HBA Newswatch
March 10, 2008
PHILADELPHIA'S REAL ESTATE MARKET IMPROVING
By Alan J. Heavens
Inquirer Real Estate Writer
The local real estate market is starting to loosen a bit. Showings in some neighborhoods are up substantially this year, agents report, after being down almost 50 percent between August and the end of 2007.
Driving the upsurge in traffic, at least in part, are prospective first-time homeowners, who - in the first true buyers' market of the 21st century - don't have to worry about selling a house.
"On Monday, we received a two-page list of showings," said Kathy Conway, an agent with Prudential Fox & Roach in Center City. "Every day there are 20, compared with the normal of five to seven."
More...
DEVELOPERS BUY PENNHURST WITH OPTIONS OPEN
By Michael Hays, mhays@pottsmerc.com
EAST VINCENT — Although the company that recently purchased 111 acres of the Pennhurst property has no reported plans, a key partner has a history of proposing mixed developments of office, retail and housing on old state hospital sites.
Together, Richard N. Chakejian and Mark Mendelson bought Eastern State School and Hospital in Bensalem for $8.5 million back in 1997. Chakejian of West Vincent is a partner of Pennhurst Acquisition, the company that bought a portion of the abandoned Pennhurst site for $2 million from the state.
Mendelson, an Allentown developer, is not involved with Pennhurst Acquisition, although he was a partner in Pennhurst Associates, Chakejian said. The two businesses are separate entities, according to Chakejian.
More...
STORM WATER SYSTEM UPGRADE BEGINS IN PARKESBURG
By Karen Neuhauser Ruppert
The Borough of Parkesburg's long-awaited storm water system upgrade began last week after almost two years of planning for the project. The $1 million project is being funded by a grant from Chester County. At borough council's meeting Monday night, Borough Manager Jim Thomas said there is a map and schedule of the work to be done at borough hall, and that the work is expected to be completed by the end of May.
In a related item, Councilor and Streets Department Chair Mel Keen said that the Pennsylvania American Water Company will also be doing some work to the sewer system this summer. According to Keen, once all the storm and sewer system work is done, the borough will review which streets will need re-paving and develop a schedule for the paving work to be done.
More...
Did you see something we missed? Please forward any news stories we may have missed to kirab@builderpa.com and it will be added to the next issue of Newswatch.
