Archive for 2008

Government-sponsored mortgage lender Freddie Mac (FRE, Fortune 500) said Thursday that fixed rates on 30-year mortgages averaged 5.19% for the week ending Dec. 18. That’s down from 5.47% last week and below the year-ago rate of 6.14%.

“Interest rates for 30-year fixed-rate mortgage rates fell for the seventh consecutive week, moving these rates to the lowest since the survey began in April 1971,” said Frank Nothaft, Freddie Mac vice president and chief economist.

“The decline was supported by the Federal Reserve announcement on December 16th, when it cut the federal funds target to a record low and stated it stood ready to expand its purchases of mortgage-related assets as conditions warrant.”

You can also find lower rates on our local Philadelphia real estate market.

You can read the full article here at CNN Money.

Yesterday, the Fed stated that it could expand a recently announced program to buy up debt and mortgage-backed securities from Fannie Mae and Freddie Mac that has already driven mortgage rates down, according to HSH Associates. It also reiterated that it was looking at the possibility of buying long-term Treasury bonds. Both of these announcements have brought rates even lower, down to 4.75% for a 30 year fixed. 

Waiting to obtain the best rate is only possible for those with loan applications already in process. Interest rates are incredibly volatile and fluctuations that used to take months are now occurring in hours.

This chart from the New York Times shows how different organizations track real estate data and report it differently. So the scintillating headline that you read about the real estate bubble or crash may be more of a manipulation of data than what the raw numbers actually reveals.

Here’s a Chef’s Kitchen….

After searching hundreds of listings in our local Multiple Listing Service everyday, we sometimes come across one that leaves us wondering what was that agent thinking for uploading this? Here is an example…

Read the rest of this entry »

Experts from Keller Williams Realty explain and discuss real estate trends, market statistics, and the impact of the economy on home buying and selling.

Besides it being a Buyer’s Market, the existence of a once in a lifetime interest-free $7500 loan, and a for a limited time a free home warranty from the Atacan Group, now, as if you needed another incentive to buy a house, rates are at an average super low, 5.5%.  Never in all my years in real estate as I seen a better time to buy.

This raises another question, if I am not ready to move yet, Should I Refianace?  This chart below courtesy of Dr. Dan Taylor, CFA should be of great assistance in helping you make a determination.

Intersting article today at NY Times.

Five or 10 years from now, when the financial crisis has ended and housing prices are up smartly once more, we will look in the rearview mirror and realize that we missed a golden age for first-time home buyers. Then, everyone who sat on their down payment savings accounts for a few years too long will kick themselves for not taking advantage of what may turn out to be the buying opportunity of a lifetime for those who can qualify for a mortgage…

You can read the full article here.

You might also want to read my post about timing the market.

Most people are not aware of the recently enacted Pennsylvania Law that benefits Homeowners by placing a “Cap” on the amount of property insurance that a mortgage lender can require. 

The new law prohibits all mortgage lenders from requiring borrowers to obtain property insurance coverage on owner-occupied private residential property that exceeds the replacement value of the buildings on the land securing the loan.  It also prohibits all mortgage lenders from requiring borrowers to insure the value of the land.  The law is known as the Mortgage Property Insurance Coverage Act, PA Act 2008-51, and became effective on July 4, 2008.

This is probably one of the most important and frequently asked questions for buyers/investors. Especially now more than ever in our current economic situation. However, the market and/or the economy has not much to do with the answer.

With so many homes on the market, many potential buyers believe into the biggest myth of a shifting market. They think that they can time market. The fixation on finding “the greatest deal ever” causes many to miss out on the deals that are possible.

There are essentiallly two types of buyers/investors. Those who believe they can time the market and those who believe timing will find them. History supports the latter. If you’re always in the market actively paying attention, although you may never sell at the highest peak or buy at the absolute bottom, you can buy right and always do well over time. Logic says that you can’t predictably time the market to be able to buy at the absolute bottom and sell at the absolute top.

The following figure demonstrates this concept:

Timing the Market

You cannot perfectly time a market-no one can. You can look at indicators that will point out the direction in which a market is going and you can absolutely mark how far it has fallen or risen, but after that the only way to know a market has bottomed or topped out is after it has. In other words perfect timing is luck.

One other thing: Headlines will only let you know when the best time to buy has passed.

Some concepts and figure in this article are courtesy of the SHIFT from Millionaire Systems.

The current loan limit for FHA financing is $420,000 set by the 2008 Stimulus Package which was signed into law in February 2008.  Effective January 1, 2009 the new FHA loan limits for loan limit for a single family house in Bucks, Delaware, Montgomery and Philadelphia Counties will decrease from $420,000 to $379,500. However, the conventional conforming loan limit will remain the same at $417,000. 

If you need to check loan limits for other counties, this is the link: https://entp.hud.gov/idapp/html/hicostlook.cfm 

Effective January 1, 2009 the minimum down payment and required funds into the transaction for FHA will change as well.  The current required down payment is 2.25% and a total of 3% into the transaction with a maximum sellers assist.  Starting January 1, 2009 any deals that do not have the FHA case number ordered by that time will change to 3.5% down and 3.5% into the equation with a maximum sellers assist. 

If you are “on the fence” with little down payment money, you will need more money if you wait after the new year.

BELIEVE IT OR NOT! The Philadelphia metro area blew away the San Francisco Metro housing market in November. Our region saw an increase in home sale prices of 4.6%, while San Francisco sales prices plummeted 34%.  New York City prices fell 6.1% 

Lower prices, lower interest rates, and less foreclosures helped reduce inventories in most every city. Boston, San Francisco and Seattle showed the steepest decline.  Cities with high foreclosure rates major increase in sales. For instance, in October San Diego had a whopping 92% increase! 

However, most markets averaged a 100+ days on the market before they sold. It took the longest to sell a home in Miami with an average of 179 days-on-market. San Francisco fared much better with nearly half that rate at an average days-on-market of 92. The average days on the market in Philadelphia County was 73 days.

When the Federal Reserve cuts the rates, many buyers and sellers call their mortgage representatives expecting a lower interest rate.  Others who have been waiting to refinance are confused as to why mortgage rates have not moved lower during the recent Fed rate cutting spree. 

Is a Fed rate cut really good news for mortgage rates?  Contrary to the media and general publics understanding, history has proven that the Fed Rate cuts typically have an adverse affect on mortgage rates.  This is the due to the fact that when the Fed cuts the rates, it is to spur on the U.S. financial markets and the stock market.  When this is done, our dollar typically weakens which causes inflation.  Inflation leads to negative movement for mortgage bonds which means mortgage rates tend to increase rather than decrease.

Keller Williams agents are now able to offer an additional incentive to their seller’s and buyers alike. The Live Free Program allows those who are putting 10% down payment on a home, and using American Home Bank for their financing, to receive three free mortgage payments of principal and interest. In essence, if you settled by the end of November, you would not have a first mortgage payment until March 1!

Dave Jenks and Jay Papasan explain and discuss real estate trends, market statistics, and the impact of the economy on home buying and selling.

httpv://www.youtube.com/watch?v=yIWeDeI9Do4

The 5 Top Reasons to buy your New Condo

with the Atacan Group

  1) Our Client is our main focus NOT the developer! We help our clients compare projects and incentives to determine what is most feasible for our clients individual situation.  

 2) After identifying the condo, we assist our clients in negotiating the best terms and advise and help you negotiate on closing costs, upgrades, deposit schedules and other closing items.  

3) We help our clients select the best floor plans, views, exposures and amentaties for the money. These choices are key in achieving the most price appreciation for your home and/or investment.

4)We help our clients through out the entire process, wherther it is seeing if you qualify for the new interest-free $7500 government loan or searching for the best mortgage for the individual financial situation. We are always a resource and source of advice for our clients.

5) Lastly, we are Licensed Pennsylvania REALTORS and work for our clients as the Buyer’s Agent Representative.  This means we have an entire set of ethics, guidelines and rules we work by than the sales person one meets at the project.  As the developer’s employee that person need not be a licensed agent or REALTOR. Our number 1 priority and our fidicuarity duty is to our clients.   

For Home Buyers, The Window To Negotiate With Sellers May Be Closing

The ability to learn faster than your competitors may be the onlyu sustainable competitive advantage – Arei De Geus

When the market shifts, it may resemble something like a monster truck crushing the cars on its path in one of those monster truck rallies. It has a stream roller effect on the market. The survival instintcs kick in and you end up with less and pickier buyers. Those who remain claim that if they can’t get a steal now, they’ll just wait a longer until the market ‘bottoms out’. Only properties that appear to be serious bargains get serious attention. 

This shift in buyer’s perspective is one of the most challenging aspects of pricing a property in a buyer’s market. Sellers must realize now that they must stand out or they’ll be chasing the market. However, Sellers naturally fear underselling their house, and rightfully so. But make no mistake, nothing is more detrimental to selling your property than overpricing your home in a buyer’s market. Unlike the golden ages, the market will no loger come to rescue on a declining market. Now you have to outthink the other sellers, the ‘tryers’ and speculators by getting ahead of them. The time is not on your side.

This figure below demonstrates the concept of pricing ahead.

Bottom line: Whether it’s a buyer’s market or a seller’s market, you should always price to the market you are headed.

Some concepts and figure in this article are courtesy of the SHIFT from
Millionaire Systems.

It can hurt you! It will stay on the market forever, and that’s your number one enemy. There is a direct relationship between what a home sells vs. how long it has been on the market. Well priced homes always sell first no matter what type of market it is. Everyone looks at comparables and there is a wealth of homes for sale. 

You may become desperate and take a low-low-ball price. Look at some Sellers who priced too high…

For 2 reasons: First, it so 20th Century! Today’s buyer shops on-line. They go to professional websites like centercityrealestate.com or nationally, Trulia.com or Realtor.com to virtually tour homes 24 hours a day and to view pictures of EVERY home for sale, to analyze statistics, compare prices, check out the neighborhood, review legal docs & more. Which is why I spend so much time and capital regularly developing the best site on the web.

Second, advertising does sell, it sells the brand, it sells the image. Which is why in every real estate ad, you see the Realtor’s picture and brokerage. Every experienced Realtor knows that the only reason to advertise is to promote yourself and get more leads. It is a rare, rare, rare occurrence to have someone call on an advertised listing and buy it. Have you ever bought a house you saw in the paper? I have not! Have you ever bought a house you saw on-line? I have & my clients too! In fact, according to the National Association of Realtors, today almost all urban, buyers start their search on-line.

In my entire career, I have never seen a better time to buy in Center City, Philadelphia. It is a Buyer’s Market! There is an excellent selection of properties, sellers are willing and eager to negotiate and interest rates are nearing an all time low! Act now, especially, if you are throwing away your money in rent and not receiving tax deductions or equity.

Wharton School’s nationally renowned real estate scholar, Kevin Gillen,  recently released a report indicating that Philadelphia is as a whole stable and its real estate value continues to see gradual increases.  Furthermore, he does not see any factors that would indicate that values would take a dramatic downturn in the future. 

Moreover, we discovered that due to extremely low interest rates now, even  if values did dip precipitously, buyers would still fare better paying more now with lower interest rates, than at lower prices with higher rates later.

Despite what you hear on the news, the Philadelphia real estate market is still showing resiliency.  However, the inventory still stands at all-time high levels and the number of homes sold are much less than the boom years. The properties are also on the market for average of 67 days, about 25 days more than a healthy market. Remember the real estate is local business so pay attention to your local region statistics. A severe contraction in the national economy, however, could mean both higher unemployment and tighter credit conditions for both buyers and sellers that will inevitably affect the local markets and would continue to exert additional downward pressure on house prices. Nobody has a crystal ball but the next few quarters will be watched very closely and will determine how deep the rabbit hole goes for Philadelphia region.

You can reach the full article here at Hallwatch. Be sure to read this to help you make sense of the data. Also note that this report does not include condominiums/co-ops.

This quarterly market report is provided by Dr. Kevin Gillen, an economist at the Real Estate Department of the Wharton School and Fellow of the University of Pennsylvania. He analyzes the Philadelphia real estate market using the city’s real estate database through Hallwatch. He publishes his result in a research paper called Philadelphia House Price Indices each quarter as a public service to the Philadelphia real estate community.

The votes are in!   Barack Obama has been elected as the 44th President of the United States, winning both the majority and the popular vote.  President-elect Obama will have his work ahead of him as his administration takes on the current economic conditions. 

Mortgage bonds are following through on yesterday’s huge rally, and are getting an additional boost from today’s weak Employment Report.  ADP reported that there were $157,000 jobs lost in October, the most in 6 years and was larger than the 100,000 job losses that were expected. 

Stocks are down this morning and this is providing a boost to Mortgage Bonds as well. 

Though the current trend direction is higher, right now rates are again at the 6% range (down from near 6.5% from last week).   

WEEKEND WITH THE KIDS: PHILADELPHIA; Culture, History And a Wealth Of Places to Play

By TERRY TRUCCO, New York Times Travel Desk, November 5, 2008

ITS hardly surprising that William Penn, Philadelphias multitalented city planner, had three sons. Big cities dont come much more child-friendly than this. More than 300 years after Penn mapped it out, Philadelphia is chock-full of activities and sights that will captivate children and grown-ups for different reasons, like a Pixar movie. Consider the gigantic clothespin perched upside down in front of the Centre Square building (children think cool; parents think Claes Oldenburg). The easiest and, arguably, most pleasing way to see Philadelphia is to stick with the older, central parts of town, emulate Benjamin Franklin (father of three) and walk. Philadelphias culture comes in convenient clusters — museums grouped near Logan Square not far from the Schuylkill River; historic sites, punctuated by steeples and cobblestones, near the Delaware River. Too cerebral for toddlers? Let them run around the trees and statues (Billy the goat is a favorite) in Rittenhouse Square, or plop them in a chair in the shoe department at Lord & Taylor, formerly the fabled Wanamakers, South 13th and Market Streets, where the 28,000-pipe organ thunders out concerts Monday through Saturday, noon and 5:00 p.m., noon and 7:00 p.m. on Wednesday, free of charge. Hows that for family values?

Read the Press Release

Overall Satisfaction/Agent / Salesperson/Real Estate Company Office/Variety of Additional Services

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Prudential

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Coldwell Banker

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RE/MAX

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Century 21

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Donald Trump says there has never been a better time to Negotiate the BEST deal to buy real estate. Here is why….

Donal Trump says Buy Now!

Philadelphia Real Estate and Philadelphia Condos, including of course, Philadelphia New Construction are all in 1 place at www.CenterCityRealEstate.com

Ask any local where they go for true insider information about Philadelphia Real Estate  in

Rittenhouse Square, Society Hill, Old City, Queen Village, Bella Vista, Grad Hoptial, Logan Square, Northern Liberties, and Fishtown 

and it is only www.CenterCityRealEstate.com

It is THE SITE for…

Philadelphia Real Estate

Philadelphia Condos

Center City Real Estate

Philadelphia Realtors (only the award-winning, experienced, educated and trust worthy kind)

This is brought to you by the Philadelphia Real Estate Blog

All Philadelphia Real Estate listings are found at www.CenterCityRealEstate.com

Your First Home is packed with inspiring stories and the wisdom of thousands of successful first-time home buyers, it’s a must-read for anyone aspiring to buy a home. It’s a must-have in my library and I always give a copy of this book to my first-time buyer clients. It breaks down the buying process into eight simple, easy-to-follow steps.

Your First Home provides proven, practical guidance on how to:

• Hire a great real estate agent
• Determine what you can afford to buy
• Secure the best financing
• Recognize the right home for you
• Craft a winning offer and negotiate with sellers
• Spot serious issues at inspection
• Close on your new home and maintain it

You’ll also learn about successful creative financing strategies and ways to overcome less-than-perfect credit.

Highly recommended!

Here is the latest on the status of the South Street Bridge. This is great news for the City and residents in the area. It’s great to see that leadership has finally stepped up the plate. Read on below.

Dear Neighbors and Friends of the South Street Bridge:

As we mentioned in our last update on the South Street Bridge, we began discussions with the Streets Department and PennDOT based on the study commissioned by the South Street Bridge Coalition, Design Recommendations for the South Street Bridge. We also mentioned that the project was put out to bid based on the current Bridge design.

Several issues of importance to the community were included in the original bid documents:

Read the rest of this entry »

CCD (Center City District) just published their recent findings. Here is an excerpt from the report. You can find the details here and also download the report.

Center City’s residential development boom has changed the demographic profile of Center City Philadelphia, as well as helped to insulate it against the current national economic downturn, according to a new report released by the Center City District/Central Philadelphia Development Corp.

Along with analyzing local market and demographic statistics, the report summarizes several recent surveys the organization has made of Center City residents and property owners. The findings all point to a downtown that is well-positioned to take advantage of the country’s changing economic and cultural trends and the impact of rising fuel costs…

So you have been hearing Fannie Mae and Freddie Mac on the news a lot lately. What’s this mean really?

Fannie Mae and Freddie Mac were placed into conservatorships on Sunday which means that the government has replaced the CEO’s and Boards of each company. The Treasury will purchase Senior Preferred Stock of Fannie and Freddie to provide capital as needed in amounts up to $100 billion for each company. The financial commitment by the United States Government will substantially increase confidence in Fannie and Freddie and the US housing Market and provide stability.

The US Treasury effectively guaranteed that mortgage backed securities will be backed by the US government  which means that rates will likely hold at current levels and/or decline like we have seen past week.

Bottom Line: Rates are incredibly low, and buyers should capitalize on this market.

Because as of September 8th …

1. Rates were just reduced to 5.875 w. 0 points

2. The Feds are offering a $7,500 interest free loan to buyers making less than $75K or couples making less than $150K combined until July 1st, 2009

3. There are a wealth of properties to choose from …www.atacangroup.com

4. Sellers are eager to negotiate

5. Developers are ready to throw in loads of incentives

6. Concessions, repair requests and leave behinds are readily negotiated

7. Rents are rising! There has never been a more expensive time to rent in Philly

8. It’s not Spring. Most people buy and sell in the Spring.  Be one of the few to make an offer in the Fall or around the holidays and LEVERAGE

9. Forbes just ranked Philly as the 4th best U.S. city to buy in http://www.forbes.com/2008/07/14/housing-buyers-list-forbeslife-cx_md_0714bestbuy_slide_8.html?thisSpeed=30000

10. And as always… the tax deductions, equity build up, appreciation and pride of ownership are still compelling factors!

The following is the address of every home that sold in the first half of 2008 in East Falls

Lowest Price     Highest Price
$127,500         $480,000

Read the rest of this entry »

The following is the address of every home that sold in the first half of 2008 in Chestnut Hill

Lowest Price                 Highest Price
$180,000                       $1,595,000

Read the rest of this entry »

The following is the address of every home that sold in the first half of 2008 in East Mount Airy & West Mount Airy. 

                                       Lowest Sale Price               Highest Sale Price 

West Mt. Airy            $57,000                                     $1,300,000         

East Mt. Airy             $122,000                                    $621,000  

Read the rest of this entry »

The following is the address of every home that sold in the first half of 2008 in Manayunk and Roxborough.                              

                                Lowest SOLD Price      Highest SOLD Price       

Manayunk                  $123,000                      $510,000                       

Roxborough               $125,000                      $515,000                        

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The following is the address of every home that sold in the first half of 2008 in  South Philadelphia neighborhoods.  

                                     Lowest SOLD Price                 Highest SOLD Price

Pennsport                        $70,000                                     $545,000

Italian Market               $139,850                                   $340,500

Passyunk Square           $160,000                                  $305,000

Grays Ferry                      $12,000                                    $126,000

Girard Estates               $37,000                                      $524,900

Packer Park                    $230,000                                    $559,000

Point Breeze                   $45,000                                       $159,000

Whitman                        $90,000                                        $210,000

Read the rest of this entry »

The following is a recap of every home that sold in the first half of 2008 in the major neighborhoods surrounding Center City.  Center City neighborhoods are broken down by area and are analyzed in seperate posts below.

                                                                     Low Sale         High Sale        

Chinatown/ Loft District                  $182,320           $350,000             

University City/ West Philly        $105,000          $562,000       

Fishtown                                             $35,000            $492,000       Read the rest of this entry »

In the Art Museum/ Fairmount area there were 76 house sales  and 60 condos sales in the 1st half of 2008. The highest priced House sold for $1,051,501 and the deal of the neighborhood sold at $112,000.  The Average Sale Price for a House was $408,383 and it took 75 days to settle from the time it was listed in the MLS. The highest priced Condo sold for $665,000 and the lowest sold for $105,000.  The Average Sale Price was $308,871 and it took 98 days to settle from the time it was listed in the MLS. To View EVERY Art Museum property that sold between January 1, 2008 to May 31, 2008, click here!     Read the rest of this entry »

In Northern Liberties there were 29 house sales  and 14 condos sales in the 1st half of 2008. The highest priced House sold for $805,000 and the deal of the neighborhood sold at $160,000.  The Average Sale Price for a House was $438,520 and it took 100 days to settle from the time it was listed in the MLS. The highest priced Condo sold for $635,000 and the lowest sold for $152,500.  The Average Sale Price was $305,164 and it took 103 days to settle from the time it was listed in the MLS. To View EVERY NORTHERN LIBERTIES property that sold between January 1, 2008 to May 31, 2008, click here!    

Read the rest of this entry »

In the Graduate Hospital Area there were 101 house sales  and 20 condos sales in the 1st half of 2008. The highest priced condo sold for $445,000 and the deal of the neighborhood sold at $169,000.  The Average Sale Price for a Condo was $268,870 and it took 116 days to settle from the time it was listed in the MLS. The highest priced House sold for $1,075,000 and the lowest sold for $75,000.  The Average Sale Price was $359,179 and it took 92 days to settle from the time it was listed in the MLS. To View EVERY Rittenhouse Square property that sold between January 1, 2008 to May 31, 2008, click here!    Read the rest of this entry »

In Logan Square, 19103 there were 18 house and condo sales, combined in the 1st half of 2008. The highest priced home sold for $2,000,000 and the deal of the neighborhood sold at $350,000.  The Average  Price for a Home was $711,695 and it took 146 days to settle from the time it was listed in the MLS. To View EVERY Logan Square property that sold between January 1, 2008 to May 31, 2008, click here!     Read the rest of this entry »

In Queen Village & Bella Vista, 19147 there were 55 house sales  and 9 condos sales in the 1st half of 2008. The highest priced condo sold for $499,500 and the deal of the neighborhood sold at $244,000.  The Average Sale Price for a Condo was $374,833 and it took 90 days to settle from the time it was listed in the MLS. The highest priced House sold for $910,000 and the lowest sold for $135,000.  The Average Sale Price was $384,725 and it took 88 days to settle from the time it was listed in the MLS. To View EVERY Queen Village & Bella Vista property that sold between January 1, 2008 to May 31, 2008, click here!    Read the rest of this entry »

In Society Hill, 19106 there were 17 condo sales and 11 house sales in the 1st half of 2008. The highest priced condo sold for $2,375,000 and the deal of the neighborhood sold at $270,000.  The Average Sale Price for a Condo was $520,000 and it took 62 days to settle from the time it was listed in the MLS. . The highest priced House sold for $2,375,000 and the lowest sold for $652,200.  The Average Sale Price was $1,184,000 and it took 155 days to settle from the time it was listed in the MLS. To View EVERY Society Hill property that sold between January 1, 2008 to May 31, 2008, click here!   

Read the rest of this entry »

For Condos in Old City there were 60 sales and 1 house sale (highlighted in yellow) in the 1st half of 2008. The highest priced condo sold for $2,475,000 and the deal of the neighborhood sold at $185,000.  The Average Sale Price for a Condo was $436,611 and it took 94 days to settle from the time it was listed in the MLS. To View EVERY Condo that sold between January 1, 2008 to May 31, 2008, click here!  Read the rest of this entry »

For Houses in Washington Square there were 17 sales in the 1st half of 2008. The highest priced condo sold for $950,000 and the deal of the neighborhood sold at $185,100.  The Average Sale Price for a Condo was $478,156 and it took 115 days to settle from the time it was listed in the MLS.  To View EVERY House that sold between January 1, 2008 to May 31, 2008, click here!  

Read the rest of this entry »

For Condos in Washington Square there were 49 sales in the 1st half of 2008. The highest priced condo sold for $1,472,000 and the deal of the neighborhood sold at $126,000.  The Average Sale Price for a Condo was $507,000 and it took 127 days to settle from the time it was listed in the MLS. To View EVERY Condo that sold between January 1, 2008 to May 31, 2008, click here! Read the rest of this entry »

Below is courtesy of our own Sarah Schneider from KW Center City office:

Of late there’s been much ballyhoo over this new promised land called “Newbold”, down here in the South Philly 19145 zip. Well I’m being told that it’s like this:

Washington Ave. south to Snyder, and Broad St. west to 18th is called “Newbold”, and Snyder Ave. south to Wolf St., and Broad to 18th has been christened “Newbold South”.

They do exist in the area list on the MLS, although, no one seems to be using them much because due to the lack of awareness of the boundaries. Unsexy a name as it is, it (finally!!!) gave some ambiguously defined neighborhoods in the area a much needed identity other than just, South Philly, which real estate philistines STILL insist on calling Center City South….yeah, and Orlando, Florida is Miami north!!!!!

With luminary Stephen Starr having bought the Broad Street Diner, the gang at SPTR (that’s, uh, South Philly Tap Room for those of you just sinking your teeth in) putting a coffee shop at the corner of 15th and Mifflin, and Noah’s Ark bar at 16th and McKean undergoing an overhaul and yupping-up to a microbrew-and-burger taproom in it’s own right, well, you can fill in the blanks. Add that the area is served by major SEPTA routes in either direction and that pretty much seals the deal.

Better bone up on your trivia, kids…I see major Quizzo wars in our future.

I’m up for Happy Hour this Friday 7/18 around 5:30 at the SPTap…come on down!

Hope this shines a new light on a very desirable South Philly neighborhood and buyers out there will finally get what all the fuss is about. Me, I’m personally banking on ‘Bold to be the next big thing down under (Washington Ave., that is).

While planning a summer vacation recently I happened upon a website that lists the 10 sexiest restaurants in Center City Philadelphia as selected by April White, Food Editor for Philadelphia Magazine.  The criteria April used seems a bit vague- “Sexy can mean beautiful people sipping martinis at the bar, a kitchen that turns out big, sensual dishes, or a intimate hideaway of a restaurant” but it seemed worth posting since it’s summer and people are always asking me for a recommendation where they can eat, drink and be merry!  So without further ado, here’s the list- in no particular order. 

1. Amada
   217 Chestnut Street
   Philadelphia PA 19106
   215-625-2450
   www.amadarestaurant.com 
2. Meritage Philadelphia
   500 South 20th Street
   Philadelphia PA 19146
   215-985-1922
   www.meritagephiladelphia.com 
3. Barclay Prime
   237 South Street
   Philadelphia PA 19103
   215-732-7560
   www.barclayprime.com 
4. Nectar
   1091 Lancaster Avenue
   Berwyn PA 19312
   610-725-9000
   www.tastenectar.com 
5. Caribou Café
   1126 Walnut Street
   Philadelphia PA 19107
   215-625-9535
   www.cariboucafe.com 
6. Striped Bass
   1500 Walnut Street
   Philadelphia PA 19102
   215-732-4444
   www.stripedbassrestaurant.com 
7. Le Bar Lyonnaise
   1523 Walnut Street
   Philadelphia PA 19102
   215-567-1000
   www.lebecfin.com 
8. Washington Square
   210 West Washington Square
   Philadelphia PA 19106
   215-592-7787
   www.washingtonsquare-restaurant.com  
9. Los Catrines and Tequila’s
   1602 Locust Street
   Philadelphia PA 19103
   215-546-0181
   www.tequilasphilly.com 
10. Vetri
    1312 Spruce Street
    Philadelphia PA 19107
    215-732-3478
    www.vetriristorante.com