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Real estate values continue to decline

Philadelphia continues to perform other housing markets, probably because we were less overvalued over the past few years.

From Hallwatch.com:

According to the latest analysis by Wharton and Econsult economist Kevin Gillen, the typical Philadelphia home fell in value by an average of 3.3% on a quality- and seasonally- adjusted basis. When added to previous price declines, Philadelphia house prices are cumulatively down 10.1% from their market’s peak of just over eighteen months ago.

Price changes across the city’s neighborhoods were almost all negative, and no areas showed any meaningful increases. From lowest to highest, the price changes by neighborhood are: South Philadelphia (-8.6%), West Philadelphia (-7.2%), Center City/Fairmount (-6.0%), Lower Northeast Philadelphia (-3.3%), Northwest Philadelphia (-3.0%), Kensington/Frankford (-2.0%), Upper Northeast Philadelphia (-0.6%), University City (+0.5%) and North Philadelphia (+0.7%).

Read the entire story here at Hallwatch.com.

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Frankford Hospitals lays off 100

From Phillyburbs.com:

Citing the troubled economy, Frankford Hospitals Thursday announced it has eliminated 100 full-time employees including a small number of “clinical” nursing positions.

The staff layoffs were part of an “operational analysis” that also involved staffing adjustments including eliminating opening positions and shifting employees into “alternative roles.”

A statement released by Frankford did not include many details including if the layoffs and job eliminations are across all three campuses; Frankford operates hospitals in the Torresdale and Frankford sections of Philadelphia and a third in Falls. Hospital officials were not available for comment after the announcement.

As the press release says, no information on which of the three Frankford hospitals are affected.  Read the story here.

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Real estate transactions

This is a list of the real estate transactions in Frankford from October of 2008.  Thanks to the folks at ReMax Cityspace:

1428 E Cheltenham Ave $73,500
4237 Castor Ave $63,000
4635 Milnor St $260,000
5001-11 Oxford Ave. $715,000.00
5411 Charles St $82,900
5417 Oakland St $80,000
4643 Penn St $99,127 4U
4701 Hawthorne St $30,000.00
1837 Foulkrod St $40,000
1916 Buckius St $57,000
4637 Milnor St $130,000
5105 Oxford Ave $137,800
1711 Plum St $154,500
1740 Margaret St $62,900
4438 E Wingohocking St $114,900
4512 Bermuda St $103,000
4569 Melrose St $82,500
1371 Dyre St $66,000
4277 Orchard St $37,000
5252 Oakland St $113,000
5314 James St $125,000
1629 Wakeling St $89,000
2032 Buckius St. $22,000
2032 Plum St $80,000
4431 Oakland St $110,000
1880 Pratt St $64,900
2054 E Cheltenham Ave $105,000
4235 Salem St $21,500
5153 Saul St $99,900
1145 Herbert St $77,500
5151 Oakland St $115,000
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Cancer Treatment Center Needs to Grow

Cancer Treatment Center of America

As a result of the need to expand, the Cancer Treatment Center on Wyoming Avenue proposes to acquire land from Greenwood Cemetery.  That will necessitate the relocation of as many as 3000 burials to an unused location on the cemetery property.  Use of that area would also make land available for an additional 7000 future burials.

As part of the transaction, the cemetery would also receive funds for restoration of the Benjamin Rush house and improvements to the entrance on Adams Avenue.

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The re interment process will be done by a company expert in the field.  All burials will be re interred individually.  Next of kin will be notified when possible.

As a result of the expansion, the Cancer Treatment Center employment will increase from the present 550 to 1000 employees.

Somebody better do something soon.  This Rush house is falling apart.  From the street it looks like there are windows on the built out porch, but it’s just cleverly spray painted board.  The house has open/broken windows too.  Pics follow.

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