Goodbye Wawa, Hello...?

Wawa announced yesterday that it is closing down its Rittenhouse Square store at 20th and Locust Streets (in the rear of the Dorchester) after 17 years at the location. A lot of Center City residents are upset about sudden the closing.

So, if you could suggest a new use for the space to the new owner, what would you want to see go in there?

Good News from Campus Philly!

The Philadelphia Business Journal today reported that Campus Philly, a nonprofit which wants to sell students on Philadelphia so that they stay in the region to work and start their own businesses, just received a $300,000 grant to launch an online marketing campaign aimed at getting students at area colleges and universities to remain in the region after they graduate.

I really believe that a healthy real estate market is inextricably linked to new jobs. If we can start derailing the brain drain trend in Philly, and students stay in the region and start their own businesses and create new jobs, the real estate market will ultimately benefit.

Listing of the Week: The Lippincott

The Lippincott
227 S. 6th Street
$1,500,000
2 bedrooms/1 den/2.5 baths
2,702 sq. ft.
Bilevel penthouse that is being sold unfinished and can be customized to your taste.





- Gated Underground Parking Available
- 24 Hour Doorman/ concierge
- Fitness Center
- Additional Storage Available
- Located on Washington Square

Stocks Rise on Hope for Housing Bottom

As the AP just reported, Wall Street advanced today after the National Association of Realtors reported existing homes fell less than forecast.

I think this is the beginning of information bearing out what we have seen in the last 4 to 6 weeks. Market is bottoming and crawling along the bottom with first time buyers taking advantage of low prices and favorable rates. This will probably continue for another one to two months. Then we could see a healthier spring market. Current inventory that has been price adjusted is now selling to the first time home buyers taking advantage of low rates and the fact they do not need to sell their home.

The Economist Agrees

I was on FOX Business News this morning talking about housing starts and the general real estate climate. The economist on the segment with me agrees...this is the time to buy!

Reversing the mic with Al Heavens

Local real estate readers are probably familiar with Al Heavens, The Philadelphia Inquirer real estate columnist and NAREE conference chairman.

As a reporter, he's usually the one asking the questions. But my podcasting team turned the mic on him for an interview about the city's housing market.

Listen to our podcast with Al to find out what impresses him about the Philadelphia condo market; why he feels safe in the city; what most attracts buyers to Philadelphia; and where he sees realtors and developers falling short in their marketing efforts.

FOX Business News Happy Hour

Today I was on FOX Business News, talking about the real estate market nationally. As expected, the big question kept coming up: Have we hit the bottom of the market?

Home Prices Dropping 25% More before Market Hits Bottom? Not in Philadelphia

This week's cover story in BusinessWeek is very down on the nation's housing market, surmising why home prices could drop 25% more on average before the market finally hits bottom. BusinessWeek editor Peter Coy adds some good points on his Hot Property blog.

It is a scary article for many Americans, but less so for Philadelphians. We don't have the glut of homes on the market that other cities have, home values haven't decreased as much here, and we certainly aren't seeing even close to as many foreclosures as places like Arizona, California and Florida.

The good news for Philadelphia, in fact, is that we have probably reached the bottom of the market here. With close to historically low mortgage rates and a softening in prices, the stars have aligned and activity in the marketplace in picking up. Compare my appointment book from December and January, there were weekends in December when I had only 3 appointments. This past weekend...27.