5BR Center City Home for Less Than $1M

TREND photo via BHHS Fox & Roach- Center City Walnut

TREND photo via BHHS Fox & Roach- Center City Walnut

This home has a lot to offer for a five-bedroom, single-family Center City home priced under a million bucks. To wit: several fireplaces; a yard; one-year prepaid gated parking; a separate au pair suite with a full kitchen; multiple skylights, including one that leads to the roof via ladder; a covered portico balcony with great views; plenty of storage space; period details like tile and wood built-ins and hardwood floors; central air; a wood-burning stove in a bathroom; and a circular kitchen.

Why a circular kitchen should appeal is a mystery, but I find it very attractive. I suppose if I were a good cook, rather than a proficient microwaver, I would like the way a circle could facilitate a certain order to my food prep. But as it is now, I simply find it a comforting architectural detail. Like I kind of want to sleep in there.

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Morning Headlines: Apartment Market Cooling in Center City

Photo of Southstar Lofts by Laura Kicey.

Photo of Southstar Lofts by Laura Kicey.

On the heels of yesterday’s news about home ownership taking a nosedive comes a report from Delta Associates via the Philadelphia Business Journal outlining an uptick in apartment vacancies in Center City.

According to Natalie Kostelni, the report found a vacancy increase in South Jersey, the suburbs and Center City between mid-year 2013 and now. That puts vacancies in Center City at 5 percent, South Jersey at 4.5 percent and the suburbs (a coy term for a variety of areas, one must add) at 5.7 percent.

Rents, Delta found, are also taking a hit in Center City, falling 1.6 percent to $2,141. In the burbs, it’s a different story, where rates have actually gone up to an average of $1,447 a month.

All of this begs some questions about the new residential construction seemingly everywhere downtown.

With about 5,025 units under construction or on the drawing board, “Philadelphia’s supply-demand relationship indicates that vacancy will continue to edge up slightly and rent growth is likely to stay negative over the next 24 months.”

Yikes. But not to worry, Delta says. All will be well. Somehow … vaguely.

In spite of some of this initial concern about the number of units that will eventually hit the market in Philadelphia, Delta is confident that demographic trends toward renting and urban living will eventually support what ultimately gets built.

More news this way …
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July 4th Weekend at Shake Shack

3_ss_july-4th_2014

Don your red, white and blue and head over to Shake Shack to celebrate America’s independence and the highly-anticipated return of July 4th Weekend at Shake Shack Philly. 

Beginning today, July 3rd through July 6th Shake Shack in Center City, University City, and King of Prussia will be serving up fan favorites like the Shack Corn Dog, a Vienna all-beef hot dog dipped in Shack-made corn batter and served with Rick’s Picks sweet corn relish ($4.50). Don’t forget to finish off your meal with the oh so patriotic and oh so delicious Blueberry Pie Oh My Concrete. This blue and white dessert is a vanilla frozen custard blended with a slice of Shack-made blueberry pie (Single: $4.25/Double: $6.50).

Happy Birthday America and a happy 10 years to Shake Shack!

Shake Shack [Official]

A Deer Ran from Center City to the Ben Franklin Bridge and Was Killed

Early Wednesday morning, there were reports (okay, tweets) of a deer in Center City. This is the first report I can find of it, at 9:12 a.m.

Then there was confirmation.

Unfortunately, the tale of the Center City deer does not have a happy ending.

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Morning Headlines: Redevelopment on Chestnut Street Will Start In a Few Weeks

Screenshot of Chestnut from 12th Street via Google Street View.

Screenshot of Chestnut from 12th Street via Google Street View.

Zoning approvals? Check. Permits? Check. Demolition crews? They’re ready! Yep, it appears the $60-$70 million redevelopment project for a chunk of Chestnut Street’s 1100 block (between 11th and 12th) will get started in coming weeks. Planned for the site is a series of three-story retail spaces crowned with loft-style apartments. More from the Inquirer’s Maria Panaritis:

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Morning Headlines: Center City Office Rental Rates Below National Average

Photo | Jeff Fusco

Photo | Jeff Fusco

Every year the Center City District releases a “State of Center City” report. What did we learn this time around? It may not be doing as well as one would hope.
According to the Inquirer’s Chris Hepp, the report says Center City is “showing signs of distress” for…well, a bunch of reasons. What caught our attention was the issue of office rental rates, which shows that while Center City’s population has been increasing over time, office rental rates are still below the national average. What’s this mean exactly? Just the area’s inability bring in new employers, in direct contrast to other cities and even the suburbs.

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