Wall Street is Buying Houses in Certain Areas of the US

Wall Street is becoming the new landlord in certain areas of the US, that saw price stock rocket and then plumet (Vegas & Phoenix). Large investment firms have spent billions of dollars over the last year buying homes in some of the US’s most depressed markets.

At the rate these firms are buying homes in those areas prices are increasing quickly. Is this a short term spike? Will prices level out? Will they decrease again in these areas once Wall Street firms stop buying?

To read more...

Mortgage Rates at Highest Level in a Year

Mortgage Rates at Highest Level in a Year

US Mortgage Rates
However, we are still historically low.

Drexel University “Campus Master Plan”

Drexel is calling thier recent real estate developments and acquistions thier Campus Master Plan. Seems like what Drexel U is planning in West Philadelphia are new planters, benches, upgrades to existing buildings, etc. However, Drexel University has acquired a property at 32nd and Market, a 26,675 square foot triangular parcel. The parcel’s exact future use hasn’t been determined.

Additional potential real estate develpment has Drexel going east to 30th Street, west to 40th Street and north to Spring Graden Street. This pushes Drexel into residential West Philadelphia neighborhoods and will they have resistance as UPENN did? To read more…

US Regional Map of Year of Year Real Estate Sales

US Regional Map of Year of Year Real Estate Sales

If you real estate is up from the talking heads on national news channels, this map tells you how local areas are doing. Remember real estate is local, especially in Philadelphia where it can vary block by block.

http://www.cnbc.com/id/100424686

Philadelphia Planning Commission approves rezoning on American St

A real estate development company is planning a two-phase, 320-unit mixed-use apartment complex in Philadelphia, PA on American Street between Master and Thompson.  This past Tuesday the Philadelphia City Planning Commission recommended approval of a bill that would rezone to commercial mixed-use.  The main concern from South Kensington Community Partners is street level parking.  For more details…

Some Stats on Haddington neighborhood of West Philadelphia

Saw this in the Philadelphia Inquirer today.  The article discusses the Haddington neighborhood of West Philadelphia. Its borders are Haverford Avenue/Girard Avenue to the north, 52nd Street to the east, Market Street to the south, and 67th Street to the most western edge of the neighborhood.  Rehabbed properties sell for $80,000 to $90,000.

Zoning Board Hearing on Canal Street Entertainment Complex in Fishtown

A Real Estate Developer received conditional approval for its development of  the Penn Treaty Village that would include a bowling-alley, concert-venue, restaurant, distillery and a Toby Keith bar located on Canal Street in the Fishtown neighborhood of Philadelphia, PA.

The project would turn the vacant Ajax Building at the corner of Delaware and Frankford into a concert venue run by Live Nation; it would be a Fillmore venue, like the former TLA on South Street. The venue’s maximum occupancy would be 3,000, and a representative of Live Nation said the group plans to hold around 65 concerts a year.

The plan includes two surface parking lots, and it would make an existing non-accessory sign on the Ajax Building permanent.  To read more