good reason for this, said Lauren Gilchrist, vice president and director of research at JLL. Read more »
New luxury developments such as Carl Dranoff’s upcoming One Ardmore Place are reshaping suburban downtowns. They’re giving older Main Streets a shot in the arm, but bringing with them some of the same worries about displacing poorer residents. | Image: Dranoff Properties
Apartments in downtown Phoenixville for $1,300 to $3,000 a month? Who knew?
Just as they have in the city, the Millennials are touching off a construction boom that’s now busily reshaping suburban communities around the region.
The Philadephia Inquirer reported Sunday (Jan. 8) on a surge in construction of upscale apartments in suburban communities such as Phoenixville, West Chester, King of Prussia, Ardmore and Bala Cynwyd.
According to the article, nearly 7,000 new apartments are either under construction or in the pipeline in Lower and Upper Merion Townships, Phoenixville and West Chester alone. The construction boom is reviving old downtowns like Phoenixville and transforming auto-oriented environments like King of Prussia. Read more »
1132 Webster St., Philadelphia, Pa. 19147 | TREND images via BHHS Fox & Roach
If this home looks familiar to you, that’s because it is.
The owner of this extra-large expanded trinity in Bella Vista had it up for sale this summer.
Apparently, there were no takers.
And that was after several price reductions.
Might the lack of success have had something to do with the way it showed?
Apparently, the owner thought so. Read more »
Philadelphia’s year-end average rent of $1,341 was $131 higher than the statewide average of $1,210. One-bedroom rents rose an average of 4.3 percent per month in Philadephia, compared to 0.5 percent statewide, according to figures compiled from Adobo’s listings database. | Graphic: Abodo
How much did it cost to rent a one-bedroom apartment in Philadelphia last year?
On the average, over the course of the year, $1,182. In December, that figure was $1,341, 13.4 percent more than the average figure, according to figures compiled by the apartment-search site Abodo.
In its nationwide Annual Rent Report, released last week, Philadelphia had the second-highest average monthly rise in rent in the nation: 4.2 percent over the course of 2016.
Nationwide, according to Abodo’s figures, rents rose at an average monthly rate of 0.67 percent. Read more »
1620 Monk Rd., Gladwyne, Pa. 19035 | Images by owner via Zillow
Do you love vacationing in the mountains, in a home that overlooks the treetops or a refreshing mountain lake?
You might be forgiven for thinking you’ve gone on a permanent mountain vacation once you step inside this spacious contemporary home in Gladwyne.
This home takes advantage of its sloping lot with a huge wraparound deck that offers you splendid views of the woods that separate it from the Schuylkill riverbank. (And the steeper slope of the lot beyond the pool means that your view is not spoiled by the freeway that hugs said slope.) Below the deck is a walkout terrace that offers direct access to the back yard and stairs leading to the home’s swimming pool. Read more »
Gladwyne, home to more mansions per square mile than any other community in Greater Philadelphia, once again ranked first in PBJ’s annual list of the region’s 25 wealthiest ZIP codes. | Image via Kurfiss Sotheby’s International Realty
One local list that’s followed almost as ardently as Phillymag’s own “50 Best Restaurants” is the Philadelphia Business Journal’s annual list of the 25 wealthiest ZIP codes in the region.
This year’s version came out this week, and once again, 19035 — Gladwyne — ranks at the top.
The land of huge mansions just beyond the Philadelphia city line has an average household income of $250,693.
That’s not much more, though, than the average household income in the second-wealthiest ZIP code, Villanova’s 19085, whose 1,893 households make $249,790 on average. Read more »
154 Longview Circle, Media, Pa. 19063 | Image via Zillow
Media is one of those community-revitalization success stories: over a span of about three decades, the once-dowdy Delaware County seat transformed itself into an attractive and lively small community whose Main Street, State Street, has become a regional draw for dining, theater and neighborhood shopping (even as the regional mall outside it was heading in the opposite direction).
“Everybody’s Hometown,” it turns out, remains a very affordable place even with the change. We went looking for a house for sale for $500,000 within the borough’s borders and couldn’t find one. The most expensive home of the handful currently on the market within the borough cost only $395,000.
But if you expand your search to include the surrounding area within Media’s ZIP code (19063), you can find some pretty nice homes priced around $500,000. Most of them are in Upper Providence Township, which all but surrounds the wedge-shaped borough, and that’s where our three picks are also located: Read more »