Summer may be ending but our local real estate market is heating up. Listings in East Falls & environs are selling high and fast.
Head for the border of East Falls & Allegheny West for a massive undertaking of new residential development. Rose Cooper (president, Ridge/Allegheny/Hunting Park Neighbors Association) confirmed that Phase 1 of the project – rental duplexes – is almost complete.
“People have already started moving in,” Rose told us, even though the last unit is still under construction at Commissioners & Shedwick Streets.
Two bedroom/two bath apartments rent for about $1400/month—and more are coming. Townhomes will be a part of Phase 2, followed by two more rows of apartment buildings along 34th Street and Shedwick. At the southern end of the block, developers seek to build a 7-story multi-until building with 60 – 80 more units, plus a café and retail on the ground floor (plans here).
“A lot of growth going on in the neighborhood,” Rose said, “I’ve been here 30 years and have never seen anything like it.” Most residents are excited by the new energy, although some have expressed concern there’ll be enough parking for everyone.
Speaking of development on our border: keep your eye on the former “Catfish Cafe,” a historic building at the end of Scotts Lane (facing the cemetery). Last year, a local restaurateur requested zoning for a cafe/brewery but word on the street is that the building is too damaged to restore so it’ll likely be razed for more residential construction.
In East Falls, there’s been a small tweak to the renovation plans for the former Redeemer Church property at the corner of Midvale Avenue and Conrad Street. Initially, the nine units were going to be rentals, but in August, they announced these would now be selling as 1 – 3 bedroom luxury condos.
Local realtor (and eclipse-watcher) Heather Petrone-Shook was upbeat about this new direction for How Property’s Residences at 3460 Midvale. “More taxpayers is always a good thing for the neighborhood!” she told us. Plus, there aren’t a lot of condos in East Falls, so she feels these should do well – especially considering how quickly the Penn Street townhomes sold (which were part of the original Redeemer property).
“I don’t think even the developers expected to get $600’s for the townhomes, “ Heather said. But with the market here so hot — and available inventory so low – prices for new construction are reaching all-time highs. Listings start at $249k for a one-bedroom condo on Midvale, slated for Fall 2017.
Stay informed about new development at East Falls Local, and get your voice heard every 3rd Thursday at East Falls Forward’s open community forum — plus free Happy Hour!
EFF is a Registered Community Organization in the city of Philadelphia.