center city: Center City Auction Gives Pulse of Local Commercial Market
- 10/06/10 01:41 AM
Yesterday's auction of 1441 Chestnut - a parking lot in Center City that has been awaiting redevelopment for years - gave some good indications of where the local commercial real estate market stands. The property traded hands for $12,000,000, with the winning bidder being one of the partners in the group that already owned the property and had been trying to develop it as a hotel and condo tower. The main conclusion to be drawn from auctions like this one is that there is still very little demand for speculative properties in Philadelphia, especially vacant land. Even in one of the … (0 comments)
center city: Read up On Philly's Past, Present, and Future
- 08/10/10 12:20 AM
I'm headed out of town for a couple weeks - but before I leave I thought I'd share a few recent articles that might increase your knowledge of Philadelphia's past, its present, and its likely future. All are at least somewhat real estate related and I learned a bit from each one. I'll be back in town on the 24th of August, but if you need expert real estate advice before then I highly recommend contacting Tim Garrity at my office. He can be reached at 215-825-2250 x.1007 or tgarrity@brownmckinney.com. Read up on the recent "condo boom" in Philly - we're … (1 comments)
center city: Does Developer Distress Equal a Good Reason to Buy a Condo?
- 07/20/10 03:32 AM
According to this article in today's Philadelphia Inquirer, there is some Miami/Vegas style drama going down with yet another Philadelphia condo building. This time the financial distress involves the highly visible, newly constructed 10 Rittenhouse Square building that's still receiving finishing touches to its ground floor retail areas. Control of the building has been seized by a local pension fund that acted as a mezzanine lender on the project and is owed about $57 million by the building's developer. The senior lender on the project, IStar Financial, can also be expected to make a play for control of the building as … (0 comments)
center city: One Day Only Sale on a One-of-a-Kind Center City Home
- 04/08/10 02:29 AM
I will be hosting an open house this Sunday (4/11/2010) from Noon to 3:00pm at a house that is for sale, but will only be shown at this open house. It's a unique house that's worth the trip to Center City if you're looking for something in the area. The home is located at 2044 Kater St. - a charming little block just south of South Street and just a few blocks from Rittenhouse Square and everything else that Center City Philadelphia has to offer. A few teaser photos are below, but they certainly don't do justice to this amazing property. … (0 comments)
center city: One Day Only Sale on a One-of-a-Kind Center City Home
- 04/08/10 02:25 AM
I will be hosting an open house this Sunday (4/11/2010) from Noon to 3:00pm at a house that is for sale, but will only be shown at this open house. It's a unique house that's worth the trip to Center City if you're looking for something in the area. The home is located at 2044 Kater St. - a charming little block just south of South Street and just a few blocks from Rittenhouse Square and everything else that Center City Philadelphia has to offer. A few teaser photos are below, but they certainly don't do justice to this amazing property. … (0 comments)
center city: Nice Article Defending Philadelphia's Hipness...
- 03/17/10 03:58 AM
This slightly tongue-in-cheek article deconstructs a top 10 list of hot cities for young professionals and points out that Philadelphia has a lot more going on than many higher ranked cities. Philadelphia was ranked a lowly 32nd in this ranking, but I agree with the author here that many of the cities higher up on the list are mainly attractive becuase they're super affordable and offer a lot of relatively mundane entry-level jobs. The reason higher-rent cities like New York, San Francisco, and dare I say Philadelphia rarely do well on lists like this is that there is so much demand … (0 comments)
center city: Center City Retail Still Kicking
- 09/18/09 03:56 AM
As national retailers go bankrupt left and right and retail real estate owners hustle to maintain profitable occupancy and rent levels, Center City Philadelphia continues to enjoy a relatively healthy retail market. Sure there are still empty storefronts in Center City, but the restaurant scene rivals any other city of comparable size in the country, and national and local retailers continue to open up shop, offsetting the few who have been forced to shut down during this recession. A few of the big names that have recently come to Center City include Barney's CoOp, Esprit, and three new high-end steakhouses - … (0 comments)
center city: Condo Market Still Sluggish (aka Overpriced!) after Auction
- 07/13/09 03:54 AM
In a follow up to a recent article about the Murano condo auction that proved a large pool of buyers are still actively looking for luxury living options in Center City, this Inquirer article points out that while those buyers are out there they aren't paying the inflated prices developers have been shooting for. Any armchair economist can tell you that the price at which any commodity (including luxury condos) will trade is the price where buyers and sellers each see value in the transaction. Over the past few years Philadelphia condo developers (the sellers in this scenario) have been able … (0 comments)
Yesterday's auction of 1441 Chestnut - a parking lot in Center City that has been awaiting redevelopment for years - gave some good indications of where the local commercial real estate market stands. The property traded hands for $12,000,000, with the winning bidder being one of the partners in the group that already owned the property and had been trying to develop it as a hotel and condo tower.
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