Main Line development vs. SEPTA | Real Estate Newsletter
And a bidding war hotspot.
My colleagues have been all over the news that SEPTA plans to severely cut services if the transit agency doesn’t get more state funding.
And they’ve been covering what transit cuts would mean for Philly-area residents, including much longer commutes, threats to businesses, and nightmare scenarios for residents inside and outside of the city.
Towns across the region, including on the Main Line, have bet on building homes and businesses near public transit as part of creating walkable communities that attract residents.
So what happens if the train and buses stop running?
Keep scrolling for that story and more in this week’s edition:
Buyer hotspot: Find out why Zillow says the Philly region is a more competitive real estate market than other parts of the country.
Money to move: Learn about a City Council bill that would help renters pay to relocate if they’re forced out of their homes because of unsafe conditions.
Adapting with apartments: See what a New York developer plans to do with the space in the Wanamaker building above the now-closed Macy’s.
Downsized DIY: Peek inside a West Philly fixer-upper that was transformed by a couple with lots of experience.
📮Do you have a home project that you’re proud to say you did yourself? For a chance that your DIY project could be featured in my newsletter, email me.
— Michaelle Bond
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Building homes and businesses near public transportation can help revitalize communities.
It’s brought multifamily housing and new businesses to Ardmore and a “mini renaissance” to Malvern. Montgomery County officials are encouraging more growth around transit, a move that can help diversify the housing supply.
But these kinds of plans could be derailed by proposed SEPTA cuts.
If the cuts happen, Regional Rail riders will lose the Paoli/Thorndale Line, and bus riders will lose the four routes that service Lower Merion and Narberth.
And homeowners and renters who chose their neighborhoods because they offered easy access to transit could be out of luck.
Keep reading to learn more about how SEPTA’s proposed cuts could affect development.
I’m guessing that many of us have looked online at homes for sale for fun (especially since you signed up for a real estate newsletter).
But Zillow keeps track of how often its users take the extra step of saving or sharing home listings. That info is part of its recent research into which markets are seeing the most competition among homebuyers.
And the Philly region is pretty high up on the list. Compared to national statistics, in March:
There were more engaged home shoppers per listing here.
Buyers snatched up local homes in half the time.
A higher share of local homes sold for more than the seller’s asking price.
Keep reading to see just where the Philly region ranks among the largest markets for buyer competition and why the Northeastern United States will continue to be a hotspot.
The latest news to pay attention to
A New York developer is planning to build hundreds of apartments in the Wanamaker building above the former Macy’s space.
A City Council bill would create an Anti-Displacement Fund to help renters who are forced out of their homes because of unsafe conditions.
Temple president John Fry says redevelopment along Broad Street is key to improving campus safety.
City Council has taken up Mayor Cherelle L. Parker’s $800 million housing bond request — with a catch.
The Pennsylvania Supreme Court ruled that a local hospital should get a property tax exemption as a nonprofit, even though it links executive bonuses to profits.
Five neighbors, four months later: How the Northeast Philly plane crash changed one street forever.
At 1.2 million square feet — roughly the size of the Cherry Hill Mall — the region’s largest warehouse has landed a tenant.
House of the week: For $950,000 in Chester County, a converted 1867 schoolhouse with a large addition.
People tend to downsize because they’re looking to do less work on their home.
But Kate Kramer and her husband, Christopher Poehlmann, downsized into a West Philadelphia fixer-upper. The twin home had been neglected for decades, but they saw its potential.
The homeowners had experience renovating properties. They’ve gutted and renovated four homes over the last three decades.
In this latest project, Kramer and Poehlmann:
🛠️ reconfigured the kitchen
🛠️ installed new electric and plumbing systems
🛠️ added a half-bath
🛠️ transformed the backyard, which had been “an unusable mess,” Poehlmann said
The homeowners did much of the renovation work themselves. Poehlmann even built two sheds with a pergola in between them that has become “an outdoor living room,” he said.
Peek inside the couple’s property and see how the homeowners transformed their indoor living space and backyard.
📷 Photo quiz
Do you know the location this photo shows?
📮 If you think you do, email me back. You and your memories of visiting this spot might be featured in the newsletter.
Last week’s quiz featured a shot of the Wildwood boardwalk.
Anthony M. and Joe D. got that answer right. And Joe was specific.
“The picture is in front of Ed’s Funcade in Wildwood around 23rd Street. I spent many an evening playing pinball games there in the early ’70s.”
Sounds fun. Enjoy the rest of your week.
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