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Old 11-23-2020, 07:24 AM
 
Location: New York City
7,181 posts, read 6,254,544 times
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Quote:
Originally Posted by Pennsport View Post
Yeah, this is going to be a tough winter for a lot of individuals. The small independent businesses are going to tested like never before. I hope the good ones get creative with offerings and approach. I also really feel for those smaller and mid-sized cities, like Easton and Allentown, that have been making a comeback in recent years. This could be back-breaking for their continued re-growth.

Cities like Philly will always bounce back. Whether or not the same venues exist when the dust clears is a question, but something will exist in most of these spots currently occupied by restaurants/pubs. I'm starting to see savvy developers and those with partners/deep pockets use this downtime to build new venues or reimagine existing spots in preparation for spring 2021. And of course, the residential building continues unabated.

Hey, the way the real estate market is going around the Philly region, that alone might be able to float the economy until vaccine time
.
I bolded a few points.

1. The resurgence of Easton, Allentown, Bethlehem, etc. is wonderful to see, I am confident those towns will weather the storm. Covid has changed peoples perspective on where they want to live (especially with the remote work option). Allentown is close to NYC and PHL, and offers an urban *light* experience at much lower price, it may result in a continued resurgence. I hope Governor Wolfe does not extend PA restrictions, that will certainly hurt many areas. I still disagree with what is happening in Philadelphia, but that's the way it is for now I guess...

2. I agree, Philadelphia is a very resilient city, and unlike past financial hardship, recessions, etc. this is a different situation, so I hope the economy will quickly pick itself back up and get to its 2019 level of tourism, job growth, poverty reduction, etc. It may take 2 years, but I have no doubt Philadelphia will hit the ground running when the pandemic clears up. I am nervous for New York, which is currently a shell of its 2019 self, that recovery may take many years. Plus, Philadelphia has a booming life sciences industry, and that is the future.

3. It's great to see development has not slowed with many projects in the works and under construction. Its a sensitive topic, but I think the abatement should be extended a few more years to offset any delays or economic lapses as a result of Covid. I know the idea is floating around City Hall, I hope it passes.

The suburban real estate market is hot, homes flying off the shelves at all price points. For example, Toll Brothers is building a community just West of Media, a mix of townhomes and singles prices $450 - $750k, they are selling as if they are going out of style, I don't see that trend changing anytime soon. I hope the development in around the urban centers (Media, Ardmore, Conshohocken, etc.) continues long after the pandemic.

My only fear is that the sunbelt cities / states (Georgia, Texas, Atlanta, Dallas, etc.) will steal the thunder from Northern cities, but I hope Philadelphia has enough traction to remain a major employment, educational, economic, tourism center.
Not to get off topic, but NOW is the time for the city to revise its antiquated business/tax environment, develop strategies to lure companies from around the nation and world, cater to the booming life sciences and start-up scene, tourism strategies, etc. It will be a competition for many cities in a year when Covid is (hopefully) behind us, and I don't have much faith in city leadership to take the reins and forge ahead. We rely too much on organic growth, its time to be a leader of the pack, and Philadelphia can easily accomplish that with the right plans and leaders.
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Old 11-23-2020, 08:48 AM
 
Location: Germantown, Philadelphia
8,247 posts, read 4,026,750 times
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Quote:
Originally Posted by cpomp View Post
I
The suburban real estate market is hot, homes flying off the shelves at all price points. For example, Toll Brothers is building a community just West of Media, a mix of townhomes and singles prices $450 - $750k, they are selling as if they are going out of style, I don't see that trend changing anytime soon. I hope the development in around the urban centers (Media, Ardmore, Conshohocken, etc.) continues long after the pandemic.

My only fear is that the sunbelt cities / states (Georgia, Texas, Atlanta, Dallas, etc.) will steal the thunder from Northern cities, but I hope Philadelphia has enough traction to remain a major employment, educational, economic, tourism center.

Not to get off topic, but NOW is the time for the city to revise its antiquated business/tax environment, develop strategies to lure companies from around the nation and world, cater to the booming life sciences and start-up scene, tourism strategies, etc. It will be a competition for many cities in a year when Covid is (hopefully) behind us, and I don't have much faith in city leadership to take the reins and forge ahead. We rely too much on organic growth, its time to be a leader of the pack, and Philadelphia can easily accomplish that with the right plans and leaders.
Doing what you did to Pennsport's post to your own.

1) So is the city market; according to the latest Bright MLS market report, average days on market in October were 11 for the metro area as a whole* and 16 for Philadelphia County. The figures range from a low of 6 in New Castle County, DE, to a high or 27 in Salem County, NJ. The figures for the four SE Pa collar counties are: Chester, 7; Bucks, Delaware and Montgomery, 8. In New Jersey, the other figures are: Burlington and Camden, 13; Gloucester, 14; Mercer, 16. (*Bright MLS' 11-county Greater Philadelphia market matches that of the MSA with two exceptions: it includes Mercer County, NJ, and omits Cecil County, MD.) Even though houses remain on the market longer in Philadelphia than in the rest of SE PA, the median DOM figure for October represents an 10-year low. I don't have hard data on this, but based on the listings I see while surfing for houses to feature, houses at the top of the market ($1.5m+) aren't flying off the shelves the way they are at points below that figure, however.

2) The Sunbelt cities have already in some senses stolen the Northeast's thunder and are even tarnishing the image of those in the Golden State. But keep in mind that most of those cities are now at the point where their growth curves will flatten in percentage terms. I think the reputational competition will be more even going forward.

3) Unfortunately, the electorate in the city has been trending leftward of late, and the newly elected Council members aren't that sympathetic to a pro-business agenda. (I do think that Council should revisit the 50% cut in the tax abatement and dust off the Levy-Sweeney plan as well; maybe there's a chance of the former happening, but I'd rate it as slim, and the chances of the latter happening are even slimmer.).

But I would quibble with you about the relative merits of organic growth vs. smokestack-chasing. Luring big companies to a region with extra tax breaks or subsidies means the companies so lured may well head elsewhere when someone dangles bigger carrots in front of them. (Look at what the "job creation" "border war" did for my hometown of Kansas City; the dueling incentives amounted to moving the living-room furniture around and wrecked the budget of both the state dangling the bigger carrots and most of the school districts in its biggest urban area.) The small and startup businesses that organic growth produces are more likely to grow big where they were born, and they generate more jobs in the aggregate. It's not impossible for a big city to take the Strong Towns approach to planning its future.
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Old 11-23-2020, 09:47 AM
 
Location: New York City
7,181 posts, read 6,254,544 times
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Quote:
Originally Posted by MarketStEl View Post
Doing what you did to Pennsport's post to your own.

1) So is the city market; according to the latest Bright MLS market report, average days on market in October were 11 for the metro area as a whole* and 16 for Philadelphia County. The figures range from a low of 6 in New Castle County, DE, to a high or 27 in Salem County, NJ. The figures for the four SE Pa collar counties are: Chester, 7; Bucks, Delaware and Montgomery, 8. In New Jersey, the other figures are: Burlington and Camden, 13; Gloucester, 14; Mercer, 16. (*Bright MLS' 11-county Greater Philadelphia market matches that of the MSA with two exceptions: it includes Mercer County, NJ, and omits Cecil County, MD.) Even though houses remain on the market longer in Philadelphia than in the rest of SE PA, the median DOM figure for October represents an 10-year low. I don't have hard data on this, but based on the listings I see while surfing for houses to feature, houses at the top of the market ($1.5m+) aren't flying off the shelves the way they are at points below that figure, however.

2) The Sunbelt cities have already in some senses stolen the Northeast's thunder and are even tarnishing the image of those in the Golden State. But keep in mind that most of those cities are now at the point where their growth curves will flatten in percentage terms. I think the reputational competition will be more even going forward.

3) Unfortunately, the electorate in the city has been trending leftward of late, and the newly elected Council members aren't that sympathetic to a pro-business agenda. (I do think that Council should revisit the 50% cut in the tax abatement and dust off the Levy-Sweeney plan as well; maybe there's a chance of the former happening, but I'd rate it as slim, and the chances of the latter happening are even slimmer.).

But I would quibble with you about the relative merits of organic growth vs. smokestack-chasing. Luring big companies to a region with extra tax breaks or subsidies means the companies so lured may well head elsewhere when someone dangles bigger carrots in front of them. (Look at what the "job creation" "border war" did for my hometown of Kansas City; the dueling incentives amounted to moving the living-room furniture around and wrecked the budget of both the state dangling the bigger carrots and most of the school districts in its biggest urban area.) The small and startup businesses that organic growth produces are more likely to grow big where they were born, and they generate more jobs in the aggregate. It's not impossible for a big city to take the Strong Towns approach to planning its future.
Regarding #3...This may come off naïve, but why is this super left approach so anti-business and anti-growth (from a traditional development standpoint)? Don't they realize over-regulating, over-taxing, ostracizing the wealthier, etc. are not beneficial for Philadelphia's continued growth?

A big city is a balancing act, it can't tip too far in one direction without major problems. If we want to improve schools, reduce poverty, introduce work force training to people, etc. you need growth, investment, wealth, interest, etc. to make it possible. It appears this new ultra left wave wants to tip the city in a direction that will chase away investment that finally found its way back to the city...What are the motivations of these new leaders? And Why? Or maybe I am looking at this wrong?

Regarding #4...I meant to specify I don't want the city to hold a treat in front of say TD Bank and lure them from New York to Philadelphia (wouldn't hurt), but I meant more when Company X in California wants to expand their East Coast presence, Philadelphia should be the logical choice. Or Company Y in London wants a North American presence, Philadelphia should be the logical choice.

AND very importantly as you mentioned, so much innovation begins in Philadelphia, but unfortunately a lot of it relocates after incubation, that needs to change 100%. Every start-up, research project, etc. that starts here should stay here.
Another thing that mostly goes over City Hall's overhead...why?

Last edited by cpomp; 11-23-2020 at 09:50 AM.. Reason: edit
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Old 11-30-2020, 07:00 AM
 
Location: Candy Kingdom
4,836 posts, read 3,547,938 times
Reputation: 6303
I am a mod for a Lehigh Valley, PA sub on Reddit. It's dying and I'm trying to bring it back to life. Any sources about the growth of the Lehigh Valley? I really hope COVID-19 doesn't stop their growth... Allentown's downtown is really nice. Allentown's downtown almost reminded me a smaller Center City.
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Old 11-30-2020, 01:56 PM
 
134 posts, read 36,046 times
Reputation: 148
Quote:
Originally Posted by cpomp View Post
Regarding #3...This may come off naïve, but why is this super left approach so anti-business and anti-growth (from a traditional development standpoint)? Don't they realize over-regulating, over-taxing, ostracizing the wealthier, etc. are not beneficial for Philadelphia's continued growth?

- snip -

AND very importantly as you mentioned, so much innovation begins in Philadelphia, but unfortunately a lot of it relocates after incubation, that needs to change 100%. Every start-up, research project, etc. that starts here should stay here.
Another thing that mostly goes over City Hall's overhead...why?
It does not appear that they are aware. I would love to ask them who they believe pays for their salaries. Just having them state "taxpayers" and "businesses" would be a starting point to a more meaningful conversation about their policies and priorities.

These "leaders" seem to think their jobs are to shake hands, cut ribbons, and make sure they make statements of support for every social media injustice that makes it to a simmer. We are like a poorly equipped baseball team with a bunch of players suited for the minors playing against the Yankees in this regard. It's like MstEl's note about organic growth. Do you try to buy a bunch of 35 year old big names with a small budget or do you start an organic team through recruiting and growing players?
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Old 11-30-2020, 02:37 PM
 
Location: Philadelphia Pa
921 posts, read 574,938 times
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Quote:
Originally Posted by ilovephilly79 View Post
It does not appear that they are aware. I would love to ask them who they believe pays for their salaries. Just having them state "taxpayers" and "businesses" would be a starting point to a more meaningful conversation about their policies and priorities.

These "leaders" seem to think their jobs are to shake hands, cut ribbons, and make sure they make statements of support for every social media injustice that makes it to a simmer. We are like a poorly equipped baseball team with a bunch of players suited for the minors playing against the Yankees in this regard. It's like MstEl's note about organic growth. Do you try to buy a bunch of 35 year old big names with a small budget or do you start an organic team through recruiting and growing players?
Sure they're aware. Local "leaders" simply don't care. Almost to a person, their agendas are: self-preservation, then increased affluence, followed by any "extra" funding they can find (i.e. pay to play, kick-backs, no-compete contracts, etc...), and finally, escalation/appointment of their friends and family to positions of monetary gain and influence. If you think the betterment of the city of Philadelphia is even on their radars, you must not have been following city politics for the last five decades.
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Old 11-30-2020, 07:25 PM
 
Location: Germantown, Philadelphia
8,247 posts, read 4,026,750 times
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cpomp: A nit to pick with your prior post:

Luring TD Bank to Philadelphia would be about as sensible as the state of Kansas dangling all those tax giveaways in front of companies based in Kansas City, Mo., to get them to cross State Line Road.

TD Bank is headquartered in Commerce Bank's old home base of Cherry Hill, N.J. "The boys from Toronto" wanted to buy the bank's famously customer-centric culture as well as its operations; it had originally intended to give its entire Northeastern US operations the Commerce name until a bank of the same name in Worcester, Mass., said "No you don't either."

—MarketStEl, TD Bank Customer since 1997
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Old 12-01-2020, 11:04 AM
gg
 
Location: Pittsburgh
21,664 posts, read 20,610,106 times
Reputation: 13762
Do you think the building would be a good place for Chipotle or a Starbucks? With the shutdown mentality, the only ones left standing will be chain establishments. If you go down to Florida, all the ma and pa type places are still thriving. Such a contrast. Oh and PA is spiking like crazy. Just food for thought.
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Old 12-01-2020, 11:18 AM
 
Location: Philadelphia Pa
921 posts, read 574,938 times
Reputation: 888
Quote:
Originally Posted by gg View Post
Do you think the building would be a good place for Chipotle or a Starbucks? With the shutdown mentality, the only ones left standing will be chain establishments. If you go down to Florida, all the ma and pa type places are still thriving. Such a contrast. Oh and PA is spiking like crazy. Just food for thought.
LOL... thanks gg.
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Old 12-02-2020, 09:56 AM
 
6,127 posts, read 3,568,907 times
Reputation: 4323
Quote:
Originally Posted by jessxwrites89 View Post
I am a mod for a Lehigh Valley, PA sub on Reddit. It's dying and I'm trying to bring it back to life. Any sources about the growth of the Lehigh Valley? I really hope COVID-19 doesn't stop their growth... Allentown's downtown is really nice. Allentown's downtown almost reminded me a smaller Center City.

This is kind of a random question and it warrants it's own thread probably, but I think the Leigh Valley is in a very good position. It's population is young and naturally growing (something that can't be said about most of Pennsylvania). It's economy has successfully flipped away from being a 'rust belt' area. It's cities and towns have interesting histories and urbanism. It's connected directly to NYC and Philly with interstates. It's got big time events like Musikfest and the Allentown fair. Cultural attractions like the Crayola factory, the National Canal museum, the Iron Pigs, and Phantoms. A growing restaurant scene. It's also not that expensive for first time home owners.



If you were more asking about how to draw more people to reddit Leigh Valley, I would see if the colleges around have subreddits and spam crossposts from there.
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