Philadelphia Real Estate Boom

(Credit: vic15/Flickr, back; Tom Woodward/Flickr, front)

The city long regarded as a trove of cheap housing at least compared to New York is in the middle of an affordability crisis.

Home prices in parts of Philly have jumped more than 50 percent since 2014, according to Zillow and the increases come as the c阿爱上海同城 阿拉爱上海同城ity is simultaneously home to the largest proportion of residents below the poverty line, as compared to A新爱上海同城对对碰论坛 上海同城对对碰交友社区m爱上海 爱上海同城手机版erica s 10 top biggest cities. According to the Wall Street Journal, local government is responding with a new law that would force residential developers to offer 10 percent of new units for below-market rate rents.

Developers could also choose to pay into a city-managed fund to repair homes in lieu of selling or renting 10 percent of its units at lower rates. In exchange, for the concessions, under the law developers would be able to build more units than they would otherwise be permitted under the c上海千花网龙凤论坛 上海千花社区ity s existing zoning.

According to Alterra Property Group s Leo Addimando, the law, if passed, would certainly slow down residential development.

[WSJ] Erin Hudson

Tags: affordable housing, Philadelphia, Residential Real Estate
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Town Residential

Town to close UES office, move staff into flagship at 888 Seventh Ave. Resi firm is moving away from retail storefronts

Andrew Heiberger and 888 Seventh Avenue (Credit: Studio Scrivo and Vornado)

Town Residential is closing its Upper East Side office amid a restructuring of its physical footprint.

In a LinkedIn post on Thursday, CEO Andrew Heiberger said the East 79th Street location would be folded into Town s new flagship at 888 Seventh Avenue, which opened in November. He said the move reflected the industry s shift away from brokerage storefronts, which are becoming obsolete.

“From pro上海贵族宝贝 上海千花网龙凤论坛perty searches to listing exposure, technology has changed the real estate industry, Heiberger wrote. Walk-in traffic has significantly dwindled, and the positive attributes of the storefront have since become negatives.”

Town inked a five-year lease for 15,000 square feet on the second floor of 888 Seventh Avenue in July, and it opened the new digs in November. In the 爱上海龙凤419桑拿 上海龙凤论坛sh1fnext few weeks, around 30 agents from the East Side office will move to 888 Seventh, which has been outfitted with a lounge, executive conference room and two kitchens. Dean Dunbar, Town s East Side manager, who will join the West Side office s management team of Adam Taylor and Gary Lacy.

In addition to 888 Seventh, Town has three other permanent locations — including 110 Fifth Avenue in the Flatiron, 26 Astor Place and 33 Irving Place. (The Flatiron office has 16,600 square feet; Astor has 6,800 square feet and[……]

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