H
ome ownership is becoming increasingly expensive, with high prices and elevated mortgage interest rates deterring some buyers. As a result, people priced out of the market are turning to build-to-rent communities, where developers create neighborhoods of single-family homes for residents to lease instead of purchase. These communities have become more popular nationwide as homes become less affordable to buy and maintain.
Renting a single-family home is not new in Philly, but build-to-rent communities offer something different - professionally managed neighborhoods with dedicated maintenance staff and amenities like yards, garages, clubhouses, and playgrounds. The demand for these communities spans life stages and incomes, including households that move frequently, families who can't afford to buy in their preferred school district, and older homeowners who want space and less maintenance.
The Philadelphia Land Bank has been unable to buy properties at sheriff sales since March 2020 due to a problem with the online auction house hired by the Sheriff's Office. This issue is preventing the Land Bank from buying lots for community gardens and affordable homes, leaving supporters of these projects in limbo.
In other news, the typical down payment for a home in Philly is comparable to payments in other regions, but it's still a significant hurdle for many buyers. The largest unit in Philly's largest condo building is on the market for $2.3 million, and a piece of Jersey Shore beach can be bought for $1 million.
A woman's death after first responders were unable to enter her building has sparked a lawsuit from her son seeking answers. A Secret Service agent had his apartment lease canceled by DOGE in Philly, and Mitchell & Ness is opening a larger flagship store on Walnut Street.
The housing market seems to have taken a wait-and-see approach early this year, with new pending sales and listings down 10.5% in the Philadelphia metro area last month. Active home listings were up almost 10%, but supply remains low - just 44% of what it was in February 2019.
A Pottstown property that was featured on a TV show after its owners cleaned out decades' worth of belongings is now available for viewing, and the traditionally busy spring housing market has begun.
