Office Building Goes Crazy for Phillies

1845 Walnut Street’s new lobby renovation includes an art installation that features a blown up photo from the Phillies rally in front of City Hall. Check it out...



The photo is part of a rotating exhibition that sits on the back wall of the lobby between the elevator banks of this 25 story office building on Rittenhouse Square. I wonder what will be next...?

1845 Walnut Street is over 95% occupied. Major tenants include Marshall Dennehey, Resource America, Willig, Williams & Davidson, JEVS, and of course Allan Domb Real Estate.

Fed's Plosser says housing to bottom next year

In an article posted on Reuters on Friday, Philadelphia Federal Reserve President Charles Plosser said the troubled U.S. housing market should find a bottom in the middle of 2009. Plosser said the economy had slowed dramatically, making inflation less of a concern. He also added that the economy is going to be very weak in the fourth quarter.

I completely agree...IF the Fed gets mortgage rates to 4.75%.

RENTAL Listing of the Week

Independence Place
241 S. 6th Street

2575 sf PENTHOUSE w/ 3 bedrooms and 2.5 baths

Magnificent unit on a high floor with panoramic river and souther views, eat in kitchen, corner fireplace, wrap-around terrace, floor to ceiling windows throughout, plenty of sunlight, large bedrooms with excellent closet space, upgraded baths. The building has a 24hr doorman. Residents enjoy access to the fitness room and pool.

What started in housing needs to be fixed in housing

I was talking to my good friend Jay Lamont today about what is going on with the economy and real estate market. He believes depression is evident. He was talking about the trend of the contraction of the number of American households in 2009 from lower income earners all the way up to the Wall Street class. Lots of workers with no jobs to go to.

My response: we need to see mortgage rates drop to 4.5 to 4.75 for thirty year fixed rates. This problem started in housing and needs to be fixed in housing. Housing and its related industries make up 35 to 40 percent of the buying public, from Home Depot to contractors and painters to tile setters, realtors, title companies, mortgage brokers, etc. They are all a HUGE part of this economy.

Real Estate Client Referrals

Not sure who wrote this post, but it is a good one (for obvious reasons). Check it out...

http://realestateclientreferrals.com/blogs/blog/2008/10/22/dominate-your-neighborhood/

Rittenhouse Square Tops Off Newest Tower

A new condo building one block from Rittenhouse Square topped off yesterday . CBS 3's Natasha Brown came out to Parc Rittenhouse to talk to me about what is going on with the condo market today. You can watch here:

Listing of the Week

1900 Rittenhouse Square

1 bedroom, 1 bathroom

1,085 sq. ft.

$599,900

High ceilings throughout, south and west views, upgraded kitchen, large dining room, spacious living room, marble vanity in bathroom, hardwood floors throughout, Juliet balcony, W/D in unit

The Federal Reserve System agrees...

The bailout plan is for the people, not the banks. Read the press release the Board of Governors of the Federal Reserve System put out today...

Citi expands effort to help homeowners, but what can they really do?

Citibank announced today the Citi Homeowner Assistance program. Under the program the bank would preemptively contact some 500,000 mortgage holders -- involving $20 billion of mortgage balances -- to try to ensure that they can pay their loans and stay in their homes.

So I understand that they are contacting them, but what will they actually do? The fed needs to make banks lower their mortgage rates. The fed funds rate, prime rate and libor rate have all come down...why not mortgage rates?

The $700 billion bailout plan is not getting in the hands of the individuals. Banks are hoarding the money and using it to buy other banks, not right. The federal government needs to restrict this. Citizens of the US are paying for lending intstitutions to buy up other banks so they get stronger. That was NOT the intention of this bailout.

RENTAL Listing of the Week

The Barclay
$3,500/mo.
1400 sq. ft.
2 bedrooms, 2 bathrooms

Extensive wood moldings, Herringbone hardwood floors, high ceilings, upgraded kitchen with dark wood cabinetry, granite countertops, stainless steel appliances, spacious living room, separate dining room, master bedroom with large walk in closet master bathroom includes a double marble vanity, large soaking tub, glass enclosed shower, private commode, marble floors, guest bedroom has attached full bath and large closet.

Another one bites the dust

The Philadelphia Inquirer's Suzette Parmley reported tonight that developer Donald Trump has postponed construction of his $300 million Trump Tower Philadelphia project. The project was first stalled due to under water development rights that Trump needed to get from the city, and it has now ben further stalled due to the credit crisis and crumbling economy. Click on the front page of the paper to read the story:I never thought the waterfront was the right location for this project. As I said in the article, a Trump project belongs on or around Rittenhouse Square. City living is about walkability, and the waterfront just isn't there yet.