At the northeast corner of 7th & Morris, developers built a trio of new homes over the last year, replacing a surface parking lot. We told you about the project when construction was just getting started, and if you visit the intersection today you’ll notice that the homes are finished. One odd architectural detail, the corner home has a nice sized bay with some hilariously small windows. We get it, the bathrooms have to go somewhere, but it seems like a missed opportunity to add natural light to the home with two frontages.
As the title of this post indicates, the homes are finished and all have sold. The interior homes both sold at $438K and the small windows on the bay seemingly had no impact on the corner as it sold for $475K. These price points are a little higher than expected for homes at this location, and goes to show the benefit of proximity to Passyunk Avenue, even through it’s roughly five blocks away. There isn’t much new construction in this immediate area, and the developers did quite well even though there’s a gross auto shop right across the street.
Yeah, this isn’t exactly what you want to see when you walk out your front door. But maybe we need to think fourth dimensionally, as the auto shop could disappear in the future. With the success of the project on the northeast corner, this parcel becomes an intriguing development opportunity. Just looking at the back of the envelope, we can see a 9 home development with parking. We’d think each home would sell for over $500K, given the prices we’ve seen across the street. Assuming the owners of the auto garage also own the real estate, selling the property would be a nice impetus for moving to a new location, or maybe an early retirement.