Newbold Real Estate


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Great Buy in the Next Hot Neighborhood: Newbold | South Philly
1834 Reed St, Philadelphia PA 19146

 

1834 Reed St is an excellent quality and affordable rehab in South Philly land of the next great neighborhood, Newbold. Walk into a large light-filled open floor plan with hardwood floors and high-top lighting. The brand new eat-in kitchen has granite countertops, stainless steel appliances, under mount sink and tile floors. Laundry room is located on main floor along with a half bath. On the second floor you’ll find 3 large bedrooms, 1 full brand new bathroom, more hardwood floors and plenty of closet space. This home has all new windows, heater, electric, hot water, roof and siding. Full basement high enough to finish, good sized rear patio and extremely low taxes.

 

3 bedrooms, 1.5 bathrooms, 1,060 sf
MLS# 5295201 $159,900

For more information on this Newbold home, please call The Bovee-Perlow Group
267.238.5779

Potentially Related Posts:

Newbold: A New/Old Neighborhood in South Philly
Philadelphia First Time Home Buyers: Federal Tax Credit
Philly Scores: Great Place to Buy Real Estate

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South Street Bridge Update

The City Of Philadelphia has agreed to much improved design for the South Street Bridge.

YEAH!! 

South Street Bridge

During the past year, the South Street Bridge Coalitionhas been negotiating with the Philadelphia Streets Department and PennDOT to revise the replacement design for the crumbling South Street Bridge. When the city released the original replacement design to the public in December 2006, many South Street residents and business owners objected to it.  They argued it catered almost exclusively to the needs of cars and did not include sufficient safety provisions for pedestrians and bicyclists.  They also felt that there was not sufficient community involvement in the design process.

The Philadelphia Bicycle Coalition also joined in the fight.  In a February 9, 2007, Inquirer columnist Inga Saffron lambasted the design as “little more than a chute for efficiently moving traffic onto the most frightening of the I-76 entry ramps.”

A few months ago, the South Street Bridge Coalition, PennDOT, and the Streets Department agreed on some significant revisions.  Even with these changes, the South Street Bridge Coalition continued to push for additional revisions, they wanted a “cleaner, greener, more pedestrian and bike friendly bridge,” one that “would not be a repeat of the Walnut Street Bridge.”

On September 17th it was announced that even more progress has been made.  Additional and significant design concessions were made:

• Vehicle Lane Design – A four-lane traffic design will replace the five-lane design.

• Crosswalk at Schuylkill River Park – An additional crosswalk with a pedestrian activated traffic signal will be added at the ramp and stair from the Bridge down to the Schuylkill River Park.   The traffic signal will be portal mounted above the roadway. The curb ramps at this crosswalk will be widened to 6-ft. on both sides of the Bridge to allow multiple bicyclists to simultaneously cross and access the bicycle lanes.

• Speed Limit – The posted speed limit for the entire Bridge and viaduct will be reduced to 25 MPH.

• Bicycle Lanes – Bicycle lanes have been widened as a result of the reduction in the number of vehicle lanes.

• Advanced Bicycle Stop Bars – Bicycle stop bars will be advanced to allow bicyclists to get ahead of motorists for greater visibility and safety.

• Lighting – Pedestrian style lights will be installed. The majority of the bridge lighting will be sidewalk mounted at the curb. All light standards will include mounting brackets for future banner placement.

• Signal Timings –Traffic signal timings have been optimized for pedestrian movements and safety.

• Reflective Pavement Markers – Reflective pavement markers will be installed at the curve on the east side to improve roadway visibility.

• Sidewalk Surface – The sidewalks will be scored and tinted to resemble grey slate pavers.

• Roadway Surface – The roadway will be tinted to resemble asphalt.

• Guide Rail – Decorative vertical elements will be added to the sidewalk side so that the railing appearance is more pedestrian friendly.

 

South Street Bridge new design

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Fannie and Freddie in Prospective (and Sallie too)

fannie may_freddie mac_sallie may

Jessica Hagy’s blog Indexed has a rather succinct way of summing up issues.

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Center City Real Estate: Residential Development Report 2008

Grounds for Confidence in Philly Real Estate.

 

Center City’s residential development boom has changed the demographic profile of Center City Philadelphia, as well as helped to insulate it against the current national economic downturn, according to a new report released by the Center City District/Central Philadelphia Development Corp.
 
Along with analyzing local market and demographic statistics, the report summarizes several recent surveys the organization has made of Center City residents and property owners. The findings all point to a downtown that is well-positioned to take advantage of the country’s changing economic and cultural trends and the impact of rising fuel costs.
 
Key findings:

**  Since passage of the 10-year tax abatement in 1997, 10,316 units of housing have been constructed in an expanding Center City, stretching from Girard Avenue in the north to Tasker Street in the south.

**  Despite a recent cooling in the market since the peak in 2006, the average home sales price in Center City is still 39.2% higher in the first half of 2008 ($383,000) than in 2003 ($275,000). Houses are staying on the market an average of only eight days more than in 2003.

**  In 1998, only one condominium sold for over $1 million. In 2007 the number was 115.

**  There were only 4 foreclosures so far this year among the thousands of condos within the CCD and just 72 (0.33%) among the 22,000 owner-occupied homes in the broader Center City housing market.

**  Philadelphia’s foreclosure rate was the lowest among the country’s ten largest metro areas in 2007.

**  Rental vacancy rates in Center City dropped from 5.6% to 5.0% between 2005 and 2007.

**  22,000 residents now live within the boundaries of the Center City District; the area from Vine to South Streets, river to river has seen its population increase to 57,000 residents, while all the neighborhoods now considered as part of the downtown now contain over 90,000 residents.

**  41% of respondents to a 2006 residential survey had recently moved from outside Philadelphia.

**  88%  had at least a college degree, 47% had an advanced or professional degree.

**  In the 2007 survey of condominium owners, seventy-three percent worked downtown, 50% walked to work, 28% took public transportation.

** The birth rate in Center City jumped by 7.8% between 2000 and 2005, a total of 11,372 children were born to downtown parents.

 center city real estate development

 
The full report, Residential Development 2008: Grounds for Confidence, can be downloaded from www.CenterCityPhila.org.

 
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Phila Real Estate Market Data: 2nd Q 2008

Get the real story about the Philly real estate market.

IS PRICE THE REAL STORY? OR IS VOLUME THE REAL STORY?

 

The real story about the real estate market is not the dollar amount for homes sold. Average sold prices really obscure the real news. The real news is not that prices in Philadelphia County for September 2008 are 6% higher than in 2007. The real news is that sales volume for September 2008 was only 37% of sales volume for 2007.

 

(click on graph for larger view) 

philadelphia housing market data 

»  Sales volume has declined at a faster rate than sales prices. 

»  Market reports that tell the price story are reflecting only what has happened in a time frame.

»  Market reports that tell the volume story are reflecting buyer activity. 

»  Buyers are speaking with their consumption, not their checkbook. 

There are 9,638 Active Single Family homes/condo listed for sale in Philadelphia County as of 9/18/2008. The absorption rate is 9 months.

 

SELLERS:  Agents’ market reports that only report monthly sales are only half of the story about the real estate market. When selling you home you cannot rely on national news or even local news for the state of our local Philly market.  You need to know all the facts to make better pricing decisions.

HOW MUCH IS MY HOME WORTH

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