Kensington, a new development hot spot | Real Estate Newsletter

Homes are filling up a long neglected corner of Philadelphia that’s become a hot spot for development.

More than 1,600 new apartments have been proposed, are under construction, or have recently been built in one section of Kensington.

These new homes are popping up along a railway embankment that’s been lined with junkyards and tire yards. Some developments are transforming land that had been vacant for many decades.

Keep scrolling for that story and to see why Philly is offering favorable loans to landlords, learn why home insurance is getting so expensive, find out what creature living in a New Jersey Home Depot has become TikTok famous, and peek into a garden that next-door neighbors are growing in Collingswood.

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— Michaelle Bond

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At least seven new residential developments are planned for one section of Philadelphia’s Kensington neighborhood.

So why’s that area hot? Because it’s close to I-95, SEPTA’s Market-Frankford Line, and bars and restaurants. Developers are building big projects on the edge of the neighborhood where there’s more space. And the land is cheap and close to flourishing Fishtown.

On former industrial land along railway tracks ...

More homes are planned or already finished.

Building a lot of homes on cheap land that no one wanted means the homes can be priced lower than new ones in Center City or Northern Liberties. But neighborhood advocates say the new apartments are still not affordable for people who already live in Kensington.

Read on for more details about this residential development boom and what it means.

Philly relies on small landlords to provide affordable homes for residents. But many aging rental homes in the city need repairs, and some small landlords who struggled during the pandemic put off fixes and maintenance.

Now, through the city’s new Rental Improvement Fund, they can get loans totaling up to $100,000 for fixes related to health and habitability, such as:

The program offers both 0% interest loans and forgivable loans.

In return, landlords have to charge rents below certain amounts and limit rent increases.

Read on for more details about the program that’s trying to maintain the city’s affordable housing.

Owning a home is getting more expensive — and not just because purchase prices and closing costs keep going up.

Homeowners insurance is going up, too. That’s largely thanks to more extreme — and costly — weather and rising home prices. (There’s no getting away from prices.)

Replacing a home costs more now than it did just a few years ago, thanks to rising construction costs.

We’re also experiencing more frequent natural disasters that cause $1 billion or more in damage (adjusting for inflation).

From 1983 to 2023, we had:

In just the last few years, from 2019 to 2023, we had:

This summer, we’ve seen devastating wildfires in Hawaii, the first tropical storm to hit Southern California in 80 years, and deadly flooding in Bucks County. The Category 3 Hurricane Idalia hit Florida and Georgia on Wednesday.

Some insurance experts told me how to check a home’s climate risk and what home buyers and owners can do to get the best insurance prices while making sure they have enough coverage for their homes.

If you’re looking for a sweet story to warm your heart this morning, here it is.

It’s got cute kids, neighbors being neighborly, and fresh food.

When Warren and Brenna Holland moved into their home in Collingswood in 2019, they were happy with their purchase. But Warren told his new neighbors that he wished his backyard got more sun.

He had worked on a farm during summer breaks in high school and college and missed growing vegetables.

His new neighbor Francine Grabowski offered solutions: The sunny spot outside her kitchen’s bay window and the sunny space in the driveway between the homes.

Now the Hollands and their children, 6 and 3, grow fruits and vegetables with Francine and her husband, Tony.

Peek into their garden and see how three generations across two families are growing together.

The Home Depot’s Mount Laurel location in the East Gate Square shopping center has gotten viral attention on TikTok because of a non-human resident.

Question: What animal is living in the store and being cared for by employees?

A) a dog

B) a cat

C) a parrot

D) a snake

This story has the answer.

Do you know the location this photo shows?

📮 If you think you do, email me back.

Shout out to Deborah S., whose guess on the price of last week’s home in East Falls came the closest. She guessed $399,000. The home sold last month for $365,000.

See you in your inbox next Thursday. Enjoy the rest of your week and Labor Day weekend.