Real Estate

Surging mortgage rates make homebuying more expensive for Philly

Illustration of a house's roof being taken off by a trend line soaring upward through the home
Illustration: Annelise Capossela/Axios

Mortgage rates surpassed 5% β€” 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

A home build inside a barn
A home inside of a barn at 77 Knorr Rd, Drums, Pennsylvania. Photo courtesy of Peter L. DeMarco

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 Hotel at 699 N Broad St.
The Divine Lorraine Hotel at 699 N Broad St will become a hotel again. Photo: Taylor Allen/Axios

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

Outside of apartment building in Philadelphia, PA.
2222 Gerritt St. Photo courtesy of Jennifer Grosskopf

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

A before and after of the kitchen and living room of Zaire Potts' first development project in West Philly. Photo courtesy of Zaire Potts
A before and after look of the kitchen and living room of Zaire Potts' first development project in West Philly. Photo: Courtesy of Zaire Potts

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

A rendering of the McDermott building proposed for 689 N Broad Street. Image courtesy of Philly Capital Group
A rendering of The McDermott building proposed for 689 N Broad Street. Image courtesy of Philly Capital Group

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

Illustration of a shadowy hand looming over three row houses.
Illustration: Brendan Lynch/Axios

Investors snatched up 15% of homes in the Philadelphia metro last year β€” 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.

Mike D'Onofrio
Feb 24, 2022 - News

Center City housing rebounding from pandemic lows

Center City  view from a parking garage in Philadelphia, Pennsylvania.  Photo: Hannah Yoon/Bloomberg via Getty Images
Center City view from a parking garage in Philadelphia, Pennsylvania. Photo: Hannah Yoon/Bloomberg via Getty Images

Center City's residential housing market saw gains last year, but long-term issues continue to hamper the city's growth.

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