Homes Approaching Finish Line at 17th & Annin

It was roughly two and a half years ago that we pointed a finger at the warehouse on the northwest corner of 17th & Annin, noting that it was not long for this world. We explained that the ZBA gave their blessing to a plan to demolish the building and replace it with a quintet of new homes with rear access parking. A year later, the warehouse was gone and foundations had taken its place. The project proceeded from there in fits and starts, but has picked up steam of late and looks like it’s going to be done sometime this summer. Somewhere along the line, and perhaps contributing to the construction delays, the project picked up an adjacent property and therefore a sixth home in the development.

View at 17th & Annin

In many cases, it’s very problematic for developers when projects take longer to coalesce than originally expected. But in this case, it probably worked out for the best. The heat of the real estate market in Point Breeze is such that prices have exploded in the time since this project first came down the pike, and as a result the homes are selling at prices far higher than the developers could have projected a few years ago. How high, you might ask? A couple of the homes are under agreement at a list price of $800K, with others under contract at an $809K list price. One home is still available, listed at the same $809K. Unreal.

SW corner of 17th & Annin
Corner of 17th & Federal

While we’re here, we might as well comment on two other noteworthy properties nearby. A few years back, we indicated that the building housing a laundromat at 1700 Annin St. would seem like a logical development opportunity and speculated that developers would come forward with unsolicited offers until the owners decided to sell. Hasn’t happened yet, but given the sale prices across the street, those offers are only going up.

Meanwhile, just to the south, there’s absolutely nothing happening at 1701 Federal St., which may come as something of a surprise. Remember, about a year and a half ago, we told you that the same developers building 17th & Annin also bought this property and were planning to build an addition onto the building and create several apartments on the upper floors. But alas, that hasn’t happened. In fact, the building has been listed for sale for several months and it’s currently listed for $950K. Even with the homes selling for big numbers up the street, it seems the price will need to come down before someone buys the building and ultimately moves forward with a project here.

  • tom

    What are these two properties (The Laundromat and 1701 Federal) zoned as and what kind of height or density could we see here? Could we potentially see a 4 or 5 story apt building here with commercial possibilities or is this more logical as new homes?

  • Clank

    Who the eff are buying houses in Point Breeze for $800K? What’s with this fabricated market? Think of what you can buy in much more desirable neighborhoods (with proximity to amenities, transit, and trees) for that amount. WTF?

    • ZH Bizzle

      I understand the NoLibs/Fishtown, and possibly even East Kensington inflation of home prices- because those neighborhoods had a much more interesting existing neighborhood fabric to start with, more restaurants and amenities, and are along the El. Point Breeze is just…kind of…no thanks.

      • Cocoa Rose

        I think E Kensington and Fishtown look VERY similar to Point Breeze. What are you going on about. You Philadelphians crack me up always thinking one neighborhood is better than the other. NEW YORK and Boston are well planned cities. I wouldn’t spend more than $250,000 on any neighborhood here and I didn’t.

        • Philly Tipster

          If you think Boston is a well planned city, you are certifiably crazy.

          Unless you are using “well planned” as a euphemism for something else, which in that case, who knows…

    • Sean Lawrence

      Agreed. I lived 2 blocks away as a student, renting for $400/mo bc I had no income. Shootings were pretty frequent. $800k can buy you into any established neighborhood. Super baffling. Maybe a housing bubble forming?

      Point breeze was one of the worst places I lived, because like you said, just about no amenities, and almost no business. 90% of the time, had to leave the neighborhood to get anything.

    • Dr.CashFlow

      Point Breeze simply has the room/sqft that people are looking for. Seems people are sacrificing on “neighborhoods” for the sqft. Anyone know what a home like this would sale for in Graduate Hospital?

    • Cocoa Rose

      As someone from NYC, I say this about ALL of Philly. This city was simply not well designed. But I live in Point Breeze now and I am a 15 minute walk to Rittenhouse, ten minutes from E Passyunk, and close to Broad Street. I like it.

    • bem

      J-Os from NYC who think that’s a bargain…..