W
hat's old can become new again at Echelon Mall site. Part of the former mall was demolished for Voorhees Town Center, which opened in 2008 with shops, restaurants, and about 400 homes. However, the site now needs revitalization, according to Voorhees Township's mayor. A potential sale could bring hundreds more homes and a new development.
In 1970, Echelon Mall was envisioned as a model for suburban downtowns, but it underperformed due to changing consumer habits and anchor store departures. The site has undergone renovations and redevelopments, including a failed partnership in 2020 due to the pandemic. A recent food court fire may complicate the sale of the property.
The township hopes a new development will bring about 200 homes and retail space, similar to Cherry Hill's Garden State Park. This could be a second rebirth for the site.
In contrast to the hot housing market a few years ago, when homes were selling quickly, listings are now taking weeks or even months to find buyers. Redfin found that in Philadelphia and Delaware County, about half of August home listings were "extra stale," meaning they remained on the market after 60 days.
The local real estate market is still struggling with low supply, which keeps prices high. In September, the median sale price in the Philly metro area was $379,900, up from last year's $355,000. While new listings increased slightly, the number of homes for sale remains below pre-pandemic levels.
Homeowners like Jim Logue are finding creative ways to enjoy their views while dealing with air and noise pollution. His Queen Village home was built on a site where Germantown founder Francis Daniel Pastorius once lived in a cave.
Philadelphia workers' commutes have shortened since the pandemic, but they're still longer than the national average. The city ranks fifth for longest commutes among the 50 biggest US cities.
The local real estate market is closely watching the supply of homes for sale. Tri-County Suburban Realtors chair Michael Maerten believes it's essential to reach a balanced market where neither buyers nor sellers have an advantage. However, with low supply and rising mortgage rates, the coming months may be challenging for homebuyers.
A photo quiz asks readers to identify the location shown in a picture. Last week's correct answer was the Academy of Music, with several readers correctly identifying it.
