Daily News | Philadelphia’s real estate boom is on hold as interest rates rise
“I don’t think the majority of lenders will be back in the market until this time next year,” said Bill Hankowsky, former CEO of Liberty Property Trust, a legendary Philadelphia-based commercial developer that was
But the smaller scale townhouse market is strong enough to sustain new projects, especially as the supply of single-family homes for sale remains constricted by the same surge in interest rates — which have“If you asked me this on Jan. 1, I would have been wrong because we have not seen a slowdown in loan requests,” said Charles Crawford,, which backs a lot of townhouse development in the Riverwards.
“In our area, the lack of residential housing supply spurs on borrowers to move forward even though rates are higher,” said Keim. “[We’re seeing] residential developments in the suburbs. Housing prices are holding up, so they’re still viable.”
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