RE Recon

Don’t miss this amazing deal.

Why Are Real Estate Prices Rising in the Middle of a Recession? In the early days of COVID-19, many were predicting a housing crash similar to that of 2009. Despite the fact we're officially in a recession, it turns out that's not what has happened—thus far, at least—thanks to other significant factors.

Tomorrow at the Keller Williams Philadelphia Diversity, Equity, and Inclusion Town Hall Series

Tomorrow!

https://www.facebook.com/events/3238682532889598

They got most of it right https://patch.com/pennsylvania/newhope-lambertville/s/h7kf1/philly-area-towns-graded-from-a-to-d-how-did-yours-do?

Philly-Area Towns Graded From A To D: How Did Yours Do? A new list grades Philly-area towns as the best/worst places to live on a "report card" by Niche.com.

Tell me something new: https://www.marketwatch.com/story/4-reasons-this-investment-could-be-one-of-the-best-performing-asset-classes-over-the-next-decade-2020-08-04?mod=home-page

Why this investment could be ‘one of the dominant assets’ of the decade Will Rogers once said “Don’t wait to buy real estate. Buy real estate and wait.” If you follow that Hollywood legend’s advice in the current climate, you...

https://whyy.org/articles/thousands-of-new-homes-in-development-as-philly-economy-restarts/

Thousands of new homes in development as Philly economy restarts Developers have proposed thousands of new housing units in Philadelphia, signaling confidence in urban living. Affordable housing efforts also stand to benefit.

Here is a good explanation why we have not seen price drop so far. https://www.biggerpockets.com/blog/why-real-estate-prices-rising-pandemic

Why Are Real Estate Prices Rising in the Middle of a Recession? In the early days of COVID-19, many were predicting a housing crash similar to that of 2009. Despite the fact we're officially in a recession, it turns out that's not what has happened—thus far, at least—thanks to other significant factors.

“- Jason Evans: What do you think's going to happen to us?
- Jack Hall: What do you mean?
- Jason Evans: I mean us? Civilization? Everyone?
- Jack Hall: Mankind survived the last ice age. We're certainly capable of surviving this one. All depends on whether or not we're able to learn from our mistakes.” The Day After Tomorrow.
DASH MIHOK - Jason Evans
DENNIS QUAID - Jack Hall

https://www.redfin.com/blog/urban-vs-rural-homebuyer-interest-coronavirus/

Interest in Rural Areas and Small Towns Spikes During the Coronavirus Outbreak Small towns and rural areas may be set to boom in the wake of the coronavirus outbreak. Homebuyer interest in these less-populous areas surged in March.

Coronavirus' Impacts On The Suburban Philly Real Estate Market Any other year, we'd in the middle of the busiest time for real estate sales. But the coronavirus pandemic has changed that — for now.

https://finance.yahoo.com/news/u-mortgage-rates-slip-while-140000136.html

U.S. Mortgage Rates Slip While Home Sales Head for Deep Freeze (Bloomberg) -- U.S. mortgage rates fell for the first time in three weeks. But for would-be homebuyers frozen in fear of an economic meltdown, borrowing costs are no longer a prime concern.The average rate for a 30-year fixed loan was 3.5%, down from 3.65% last week, Freddie Mac said in a statement....

The truth is that nobody knows.

Coronavirus’ Impacts On Real Estate: Why You Need To Think Short-Term And Longer-Term Real estate is getting hurt in different ways across different sectors. The impacts to housing, hotels, retail, office, and warehouse/distribution vary from region to region.

fasten your seatbelts
https://www.inquirer.com/health/coronavirus/us-commerce-department-new-home-sales-february-drop-20200324.html

New home sales drop 4.4% in February, with full impact of coronavirus yet to be felt The Commerce Department says February sales dropped to a seasonally adjusted annual rate of 765,000 homes, down from a rate of 800,000 homes in January.

Very cool design ideas:

How Six Philly Home Owners Transformed Their Not-Quite-Right Houses Into Perfection The hottest trend in Philadelphia real estate is finding an old house with good bones and making it the home of your dreams.

We can manage this money making all project for you: https://mailchi.mp/a1d7bbc528fe/north-brewerytown-6895148

https://www.inquirer.com/real-estate/housing/philadelphia-rent-one-bedroom-market-20200303.html

One-bedroom rents in Philadelphia are up nearly 10% since last year Philadelphia is tied with Chicago as the 18th most expensive rental market, according to a comparison of 100 cities across the country.

Keep an eye on Tacony. A lot is going on under the surface

W. Philly Triplex Back on Market - Don't Miss Your Second Chance! - https://mailchi.mp/aroundtheblockassets/bethlehem-find-1284915

W. Philly Triplex Back on Market - Don't Miss Your Second Chance!

Are you the investor who will do the first rehab or the last rehab in the neighborhood? As many Philly neighborhoods transition, prices are rising, contractors are filling up dumpsters and change is tangible. Today I went to check on a house after an eviction to see what we need to do before listing it again. This was the second eviction for this property in two years. We knew it would not be smooth sailing. And we knew when we bought, the change was eventually going to come. Photos from today all within 3 blocks, show the very beginning of the change. Still don't feel too comfortable walking around there. Full gut rehabs being sold "only" at 4 times our original investment. Yes, "Only". We will go for round three with a tenant. This is the new Philly.

Look what happened to prices in Brewerytown in the past year

How will the real estate market react to the Coronavirus?

Home price growth accelerated in December — here’s why that trend could continue in 2020 Cities away from the coasts continued to see the biggest price gains.

Is Port Richmond the next Fishtown? That's what Avi Cohen thinks. Checkout these numbers from Redfin. What do you think?

What can $32m buy you in ... Philly? Yes Philadelphia has a $32,000,000 condo on the market. That may not turn heads in NYC or LA but what does it say about this market? Philly is coming into its own. Those who don't know the city often lump it together with the likes of Cleveland, Baltimore, Milwaukee, Detroit... But no one is buying a multi million dollar luxury condo in those cities. Not even Chicago comes close to that price. So what does it mean for the average investor? Hurry up before this entire market catches up with itself! https://www.wsj.com/articles/an-entrepreneur-wants-to-break-philadelphias-condo-recordagain-11582297868

WSJ News Exclusive | An Entrepreneur Wants to Break Philadelphia’s Condo Record—Again John Paz set a new price record when he bought a penthouse for roughly $17 million in 2017. Now, he’s listing the same condo near Independence Hall for $32 million.

A whole new level of painting

West Philly is changing https://www.inquirer.com/news/west-philadelphia-gentrification-52nd-street-redevelopment-20200221.html

In a plan for a safer, vibrant 52nd Street, worried West Philly neighbors see gentrification looming Angst is roiling minority neighborhoods as they struggle to balance the opportunities and the threats created by gentrification. “West Philly is the new Africa,” one resident warned at a community meeting. “Everyone wants the property that’s in West Philadelphia.”

https://www.phillymag.com/property/2020/02/15/boner-4ever-building/

Say Bye-Bye to the B***r 4Ever Building A plan to restore North Broad’s most notorious empty shell could show the city what “social impact development” can really do.