A little less than two years ago, we asked you to consider 1500 S. 25th St., a sizable vacant and overgrown lot, sitting adjacent to the CSX viaduct separating Grays Ferry from Point Breeze. Back then, we compared the property to so many we’ve covered on Front Street in Fishtown and Kensington, and figured that the site would be ripe for an apartment project, to bring some density to this location.
We were surprised about the zoning notice at the site which indicated that developers were instead planning 25 townhomes at this address, but noted that Grays Ferry has seen a dramatic rise in single-family development over the last several years and relatively little in terms of large scale multi-family. So upon further consideration, we were able to wrap our heads around the plan. Still, we wondered what kind of buyer interest there might be in these homes given the presence of the viaduct, and we were likewise curious as to what price points we’d see.
Today, the site looks quite different than it did in 2018, with the exteriors just about done and many interiors already completed. The developers were wise to run an open-air parking area across the front of the property, giving the homes some space to breathe. To date, 8 of the homes have sold at prices in the low to mid-$400K range, and 4 more are under agreement at prices exceeding $450K. Doing some quick mental math, that means that 13 of the homes are still available, with current list prices ranging from $465K to $475K.
But that’s not the whole story for this little pocket of Grays Ferry. Another dozen or so homes are either under construction or have recently sprung up on the surrounding blocks. Right next door to the aforementioned 25-home development, a home at 2510 Dickinson St. sold back in April for $395K. The property had been sitting vacant for at least a quarter century before its recent redevelopment.
It’s more of the same on the nearby 1500 block of S. Stillman Street. This block has seen the construction of seven new homes over the last couple years, with the latest additions recently appearing at 1550 and 1552 S. Stillman, almost at Tasker Street. The other homes on the block have sold this year, at prices ranging from $350K to $450K. We should mention that all of these homes sit on 14′ lots, so these are skinnier than usual homes and still getting great sale prices for the location.
Moving over to the 1500 block of S. Bambrey, there are four more new homes to call out. Two of those homes are currently under construction, while one of the two that’s already finished sold earlier this year for $390K. Check ’em out:
As development has accelerated in Grays Ferry, it’s largely been concentrated in the northeastern section of the neighborhood, with scattered sites in other parts of the neighborhood. With the large anchor of the 25-home project on 25th Street, we’re seeing a new node of development coalesce around 25th & Dickinson, and we have to think that more projects will come along to fill in the remaining vacant lots nearby. This is instructive, and gives us an indication that other sizable projects, like the proposed development at 29th & Tasker, could have a similar impact on other parts of Grays Ferry. Kinda makes you wonder what might happen if the huge site at 30th & Grays Ferry ever gets redeveloped.