No electric bills in these apartments | Real Estate Newsletter

Last week, I told you how you might be able to get help paying your heating bills. But what if you didn’t have any?

This eco-friendly apartment building that opened last month in Chester County doesn’t use fossil fuels, and its renters won’t have electric bills. That’s thanks to the way the building was constructed and the solar panels that will cover its energy use.

Keep scrolling for that story and more in this week’s edition:

📮How important is having an energy-efficient or eco-friendly home to you? For a chance to be featured in my newsletter, email me.

— Michaelle Bond

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The first thing that struck me when I walked into the Passive House apartment building in Exton was the green wall of plants in the lobby. It’s big, lush, and self-watering.

But the real stars of the show aren’t visible from ground level. Solar panels on the roof of the four-story building, along with others in the parking lot, are expected to generate enough energy to eliminate electric bills for residents of the building’s one-, two- and three-bedroom apartments.

The panels also power electric vehicle charging stations.

Eco-friendly features in the building’s 32 apartments include:

🍃 smart thermostats

🍃 low-flow toilets

🍃 induction stoves

Passive House is on track to be the first apartment community in Pennsylvania to be certified as a passive building where renewable energy will offset its predicted energy use.

The project’s developer is a local company that’s used green building techniques before, but it had never done something like Passive House. The CEO said he thinks this is the future and wants to build a whole community this way.

So what makes a building “passive?” And why are thousands of developers, engineers, architects, building managers, and other professionals in Center City this week talking about sustainability and green building standards?

Keep reading to find out more about the Chester County apartments and green building trends.

The rental market is usually slower in the fall, but it’s been even slower than expected.

An influx of new apartments in Philly and across the country has controlled rent increases and forced landlords to work harder to attract residents. Nationwide, competition among renters has hit an all-time low, according to Zillow.

That’s all presenting some opportunities for folks who are looking to rent a home now.

Last month, a third of Philly-area homes listed for rent offered some kind of perk, such as a period of free rent or discounts on parking.

That’s more than last year and a slightly higher share than in the country as a whole.

Some markets are relying more on rental concessions than others. In another big city’s metro area, more than half of rental listings offered concessions.

Last December, I wrote about how rents on available apartments typically are cheaper at the end of the year. Still, rents are up from last year.

Keep reading for details on what’s happening in the rental market.

Marshall Pearson and Thomas Toner were looking for a very specific type of home in 2018. They found one in Downingtown that checked all their boxes.

✅ historic home

✅ not too big

✅ on a private lot

✅ not too far from dining and shopping

But there was one problem. Well, more like a bunch of problems: what they found during the home inspection.

There were issues with the well and septic systems. Wooden beams in the basement were broken.

But Pearson and Toner fixed all that. They also got a new roof and gutters, installed central air-conditioning, and painted most of the interior of their two-story, 1,680-square-foot stone home.

Then came the design touches. They filled the home with antiques and quirky finds. (Have you ever seen a giraffe lamp?)

Peek inside the couple’s home and see why they say they “struck gold” with their property.

Constellation Energy has applied to restart a nuclear power plant on Three Mile Island in central Pennsylvania.

Question: Which company has signed an agreement to purchase power from the plant?

A) Comcast

B) Microsoft

C) Amazon

D) Apple

This story has the answer.

Mortgage interest rates have been on the rise this fall. The average 30-year mortgage rate is headed back up toward 7%.

But this summer, rates took a dive, even flirting with 6% at the end. That led to more closed home sales in October.

“Lower rates brought more buyers into the market this fall, but it was a short window,” Lisa Sturtevant, chief economist at the multiple listing service Bright MLS, said in a statement.

Rates “likely will be volatile through the end of the year,” she said. “Some buyers and sellers may decide to wait until 2025 when there should be more rate stability.”

In the Philadelphia metro area in October:

🔺The number of closed sales — roughly 5,530 — was up more than 10% compared to the same time last year.

🔺The supply of homes for sale has been higher than last year for seven straight months.

🔺Home prices are still increasing. The median price last month was $380,000, up almost 9% from the same time last year.

Do you know the Philly location this photo shows?

📮 If you think you do, email me back. You and your memories of visiting this spot might be featured in the newsletter.

Last week’s photo showed a statue of George Washington in front of Independence Hall. Shout out to Deborah S., Lars W., and Roger K. for knowing that location.

Enjoy the rest of your week.

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