Philadelphia Real Estate Magazine Oct/Nov 2021

PHILADELPHIA

REALESTATE REALESTATE

OCTOBER/NOVEMBER 2021 ISSUE

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INSIDE THIS ISSUE

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PHILADELPHIA REAL ESTATE MAGAZINE | OCTOBER/NOVEMBER 2021

Letter from the

PUBLISHER:

W

elcome to the second edition of Philadelphia Real Estate magazine. In this magazine you read not only about the Philadelphia Real Estate market, but what life is like in the City of Brotherly Love.

We are the Newspaper Media Group and we create over 40 publications within New Jersey and Pennsylvania that specialize in original and local content. A few years ago, we started the South Jersey Real Estate magazine which has been a success with our readers as well as our partners. We noticed that this type of community content was missing in the great city of Philadelphia and decided to launch Philadelphia Real Estate Magazine.

We hope you enjoy this edition and look forward to our upcoming issues.

Yours Truly,

PHILADELPHIA

REAL ESTATE OCTOBER/NOVEMBER 2021 ISSUE

COO

PERRY CORSETTI VP OF SALES

ARLENE REYES PUBLISHER

BRITTANY ROUGHT EDITOR

MACKENZIE FITCHETT ADVERTISING

JOHN GALLO TATIANA TABILE Brittany Rought Publisher

December 2021 issue coming soon!

PHILADELPHIA

REALESTATE

CONTRIBUTING WRITERS

CHRIS ISAAC TAYLOR LIER RYAN LAWRENCE SAM DONNELLON LAUREN LAMANTIA JASMINE FARRELL CREATIVE DIRECTOR

KIMBERLY KRAUSS

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Cover Photo courtesy of Jamie Giambrone

PHILADELPHIA REAL ESTATE MAGAZINE | OCTOBER/NOVEMBER 2021

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PHILADELPHIA REAL ESTATE MAGAZINE | OCTOBER/NOVEMBER 2021

Making an Offer: Seller vs. Buyer’s Market

BY JASMINE FARRELL

H

ow you make an offer in certain market conditions is crucial to a successful home purchase.

With all the inevitable stress that comes with purchasing and selling a home, the last thing both parties need is bitter loose ends.

Check out some general tips and recommendations on how to approach your offers in both a buyer’s and seller’s market from Anne Koons, a realtor who recently featured on House Hunters, and John Wylie from Compass.

Remember, it’s vital that you work with your agent and consider their advice.

Their experience and knowledge base will be your greatest asset in confusing offer situations.

BUYER’S MARKET AND SELLER’S MARKET Buyer’s and seller’s markets offer very differing circumstances. For example, homebuyers must consider how they will make an offer in the current selling atmosphere.

A ‘buyer’s market’ is a real estate environment in which there is more supply than demand; simply put, there is an excess of houses available, implying that buyers likely have higher bargaining power. In other words, there are too many houses and too few buyers. Home prices tend to drop in order for sellers to attract more buyers. On the seller’s side, it is unquestionably more competitive.

A ‘seller’s market’ is the opposite, in which demand outweighs supply. In this environment, sellers are likely to receive multiple offers on their property, giving buyers minimal to no bargaining power.

In fact, it is not uncommon for buyers to please see MARKET, page 5

PHILADELPHIA REAL ESTATE MAGAZINE | OCTOBER/NOVEMBER 2021

MARKET

continued from page 4

have to offer well above the asking price in a seller’s market.

WHAT MARKET ARE WE IN NOW? Although the U.S. is in a seller’s market (generally speaking), Wylie confirms, “Seller’s market for sure. Things are still settling/normalizing [from the pandemic] but the seller’s market. Last summer, there were hundreds of buyers; this past summer, things [inventory] sat a bit longer. I think this fall is a great opportunity for buyers, being that we saw the first normal summer. Active listings are up 1 percent.” Anne Koons, a realtor with over 36 years of experience, confirms that although the U.S is in a seller’s market, it could be changing. She states, “I think it’s changing. The seller’s market may not be as strong right now but will have heavy ammunition due to a small inventory.”

BUYER’S MARKET This is the ideal time to purchase a home – but you still want to make sure your purchase is successful without overpaying for the property.

• Take a breath, take your time. If you miss out on a property, something similar will most likely become available.

Koons strongly urges buyers not to fall in love with the house. “You’ll find another one. Make sure to leave your emotions out of it. Treat it like a business transaction,” she states.

• Be a step ahead of the game. Koons says, “Get pre-approved before bidding so you’re further along than others.

If you’re cash buying, have proof of funds.” Although, she strongly advises first-time buyers to obtain a mortgage, “especially now that mortgage rates are low. First-time buyers should buy now.

You can always trade up in 5 years.”

• Review comparable sales and listings.

Knowing the competing stock will help you have a better gauge of your target property’s value.

• Consider how long a property has been on the market. More days on the market means buyers are likely getting anxious for an offer – even a low one – so you have more bargaining power.

• Submit a lower offer than asking but try not to insult. If you submit an offer that is too low, sellers may feel like

you’re taking advantage of them or do not see the value in their property.

Some sellers won’t even respond to these offers, which can negatively affect the negotiation process.

• Do not skip over an appraisal or inspection. One will never know what repairs or issues may result in a steeper bill in the long run. When speaking with Koons, she strongly urges buyers to have an inspection done.

• According to Wylie, it is critical to “know the location you are interested in and be open to expanding that location.”

SELLER’S MARKET These markets present more challenges for buyers as there are fewer properties available. Sellers need to act decisively.

Being that this is still the market that we are currently in, buyers, please take heed!

• Time is not on your side – act quickly.

When a house comes on the market, schedule a viewing as soon as possible so you can make an offer before the competition.

• Have your pre-approval on hand and up-to-date if you are unable to make a cash offer.

• Make a strong offer. This is not the time to low-ball or get a discount. Put your best foot forward, especially if you know that interest in the property is high.

• Offer to pay closing costs. This ultimately increases the seller’s net gain in the sale to further improve the attractiveness of your offer.

• Close on the property quickly. Unless the seller has disclosed their desired closing time frame, they likely want to sell the property as soon as possible.

• Remain focused! Rank your musthaves, so you’ll be more receptive to other things.

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SOURCES: John Wylie, REALTOR® Compass RE Royal Realty Group 1624 Locust Street, 5th Floor Philadelphia PA 19103 M: 267.630.2370 O: 267.435.8015 John is a native Philadelphian who found his way to real estate after a successful 15-year career in corporate America. His background in merchandising and analytics has proven to give him a unique talent in finding and marketing homes. John blends his business acumen with his desire to make all his clients’ dreams come true.

Anne Koons M: 856.261.5111 O: 856.795.4709 akoonsbhhs@gmail.com www.annekoonsrealestate.com DESIGNATION(S): REALTOR®, e-Certified, Luxury Homes Specialist As a longtime resident of South Jersey living in Voorhees, NJ for the past 43 years, Anne E. Koons’ knowledge and expertise in Camden, Burlington & Gloucester counties and Philadelphia ensures would-be clients that they’ll receive the professional and reliable service that they deserve. For over two decades, her “client first” philosophy has earned Anne recognition as the #1 agent in the Berkshire Hathaway HomeServices Fox & Roach, Realtors Cherry Hill Office for over a decade. Anne was named one of the 15 Women to Watch by South Jersey Biz magazine and achieved the Platinum Level of the NJ Realtors® Circle of Excellence Sales Award in 2015, 2017-2020 and achieved the Gold Level in 2016.

IE: Consider the number of bedrooms you will require and whether you will need a backyard and a fireplace.

Leon De Fulgentis - Board of Record

Lastly, it is important to work closely with a professional in both a buyer and seller’s market. Be educated about the market conditions and consult with your agent to secure a property at the right price. Wylie urges, “Find a solid agent and vet them to! Ask them how many houses they’ve sold and their experience.” ■

Call today for a free home consultation!

Photo courtesy of Jamie Giambrone

With over 40 years of being in the Real Estate industry and have lived in Philadelphia my whole life. I can provide you with the best service around!

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PHILADELPHIA REAL ESTATE MAGAZINE | OCTOBER/NOVEMBER 2021

SPOTLIGHT:

CHERRY STREET PIER

PHILADELPHIA REAL ESTATE MAGAZINE | OCTOBER/NOVEMBER 2021

BY RYAN LAWRENCE

L

ast spring, a little girl walked into one of the oldest piers along Delaware Ave., a building with its original structure and facade, and her eyes lit up like she had sneaked downstairs and saw Santa Claus on Christmas Eve.

you don’t even feel like you’re in the city anymore.”

The pier is also a place with history.

Pier 9 was originally built in 1916 and finished two years later (Eberle believes

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The DRWC acquired the pier from the city more than 30 years ago and tried to partner with developers. Nearly everyone wanted to tear the pier down and start from scratch or build condominiums.

The DRWC wanted to keep the oldest pier and its foundation intact, so they decided to develop it themselves. What came next was a $4 million makeover project to repurpose the space into a creative public venue.

What she saw instead was a group of ballet dancers going through a routine at Cherry Street Pier.

“I want to be a ballet dancer,” she said. “But I’d never seen someone perform in real life before.”

The girl was elated. So was Sarah Eberle.

“It was amazing to see that,” Eberle said. “I love those moments.”

Eberle has worked as the general manager of the pier, along with the Delaware River Waterfront Corporation (DRWC), since its opening three years ago and she was recently promoted to creative director of the waterfront. She has seen the space evolve from oversized-storage facility on the river to a hot spot in the city, where art is celebrated and city dwellers and visitors of all ages can feel welcomed.

“I don’t want to discount some of the early programming that we had, some which drew really big crowds, but honestly, we really hit our peak during the pandemic,” Eberle said of the summer and fall of 2020. “I think a lot of that has to do with the fact that we’re open-air, we’re so large and we’re able to still do things and give people an option to get out of their house in a safe way. It’s just been growing, growing and growing since.”

Cherry Street Pier, formally Municipal Pier 9, opened in October of 2018 and has quickly emerged as a versatile, multiuse space with art studios, a performance space, food vendors and regular free activities for kids of all ages.

It is also a place artists call home -- 14 artist studios creatively work out of individual, fishbowl-like shipping containers -- and where kids, teens, young adults and older folks can find something fun to do on any given day.

“It’s a nice escape for people,” Eberle said. “You get to the end of the pier and

In 2017, artist Ann Hamilton and the Fabric Workshop and Museum held an exhibition at the pier and Cherry Street Pier’s current form took shape.

the explanation for the construction delay could, ironically, be due to the Spanish Flu pandemic).

One hundred years ago, the pier was home to the United Fruit Company.

Ships were parked along the Delaware and delivered freights of fruit. The United Fruit Company (now Chiquita Brands International) distributed throughout the city from the pier for decades before moving to the Navy Yard more than half a century ago.

Then, the pier was home to a company that refueled ships. And then it was mostly abandoned for some time, other than used as a gigantic storage bin.

Do you remember the trolleys that ran down Delaware Ave. in the 1990s? Those were stored at the current Cherry Street Pier and have now been repurposed as food trucks.

“There was a tremendous response from the public,” Eberle said. “DRWC was really impressed with the number of people that came to see this art exhibition, so we thought, ‘Well, maybe that’s the direction we should take this pier.’”

Every popular spot has an origin story.

Cherry Street Pier’s is multi-layered, spanning a century.

Today, the pier is a place where both aspiring artists and young families can take free art classes on Fridays and Saturdays, where couples can enjoy food and drink in an open-air garden and where young girls can dream about being a ballerina.

“What I love about the pier is every time you walk in, there’s something different happening,” Eberle said. “One day it’s people performing ballet, the next day it’s a drag queen cabaret, the next day it’s tap dancing. We want the person out walking on the street to see something different every time they’re here.” ■ Photos courtesy of Jamie Giambrone

19103

PHILADELPHIA REAL ESTATE MAGAZINE | OCTOBER/NOVEMBER 2021 THE RICH HISTORY OF PHILADELPHIA ZIP CODE

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BY: TAYLOR LIER

E

very city has a history. Whether it’s distinct landmarks or notable members of society who lived and worked in an area, every city has a story rich with memories.

For Philadelphia, the city’s history is quite diverse and unique. Founded by William Penn in the English Crown Province of Pennsylvania between the Delaware and Schuylkill rivers in 1682, Philadelphia has grown to be a city full of vibrancy in cultural and financial sectors but most notably in the arts. With many theaters, historic and music institutions, Philadelphia has been one of the key go-to areas for actors, musicians and artists to grow in their craft and share their

artistic skills with others.

Located on the Ben Franklin Parkway since 1876, The Academy of Natural Sciences of Drexel University is one of the nation’s leading natural history museums, with its sole mission to helping society understand the natural world, and as a result taking action to preserve it.

“My museum is the oldest natural history institution in the Americas as well as the only natural history institution in this specific zip code,” said Carolyn Belardo, Director of Public Relations for The Academy of Natural Sciences.

The Academy of Natural Sciences has strived to capture the history between useful learning and helping to explain the relationship between the American people and the natural world in a more comprehensive way. According to the academy’s archives, the Academy was founded when the United States hugged the Atlantic coastline and Philadelphia was the cultural, commercial and scientific center of the new nation. Classic expeditions to explore the western wilderness, such as those led by Stephen Long and Ferdinand Hayden, were organized at the Academy. Some of these explorers’ findings are now compiled in the Academy’s scientific collections, collecting more than 18 million specimens.

While The Academy of Natural Science’s current mission is helping to obtain more information on environmental themes, its goal is a historic one. Since the late 1940s, before climate change and water pollution were huge global concerns, the Academy established the Environmental Research Division.

This established a research need in the Academy for aquatic ecosystem and traditional systematics research, two areas please see HISTORY, page 9 Photos courtesy of Jamie Giambrone

PHILADELPHIA REAL ESTATE MAGAZINE | OCTOBER/NOVEMBER 2021

instincts and true dedication to her students and their professional careers.”

Located in Rittenhouse Square which was a high-society and wealthy mansion district of Philadelphia, The Curtis Institute had a unique asset it brought to the community.

HISTORY

of discovery that are still vital in the Academy’s findings in recent years.

Establishing a major position in American classical composition and performance in the early nineteenth century, the Curtis Institute of Music has been paramount in jumpstarting the careers of famous orchestra principals, vocalists and pianists of the time. From English conductor Leopold Stokowski to cellist Mstislav Rostropovich, The Curtis Institute of Music has been home to Curtis Pulitzer Prize winners, Guggenheim Fellowship honorees and Avery Fisher Award recipients among other noteworthy distinctions.

Founded by Mary Louise Curtis Bok, the only child of Philadelphia-based Louisa Knapp and Cyrus H. K. Curtis, whose Curtis Publishing Company produced two of the most popular magazines in America: the Saturday Evening Post and the Ladies’ Home Journal, The Curtis Institute of Music strived to incorporate every individual, regardless of their socioeconomic status, who were gifted enough for professional careers to learn and hone their skills.

“Mary Louise Curtis was always a generous and kind woman,” said Barbara Benedett, Digital Archivist at the Rock Resource Center for the Curtis Institute of Music. “Many alums referred to her as ‘Aunt Mary’ because of her motherly

Players. “Actors like Philly native Kevin Bacon as well as John Barrymore have taken the stage here and have then gone on to star in some of Hollywood’s biggest films.”

The Plays and Players Theatre’s architectural design also plays a historic significance to the area. With mercer tiles from Doylestown, Pennsylvania and ornate decorations with beautiful murals by American painter Edith Emerson, the approximately 300-seat theater has made several debut performances over the years ranging in classic to new plays and revues and various genres.

“The theater is well known for being the pioneers of children’s theater,” Verbrugghe said. “This still stands true today in our performing and fundraising efforts.”

continued from page 8

Aside from a history rich in natural exploration and discovery, Philadelphia’s 19103 zip code is home to many significant happenings in the history of music, more specifically in the classical genre.

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Being in existence for more than a century, Plays and Players Theatre is known as one of the oldest theaters in continuous use in the United States.

“Despite being founded by a woman which is remarkable for that time period and is still notable in current times, the institute had a rare tuition -free policy which provided merit-based scholarships to all Curtis students,” said Kristina Wilson, Archivist at The Curtis Institute of Music. That tuition-free education is still provided today.

“American conductor Leonard Bernstein put it into great words when he described the historical significance of The Curtis Institute at its 50th anniversary,” Wilson said. “He said the institute is a ‘virtuoso factory’ thriving in providing a musical oasis to performers and vocalists and helping to preserve the need and love for classical music.”

When people think of Philadelphia, they often refer to its rich history in theater and the performing arts. Known as the “Little Theater of Philadelphia”, Plays and Players Theatre on Delancey Place began in 1911 as a social club devoted to expanding and developing new theater experiences for and by its membership. The first President, Maud Durbin Skinner, was the wife of the famed American actor Otis Skinner.

“Our little theater as the community calls it has been home to many actors and actresses who have become household names,” said Arte Verbrugghe, Development Director for Plays and

“Our mission is to provide diverse and intelligent performances to theatergoers of all ages,” Verbrugghe said. “We want to engage with audiences for many more years to come and continue our historical legacy in the community.”

Through academic institutions, music and theater, the Philadelphia zip code of 19103 has been instrumental in providing culturally rich origins for the area.

Through its illustrious residents and sense of community, the history of this small section of the “City of Brotherly Love’’ can still be sensed in the air, heard through its sounds and seen on its stages. ■ Photos courtesy of Curtis Institute

Top: Moskow Photo. Bottom: Curtis Institute of Music Archives

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PHILADELPHIA REAL ESTATE MAGAZINE | OCTOBER/NOVEMBER 2021

Great Philadelphia TO INVEST Neighborhoods IN AND WHEN TO DO SO

PHILADELPHIA REAL ESTATE MAGAZINE | OCTOBER/NOVEMBER 2021

BY CHRIS ISAAC

I

t is no secret that the last year and a half of the pandemic has wreaked havoc on many industries. The real estate market is no different, with disruptions to business simultaneously leading to properties needing to be sold, but many buyers being unable to afford them.

However, for those who can purchase now, one appealing advantage is the current record low interest rates. For investors looking to get involved with properties around Philadelphia, a few real estate professionals offer some sage advice on the most promising areas right now.

“There is a lot of potential still in South Philly,” said Mario Flacco, a listing agent with Spectrum Realty who has worked in real estate for three and a half years.

“19145 is very hot. 19148 is very hot.”

However, Flacco emphasizes the importance of doing your research before investing. “You go off what’s sold in the area, and the resale, and the work that could be done in the property. If the numbers make sense, you go forward with it and make the move.”

While there is understandably a lot of focus on how the pandemic has impacted the market, other big changes are also continuing to happen. For Barbara Capozzi, those other imminent transitions are what concern her.

Capozzi is a third-generation realtor who has been with Keller Williams for 30 years. She is an associate broker who handles many construction projects around 20th street, Packer Park and other nearby neighborhoods. She continues to expand in that area and recommends the neighborhoods, but also cautions that speed is of the essence.

She stresses complications will be arriving come January 1st due to several new laws and regulations going into effect.

“With the change in the 10-year tax abatement, the 1 percent construction tax, with inclusionary zoning, I think most people will not be able to build in Philadelphia anymore,” said Capozzi, voicing concern about how these regulations will impact the market. “I think people better jump on whatever they see now, because all building is going to be harder come January 1st. And I think whatever’s around now, there is very

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little inventory, and I think there will be even less in January.”

Problems with labor shortages and increases in the cost of construction materials are realistic concerns. It slows down the development of new projects and is part of the reason why current real estate inventory has risen in price.

As Capozzi went on to say, “There is a lack of supply. Because of all the rules, and because of Covid, and because of all the slow downs and delays. And you can’t get material and the material you do get is twice the price. So what’s around now will do well, but it’s at a higher price than it would normally be.”

Development is still happening in the neighborhoods Flacco and Capozzi each recommended, but you will likely be spending more to invest now than what would have been standard two years ago prior to the seller’s market. However, being able to adapt and continuing to invest is what will balance that. The more that is on the market, the more prices will even out. As Capozzi accentuated, it comes down to “supply and demand.”

Both Capozzi and Flacco acknowledged the pandemic has driven up prices and that there is no clear end to that in sight. The consensus from both agents is that waiting for things to go back to “normal” may be fruitless. If there is a property that interests you, both realtors recommend not letting the current environment hold you back.

“If you want it you’ve got to go get it,” said Flacco. “And you’ve got to get it quickly. You can’t hesitate.” ■

Photos courtesy of Jamie Giambrone

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PHILADELPHIA REAL ESTATE MAGAZINE | OCTOBER/NOVEMBER 2021

Raising Children through the

Hustle-and-Bustle of a city

BY LAUREN LAMANTIA

W

hen it comes to raising a family in a city like Philadelphia, the hustle-and-bustle of the city can have its perks and downsides, especially when it comes to balancing family life and city life. Although sharing house space with family members may be an aspect to take into account when relocating, the city of brotherly love offers a different lifestyle for families in comparison to suburban neighborhoods.

With so many parks and different food markets, the city sparks discovery at every turn, allowing for many options for families to spend quality time together.

Team Principal & Real Estate Sales Associate with On The Square Real Estate, Margaux Genovese Pelegrin, grew up in the Rittenhouse Square section of Philadelphia and lived in Washington D.C. for a period of time.

Shortly after living in Washington D.C., Pelegrin moved back to her home city and has been there ever since. Now, Pelegrin is working and raising her two boys with her husband in the city she spent her childhood, making her an please see FAMILY, page 15

PHILADELPHIA REAL ESTATE MAGAZINE | OCTOBER/NOVEMBER 2021

FAMILY

continued from page 14

expert on what the city offers to families looking to move.

Pelegrin spoke on behalf of what growing up in the city taught her as a child, reflecting on the environment she was raised in and what she realizes about it now as an adult.

“As a parent, what I realize more is just the connectivity my children have to other children in the neighborhood, and that’s just from when they were really young just meeting at parks and meeting different families there,” Pelegrin said

ums and history in Philadelphia is the easiest way to figure out something to do on a Saturday afternoon,” Pelegrin said In her experience on raising small children in the city, Pelegrin spoke on behalf of one factor to keep in mind, that places in the city are so easily accessible.

“As a young mom, being able to walk out of the house with a stroller, I would be able to get so much accomplished

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members.

“The biggest downfalls are space, space is a premium in the city no matter what part you’re in,” Pelegrin said, “We balance that out with using the public spaces in the city. We look at the city as an extension of our backyard.”

Aside from balancing out pros and cons of raising a family in the city, Pelegrin spoke on behalf of some of the hidden gems of the city to spend time with

Pelegrin also shared her thoughts on how living and raising a family in a city environment allows something for everyone.

“Raising a family in the city allows for us to interact with all different people that we wouldn’t have met otherwise.

And that goes from casual interactions at a playground or a park, and then also more intentional interactions like when you are making last-minute plans to meet up with a friend,” Pelegrin said, “Sports teams or sports organizations are great ways to do that as well.”

In addition to the many parks spread throughout the city and the socialization that comes with attending sporting events, having all of the city’s history at your fingertips is another option for family-fun according to Pelegrin.

“Having access to all the different muse-

just walking a half mile radius of my house. Dropping off dry cleaning, picking up groceries, stopping off at CVS, the library, all with a baby just in toe.”

Pelegrin said, “And that’s so unique to city life,” When considering living in the city with other family members, Pelegrin shared her opinion on one of the downsides, sharing a tight-city-space with family

family. This ranges from Sister City Park and Markward Playground appealing to younger kids, to notably one she recommends, FDR Park, located on 1500 Pattison Ave. & S Broad St. ■ Photos courtesy of Jamie Giambrone

PREVIOUS PAGE: Katie Fabius and her daughter Julia at the Horticulture Center in Fairmount Park. TOP LEFT: Sister Cities Park BOTTOM LEFT: Liberty Lands in Northern Liberties RIGHT: Annemarie Casino chases her son Julian Rehr aat the Horticulture Center in Fairmont Park.

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PHILADELPHIA REAL ESTATE MAGAZINE | OCTOBER/NOVEMBER 2021

Wanna Make Some Easy Money?

Make your home energy efficient

Area experts offer tips to spend less on heating and cooling

BY SAM DONNELLON

S

ome Philadelphians have the energy equation completely backwards.

It’s not whether you can afford to make your home more energy efficient.

It’s whether you can afford not to.

According to the American Council for an Energy Efficient Economy, more than a quarter of Philadelphia households have an energy burden that is twice the median of 3.2 percent, and over half of those are categorized as having a severe energy burden (above 10 percent). The Environmental Protection Agency has estimated that up to 30 percent of energy in the city’s buildings is wasted.

It all adds up to wasted resources, and most importantly, wasted money. Waste that can be easily avoided, says Mario please see ENERGY, page 17

PHILADELPHIA REAL ESTATE MAGAZINE | OCTOBER/NOVEMBER 2021

ENERGY

continued from page 16

Tropeau, a real estate agent for Keller Williams Philadelphia. “Energy efficiency is so important in today’s market,’’ says Tropeau, a housing rehab specialist also involved in new construction around the city.

ogy is much better now. Performance is better. The systems are really smart so they ramp up and ramp down based on the actual need for heating and cooling in the home. It’s just a much more comfortable heating and cooling experience than what people had in the past.’’

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Philly’’ Program. In its fifth year, over 750 households have been converted to solar. With its cost-cutting incentives, it also provides a small piece of equity for those in lower income homes. The program has led to millions of dollars in investment and created almost 100 jobs.

And with consumer-friendly loans and leases, the savings are immediate. Monthly loan payments are less than payments to PECO or a heating oil supplier. For those who buy a solar

Re-sealing older windows, installing low-cost programmable or smart “Nest” thermostats and replacing old light bulbs with high-efficiency LED ones can shave thousands annually from your energy bills.

“The cost of a tube of caulk is a few bucks,’’ says Alon Abramson, Director of Residential programs for The Philadelphia Energy Authority. “ There are plenty of tips out there on YouTube and other places on how to find air leaks and how to stop them. And it’s not a lot of effort. You will see some real energy savings for a very low cost.’’

According to Tropeau, doing this and updating your heating and air conditioning with high efficiency models, reduces energy costs by as much as 40 percent. Any upgrades also add value for any future resale. And, according to city officials, developers who use updated energy codes to prioritize energy efficiency, benefit from a streamlined permitting process, higher building density than normal and tax incentives.

“If your system is over 15 years old, chances are it is incredibly inefficient and there are many options that are going to perform better and you will see a return on that investment in a number of years,’’ says Abramson. “There are plenty of homes with oil and it is an especially good idea to replace those systems. Oil is quite expensive and it’s also unpredictable as far as prices.’’

Gas energy is better, but Abramson recommends bypassing that in favor of a heat pump system -- “Especially if you don’t have a central air conditioning system, which a lot of these older homes do not,’’ he says. Adding central air can be expensive and they now make cold climate heat pump systems that heat and cool your home which can utilize or bypass existing ducts. “They were kind of crappy in the past. The technol-

There are approximately 331,000 row homes in Philadelphia, says Steve Luxton, the CEO of the non-profit Energy Coordinating Agency (ECA).

Founded in 1984, to aid economically disadvantaged residents in improving their efficiency, it sometimes installs as many as 1,000 new units in a year. But its biggest contribution, says Luxton, is “air sealing’’ those homes.

Luxton spent many years as an Energy Auditor, or a Building Scientist before heading up ECA. “We get pretty aggressive,’’ he says. “We use caulk. We use a lot of expandable foam. We will sometimes spend half a day with two men, working from basement to the attic cavity, filling all sorts of gaps, cracks, joints, holes that communicate unwanted air into or out of that space.’’

Abramson heads up PEA’s “Solarize

system, a typical loan takes about 10 years to pay off. After that, the only cost is maintenance. “It’s not risky in reclaiming the value, should you sell,’’ says Abramson. “And on the payback front, you now own something generating energy for you. In lieu of paying PECO for whatever kilowatt hours you are generating through this energy, you are paying off your system. If you didn’t have this system, you would just pay PECO forever.’’ ■

COMMERCIAL AND RESIDENTIAL REAL ESTATE

Proudly Celebrating 45 Years to South Philadelphia and Surrounding Communities

Mario Flacco

Real Estate Agent 1601 Oregon Ave., Philadelphia, Pa 19145-4510 office: 215.389.2222 • cell: 215.783.2697 email: flaccomario@yahoo.com

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PHILADELPHIA REAL ESTATE MAGAZINE | OCTOBER/NOVEMBER 2021

Thank You to our

Expert Contributers

Alon Abramson

Director of Residential programs for The Philadelphia Energy Authority

John Wylie

Compass Realty

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Spectrum Realty

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Steve Luxton

CEO of the non-profit Energy Coordinating Agency

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