Category: Real Estate Biz

What? Has the Building Trades Union War Against the Post Brothers Really Gotten This Stupid?

breaking bad pestronkPardon the informality of the headline, but this simply cannot be believed. Philadelinquency spotted a post on Philadelphia Speaks in which forum member fiveomar described an interaction at 20th and Chestnut with a “union goon” (now, that’s not nice) who was handing out anti-Post Brothers fliers. According to fiveomar, the fliers included “some pretty ridiculous claims about the Post Brothers storing and smuggling heroine [sic] and cocaine.”

We have tried to maintain some degree of objectivity here, but if the building trades are now painting Matthew Pestronk as Pablo Escobar, that has to be the last straw. What’s next? Mike Pestronk is actually Walter White?

More →

Blog of the Week: “Terrible Real Estate Agent Photographs”

Here’s the concept: “Inexplicably bad property photographs. It’s that simple.” And it is. It’s also incredibly funny. Realtor friends, help us understand: How did these happen?

tumblr_mt9zgk6EFt1rrqskho1_500

tumblr_mov3nvO2hK1rrqskho1_500

tumblr_mstd36Qd6Z1rrqskho1_500

The one above is captioned: “Whatever this furniture was doing before it was interrupted and photographed, I’m pretty sure they shouldn’t have been doing it.”

More →

Philly’s Luxury Residence Buyers Want Some Suburban With Their Urban [Gallery]

naval square exterior

Photo by Laura Kicey

Does the Toll Brothers City Living’s Naval Square development shout “city living” to you? It might not. The gated community that fortunately saved William Strickland’s landmark Naval Home on Grays Ferry Avenue seems more suburban than citified.

But it’s not just because of its gates. Even the ungated communities Toll Brothers City Living proposes in Philadelphia can seem less than fully urban. Take 2400 South, an in-progress development on a commercial thoroughfare with no commerce at all. Or how about the strictly residential project–at 410 S. Front–that is planned for the middle of Society Hill’s one real entertainment district?

Turns out, those who buy Toll Brothers City Living properties don’t necessarily want to live above a store.

“We would love to build mixed residential/commercial in this market,” says Brian Emmons, the vice president in charge of Toll’s City Living division, ”but right now, [builders who do] can’t fill their retail. While everyone likes to live near commercial, the luxury demographic buyer chooses to live two to three blocks from it, not directly above it.”

More →

Dispatch: Where Has All the Bank-Owned Property Gone?

Reuters reported today that Bank of America’s mortgage business will lay off roughly 2,100 people. This was news to Reclaiming Vacant Properties panelist Scott Bertram, a Bank of America relationship manager, who blanched when an audience member mentioned the firings. More →

FBI Raids Sheriff’s Office With Focus on “Unknown Real Estate Dealings”

foreclosure chart

RealtyTrac graphic of foreclosure rates

RealtyTrac released its July 2013 foreclosure market report today, and Philadelphia County’s foreclosure’s are down by 2 percent. That’s meager comfort for those disturbed by the news that the FBI raided the very office responsible for handling those foreclosures: the Philadelphia Sheriff’s Office. According to Action News, agents served a subpoena this morning at 9 a.m., with investigators focusing on “unknown real-estate dealings in the Sheriff’s Department.”

There have been a lot of unknowns in that department for years. After current Sheriff Jewell Williams replaced former corrupt Sheriff John Green two years ago, there was a complacency halo effect. But a memo included in budget hearing proceedings this year included some bizarre information highlighted by reporter Isaiah Thompson at AxisPhilly.

More →