Which part of Greater Philadelphia could see as much as $1B in real estate appreciation?

KOP Rail Project | ConnectKOP.com


Yup, I said “B” as in Billion.

If you read the local news like I do, you may have guessed it already; or maybe you didn’t, because you had one too many spiked egg nogs last weekend. No worries, it happens.

If you said King of Prussia, you nailed it!

So to paint a visual for all of you readers out there, the Top 3 areas I am referring to include King of Prussia, Gulph Mills, and Bridgeport. Please bear in mind that these 3 areas are based on my own professional opinion, and not that of the Philadelphia Business Journal. PBJ classified the prime area as “Upper Merion.”

Now, I also believe that areas like Wayne, West Conshohocken, and Norristown will benefit from the rail line as well, but let’s call them my Bottom 3 areas. Out of those 3, Norristown has the most to gain as it is currently in comeback mode.

The reason I specified those areas in particular, is because their combined location is solid (right in between KOP & Philadelphia). Add a rail line, and you’ve got a real estate investor/developer’s dream.

If you take a few minutes to look at one of my past blog posts that discussed this same topic, and then compare a present-day Google Map with the proposed train route options, you will see the pattern I am seeing. Any area close enough to the new rail line will eventually see an increase in value (both residential and commercial), as this is the first time in history that King of Prussia will be connected directly to Center City Philadelphia by regional rail (Greater Philadelphia’s 2 largest areas for employment and entertainment).

Remember, the #1 rule in real estate is “Location, Location, Location.”

Even without a current rail line in place, there is a ton of development going in and around the King of Prussia area as we speak: 1) KOP mall expansion, 2) KOP Town Center, and 3) CHOP’s outpatient facility. There are other small projects being built, as well as additional ones being discussed. If interested, you can read through a more in-depth report here.

The KOP rail project would not only provide a better quality of life for those who commute by car in between Philadelphia & King of Prussia everyday (I-76 East/West is basically a parking lot at rush hour), but it would also promote additional investment/development along its planned route.

Connecting KOP to PHL by rail, could create an additional $1B in real estate value when fully realized. Let’s all watch to see if it gets approved sooner than later.

One of the most common real estate questions out there: What exactly is a REALTOR?


For more great info, check out: Realtor.org, Realtor.com, + PARealtor.org


Welp, folks, I decided to go the educational route with this post, because real estate is becoming a hot topic at the dinner table once again (… and at the water cooler, the coffee machine, the food truck, the dry cleaner, the barbershop, you name it).

If you are a regular PUL.com reader, you know that I typically like to discuss development, local happenings, and all things Philadelphia and its Suburban Towns. Let’s mix it up a bit, shall we.

What makes this post interesting is that most people throw around the term “Realtor” as if it were the only word to describe a person who has a career in real estate. I would say about 9 out of 10 times when people refer to my occupation, they say Realtor. Even though I am a Realtor and proud to be one, there is more to it.

While there is truth in saying that a licensed real estate agent can be a Realtor, not every licensed real estate agent is, or has to be, a Realtor. It’s an option, a choice, and a specific way to run an agent’s own business. After all, most real estate agents are considered self-employed “Independent Contractors,” which basically means that most agents can run their businesses any which way they want to; which can be both good and bad.

To start this post off right, let’s first define what it means to be a REALTOR (as per Realtor.org):

“The term REALTOR has one, and only one, meaning. REALTOR is a federally registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS and subscribes to its strict Code of Ethics.”

So, going back to one of my earlier points, being a Realtor is a licensed real estate agent’s choice. It means he/she has taken extra steps to make himself/herself a more accountable licensed agent by subscribing to approved ethical practices. In other words, he/she is agreeing to provide a higher level of customer service through honesty and integrity. Now, there are also real estate “brokerages” that mandate their agents become Realtor members, but that is a choice the brokerage made to ensure that the Code of Ethics is strictly adhered to.

Okay, now let’s break this post down PUL.com-style:

– “The Internet has drastically changed the real estate industry … for the better.”

My professional opinion is that the last 5 years have drastically changed the real estate industry … and for the better. Laptops, tablets, and smartphones have become real estate buyers and sellers’ best friends, and rightfully so. They have educated the general public about how real estate works, as more customer information is now readily available with just a basic online search.

Seriously, how easy is it to just Google real estate questions/terms on your phone; it’s almost too easy these days. Now, not everything you read online is 100% accurate, but there are enough resources and industry professionals readily available to answer any questions you might have.

Again, a good thing.

– “The changing real estate industry has increased the need for a better customer service experience.”

Absolutely. With all of the positive changes that have taken place in the real estate industry, it has increased the need for all real estate agents to deliver higher quality customer service to all of their clients. The real estate industry can carry with it a negative stereotype (believe me, I know; it’s what I do), as well as stir up old war stories from your grandparents, parents, friends, neighbors, coworkers, pets (just kidding), etc.

One of the main reasons why, about 25% of all licensed real estate agents are considered “part-time,” which means they already have a full-time job (which they are more proficient at than real estate) and real estate is used to supplement their income (let’s call it a 2nd job). That also means real estate is not their strong suit, and that can affect the overall customer experience. If you select a real estate agent to “represent” you, I am assuming that most people would prefer to work with someone who is an expert in real estate; considering the importance of buying, selling, or renting a home.

In reality, about 20% of all licensed real estate agents make $100,000 or more per year, and the median annual income for a real estate agent is about $40,000. In the local Philadelphia market, that’s about 6-7 closed transactions per year. $40,000 per year is nothing to sneeze at, the point is that a majority of licensed agents are not representing clients enough; it’s a tough business to break into. If inexperience is the norm, it can lead to a less-than-perfect experience for the client.

Use technology to your advantage, and choose an agent that you believe would be the best fit for you. Oh, and make sure they are a Realtor too. You know, for good measure.

– “Although real estate may be an experience that most only go through once or twice in their entire lifetime, each experience should be just as good as the last.”

Since most buyers and sellers go through a major real estate experience only one or two times in their entire lives, it’s not a service you need on a daily, weekly, monthly, or even yearly basis; which means it’s easy to overlook the big picture. You buy a home, you get bad advice, you make mistakes, your closing is a mess, and you tell all of your friends and family what a stressful experience it was. In today’s information-friendly age, it’s very easy to pull up online reviews from people who did not like working with their real estate agent.

The traditional real estate approach was always, “Oh, Uncle Bobby has his real estate license? I’ll work with him.” Now the approach should be, “Does Uncle Bobby practice real estate for a living? I’ll call/email/text and ask him a few questions first.”

Buying or selling a home is one of the most important (if not the most important) transaction of peoples lives. More times than not, it’s the most expensive thing you will buy/sell, it holds the most weight over how you live your life, and it requires the most serious commitment from those who choose to become homeowners.

Bottom line, there is a lot at stake in real estate. Therefore, you should expect to have a solid real estate experience and work with not only a Realtor, but with a Realtor who has produced many happy clients in the past. Run a basic online search first, it’s the smart thing to do.

I hope this post was educational, and my goal is to post more like it in the future.

Market East “is building this,” and Market East “is improving that.” Wait … Market West?

Vintage shot of West Market Street, Circa 1925 | Courtesy of PlanPhilly.com


That’s right, you heard me correctly. Market West is becoming a hot topic within Philadelphia’s development community.

But it’s difficult to say what it could/will look like in the near’ish future.

Over on Market East, projects have already been approved, money is in place, and shovels are in the ground. In other words, there is already a level of certainty that change is happening, and that it’s all positive development (e.g. East Market, Fashion Outlets of Philadelphia, 11th/12th + Chestnut, etc). Plus, we pretty much know what these projects are going to look like when they’re completed; which is comforting.

As for Market West, first of all, who the h*ll even refers to Market Street between City Hall and 30th Street Station as Market West? Well, I guess I just did … and others are too.

Some call it “The Business District,” some call it “Downtown,” and some call it “Rittenhouse” or “Logan Square.” Personally, I’ve always just called it Center City, but today Center City has been split into so many specific pieces/parts due to popular neighborhood names (e.g. Fitler Square, Midtown Village, etc), additions to what is now “considered” Center City (e.g. Fairmount, Graduate Hospital, etc), and the complete separate identity of the ever-growing eds/meds capital of Philadelphia, University City.

So needless to say, you have to be careful with your Philadelphia-neighborhood-based assumptions these days. Otherwise, someone may try to bash you with their Internet muscles.

Over on West Market Street, a big portion of the street frontage has recently become a hot spot for large/proven developers (i.e. those who have a successful track record in Philadelphia, and financial resources to make something happen), who are buying up pieces of real estate as if it were a game of Monopoly: Hey, I just bought my first “color-group” from “the bank,” and I want to start building “houses” and “hotels” (ha, what a great game).

But, why? What’s the draw? What’s the play?

Well for starters, a lot of it was owned by one guy/group/company: Richard Basciano. That name may sound familiar, as it was one his properties that collapsed unexpectedly at 22nd & Market in June 2013. My condolences to anyone/everyone who had a loved one there that day.

Also, Richard has been “speculating” on that long stretch of Philadelphia road for decades, which means he bought low and is now selling high. If you have not read recently, 2015 is a great time to be selling large pieces of Center City real estate.

Finally, large parcels are very hard to come by in Center City these days. Not only for a reasonable price, but just to buy in general. Now that Richard is a willing seller, developers are starting to see this as a great opportunity to close the gap between City Hall and University City. Connecting the two with large anchor projects, which could also spur a building frenzy for smaller projects.

Welp, there you have it. My professional take on one of Philadelphia’s next big development zones. More blog posts will follow, as soon as more news comes out.