I am local agent in the Philly area and have been working with some investors in different areas throughout the city. Heard about some development going on in the West Philly neighborhood Parkside. The neighborhood is still seems a little rough, but I feel that there is some investment potential...Thoughts??
Hey Roman, I think Parkside is a really good area to pick up buy/hold investments. The neighborhood is still a little rough, but the city is putting a ton of money into the surrounding area and we should see some increases in property value very shortly. As an investor, there is a lot of potential for growth, and as I see philly development sky-rocket, I firmly believe holds will generate a good profit in the long run!
Roman, Parkside has some good opportunity, but like any neighborhood in Philadelphia it varies block by block.
Hi @Roman Melnyk , I own a few rentals in Parkside. It is definitely not a Brewerytown or Point Breeze yet development wise but don’t we all wish we could have bought at the bottom of those markets? Right now the area works well for me with the rentals that I own and they cash flow nicely so I am happy. Any appreciation will just be a bonus but I definitely feel like there is a lot of potential for the neighborhood which is why I am a Parkside buyer.
My insurance office use to be on 50th and Parkside near the Lowes and McDonalds over there. It was rough when I was there but noticed there is a Good Will there now and you can see some reconstruction going on currently.
There is a recovery/behavioral health building down there that seems to be holding the neighborhood back a bit. It brings in a good amount of people per day and from what I heard they are well passed the legal limit of people they are supposed to be helping. All day long people wonder around the street down there because they have no where else to go.
Parkside back in the 50s was the place to live, it was a high class neighborhood, obviously that has changed. It would be great to see that neighborhood turn into a glimpse of what it once was.