Real Estate
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High Interest Rates, Low Supply Become a Door Slammed Shut for Some Area Home Purchasers
The rising interest rates are chilling the hot residential real estate market, both regionally and nationally. The economics of new home ownership are becoming an issue, even among affluent shoppers, writes Sandy Smith for Philadelphia Magazine. Two main forces are affecting suburban housing affordability: insufficient supply and continued high demand. “While mortgage rates have been…
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Permanent Child Care Tax Credit, One-Time Property Tax Relief Now Available in Pa.
Families in Pennsylvania will now be able to claim thousands of dollars in benefits, thanks to a new, permanent child care tax credit approved by Gov. Tom Wolf. The break is part of the state’s new $45.2 billion budget, writes Kate Huangpu for the Pittsburgh Post-Gazette. The budget also contains a onetime, $140 million expansion…
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Malvern Bank House of the Week: Harleysville Home in Which Mother Nature Supplied Both the Setting and the Building Materials
The home at 1926 Old Church Road, Harleysville, was constructed in 1970, a time when the back-to-nature movement was in full, groovy swing. Although fashion and music tastes have changed since then (perhaps for the better, up to debate), the construction of this cozy real estate opportunity is quite current, with its accent on open…
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Calif. Biotech Firm Wants King of Prussia for Its East-Coast Operations But Must Build to Fit Shifted Staff
Exelixis Inc., a Calif. biotech company, targeted King of Prussia to hold its East Coast operations. However, absent a building it found suitable, it is now eyeing a built-to-suit facility. Natalie Kostelni unrolled the blueprints on this proposed structure in the Philadelphia Business Journal. Exelixis is presently working with Brandywine Trust Realty to develop a…
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Fort Washington to Washington State: Toll Brothers Project Set in Great Northwest
Toll Brothers has purchased a plot in Covington, near Seattle, Wash. The $43 million transaction will be developed into LakePointe, a lakefront commercial/residential community, according to Marc Stiles of the Puget Sound Business Journal. The namesake body of water covers 20 of the property’s 214 acres. It will remain, eventually coexisting with a planned 1,500…
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Greenleaf at Cheltenham — Once the Cheltenham Square Mall — Turns Over Ownership Once Again
Greenleaf at Cheltenham, the Wyncote commercial real estate property that operated for decades as the Cheltenham Square Mall, has a new owner. Natalie Kostelni covered the property’s various transferals, including this latest one, for the Philadelphia Business Journal. Paramount Realty, a Lakewood, N.J. firm, is the latest acquirer of the 65-acre site, which has been…
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NPR: Lansdale Couple Decides to Stay Put, Frustrated Over New Home Costs
The Federal Reserve’s repeated bump in interest rates — designed to calm inflation worries — may be chilling the years-long red-hot residential real estate market for some home buyers, especially locally. NPR’s Mary Louise Kelly reported the trend from the perspective of a Lansdale house-hunting couple. In just the past few days, the Fed hiked…
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Malvern Bank House of the Week: If You Think ‘Norristown Mansion’ Is an Oxymoron, You’re Wrong
Any new home browser who dismisses Norristown as the land of tiny row homes and cramped quarters needs to revise his or her thinking. The property at 3130 Mill Road, less than five miles from Norristown Farm Park, is evidence enough of the fallacy of mischaracterizing the county seat’s real estate. This six-bedroom, 3.5-bath estate…
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Building Bonanza: Montgomery County’s New Home Construction Rate Outpaces Two Other Collar Counties’
New home construction data in Montgomery County show growth in a year-over-year analysis, a healthy performance among the Phila. collar counties. Erin Davis unlocked the details for Axios. The 2020–2021 data indicate a national boom in residential real estate development, with a 0.96 percent increase in residences entering the market. Montgomery County’s 0.5 percent upswing…
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Suburban Philadelphia 2022 Rental Market: Lessees? More!
The suburban Philadelphia rental market ranked among the top 20 most in the nation in 2022 for competitiveness, writes Veronica Grecu for RentCafe. It ranked at No.17 nationally with a competitive score of 78.1. This is significantly higher than the city itself, which has a competitive score of 65.6. Suburban Philadelphia is an attractive Northeastern…
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Malvern Bank House of the Week: Eligible Home in Fort Washington’s Elliger Park
It’s rare for homes in Fort Washington’s attractive Elliger Park neighborhood to go on the market; in fact, according to Realtor.com, less than one percent of the residences there turned over in 2021. That makes the opportunity at 226 Locust Road, Fort Washington, all the more interesting. The entryway leads directly to the living room,…
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Montco’s Current Real Estate Development Teeter-Totter: Commercial Up, Residential Down
Montgomery County real estate had a 2021 boom, with more than two million square feet of development added to the books. The stats for the residential side were not as healthy; however, the general response to the data, especially in a still-COVID-affected market, is optimistic. Natalie Kostelni plotted the details in the Philadelphia Business Journal.…
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King of Prussia Real Estate Firm Nestles Further into Market Full of Southern Hospitality
Morgan Properties, the King of Prussia residential real estate investor, added two Fayetteville, N.C., properties to its current holdings. Evan Hoopfer covered the $128-million transactions in the Triangle Business Journal. The apartment complex acquisitions are: Both sites are categorized as Class A, meaning they are generally newer properties with top amenities and high-income tenants. The…
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New Commercial Leasees Push KOP Town Center to Nearly 100 Percent Occupancy
The five owner-operators of recently leased storefronts at the KOP Town Center may consider themselves lucky to get under the wire. The retail-dining site off N. Gulph Road is nearing 100 percent occupancy, with only two storefronts currently vacant. Natalie Kostelni unlocked the details for the Philadelphia Business Journal. Recently signed new renters are: Spread…
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Malvern Bank House of the Week: A Schwenksville Dwelling with a 1870s Skin Covering 2020s Chic
636 Main Street in Schwenksville is full of surprises. Its curbside view is of a stately Victorian-style home, solidly built but with a definite retro vibe. Once inside, however, its modern look and feel are immediately apparent. The living room retains some of the classic feel of a vintage home. Yet the hardwood floors make…
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Malvern Bank House of the Week: Wonderful Colonial with Mediterranean Architectural Elements in Wynnewood
A wonderful colonial home with Mediterranean architectural elements with five bedrooms and four and a half bathrooms is available for sale in Wynnewood. Nestled on a beautiful lot with lush landscaping and plenty of outdoor space, it offers great curb appeal. – – Adjacent to the living room is a bright and airy sun room…
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King of Prussia-based Morgan Properties Buys Millennium IV Parcel in Conshohocken for $8.5M, Completes Its Acquisition of Millennium Campus
An affiliate of King of Prussia-based Morgan Properties has bought Millennium IV, a parcel of nearly five acres in Conshohocken, for $8.5 million from TPT Millennium, writes Natalie Kostelni for the Philadelphia Business Journal. The acquisition of the property fronting the Schuylkill River completes the apartment owners’ acquisition of the Millennium campus. Three years ago,…
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Carriage House Perfect for Golfers Hits Market in Blue Bell
When she first saw her home in Blue Bell more than two decades ago, Carol Kooperman knew she had hit the jackpot and found the perfect place for a golfer, writes Paul Jablow for The Philadelphia Inquirer. “I feel like I’m in Boca, but there’s no palm trees,” she said. The home is set in…
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