Real Estate
Surging mortgage rates make homebuying more expensive for Philly
Mortgage rates surpassed 5% — the highest in more than a decade, according to data shared by Freddie Mac.
Why it matters: Low mortgage rates made buying in a sellers' market more affordable in the early stages of the pandemic.
See inside this Pennsylvania home hidden in a barn
This barn in northeast Pennsylvania isn't all it seems.
- Step inside and you'll find... an entire house for sale.
Philadelphia's historic Divine Lorraine to turn back into a hotel
The Divine Lorraine is ending its apartment leases and turning back into a hotel in the coming months, Billy Penn reports.
Driving the news: Renters received emails over the weekend notifying them that their leases won't be considered for renewal because of the decision.
- The emails didn't include timelines or any specific details about the historic building's plans.
What $300K gets you in Philadelphia real estate
The median home sales price in Philadelphia is $242,000, as of February, so we wanted to see how much house you can get for slightly above that price point.
- Our Axios Local colleague Maxwell Millington went looking for homes that recently sold for around $300,000. Here are three that stood out.
They bought houses in Philly for $10. A year later, they're developers
Zaire Potts paid $10 to purchase a single-family home in University City through a lottery system for aspiring developers last year.
- On March 3, the 32-year-old sold the property for $175,000.
New apartments to replace former Jimmy G's Steaks on N Broad Street
Luxury apartments will soon take over the former Jimmy G's Steaks location that closed last year on North Broad Street.
What's happening: Philly Capital Group (PCG) is gearing up to tear down the 1920s building at 689 N Broad St. to build 20 residential apartments and 1,400 square feet of retail space.
- The estimated $5.8 million project is slated to begin in the coming months.
Investors are buying up homes in Philly and driving more competition
Investors snatched up 15% of homes in the Philadelphia metro last year — more than several other top U.S. metros, according to a recent Washington Post analysis.
Why it matters: The flurry of activity from investors is making Philadelphia's hot housing market even more competitive.
Center City housing rebounding from pandemic lows
Center City's residential housing market saw gains last year, but long-term issues continue to hamper the city's growth.
- That's what the Center City District shared in its annual housing report, released this week.
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