Damn people it’s developer who’s on first isn’t it?
Late last night, I broke the news on this blog about the Johnson Matthey land getting sold in West Whiteland and as per the Philadelphia business journal plans for Eli, Kahn to build warehouses.
But wait, there’s more. Apparently misery loves company and there’s another warehouse bit of scuttlebutt floating around Chester County, not too far away from this.
Sources living out around Uwchlan who have had to live through Lionville Statuon Farm have been keeping an eye on a particular location off of Route 100 and behind where the Harley Davidson place was and kind of where the ice hockey rink is.
They say that on edge of Uwchlan, another warehouse plan is being hatched? Is it true it is also developer Eli Kahn? The fear is that someone if not him will be putting up a warehouse at the end of Haywood Drive (where the skating rink is) and does anyone else have details? The land is fully covered in trees that provides a nice buffer from the turnpike for people on roads like Susan Drive and Saddle Drive.
So if I have it straight, it’s the Uwchlan side of East Township Line Road? Rumors residents are hearing has it that Uwchlan Township expects a warehouse proposal there in February?
And speaking of warehouse proposals what about that land near this cleared by Hankin last year or something for warehouses?
https://www.showcase.com/haywood-rd-exton-pa-19341/3969730/
So I think, in my humble opinion that warehouses are the new apartments/condos/town houses/carriage homes/commercial real estate office buildings.
People say this real estate market is still so “hot.” I don’t think that’s necessarily the case. No one wants to admit when a real estate market is softening because it’s the death knell for developers isn’t it? I think certain aspects of real estate are still “hot,” but I think people are not renting the apartments as quickly as we are told; I don’t think new builds on condo, townhouse, developments, and “carriage” homes are moving as quickly as possible. Also just driving around you can see that regular residential McMansion builds are not selling out as quickly anymore.
And we know the commercial real estate market is also struggling given the fact how developers want to reimagine commercial office buildings if they can’t sell them. Look no further than Tredyffrin . They want to make one a school which actually isn’t a bad idea.
But then you look at East Whiteland and a developer wants to turn an old commercial office building into apartments because we need more of those of course, right?
And more to my point with commercial real estate I find this article in this morning’s Philadelphia Business Journal:
Construction isn’t finished yet, but AmeriHealth Caritas already wants to sublease its new build-to-suit office
By Paul Schwedelson – Reporter, Philadelphia Business Journal
Jan 30, 2024
And then there is this about apartments:
Philadelphia Business Journal: Residential Real Estate /There are signs that Philadelphia apartment rents may have finally topped out
By Joanne Drilling – National Data Reporter, The Business Journals
Jan 28, 2024
There’s also an interesting article put out by WHYY:
NATIONAL
Housing is now unaffordable for a record half of all U.S. renters, study finds
JANUARY 25, 20245:10 AM ET
HEARD ON MORNING EDITION
And this timely find of an article:
By Ashley Fahey – Editor, The National Observer: Real Estate Edition, The Business Journals
Jan 24, 2024
Now I am told from friends in Tredyffrin the new builds in historic Mount Pleasant are not quite selling like hotcakes, and the upper Merion side of Mount Pleasant has he had another proposal coming for like three more McMansion houses – this was the message I received:
Upper Merion Zoning Board Hearing next Wednesday February 7th. 7pm.
Developer wants to build 3 townhomes at 1034 Mt Pleasant.
Called the ZHB officer to ask if neighbors on the Tredyffrin end of the street are allowed to speak. Waiting for a return call.
So recent infill development in Mount Pleasant. I think is one single McMansion and eight McMansion twins and residents over there are not seeing any have sold.
Ok ⬆️ above is preposterously called The Enclave at Saint Davids. That is very amusing Main Line marketing to me because this is Wayne but it’s close to St. David’s which I guess sounds more pretentious? You know kind of like when they call Downingtown Chester Springs? And the price tag on Henry/Fairview ? $1,349,000. $1,149,000.
Now part of the reason they’re maybe not selling are the student housing slumlords in this neck of the woods right? I mean would you want your million dollar house down the street from where drunken off campus college students are vomiting on residents cars after partying all night?
Sorry, I know I’ve been rambling on here a bit. But we have to keep talking about these crazy ass developments. They keep popping up so they’re still building residential but it’s really not selling the way you would think. People are still buying houses but they’re looking for established neighborhoods and even fixer-uppers because the price points are so crazy.
And then there are all the parcels of land or structures are sitting rotting because no one has paid the price to buy the land. That could be for commercial or residential.
In some cases, there are historical assets sitting there rotting. Lloyd Farm in Caln comes to mind or the Joseph Price House in Exton/West Whiteland. Even the historic farmhouse on Route 30 in Frazer, next to the boat dealership counts.
Whatever the reason is for development, there is too much of it. And if all of a sudden more warehouse, plans are popping up and worse it’s a potential indication of the fact that municipalities need to actually pay close attention here? But are they?
Only time will tell.
Maybe it’s just my opinion, but maybe just maybe it all needs to stop for a while? And we can’t do it just with the officials in various municipalities, the state needs to step in, but then they would have to get past lobbyists wouldn’t they?
I leave you with beware the Aesop‘s fable of “build it and they will come,” because sometimes it’s just like the Emperor’s New Clothes and maybe not really there, but hey, I am but a mere mortal and a female. What do I know right?
