Bye Bye I-95?

Inga Saffron wrote her column today about I-95, likening the possibility of it being covered or even altogether closed down where it lies adjacent to Center City, to Boston's now very successful Big Dig. Read the article.

I have always been in favor of burying I-95 from the Ben Franklin Bridge to Washington Ave. We would recapture massive amounts of real estate that could be sold and developed, could be movie theatres, museums, restaurants, etc. It would bridge Society Hill, Queens Village and Old City right to the waterfront as one continuous flow of a neighborhood. The barrier we have now would be gone.

I lived at Pier 5 for 8 years and the inability to get to the city from the waterfront was frustrating. I had to make believe I was a hotel guest at the Comfort Inn to get a cup of coffee. There are no services down there right now.

Seinfeld Kibitzes at The Kibitz Room

No corned beef for you!

Jerry Seinfeld, here to play the Academy of Music, delighted the lunchtime crowd yesterday at the Kibitz Room (1521 Locust St.) with a sit-down comedy appearance. Out with fellow comedian Mario Joyner, he ordered a honey turkey on rye with mustard and a side of coleslaw, plus chicken soup. Whereupon owner Neil Parish told him that he should be eating a pastrami-and-corned-beef combo with a potato latke. "He told me he chooses life," said Parish, who replied that the notion of too much red meat and too much fat being bad for you is a government conspiracy.
Now that cracked up Seinfeld.

The Gov Enjoys Saturday Lunch at The Kibitz Room

Developers ringing up condominium sales in Center City

Natalie Kostelni's article from the Philadelphia Business Journal today...


Center City condominium developers, particularly those catering to the high-end market, are experiencing steady sales activity as the real estate market begins to stabilize and recover.
Though these developers are taking deposits and closing on units, data indicate sales are still considerably off in the five Philadelphia neighborhoods that saw the most condo construction. For example, Rittenhouse Square condo sales fell 61 percent in the first quarter compared with the comparable period last year when 18 units were sold, according to Prudential Fox & Roach’s HomExpert Market Report. Washington Square sales were off by 75 percent in the first quarter, the latest for which data are available. In general, prices are also down.
“Condos are selling better in 2009 than in 2008 but they are selling for lower prices,” said Allan Domb of Allan Domb Real Estate, a condo developer and real estate agent. Domb has two projects — Parc Rittenhouse and the Warwick — close to finally being completely sold out.
The “disconnect” that was driving the real estate market to unsustainable prices is starting to correct itself, Domb said. “Prices are more realistic, and I don’t see us skyrocketing back up,” he said. “I think we’ve settled in a new, healthy market.”

Open Houses: Sunday, June 7, 2009

11:30-12: Independence Place (233-241 S. 6th Street)

• 1 bedroom, 850 sf, lots of light, eat-in-kitchen, great closet space $309,900

12:30-1: Hopkinson House (604-36 S. Washington Square)

• Deluxe 1 bedroom, 1063 sf, balcony overlooking Washington Square $349,900

1:15-1:45: Society Hill Towers (210 Locust Street)

• Corner 1 bedroom, wood floors in living room, 775 sf $329,900

1:45-2:15: Society Hill Towers (210 Locust Street)

• Two bedroom, two bath, panoramic river and city views, lots of lights $499,900

Fire-sale prices for luxury Center City condos

Check out Al Heaven's article in today's Philadelphia Inquirer. The Murano will be auctioning off 40 units on Saturday afternoon with a minimum bid price of $250,000, in an attempt to clear out some of their remaining inventory (about 124 out of 302 units have sold).

My comments in the article...
'Condo developer/broker Allan Domb said a onetime bulk sale at the Murano actually will be less painful than trying to sell 40 units over three years at lower prices.
"Maybe," Domb speculated, "the developer is looking at this as a method to stay alive for two years and revisit, hoping that there is a market then at 21st and Market Streets."'