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$17.85 MILLION | Torey HOWARTH's #ClosingTalk Ep. 017 from Philadelphia

Written by Posted On Tuesday, 07 June 2016 09:23

Another day, another episode of #ClosingTalk.  This week we are plowing through the recent buzz in the media to come up with meaningful insight around what the recent sale of the 500 Walnut Street penthouse means to you.

 

For those of you who don't know me, my name is Torey (some call me "T") and I help urbanites interested in real estate connect the dot's between what they think they know and what they really need to know to be successful in today's markets.  I have a passion for building businesses too.

 

Recently, two major things happened in the Philadelphia real estate market that I am sure everyone has heard about: 1) Per Drexel University, the Philadelphia housing index is now 1% above it's pre-recession peak and real estate prices are at an all-time high, generally speaking. 2) The penthouse in arguably Philadelphia's most luxurious condo building, 500 Walnut Street (which is under construction currently), just sold for $17,850,000.00 (that is a lot of zeros).

 

Now, each event is completely unrelated, the sale of the 500 Walnut St. penthouse is a strong indicator of the real estate market health as a whole.

 

One of the things I am adamant about is providing context to you around issues and events.  Any semi attentive human being can relay facts and figures found in a study and make general comments based on some numbers.  My job is to read between the lines and tell you what those facts and figures mean, and IF the even matter at all.  In this case, I would say that the housing price index is an indicator of housing value, but it is a bad indicator of market health.  Why?  Because let's say housing prices collapse.  When do you hear about this indicator?  30 days after the collapse.  Now what value did this information provide you?  None, it actually burned a sizable whole in your net worth.

 

This is why I recognize this info, but it tells me stuff I already know based on looking at job market health, employer health, city health, and neighborhood real estate health.  Now digging into those indicators, we know that the market is fine.  Certain neighborhood markets are overvalued as you HOWARTH followers know well (see "Is Point Breeze Worth It?" & "Another Bubble?" videos), but still that is just a case of value's increasing less aggressively in the near future.  We are not looking at a terrible situation here.

 

The impact that the sale of this penthouse has on the marketplace is minimal, but it supports my views that the housing market is being affected by supply and demand, which is fundamentally sound.  We do not have enough supply in the marketplace to upkeep the demand.  A great reason for this is because Philadelphia is now in more of a global spotlight as being undervalued and it is receiving more attention from more wealthy people, which is magnifying the seeming effect of the housing markets to Philadelphians right now in a way they have not seen before (and may not be comfortable with).  This is the future due to the economy.  People need to get used to it.

 

One thing is for sure about this market: The economics are fundamentally sound and the biggest threat to the marketplace is the lack of inventory, which is being felt across the region and may keep some buyers as renters if they are unable to find a house at the right price.

 

If you have any questions, let me know publicly or privately.  I am here for you in whatever capacity you need me to be.

~T

 

 

--

Torey Howarth knows & sells real estate.  During years of trial and tribulation in pursuit of entrepreneurial success, things were not always "right", but they are now...

 

As a millennial playing in the washed-up sport of real estate, Torey found his niche and continues to relentlessly exploit it for all its worth.  He has 1 goal in mind:  Making dreams become reality (Don't discount his hustle and dedication to get there).

 

#ClosingTalk is a weekly off-the-cuff show (released Tuesdays @ approx. 3PM) that feature's Torey educating you on all things Philadelphia real estate.  No BS, just value and insight.  Because you earned it.

 

Torey'sThoughts is a weekly show (released Fridays @ approx. 3PM) focusing on anything but real estate.

 

Find Torey here:

 

Website: http://ToreyHowarth.com

Broker:  http://kwphilly.com

YouTube:  https://goo.gl/5KWHw8

Facebook: http://facebook.com/ToreyHowarthPHL

Linkedin: http://linkedin.com/in/toreyhowarthPHL

Instagram: http://instagram.com/toreyhowarthphl

Twitter: http://twitter.com/ToreyHowarthPHL

Medium:  http://medium.com/@toreyhowarthphl

Snapchat:  toreyhowarthPHL

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Torey Howarth

WHAT I DO:  I save you time and energy by guiding you throughout the home buying and selling process.

 

HOW I DO IT:  I connect the dots between what you think you know and what you don't yet know but need to know.  The internet can make us feel like we know it all and don't need a real estate agent, when in fact what it actually does is it gives us much more information than we know what to do with.  I blend my proprietary insight gained through many conversations, observations, and years of experience with what you already know to create a useful action plan to get us from point A to point B.  For all of the moments in between those big moments, I rely on consistent communication to prevent your mind from wandering away, so we can stay laser-focused on the end goal. 

 

WHAT MAKES ME DIFFERENT:  My approach.  I am a Millennial who understands real estate by internalizing why things work the way they do.  By understanding the "why", I can provide insight on a deeper level and align you with better opportunities in any market.  I get to understanding the "why" by working really hard and caring a lot about my clients and everyone around me.

 

ABOUT ME:  I became passionate about real estate when I thought it was really cool people owned big buildings (Even cooler that people paid the owners of those buildings more than what it cost them to own it).  From that day, I devoted a lot of time, effort, and energy to internalizing how to invest in real estate.  Flash forward to today:  I am not only continually learning on a daily basis, but i am also executing daily while paving my own path to spreading real estate insight and offering reliable real estate representation.

 

HOW TO INDULGE IN PHILLY REAL ESTATE:  Click "Watch my Videos"

www.urbnhmesphilly.com

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