NewsPhilly 12th Annual Housing Conference

Philly 12th Annual Housing Conference

OCF Realty announced a new 50 home residential development project in Point Breeze at the BIA Housing Conference.

At OCF Realty, we are proud members of the Building Industry Association (BIA).  If you aren't familiar with this organization, we encourage you to take a deeper look into their work.  Each year, the BIA hosts its Annual Housing Conference.   Currently in its twelfth year, the day-long event examined how forces from inside and outside of Philadelphia's borders are impacting the city's development climate.  They invited experts, from city agencies, state institutions and area developers currently working throughout the city, including OCF Realty's Ori Feibush, to speak on their Philadelphia real estate development experiences.  

Here are what we thought were some of the most exciting (and alarming) takeaways.  You can also access the full list of presentations from each speaker here

1. Presented by Kevin Gillen, an economist from the Fels Institute of Government, the State of the Philadelphia Housing Market revealed that in Philadelphia, there is an an excess of vacant land reaching upwards of 40,000 lots; 13,000 of which are city owned and scattered across several agencies.  Gillen highlighted the burdensome costs that these lots incur including city expenses -- trash, fire, safety, etc., and indirect costs to property owners.  He pointed out that vacant land depresses near by properties.  The upside, there are cleaning and green programs available like the ones offered by the Philadelphia horticultural society.

2.  The City of Philadelphia's ten year tax abatement is in crisis.   Also, still in a state of uncertainty is the city's land bank initiative.

3. Classrooms to Bedrooms was a research project conducted by Pew Charitable Group that examined the inventory levels of abandoned schools in major cities, like Philadelphia, and how to move forward with developing these specialty projects.