A weekly roundup of real estate news, compiled by Suburban Realtors? Alliance week of 6-7-2024
Weekly News Briefs Scroll down for full text of articles
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Realtors head to Harrisburg to advocate for key issues On June 5, approximately 250 Pennsylvania Realtors headed to the capitol for more than 110 legislative visits to thank senators for their support of Senate Bill 1173, which they passed on June 4, and to advocate for its passage by the Pennsylvania House. SB 1173 would require a real estate salesperson license under the Real Estate Licensing and Registration Act to conduct residential wholesale transactions. In the Suburban Realtors Alliance’s four-county region, Alliance staff and 60 Tri-County and Bucks County Association of Realtors members visited 23 members of the House and Senate. Read more about PA Realtor Day on the Hill and SB 1173 at the Pennsylvania Association of Realtors blog.
High rates and prices leave many stuck in starter homes Over the past two years, home buyers and sellers have been pummeled by three colliding forces: the highest borrowing rates in nearly two decades, a crippling shortage of inventory, and a surge in home prices. People who bought their starter home a few years ago are finding themselves frozen in place by the “rate-lock effect” — they bought when interest rates were historically low, and trading up would mean a doubling or tripling of their monthly interest payments. More than 60% of U.S. homeowners have mortgages locked at rates of 4% or less, according to Freddie Mac. Avoiding the new, higher rates has become a huge deterrent not just to buying but to selling, which in turn has reduced inventory for prospective buyers. “The trade-up buyer has just disappeared,” said Sam Khater, chief economist at Freddie Mac. “The lack of supply, it’s not just that it’s causing prices to go up, but it’s causing prices in the bottom half of the price distribution to go up even more.” Over the past 20 years, the price for entry-level homes has nearly tripled, according to CoreLogic, a property information firm. Every other tier of single-family homes has also increased — just more slowly. Source: New York Times; 6/2/2024
PA extends application deadline for property tax/rent rebates Gov. Josh Shapiro’s office announced the deadline to apply for property tax/rent rebates has been extended. The deadline for older adults and Pennsylvanians with disabilities to apply for the rebates on rent and property taxes paid in 2023 is now Dec. 31, 2024. Previously the deadline was June 30. Eligible residents include Pennsylvanians 65 and older, widows and widowers 50 and older, and people with disabilities 18 and older. Find out more about the property tax/rent rebate program on the Pennsylvania Department of Revenue website. Source: ABC 27; 5/30/2024
HUD announces $803.7M for PA public housing authorities The U.S. Department of Housing and Urban Development (HUD) recently announced a $30 billion housing voucher initiative that will award more than $800 million to various groups across Pennsylvania. According to a HUD press release, Pennsylvania was awarded $803.7 million as part of the agency's "Housing Choice Voucher" program. The funding is intended to help public housing authorities assist those in need of affordable housing options. “These housing choice vouchers will create stability and certainty for individuals and families throughout the country,” said HUD Acting Secretary Adrianne Todman. “As HUD’s single largest investment in affordable housing, these funds make accessing affordable housing less burdensome for renters, public housing authorities, and landlords.” Source: Tioga Publishing; 5/15/2024
FHA increases allowable fees for assumable loans The Federal Housing Administration (FHA) recently updated its policies by increasing the fees mortgage servicers are allowed to charge — from $900 to $1,800 — when processing an assumable loan. Government-insured mortgages have the unique feature of being assumable to homebuyers. Assumable loans create opportunities for those with FHA-mortgages who are struggling to sell their homes in high-interest-rate environments, and consumers who wish to purchase but are sidelined because of higher monthly payments. However, many practitioners report delayed transaction times (often 30 to 60 days, or more), as the time and work needed to underwrite and process the assumption does not correlate to the amount servicers are able to charge. The National Association of Realtors commends FHA for increasing the allowable fees, which will help facilitate the transaction and assist homebuyers and sellers. Source: NAR; 5/21/2024 ?
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Bucks ?
Nonresidential development outpacing residential development in Bucks Data recently released by the Bucks County Planning Commission show a decline in proposed residential developments but an increase in nonresidential projects for 2023. The Pennsylvania Municipalities Planning Code (Act 247) mandates that the county planning commission reviews all land development proposals before local municipalities can approve them. The number of proposed residential units fell by 66%, from nearly 2,000 in 2022 to just 664 in 2023. West Rockhill, Lower Makefield, Middletown and Bristol townships led the county in proposed residential development. Nonresidential development, which includes industrial and commercial projects, saw a 37% increase from the previous year. Falls, Richland, Bristol and Buckingham townships were the leading locations for nonresidential developments. Read more at Levittown Now and in the planning commission’s annual report. Proposed subdivisions and land development projects can be viewed on the Interactive Maps page of the county website. Source: Levittown Now; 6/1/2024
Bristol Borough ponders use for site of demolished row homes State legislators joined Bristol Borough Council members in a tour of ongoing demolition of several row homes along Chestnut Street. The demolition followed the borough’s acquisition of the last privately owned property on the street in a partnership with the Redevelopment Authority of Bucks County that is supported by $1.3 million in state funding. Council President Ralph DiGuiseppe said the site could be suitable for new residential development or possibly serve as a new location for the borough’s fire companies, which are seeking a central station to better serve the entire town. The borough’s plan to clear and redevelop troubled areas along Elm and Chestnut streets began in the 1990s.? Source: Levittown Now; 5/31/2024
Buckingham pledges to power 100% of municipal operations with renewable energy Buckingham Township recently adopted an energy transition plan (ETP) that commits to 2035 and 2050 benchmarks for moving to 100% “clean and renewable” energy. A 2020 township resolution had already established the overall 2050 objective. The transition would begin with its electricity sector, and then for the rest of its municipal operations, including heating and transportation. Former township Environmental Advisory Commission Chair Andrea Strout said the ETP will always be in draft form to allow for taking advantage of advances in renewable technology. Buckingham is one of 43 municipalities in southeastern PA to adopt a commitment to renewable energy. The adoption of climate action plans, which add resilience and adaptation planning to ETPs, has been growing in the area. Source: Bucks County Herald; 6/1/2024
Blue Zones well-being initiative kicks off in Bucks A transformative initiative to improve the health and well-being of residents, Blue Zones Ignite Bucks Area, was announced today by state Sen. Steve Santarsiero (D-10) and the Bucks County Health Improvement Partnership (BCHIP). Funded by a state grant, the project includes an assessment of some Bucks County communities for the purpose of recommending infrastructure, policy and other improvements that will help determine how to make the community into a healthier and happier place to live, work, grow up and grow old. Blue zones are geographic regions where people live longer and healthier lives than average. Blue Zones Ignite Bucks Area includes the townships of Bristol, Falls, Lower Makefield, Newtown, Upper Makefield, Solebury, Buckingham, Doylestown, Plumstead and New Britain, and the boroughs of Bristol, Tullytown, Morrisville, Yardley, Newtown, New Hope, Doylestown, New Britain and Chalfont. A telephone town hall with BCHIP and Blue Zones will be held on Tuesday, July 9, at 7 p.m. to introduce the project. Read more in The Reporter. Source: The Reporter; 6/4/2024 ?
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Chester ?
Coatesville firefighters, city reach agreement The City of Coatesville and Coatesville Professional Firefighters IAFF Local 3790 reached terms for a three-year agreement covering the period from January 2024 through December 2026. The contract, which was signed during the May 13 city council meeting, comes on the heels of a recent ordinance designated to centralize all fire personnel and equipment under one roof at the Washington Hose Company that became effective April 1. “The city and union representatives addressed wage increases, full-time and part-time labor issues, and other important benefits that reflect our strong commitment to all of our firefighters,” said Coatesville City Manager James Logan.? Source: Daily Times; 6/2/2024
领英推荐
Kennett Consolidated School District breaks ground on new elementary school The?Kennett Consolidated School District?broke ground on its upcoming?New Garden Elementary School?in a ceremony on May 24 that took place behind the existing elementary school. The original building, which opened in 1957, is destined for demolition, with the opening of the new structure planned for 2026. The new building will cost $58.2 million. New Garden Elementary School sits on 25 acres on New Garden Road in New Garden Township. The new building will be 105,000 square feet and will hold 30 general classrooms for a capacity of 660 students. Source: Chester County Press; 5/29/2024
Easttown’s shade tree program focuses on Berwyn Village The Easttown Township Environmental Advisory Council is launching the second year of its shade tree program. The goal is to place street trees in visible locations to beautify Easttown's neighborhoods. The township's 2024 budget included funding for the installation of 20 native street trees, and this year's program focuses on Berwyn Village. Participation in the program is completely voluntary. Learn more here.? Source: Easttown Township; 6/1/2024
Five years of Landscapes3 Chester County's Comprehensive Plan,?Landscapes3, has reached the midpoint of its 10-year lifespan, so the county planning commission prepared an overview of the plan's success to date. Since the plan’s adoption in 2018, Chester County has continued to preserve significant open space, modernize its agricultural industry, preserve historic sites, build more apartments and townhouses, expand businesses, upgrade educational infrastructure, add trails and sidewalks, and improve local communities. The county planning commission is conducting a survey through June 30 to get feedback on what new issues the county should be planning for over the next five years of?Landscapes3. Source: Chester County; 5/17/2024 ?
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Delaware ?
Folcroft plans grand opening of new municipal complex Folcroft Borough Council and the mayor will hold a grand opening of the borough’s new municipal complex on Saturday, June 8, at 12:30 p.m. The two new buildings at 799 Ashland Ave. behind the Folcroft Library and clock tower include a new police station, municipal hall and a community center. “This is the first time in our history that the borough has had a community center that can service all residents of all ages and incomes,” Council President Joseph G. Papaleo said. “The completion of this project marks the end of the first phase of the rebirth of the borough.” Source: Daily Times; 6/2/2024
Eddystone mayor resigns to take position with federal government Eddystone is looking for a new mayor after Rob Yannuzzi sent word to borough council that he has stepped down to take a political appointment with the federal government. Yannuzzi said he will be in the Biden administration as the assistant administrator of the Office of Veterans Business Development in the Small Business Administration. Yannuzzi said he will spend a large amount of time in Washington, and stepping down was the right thing to do. He said that, as a former Navy veteran, his life’s work has been centered on supporting veterans’ needs, and that many veterans struggle to find a larger purpose after the military. Eddystone Borough Council is responsible for selecting a new mayor at its Monday, June 10, meeting.? Source: Daily Times; 5/28/2024
William Penn School District plans $115M-plus expansion to Penn Wood High School The William Penn School District is planning a $115 million expansion to the Penn Wood High School that will reconfigure the schools in the district. “The expansion creates spaces that support a 21st-century learning environment with a focus on STEM/STEAM that we cannot currently achieve without a renovation,” district business administrator Robert Kaufmann said. The design phase is not complete, but some areas that may be included are adequately sized science labs, makerspaces, vocational spaces, audio and visual spaces, such as a TV studio/podcasting studio, larger spaces for music and arts, a large business center, a gym that can support a PIAA tournament, and a larger cafeteria to accommodate additional students. In addition, renovations are planned for the school on Cypress Street, which now houses ninth-graders. That project would occur from April 2025 through August 2027, costing $28 million to $34 million. At the conclusion of the Penn Wood expansion, the ninth-grade students will move into the high school at 100 Green Ave. in Lansdowne, the ninth-grade building will switch to a sixth- through eighth-grade school, and sixth-grade will be moved out of elementary schools to Penn Wood Middle School in Darby. Read more in the Daily Times. Source: Daily Times; 6/2/2024
Upland Borough to consider vacant and abandoned property ordinance? Upland Borough will consider adding Chapter 131 to the Upland Borough Code, titled "Property Vacant and Abandoned.” A public hearing will take place on Tuesday, June 11, at 6 p.m. at Borough Hall, 224 Castle Avenue. The borough already has a chapter pertaining to blight control that was adopted in 2012.? Source: Daily Times; 5/31/2024 ?
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Montgomery ?
Proposed Perkiomen Valley schools budget includes 2.6% tax increase The Perkiomen Valley School Board is poised to adopt a final $132.9 million budget on Monday, June 10, that includes a 2.59% tax increase. During a recent work session, business administrator James Weaver reported that the budget includes $129.3 million in revenues and $132.9 in project expenses. The budget deficit will be closed using about $1.5 million in surplus from the fund balance, with the remainder covered by the tax increase. The projected tax increase is less than one discussed about a month ago, with Weaver attributing the change to a recent surge in earned income tax revenues. If adopted without change, the millage rate will increase from 36.38 mills to 37.32 mills for a tax increase of about $170 on a home assessed at $180,000.? Source: Pottstown Mercury; 6/4/2024
Upper Providence approves zoning change for alternative Parkhouse development plan Upper Providence supervisors voted 4-1 to adopt a zoning amendment that will allow for the alternative plan for the development of the Parkhouse property to move forward. The 176.5-acre property is adjacent to the Parkhouse Rehabilitation and Nursing Center. It is one of the largest undeveloped properties in the county. The current zoning on the property would have allowed a minimum of 1,203 age-restricted housing units to be built. The alternative, a proposed text amendment to the zoning, would allow 600 mixed housing units, 25% of which would be age-restricted. After talks with township officials, developer Gary Berman submitted a written covenant that reduced the number of housing units to “no more than” 585 housing units and 80 acres of contiguous open space. Supervisors voted to adopt the zoning amendment at the end of a special three-hour meeting during which more than 20 people — most in opposition — spoke.? Source: Pottstown Mercury; 5/31/2024
Upper Dublin to consider electoral district reapportionment and EIT referendum Upper Dublin Township commissioners will vote on June 11 on an ordinance to reapportion the seven wards of the township by revising boundary lines. The move is to make the populations in each ward as equal as practical, based on the 2020 census. At the same meeting, commissioners will also consider an ordinance approving the placement of a referendum on the ballot for the November election, setting a question before the electorate regarding the adoption of earned income tax to be used specifically for the purchase, maintenance, improvement and retiring debt for township open space. The meeting will be held on Tuesday, June 11, at 7 p.m. in the Upper Dublin Public Library, 520 Virginia Drive, Fort Washington. A copy of the proposed ordinance may be examined at the information desk in the township building, 370 Commerce Drive, Fort Washington. Source: The Intelligencer; 6/4/2024
Lower Merion to hold public discussion on sidewalk program Lower Merion has invited the public to share input and discuss the township’s sidewalk improvement program with township staff. The discussion will be held on Thursday, June 13, at 6 p.m. in the second-floor board room of the township building at 75 E. Lancaster Ave. There is increased interest in pedestrian mobility and safety throughout Lower Merion, and there has been significant public interest in improving the township’s sidewalk network. The public meeting is being held to inform residents about recent sidewalk improvements, implementation challenges and the criteria behind the prioritization of projects. Source: Main Line Media News; 6/2/2024
‘Summer Tastes Better in Montco,’ says Valley Forge tourism board The Valley Forge Tourism and Convention Board has kicked off a summer marketing campaign to highlight Montgomery County’s dining options. “Summer Tastes Better in Montco” launched on Memorial Day and will run through Labor Day. It invites residents and visitors in the Philadelphia region to explore Montgomery County’s restaurants, breweries, wineries and distilleries. Source: Main Line Media News; 6/3/2024 ?
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Philadelphia ?
As University of the Arts closes, its iconic Center City properties are likely to hit the market The abrupt closure of the University of the Arts, which has operated in Center City since the 1800s, will put a large real estate portfolio featuring some of downtown Philadelphia’s most recognizable buildings on the market. A 2022 city tax assessment estimated the combined market value of the university’s structures at about $162 million. The university's holdings include several historic buildings, a soaring former 19th-century hotel, and several other large high-rises. “The abrupt nature of the closure and how it's being done means there isn't any real planning happening in terms of the transition, it’s potentially all going to be sold at fire sale,” said state Rep. Ben Waxman (D-182), whose district includes the area. “This has huge implications for all of downtown. These are prime pieces of real estate in Center City at the same time as we have a commercial real estate crisis looming.” Source: Inquirer; 6/4/2024
Citywide ‘clean and green’ initiative will start in the Lower Northeast Lower Northeast Philadelphia neighborhoods like Frankford and Bridesburg and parts of Kensington will soon be swarmed by crews picking up trash, towing abandoned cars and filling potholes. They’ll be the first areas to benefit from Mayor Cherelle L. Parker’s promise to clean every neighborhood this summer, city officials announced. The following week, the operation will move to North Philadelphia neighborhoods, including Olney and Hunting Park. Then they will head south to Strawberry Mansion and Brewerytown. The cleaning crews will include workers from a dozen government agencies, including city departments like streets and sanitation as well as the Philadelphia Parking Authority. They will move weekly from June 3 to Aug. 26, with the targeted areas corresponding to the city’s 13 sanitation districts. Carlton Williams, the administrative director of clean and green initiatives, said they plan to “deep clean” every block in the city, but he asked for patience and encouraged residents to report missed blocks to the city for follow-up. Members of the cleanup crews will use a mobile app to take photos logging their work, and residents will be able to follow along with the progress at the Office of Clean and Green. Read more in the Inquirer.? Source: Inquirer; 6/2/2024
Chestnut Hill likely to get a conservation district following controversial apartment proposal An effort to create a neighborhood conservation district mandating design and materials in development around East Mermaid Lane in Chestnut Hill is on track to be passed by city council in June, despite pushback from the Philadelphia Planning Commission. The bill would create a zoning overlay governing new construction and remodeling in that corner of Chestnut Hill. Vinyl and aluminum siding and concrete masonry would not be allowed, for example, while Wissahickon schist, brick and limestone would be. Among a long list of provisions, the bill would also ban roof decks, force HVAC equipment and gas meters to be hidden from the street, and require that at least 15% of a front yard be landscaped. “What we were trying to do is just make [developers] build something that looks similar,” said Camille Peluso, an architect of the overlay. “We’re not asking to be draconian like a historic society or an HOA that requires paint colors.” Conservation districts are a little-used development tool in Philadelphia that are meant to ensure that new and renovated buildings accord architecturally with the existing neighborhood.? Source: Inquirer; 5/21/2024 ?
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