From my keywords I get the feeling a lot of people are trying to figure out which Philly neighborhoods are "HOT". This article does a good job explaining those areas and the neighborhoods where house prices and rents are appreciating. Sounds like there are really some people not only driving for dollars but pounding the pavement.
Thanks Tim. I really like PA, have frat bros in Philly, went to PSU etc...go to games via Philly.
For Philly, are there any low tax zones? Do you invest there?
How does one qualify the rehab for the 10 year tax break? Thanks, Matt
There are a bunch of different ways that you can qualify for the abatement....
There are business development zones that have additional government assistance called Keystone Opportunity Zones, but I don't know much about that expect that they are near the Navy Yard and by 30th and Market.
I don't have any real estate investments in Philly. I'm getting married next year and promised no big investments until after that, but that doesn't stop me from looking.
I understand your intention in posting this article was simply to help identify the "hot" areas of Philadelphia for those out there that may not be familiar with the Philadelphia market.
I must disagree/add to Kevin Gillen's viewpoints as to why these areas are experiencing an increase in rent prices as in my opinion using the term gentrification is too vague. I recently graduated from Drexel University and lived in University City for the majority of the 5 years (5 year Co-Op Program) I attended Drexel University. Drexel is typically misunderstood from a national perspective since the majority of students attending Drexel are in the 5 year Co-Op program as opposed to the typical 4 year program most colleges offer. Therefore, the costs of attending Drexel is greatly underestimated as Forbes and other college ranking services do not take this extra year into account. Taking that into account both Drexel and UPenn are among the most expensive colleges in the nation. Students that attend these schools typically come from wealthy families that can afford to send their children to these schools. Being as these schools are located so closely to one another you have a large amount of students looking for housing all within the same area. According to bigfuture.collegeboard.org the number of undergrad students from out of state that attend UPenn and Drexel are 81% and 51% respectively. So given that there are roughly 9,000 undergrad students attending UPenn and 16,000 undergrads attending Drexel your looking at roughly 15,000 students with no option but to live either in student housing or in the surrounding area. I can go on on but my point is University City is filled with tons of students, with family money, looking for housing options. (Not to mention: for at least 6 months of the year Drexel students are working as interns, making money.)
In terms of the other areas mentioned in the article (Fishtown, Point Breeze and also Norther Liberties). What Kevin does not mention is that these areas have a good bar scene. Therefore, you are seeing a massive influx of recent college grads, that work in the city, moving to these areas for the cheaper rent option but more importantly to a lot of recent grads...a good night life.
It's more than just a nightlife, Tim, or you'd see more professionals on South Street instead of teenagers. All of these growth neighborhoods are walkable, have nice restaurants, easy access to transit, and have developers building homes and apartments that attract young professionals. And - the kicker -
The article @TimButler posted focuses on neighborhoods that have very established and proud African-american communities that are seeing development and professionals for the first time. There is a lot of fear of being priced out of their neighborhoods, fear of change, but the article skips over any of the benefits associated with rising property values.
If you're looking for Hot areas in Philly, look at where the new construction builds are between $300-$400k.
Agreed it's more than just nightlife. I graduated (geez like 7 years ago) and while at first it was for cheap housing, friends, bars and work many of my friends are still around and settling in those neighborhoods because they are really great communities.
It makes me nervous how upset people are over property taxes and property inflation, because council people could react to those sentiments and enact policies that are not investment friendly when the city needs new investment desperately.
Eleena de L. you should take a look at these articles!
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