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      Top News in Philly Development: January 2021

      Ever feel like Philly changes so fast you can’t keep up? No sweat. We’ll be bringing you our favorite articles from the month on Philly development – North, South, East, and West. See below for a roundup of all the best local articles from December news.

      Real Estate Trends and Market Updates:

      Will Philly’s 2020 Real Estate Party Continue into 2021?

      Where: Philly Mag
      What: The white-hot Philly sellers market is big but old news, but Philly Mag’s demographic analysis shows it’s likely to continue a while longer.  With the continuation of work-from-home millennials seeking more space in the suburbs – and work-from-home New Yorkers seeking more cost-effective space in Philadelphia itself, there’s no signs of high demand and low inventory abating.

      One-size-fits-all approach to rent relief leaves tenants and landlords without assistance

      Where: Philadelphia Inquirer
      What: As city renter assistance programs usually require landlord involvement, a study from Penn has found that city officials, in particular in Philadelphia, need to understand the landscape of differing property owners and figure in their needs and circumstances to ensure relief.  Big and small landlords tend to be very different in missions and resources.

      Low Interest Loans Available For Philadelphia Tropical Storm Isaias Disaster Damage

      What: PA Gov. Wolf has announced new low-interest relief for damage resulting from August’s destructive Tropical Storm Isaias through the Small Business Administration.  Loan details and contact information available in the article.

      Philadelphia region sees median sale price increases in November

      Where: Bucks Local News
      What: Median home sale prices are way up and continuing, with a 17% increase compared to November 2019 in Bucks and Delaware counties.  The trend is much the same across the Delaware Valley, and in second-home markets in the Delmarva – according to Long and Foster.

      Philadelphia City Council Approves Changes to Tax Abatement Programs and Imposes Residential Construction Tax

      Where: National Law Review
      What: Three new bills approved by the Philadelphia City Council should have big effects on real estate development and demand.  In short, they extend the filing deadline for Philly’s longstanding 10-year tax abatement program, lower the tax abatement reduction to 90% from 100% for commercial and industrial property owners, and impose a 1% tax on new residential construction.

      COVID didn’t stop Philly’s construction boom, but signs point to slowdown in 2021

      Where: WHYY
      What: While what 2021 has in store for real estate is the stuff of crystal balls, there are some definite signs to worry about the longevity of the construction boom.  While it maintained in 2020, largely thanks to continued demand and projects already in the pipeline, urban centers have a lot of uncertainty around them – and Philly is starting to whack away at its tax abatement programs.

      PREIT ceding control of Philly’s Fashion District as part of restructuring plan

      Where: Philly Voice
      What: The Pennsylvania Real Estate Trust, a large owner of malls and shopping centers in the Philadelphia area, is giving up control of the Fashion District downtown to its California based partner.

      Could pop-up retail become a COVID-19 solution for commercial real estate?

      Where: Philly Voice
      What: While a few sages predicted it pre-Covid, retail investors are beginning to experiment more with pop-up retail locations.  There’s been a more underground market for new-brand pop-ups that rely on heavy social media presence, but the food trucks of retail are now hitting the big time with high-end establishments like the Rockefeller Center developing short-term leases.

      Home buyers taking advantage of low interest rates can put down less money than they think

      Where: The Philadelphia Inquirer
      What: Low interest rates are obviously great for homebuyers, significantly cutting down monthly expenses.  But many of today’s homebuyers, especially first timers, have a very hard time getting anywhere near the oft-mentioned 20% down-payment of lore.  However, most people aren’t putting that much down – much more common numbers are 3, 5 and 10 percent.

      Wondering what to do with your savings? A new study says ‘renting and investing’ is smarter than home buying in Philly metro

      Where: WHYY
      What: A new study suggests that at present, you might get more return on your savings by renting and investing – as opposed to buying a home.  This makes sense at the moment, with a sky-high sellers’ market in the Philadelphia area.  It’s always a good idea to consider the potential opportunity cost of buying a home.

      CBRE CEO Says He Expects at Least 80% of Office Occupancy to Return Post-Pandemic

      Where: NBC Philadelphia
      What: Many a prognosticator has attempted to divine the future of widespread work-from-home.  CBRE, the world’s largest commercial real estate services firm, thinks a very good bit of it will return.  He’s envisioning far more flexible schedules, but occupancy to go back to about 80% of what it was.

      Openings and Up-and-Coming Development Projects:

      How Philly’s biggest 2020 real estate deal could create opportunities for Philly students
      Where: WHYY
      What: The huge former Philadelphia Energy Solutions refinery site in South Philadelphia redevelopment could be a boon for young workers in the city.  The site, which sprawls over 1,300 acres, is being transformed into a modern logistics/warehouse hub, estimated to provide 13,000 construction jobs and 20,000 permanent logistics jobs.

      The Arts and Architecture:

      Why Would a Broadway Actor Choose to Live in Philadelphia?

      Where: New York Times
      What: Philadelphia is so desirable that even (at least one) Broadway actor will brave the vagaries of Amtrak’s Northeast Corridor to live in the City of Brotherly Love.

      Louis Kahn’s Point Counterpoint II finds a permanent home in Philadelphia

      Where: The Architects Newspaper
      What: Philadelphia will be getting a new, one of a kind, music venue – the Point Counterpoint II, Louis Khan’s 43 year-old floating music barge.  While its fate was up in the air for some time, a successful preservation campaign will set it to permanently reside on the Delaware after repairs in North Carolina.

      If you’re looking for your next neighborhood and not sure where to go, just ask your Philly Realtor, Christina Briglia, for help! 267.231.5484 or [email protected].

      Category: Blog, News