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New homes rising at site of Point Breeze homes destroyed in fire

Developer Ori Feibush says home prices have risen as a result

A developer has wasted no time getting back to work after a fire destroyed four homes and damaged several others in a new Point Breeze development in May.

Developer Ori Feibush told Billy Penn that his team is building 11 new homes at 20th and Wharton next to the site of where the fire occurred. The fire, which was ruled as arson, is still being investigated.

Feibush, who has built dozens of properties in the rapidly developing Point Breeze neighborhood, is still offering $102,500 in reward money for anyone to come forward with information.

The developer also pointed out that the fire caused actually caused a hike in housing prices in the neighborhood, likely the opposite of what the potential arsonist had in mind:

“It’s had a very immediate impact on housing prices in the neighborhood, making them more expensive. Not less,” Feibush said. “The lack of supply this fire created ensured these homes are selling for $50 or $60K more since then.”

The prices of homes at 20th and Wharton start at $625,000. Currently, one of the homes on the market is asking $635,000. It’s currently under construction and expected to deliver by the end of the year.

Posted by OCF Realty on Tuesday, July 25, 2017