Center City’s chief development negotiator | Real Estate Newsletter
And six-figure down payments?
Twelve years ago, a Philly developer wanted to build what Richard Gross called an Empire State Building-scale project on his Center City corner.
Gross got the developer to change the design of the apartment tower. He later became the face of the Center City Residents Association.
Meet the guy who for years negotiated with developers on behalf of downtown residents.
Keep scrolling for that story and to see why Zillow is saying Philly-area home buyers could need six-figure down payments, learn how real estate deals get to the heart of prosecutors’ case against a New Jersey power broker, and peek inside a Montgomery County yard that stands out from its neighbors.
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Richard Gross’s career as a lawyer and public servant helped him negotiate with developers who wanted to build in Center City. The residents association that he led got developers “to do the right thing for the neighborhood,” he said.
A bit about Gross:
He used to live in the nation’s capital and orchestrated big real estate deals there.
He ran the Consumer Product Safety Commission during Jimmy Carter’s presidency.
He has a Tony Award.
My colleague Jake Blumgart talked to Gross about downtown development and Philly’s rules about registered community organizations, which are neighborhood groups like the Center City Residents Association that developers have to deal with for zoning matters. And Gross tells us which accomplishments he’s most proud of.
How much money do you need for a down payment on a home?
Traditionally, 20% is the amount buyers were told to strive for to avoid private mortgage insurance, a cost that usually kicks in when you pay less.
But that’s 20th-century thinking. With home prices as high as they are now, putting 20% down just isn’t realistic for most buyers. Especially first-time buyers.
That said, a Zillow report found that for the typical household in the Philly region to comfortably afford monthly payments on the typical home, they’d need to make a much larger down payment — six figures. And, keep in mind, our area is generally more affordable than a lot of other major metro areas.
Zillow’s analysis relies on a widely used measure of affordability: paying no more than 30% of monthly income on housing.
Now, show of hands: how many people are spending more than 30%?✋🏾 Yeah, these days it’s hard to “comfortably afford” anything.
Keep reading to see just how much the typical Philly-area household would need to put down on a home to hit the monthly affordability metric and how our region compares to other major metros.
The latest news to pay attention to
Prosecutors’ case against N.J. power broker George Norcross includes accusations that he used his hardball reputation to get his way in real estate deals.
Once considered “Main Street for Philadelphia’s Black Elite,” part of Christian Street was renamed Black Doctors Row.
A TikToker toured Philly’s messiest “boy rooms.” Here’s what she saw.
Wawa and rival Sheetz both want to build at a Chester County intersection. But neighbors don’t want either of them.
A former architect and city planner who designed the King of Prussia Plaza in 1963 has died.
The Linc has gotten greener and won the highest certification for building sustainability.
House of the week: For $549,999 in Northern Liberties, a three-bedroom townhouse facing a shared courtyard.
Manicured lawns surround Zibi and Kasia Bieniaszewski’s home in Ambler. But the couple’s lawn has a bit more personality.
The corner property’s yard is a meadow of native plants that support bees and other pollinators and reduce stormwater runoff. Zibi is on a mission to persuade neighbors to join him in getting a little wild, but he’s converted only a few homeowners so far.
When the Bieniaszewskis bought their home in 2004, their young daughter, who was learning about eco-friendly habitats in school, “was the environmentalist,” Kasia said. But at the time, the family prioritized gutting and renovating their house, built in 1954.
After that was done, Zibi got into sustainable gardening. He even has three beehives.
Peek inside the family’s curated but wild habitat.
🧠 Trivia time
The SS United States is being evicted from its South Philadelphia home and needs to find a new one by September. The eviction is the result of a years-long dispute over the 1,000-foot-long ship parked at Pier 82 since 1996.
Question: What does the SS United States Conservancy ultimately want to do with the “Queen of the Seas”?
A) sink the ship and turn it into an artificial reef and diving destination
B) redevelop it
C) sell ship parts to pay for a museum focused on the vessel
D) refurbish the ship so it can sail again
This story has the answer.
📷 Photo quiz
Do you know the location this photo shows?
📮 If you think you do, email me back.
Shout out to Mark R. and Lars W., who knew that last week’s photo was taken at a bench beneath a tree in Magnolia Park on Locust Street, between Fourth and Fifth Streets.
Lars told me this is one of his favorite places in Center City.
“It is not well known. As such it is quiet, peaceful and secluded. A contemplative place.
When I first started dating my partner many years ago, we first discovered this place as the magnolias were in full bloom. As we were the only ones there, we marveled in the place and in each other. It brings back wonderful memories of romance and the blossoming of our relationship.
We still go there every spring to reminisce and celebrate our love.”
Beautiful.
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You know what else is beautiful? The Academy of Music’s 20-foot-tall chandelier. Every three years, a team polishes the fixture’s crystals — all 23,000 of them. My colleagues take you inside the meticulous process.
Enjoy the rest of your week.
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