copper hill quarterly

THE COPPER HILL QUARTERLY

Q4 2015

OCTOBER THROUGH DECEMBER

“The Copper Hill Quarterly” is intended to provide a market snapshot of all Center City zip codes, as well as the Manayunk/Roxborough area. The data is broken down into categories, which include: the number of properties listed, the total dollar amount listed, the average listing price, the number of properties sold, the total dollar amount sold, the average sold price, and the average number of days on the market.

 

The same data from the prior year’s quarter (2014) is also provided for a side-by-side comparison.

 

To see how your neighborhood is performing against others, please click on the following link to view all data – Copper Hill Quarterly (Full Version)

 

Enjoy!

copper hill quarterly

Copper Hill Quarterly Report

Q2, 2015

(April thru June)

“The Copper Hill Quarterly” is intended to provide a market snapshot of all Center City zip codes, as well as, the Manayunk/Roxborough area.  The data is broken down into categories, which include: the number of properties listed, the total dollar amount listed, the average listing price, the number of properties sold, the total dollar amount sold, the average sold price, and the average number of days on the market.

 

The same data from the prior year’s quarter (2014) is also provided for a side-by-side comparison.

 

 

19102 | Neighborhoods: Parts of Rittenhouse Square & Logan Square

YEAR UNITS LISTED LISTED VOLUME AVG. LISTING PRICE UNITS SOLD SOLD VOLUME AVG. SOLD PRICE AVG. DOM
2014 41 $30,565,550 $745,501 28 $14,324,500 $511,589 55
2015 42 $33,511,440 $797,891 29 $13,064,500 $450,500 70

 

 

 

19103 | Neighborhoods: Parts of Rittenhouse Square & Logan Square

YEAR UNITS LISTED LISTED VOLUME AVG. LISTING PRICE UNITS SOLD SOLD VOLUME AVG. SOLD PRICE AVG. DOM
2014 158 $115,404,434 $730,407 105 $76,464,850 $728,236 80
2015 145 $119,346,819 $823,081 110 $84,946,963 $772,245 104

 

 

19106 | Neighborhoods: Old City, Society Hill

YEAR UNITS LISTED LISTED VOLUME AVG. LISTING PRICE UNITS SOLD SOLD VOLUME AVG. SOLD PRICE AVG. DOM
2014 144 $90,639,214 $629,438 62 $33,320,400 $537,425 94
2015 158 $98,879,590 $625,820 82 $44,130,095 $538,171 76

 

 

19107 | Neighborhoods: Washington Square West

YEAR UNITS LISTED LISTED VOLUME AVG. LISTING PRICE UNITS SOLD SOLD VOLUME AVG. SOLD PRICE AVG. DOM
2014 93 $41,950,327 $451,078 44 $15,150,849 $344,337 70
2015 92 $40,681,148 $442,186 50 $21,399,033 $427,980 55

 

 

19123 | Neighborhoods: Northern Liberties, Loft District

YEAR UNITS LISTED LISTED VOLUME AVG. LISTING PRICE UNITS SOLD SOLD VOLUME AVG. SOLD PRICE AVG. DOM
2014 141 $58,449,669 $414,891 47 $17,405,282 $370,325 76
2015 158 $77,013,147 $487,424 65 $28,243,081 $434,508 66

 

 

19125 | Neighborhoods: Fishtown, Part of E. Kensington, etc.

YEAR UNITS LISTED LISTED VOLUME AVG. LISTING PRICE UNITS SOLD SOLD VOLUME AVG. SOLD PRICE AVG. DOM
2014 242 $61,852,989 $255,590 140 $30,378,187 $216,987 61
2015 275 $77,241,253 $280,877 182 $47,444,152 $260,682 52

 

 

19130 | Neighborhoods: Fairmount, Francisville

YEAR UNITS LISTED LISTED VOLUME AVG. LISTING PRICE UNITS SOLD SOLD VOLUME AVG. SOLD PRICE AVG. DOM
2014 233 $80,267,545 $344,495 141 $46,322,365 $328,527 62
2015 202 $71,781,599 $355,354 146 $51,499,335 $352,735 61

 

 

19146 | Neighborhoods: Graduate Hospital, Newbold, etc.

YEAR UNITS LISTED LISTED VOLUME AVG. LISTING PRICE UNITS SOLD SOLD VOLUME AVG. SOLD PRICE AVG. DOM
2014 402 $140,116,931 $348,549 243 $80,138,355 $329,787 54
2015 416 $166,372,775 $399,934 337 $117,329,445 $348,158 56

 

 

19147 | Neighborhoods: Queen Village, Bella Vista, etc.

YEAR UNITS LISTED LISTED VOLUME AVG. LISTING PRICE UNITS SOLD SOLD VOLUME AVG. SOLD PRICE AVG. DOM
2014 334 $152,096,895 $455,379 183 $78,345,273 $428,116 57
2015 390 $181,405,046 $465,141 207 $85,593,715 $413,496 74

 

 

19127 | Neighborhoods: Manayunk

YEAR UNITS LISTED LISTED VOLUME AVG. LISTING PRICE UNITS SOLD SOLD VOLUME AVG. SOLD PRICE AVG. DOM
2014 65 $16,277,346 $250,420 24 $6,186,600 $257,775 59
2015 82 $25,409,798 $309,875 41 $10,377,427 $253,107 62

 

 

19128 | Neighborhoods: Roxborough

YEAR UNITS LISTED LISTED VOLUME AVG. LISTING PRICE UNITS SOLD SOLD VOLUME AVG. SOLD PRICE AVG. DOM
2014 319 $80,468,806 $252,253 132 $29,256,850 $221,642 83
2015 298 $76,258,243 $255,900 168 $38,435,460 $228,782 71

 

spruce street harbor park

Spruce Street Harbor Park is Philadelphia’s urban oasis located on the Delaware River waterfront.  Open from May 22 through September 27th, SSHP is certainly a welcomed addition to, what many consider, the underutilized Philadelphia waterfront. The New York Times article that ranked Philadelphia #3 on their list of 52 places to visit in 2015 made mention of Spruce Street Harbor Park.  SSHP also made The Huffington Post’s list of the world’s (that’s right, WORLD’S!) best urban beaches.  Those are two great mentions that help authenticate the impact the park has had on the city.

Now in its second year, Spruce Street Harbor Park is bigger and better than year one.  Open from 11 a.m. to 11 p.m. Sunday – Thursday, and 11 a.m. to 1 a.m. on Friday and Saturday, entry to the park, along with many of its amenities, is free and open to the public.  Food, drink, and other amenities (like the arcade) are pay as you go.  Below are some of the features that SSHP offers:

FOOD:

  • Port FedNuts – brought to you by Federal Donuts.  Enjoy a fried chicken sandwich, iced coffee, and/or a bag o’ donuts.
  • Grab an ice cream sundae from S.S. Franklin Fountain…brought to you by Old City’s classic ice cream parlor, The Franklin Fountain.
  • Indulge in pork belly bao buns, garlic-ginger wings, and glazed pork ribs at Chef Jose Garces’ Chifa.
  • Chef Garces is also offering a taco truck from Distrito, his University City restaurant offering Mexican street food.
  • Froman’s On The Boardwalk is offering traditional boardwalk fare.
  • Craft beers and specialty cocktails can also be enjoyed at the park.

THINGS TO DO:

  • Catch an afternoon nap in one of the many hammocks.
  • Play games – bocce ball, shuffleboard, ping pong, giant chess, connect four, and Jenga are all offered.
  • Battle your friends in arcade games.
  • Sail a remote controlled sailboat.
  • Rent a canoe, kayak, or swan boat.
  • Take a ferry ride.
  • Cool off in one of the fountains.
  • Take a stroll down the boardwalk
  • Relax, enjoy the weather, and take in the scenery.

SIGHTS:

  • Nightly LED light shows.
  • Live music.
  • Floating gardens covered in native plants.
  • Barges with custom seating and nets suspended over the river.

I hesitantly admit that I never made it to Spruce Street Harbor in its first season…I know pretty terrible, right?!?  I’m a lover of the Jersey shore, and in summers past, any free time I’ve had (which hasn’t been much) has been spent at the beach.  However, with more outdoor options popping up in the city (SSHP, North Shore Beach Club, Morgan’s Pier, Independence Beer Garden, etc.), Philadelphia is becoming a better summer destination.

Growing up I spent my summers in Ocean City, NJ, and for that reason I’ll always be a “Shore” person as there’s too much nostalgia for me not to be.  However, with every outdoor addition to the city, I’m less disappointed when I can’t make it to the beach.

Lastly, there have always been question marks tied to the Philadelphia waterfront.  Between Columbus Blvd., seasonal usage, and the amount of work needed to improve the area, many thought the river’s edge would remain useless from a social perspective.  But, with the recent additions of Spruce Street Harbor Park, Morgan’s Pier, Blue Cross RiverRink Summerfest, and La Peg, the Field of Dreams quote, “If you build it, he will come” is proving true.

To learn more about Spruce Street Harbor Park, click here.

divine lorraine

The wait has ended (at least it appears that way) for the revival of North Broad’s iconic high-rise, the Divine Lorraine, to get under way.  The Divine Lorraine Hotel, originally the Lorraine Apartments, had a long run as it was built between 1892 and 1894 and didn’t close its doors until 1999.  To many, this building symbolized wealth and luxury, however to me, and to my generation, it’s been that building covered in graffiti and filled with squatters that looks like it was probably something pretty cool at one point.

Developer, Eric Blumenfeld, now has all of the money he needs as approval for his loan and grant money appears to have been received.  I believe Blumenfeld has obtained something like $44 million in funding, with the bulk of that coming from New Jersey real estate lender, Billy Procida.  In this PLANPHILLY article, Blumenfeld is quoted saying, “The city has been incredibly helpful, as has the state.”  Blumenfeld’s supposed plan is to create 109 apartments with retail space occupying the first two floors of the building.

Personally, I’m excited about this project.  I don’t know how you couldn’t be.  I know there are a lot of variables that go into it, and people will always disagree on the allocation of government money (Blumenfeld received grants), but revitalizing a historic building in an area that sorely needs it (North Broad) is a win in my book as it allows the restoration of a landmark, it will generate tax revenue, and it will only spark more development in the neighborhood.

Approval to build 500 apartments and an 80,000 square foot supermarket on the lot behind the Divine Lorraine was also granted this week.  Without the Divine Lorraine project, I’m not sure that this would be in the works, so you can see the effect it’s already made.  The Divine Lorraine is a project that I will definitely continue to follow as the transformation should be pretty incredible (I will also be following because I’m hoping it gets done, haha).  This is definitely a major step in the evolution of North Broad.  I think it’s only a matter of time before North Broad from City Hall to Temple’s campus has been completely rejuvenated.

 

SoNo

SoNo, which stands for South Northern Liberties (a bit of an oxymoron, I know) is a new, hip, and creative work space that may be the anchor that Spring Garden Street (East of Broad) has been waiting for.  Planned to replace Destination Maternity on 5th and Spring Garden, SoNo (based on the renderings) is going to be one cool project!

Creative office space options are popping up all over Philadelphia.  We at Copper Hill Real Estate, make our home at Pipeline Philly.  Industrious is another one that has recently entered the Philly marketplace, in addition to, Impact Hub, The Hive, and Indy Hall, to name a few.  Even the old Finnigan’s Wake (also on Spring Garden) may be looking to transition into a co-working facility.  These modern, creative spaces are shaping the new mold for today’s mobile work environment.

Okay, back to SoNo…

Philadelphia is a vertical city, however SoNo will be a horizontal project offering a campus vibe.  Alliance Partners HSP purchased the land from Destination Maternity in the fall of 2014 for $13 million.  Wanting to bring something different to the Philadelphia scene, Alliance began touring the facilities of major Silicon Valley players in an effort to grasp an edge.  Alliance has begun marketing SoNo nationally to various tech firms and has supposedly received quite a bit of interest.

The space will be chocked full of amenities.  To read more about the project and to see both video and renderings of SoNo, then please check out this Philly Mag article for further info.  You won’t be disappointed.

Spring Garden Street is significantly nicer west of Broad Street than it is east of Broad Street.  East of Broad Street, Bufad and Llama Tooth are the only two establishments that I can currently think of (sorry if I’m neglecting someone) that I’d really be interested in patronizing, which says a lot considering there are roughly 14 blocks east of Broad on Spring Garden Street.

There are some great projects in place that will certainly help the transition of Spring Garden Street, as well as, the surrounding area.  I think most of us have read about the Rail Park and the Spring Garden Street Greenway (if not you can click on them to learn more).  There’s also the conversion of the Thaddeus Stevens School into boutique apartments that will be taking place at the corner of Broad and Spring Garden.  These projects are awesome, and I’m an advocate of all three, but I think the development of SoNo will have the biggest impact on Spring Garden.

There are different elements that drive a neighborhood.  Typically, it starts with the social scene.  Usually a bar, restaurant, coffee shop, etc. opens and since people are hanging out in that area often enough, they’ll decide to move-in while rent is still cheap.  As the social scene of a neighborhood develops, you’ll begin to see the housing market change.  There are more renovations, more construction, etc. which ultimately drives prices up and leads to gentrification.  Proximity to other desirable areas/neighborhoods, of course, is also a key factor.  However, jobs are what solidify a neighborhood, and when you add 150,000+ square feet of some of the coolest office space the city has to offer, then you’re helping to assure the success of that area.

I believe that SoNo is the project that will take the eastern half of Spring Garden Street to the next level.  Once it’s up and operational, you know that bars/restaurants/cafes/retail space will want to be close by, and you’ll start to see a makeover on Spring Garden.

 

philadelphia waterfront

The Philadelphia waterfront has long been underutilized, which is rare as waterfront property in most cities is often the most desirable.  However, Philadelphia’s waterfront has been plagued by highways and abandoned piers/warehouses.  Like many things in Philadelphia, we’ve started to see that change in recent years.  This Philly Mag article touches on Festival Pier, which is the newest project planned to help anchor the Philadelphia waterfront.

The field has been narrowed down from eight companies to just three for the rights to develop the Festival Pier project.  Personally, I’m glad that it will be a mixed use project as the waterfront needs both residential and commercial projects to help accelerate its growth.  Pier 35 1/2 (just south of Waterfront Square and the former site of the proposed Trump Tower) recently sold and is slated to be a new residential project.  Pier 25, the site of Cavanaugh’s River Deck, is now up for grabs.  Hopefully that results in something awesome (at the very least it gets rid of Cavanaugh’s which I think has overstayed its welcome at this point).

With the recent additions of Waterfront Square Condominiums, Sugar House Casino, Morgan’s Pier, Dockside Condos, and Spruce Street Harbor Park, the Philadelphia waterfront has definitely experienced a bit of a facelift.  As Northern Liberties and Fishtown have become extremely desirable neighborhoods to live and hangout in, the waterfront’s proximity has therefore become more desirable.

Columbus Blvd. isn’t going anywhere and crossing over it to get to the waterfront will never be ideal, but as they put in more bars/restaurants/parks, then more people will want to hangout down there.  As more people want to hangout by the waterfront, then more people will want to live there.  I think it’s more of a question of “when” rather than “if” the Philadelphia waterfront will be one of Philly’s hottest areas/neighborhoods.

one riverside

One Riverside is developer Carl Dranoff’s newest addition to the Philadelphia skyline.  Dranoff is no stranger to Center City development as he already has Symphony House, Southstar Lofts, Locust On The Park, 777 South Broad, and The Left Bank in his portfolio.  He’s also currently developing SLS International on South Broad St., which is a luxury hotel/condo combination.  The man loves South Broad St. as 4 of his 7 projects help anchor the Avenue of the Arts.  One Riverside will be his 2nd riverfront project in one of the city’s most charming and sought after neighborhoods, Fitler Square.

One Riverside is dripping with luxury.  The architecture, the amenities, the finishes, the views, and the location are all top tier.  The building consists of 82 residences (2 penthouses), soars 22-stories high, and is just steps away from the banks of the Schuylkill River.

The building includes the following amenities:

  • 24 hour attended lobby with concierge service
  • Valet garage parking
  • Private garden
  • Large terrace with outdoor kitchen and sweeping city views
  • Club Room with fireplace and catering kitchen
  • Business center and executive boardroom.
  • Hospitality suite for guests
  • State-of-the-art fitness center with locker rooms, showers, saunas, & steam rooms
  • 60′ indoor lap pool with outdoor terrace
  • Bicycle storage

Located on 25th and Locust, this glass skyscraper consists of only 4-6 units per floor providing a feeling of privacy and exclusivity.  Floor plans consist of 1-5 bedroom layouts with all units having chef’s kitchens, floor-to-ceiling windows, marble & porcelain baths, amazing river & skyline views, and exquisite finishes throughout.

One Riverside is certainly a welcomed addition to the city as it only further demonstrates the demand for the luxury market that has blossomed in Center City over the past few years.  In addition to One Riverside, buildings like 1706 Rittenhouse, 10 Rittenhouse, The Residences at Two Liberty, and 500 Walnut (which is currently being constructed) have all recently been built and proven the luxury market exists.  I believe sales at One Riverside have been pretty consistent, and their website advertises over $25 million in sales in just one week.

I think these luxury buildings have been nothing but positive for the city and its economy.  They’ve prettied up the skyline and they’ve brought in a new demographic to the Center City housing market, which is awesome.  However, I can’t help but wonder when a new, semi-moderately priced high-rise will go up.  I’m talking about a building with 12+ floors, 100+ units, where one bedroom units start around $325k to $350k and two bedroom units fall in the $450k to $550k range…something similar to The Phoenix, The Packard Grande, and/or The Ellington.  If that building were to go up today, then I believe it would sell out at a record pace.  I’m not a commercial developer, so I don’t know for certain, but maybe the price of land in Center City just doesn’t warrant a building like that anymore.

 

Welcome to one of Philadelphia’s most sought after and charming neighborhoods, Fitler Square! This 2 bed 2 full bath recently renovated home is located on Panama St., which has been called the prettiest street in the city. This home is dripping with character from the whitewashed, exposed brick wall to the exposed wooden ceiling beams, to the brick fireplace, to the cobblestone street. 2414 Panama St. is a well appointed home featuring hardwood floors throughout, caesarstone countertops, 42″ custom cabinetry, beautiful french doors, an enclosed back patio perfect for BBQing/entertaining, and modern baths. It’s a perfect blend of the new with the old. Just steps off Fitler Square Park and a very short walk to Rittenhouse and University City, the location is difficult to beat. Lots of restaurants, shops, and outdoor spaces (Fitler Square, Markward Park, & Schuylkill River Trail) just outside your front door. There’s also a great farmers’ market. Come live in a piece of local history as this home is on the Philadelphia registry of historic places!

Check out a video of the home here:

 

 

Philadelphia is a city that’s well known for many things, such as: cheesesteaks, the Liberty Bell, Independence Hall, Rocky Balboa, saying “wooder”, and being the nation’s first capital…just to name a few.  We’re also extremely well known for our sports fans.  While some may say our fans are the most brash and abrasive in the business, I call those people ignorant.  Our passion and loyalty are unparalleled, our knowledge and understanding is unmatched, and our boos (almost always deserved) are drowned out by our cheers.

Anyhow, back to the title of the post.  As Philadelphians, how our city’s athletes perform on the field/court/ice is always our primary focus, however we’re certainly interested and intrigued by their “off-field” lives, as well.  Three big names in Philadelphia sports all currently have their Center City condos on the market.  And, those three names are….

 

Chase Utley

Chase Utley Condo

 

 

 

 

 

 

 

 

 

Chase has his 4,500+ sq ft penthouse at The Ayer currently listed for over $4 million.  The Ayer is a premier condo building that sits directly on Washington Square’s west side.  This unit features 4 beds and 4.5 baths and state of the art finishes.  It possesses home automation and audio systems, wine storage, multiple terraces, a media room, and an abundance of space.  Two valet parking spaces and two additional storage units also come with the sale of this home.  Needless to say, this is one cool space.  The fact that Chase Utley will have been the previous owner is just icing on the cake.

 

Jonathan Papelbon

Jonathan Papelbon Condo

 

 

 

 

 

 

 

 

 

Papelbon has his exclusive, full floor residence for sale at one of Philadelphia’s premier addresses, 1706 Rittenhouse.  1706, is a 31-story building where each floor is a single residence with private elevator access in the Rittenhouse neighborhood.  The building is loaded with amenities, but the coolest feature, in my opinion, is the automated car retrieval system.  With the push of a button, your car will be waiting for you when you get off of the elevator…pretty amazing!  Jonathan’s condo is 4 beds 3.5 baths, just under 4,200 sq ft, and the asking price is $6.9M.

 

 Connor Barwin

Connor Barwin condo

 

 

 

 

 

 

 

 

 

Connor just listed his brownstone condo in Rittenhouse 6 days ago for $1.25M.  Barwin’s multi-level condo is one of 3 in this Philadelphia mansion that has since been subdivided.  This unit features 2 beds, 2 full baths, and 2 half baths and is listed at just above 2,200 square feet.  Connor’s pad really embraces colonial Philadelphia architecture.  It has incorporated top of the line finishes and appliances while still preserving that historic feel.  The basement of this condo (yes, there’s a basement!) is fully finished and houses a wooden bar that exudes the 1920s.  It’s a really unique space and awesome for entertaining!

 

When a Philadelphia athlete lists their home for sale, the immediate reaction is they’re leaving town.  However, in the case of these 3, they’re all still wearing the local uniform.  There have been talks of moving both Chase and Papelbon, but they’re currently down in Clearwater prepping for the season as Phillies.  Connor recently restructured his deal and is coming off of a Pro Bowl year, but the way Chip Kelly has been wheeling and dealing it doesn’t appear that any Eagle is guaranteed to be here next season.

 

 

main line

The timing of this article is coincidental as I just had this very conversation with an investor client of mine.  This Philadelphia Magazine article touches on why home sales of “big money” properties on the Main Line are down.  The following is simply speculative/my opinion.

It’s pretty well known that there’s a lot of “old money” on the Main Line.  The majority of the large, expensive homes out that way have been in the family for years with little turnover compared to other areas.  The baby boomers who grew up on the Main Line stayed in the area to raise their families due to familiarity and a lack of options (specifically urban) outside of neighboring suburbs.

As millennials, our circumstances differed a bit from our baby boomer parents.  Not only did many of us graduate from college into a struggling economy with a bundle of school debt strapped to our back, but our beautiful city of Philadelphia now had an emerging downtown that offered a social scene with some intriguing living options that weren’t necessarily available to our parents in their mid-twenties to thirties.

At this point you may be asking how does this directly affects prices.  Well, let me answer that question.  Many people living in these huge Main Line homes are now empty-nesters, living in big, old homes on large plots of land that require lots of maintenance, have high property taxes, and they no longer utilize the schools.  Center City, Philadelphia now offers new construction, luxury penthouses and townhomes with little maintenance, 10 year tax abatements, and more than enough living space.  So, you’re seeing these “Main Liners” trade in their suburban mansions for high-end urban condos, such as 1706 Rittenhouse, 500 Walnut, The Murano, etc.

You’re next question may be who’s coming in and buying these Main Line properties.  Unfortunately, the answer is a smaller fraction of the millennials as we too are loving city living, and rightfully so as it’s an awesome place to work, live, and play.  It’s a simple case of supply and demand.  Supply is up as empty-nesters are swapping their Main Line homes for urban retreats.  Demand is down because the millennials who should be replacing the baby boomers on the Main Line are also enjoying downtown living.  When supply is up and demand is low, prices drop.

People are now waiting a little longer to start their families than prior generations.  The biggest variable in the equation is school districts.  It’s no secret that the Philadelphia public school system doesn’t have the greatest reputation.  It’s also common knowledge that the Main Line has some of the best public schools in the state, if not the country.  Soooo, the big questions are will the Philadelphia school system improve keeping people in the city, will private schools gain greater traction due to people wanting to remain in the city, or will the millennials be moving back to the Main Line as their kids reach school age?  I guess time will tell.