Northern Liberties/Fishtown - Philadelphia
Can anyone provide insight into the Northern Liberties/Fishtown rental market in Philadelphia? I'm thinking of buying a condo and wanted to get a better idea of the opportunities there. Thanks!
Very hot and very saturated area. If you got into it 10 years ago when it was essentially a dump, you would be a very happy and rich REI.
Rents are very high per square footage; if you buy a condo, you're buying it at a premium most likely. I would suggest looking at neighborhoods around that area -- for instance, Port Richmond is a NL/F "lite" area a bit north, but rents are up and home prices are not (non-new construction). Kensington is starting to explode as well -- never thought I would see the day -- but if you can find a decent block with fair pricing, go for it.
Thanks Joe! I appreciate it! I'll take a look at those areas.
Joe Papp thanks joe, as a follow up, how long do you think the redevelopment can continue up towards NE Philly?
Originally posted by @Sung Park:
Joe Papp thanks joe, as a follow up, how long do you think the redevelopment can continue up towards NE Philly?
If I knew the answer to that, I'd be far more ahead than I am now. :)
I think it comes down to four things -- proximity to Center City, tracking pricing over time, tracking building permits, and tracking inventory/rents. If all four conditions are well met, e.g. its close to Center City with good transportation (public or otherwise), pricing is steady or rising, permits are constant/persistent (indicating still room to grow), and rents are solid, if improving, and the inventory moves quickly -- you have a good neighborhood with long term growth.
Would love to hear other investors thoughts on this -- these are just my very inexperienced thoughts.
Joe Papp do you have recommendations for a FTI in Philadelphia? I’m a newbie and still shopping lenders I haven’t even touched the surface yet
Originally posted by @Rajmann Sanders:
Joe Papp do you have recommendations for a FTI in Philadelphia? I’m a newbie and still shopping lenders I haven’t even touched the surface yet
What's FTI? :)
I guessed FTI was Full Time Investor - but that is just my guess ;)
Originally posted by @Steve Babiak:
I guessed FTI was Full Time Investor - but that is just my guess ;)
I was thinking First Time Investor
Originally posted by @Steve Babiak:
I guessed FTI was Full Time Investor - but that is just my guess ;)
I wasn't quite sure myself. I don't really know any full time investors but I know there are some good Meetup groups where you could network with someone. I joined the Greater Philadelphia Real Estate Network meetup group and I've been meaning to go to discussions to listen and network with folks. Sorry I couldn't be more of a help.
I'm glad I bought in Fishtown in 2010.
I can't afford it any more.
Originally posted by @Joe P.:Originally posted by @Steve Babiak:
I guessed FTI was Full Time Investor - but that is just my guess ;)
I wasn't quite sure myself. I don't really know any full time investors but I know there are some good Meetup groups where you could network with someone. I joined the Greater Philadelphia Real Estate Network meetup group and I've been meaning to go to discussions to listen and network with folks. Sorry I couldn't be more of a help.
@Joseph Scorese should be happy you have mentioned his group.
You should look into DIG http://digonline.org/
Joe is a member of DIG too.