The Residence Inn Tower Bridge in Conshohocken.
Philadelphia-based HHM, formerly known as Hersha Hotel Management, is increasing its portfolio once again by agreeing to buy the Residence Inn Philadelphia Conshohocken for $26.5 million. That’s a cool $193,430 per room key.
The seller is Brandywine Realty Trust which owned 50 percent of the property as part of a joint venture which originally developed the hotel in 2001. The deal closed December 30, 2015. Brandywine netted $6.1 million from the sale.
The all-suite hotel was renovated in 2014 and with a new bar and lounge, as well as an indoor pool, fitness center and outdoor sports court. Read more »
Dollar Tree is expanding in the Philadelphia region and beyond.
The discount retailer will open 13 new locations in Philly, Bucks County, Delaware County, Lehigh County and Lackawanna County, according to a statement from Metro Commercial Real Estate which negotiated the deals. Read more »
S. Delhi Street. (Image via Google Streetview)
Good news for renters and potential home buyers — Philly is still way more affordable than other East Coast cities. Despite the current real estate boom and surging demand in neighborhoods like Fishtown and Point Breeze, rents in Philly increased just 1.8 percent in 2015 — less than the national average of 3.8 percent. That’s according to a new study from the popular real estate site Zillow.
The estimated monthly rental price in Philly was $1,558 in November 2015 (the most recent data available) which is chump change compared to New York ($2,371), Boston ($2,245) and Washington, D.C ($2,110.) The top city was San Jose at a whopping $3,416. The study found that 17 cities had higher average rents than Philly. Read more »
(Photo by Liz Spikol)
Trivia question: What’s Philadelphia’s most competitive neighborhood for home buyers? Point Breeze? East Kensington? Northern Liberties?
Nope. It’s Fishtown — home of gastropubs, record shops, Johnny Brenda’s and lots of new construction. That’s according to real estate brokerage firm Redfin. It found that 31 percent of Redfin offers in Fishtown faced bidding competition, 38 percent were all cash deals and 16 percent of homes were sold for more than the asking price. Read more »
Illustration by Tim Parker
I expected my apartment hunt to be over before the weekend.
After all, I’ve never been particularly picky. My must-haves were few, and after a decade of renting in Philly, my definition of “charming” had become pretty generous.
That drafty West Philly studio? I didn’t just like it — I loved it, squatter mouse and all. He kept to himself, rarely invited friends over, and spent most of his time in the oven, which was fine by me — the oven didn’t work, and even if it did, I didn’t cook. In retrospect, the little guy was probably one of my best roommates. Read more »
By fall 2016, the King of Prussia Mall expansion will be finally finished, but the folks at Simon Property Group offered a look at the project’s progress to date with a new time-lapse video (see below.) Once it’s all done, the mall will span 2.86 million square feet with 450 retailers and restaurants.
In June, 2015, The Plaza and Court were first connected by a 170,000 square foot structure that will house 50 new stores, along with cafes, fountains and a new parking complex. In March, brands will begin building out their new stores and they should finish by summer 2016. Read more »
Photo | Jeff Fusco
Eat bus exhaust, SEPTA-haters. It turns out our transit system is one of the best in the country — and makes many Philly neighborhoods great, more desirable places to live.
So say the folks at Walk Score, a subsidiary of the real estate site Redfin, which just ranked Philly’s transit system fifth-best in the country. Walk Score has become hugely popular because of its algorithms that rate city neighborhoods based on their walkability. Walk Score has a similar algorithm called Transit Score that rates city neighborhoods based on the availability of transit service.
Overall, Philadelphia received a Transit Score of 67, which Transit Score classifies as “Good Transit—Many nearby transit options.” That score was high enough to put the city in fifth place among all U.S. cities with 300,000 or more inhabitants. Read more »
By plenty of measures, Philadelphia’s technology and startup market is growing exponentially. While it still doesn’t rival the titans like San Francisco or New York, it’s coming into its own — seeing venture capital climb nearly $85 million in just the past year. Also, tech companies are taking up more and more office space.
An expansive new study by JLL breaks it all down. It found that Philly companies raised $118 million in venture capital between the third quarter of 2013 and the second quarter of 2014. But that number climbed to $203 million between Q3 2014 to Q2 2015. Read more »
Jen Jordan is arguably Philadelphia’s busiest Airbnb host. She drives around the city — from Fishtown to Fairmount to South Philly — cleaning bathrooms, making beds and leaving tourism brochures on coffee tables. She carries a computer at all times so that she can respond to inquiries immediately. She also makes sure to get Airbnb notification alerts on her phone.
But there’s one thing that’s different about her — most of the properties she manages aren’t her own.
“I am definitely not the average Airbnb host. I’m doing it as a small business,” said Jordan. Two listings are under her Fishtown apartment — one for her couch ($25-$30 per night) and another for the entire house ($110-$150 per night). When she rents out her entire place, she stays with family or friends. Read more »
For all the talk about how Atlantic City’s casino closures are really just “right-sizing” the market and how the city has more to offer than just gambling — it still has the highest home foreclosure rate in the country. One in every 257 Atlantic City housing units had a foreclosure filing in October, according to a new report from RealtyTrac. That’s more than four times the national average and the fourth consecutive month where Atlantic City topped the dubious list.
And foreclosures are increasing. In October, foreclosures were up 14 percent from the previous month — driven by a 26 percent monthly spike in foreclosure starts — an increase of 134 percent from a year ago. Read more »