With all the expansion in South Philly neighborhoods like Grad Hospital and Point Breeze, what are the next hot markets south of Market? I've been looking at Pennsport, West Passyunk, and Gray's Ferry predominantly but I would love to hear what you all thought.
I'm biased, but I love Pennsport. I think it has the makings of a stable neighborhood, good access to 95/76, an anchor or two of stores (e.g. Ikea, Target, Acme, Lowes) and a waterfront that'll eventually, hopefully, develop. However I could see it just staying a stable, blue-collar neighborhood. Nothing wrong with that, but it won't explode like Grad Hosp, Passyunk, or or PB. Although lower Moyamensing might be a great place to invest as I see some 400k townhomes going up in the 3rd/4th area above Snyder.
Passyunk is already there, so to speak. Grays Ferry might take awhile but could be good given its proximity to the Schuylkill and 76, as well as the hospitals. I could see a lot of entry level folks working in those hospitals/universities being forced to go South due to rising rents in West Philly (by 30th Street and beyond) so Grays Ferry would be the natural progression to remain close and have reasonable rents.
@Alexander Brian Frederick - my bias (and favorite area to invest currently) is West Passyunk. Close to lots of retail, walking distance to coffee shops, new breweries, also large big box stores (Home depot, pet smart, gym, etc) and close to I-76. Easy access to center city (bus lines on 21/22nd run north/south) and the stadiums. 5 min car ride to the Upenn/Drexel area and about 15 mins to Phila airport. Also most homes need some rehab, but can be purchased for 125-150K and depending on finish levels, rented up to 1600/month. I speak from experience.. I own 2 and am purchasing a 3rd right now in that area.
@Alexander Brian Frederick North Grey's Ferry is already very hot and I think it's just going to keep going south. Same applies to West Passyunk. Rehabbers and developers including myself are already being pushed down to the southern border of Point Breeze and into West Passyunk to get in on the lower prices while we can and I don't see it stopping any time soon. The south end of Point Breeze ave has developed significantly in the past few months which I believe is going to lead people right down into West Passyunk.
I think Grays Ferry already has a lot of good activity going on and is just going to get better. There are a lot of opportunities over there and the neighborhood as most of the qualities that the other neighborhoods that are blowing up have. I also really agree with @Mike B. about West Passyunk, that probably has more to offer than any other South Philly neighborhood, if you can get one at the right price down there its a solid place to be.
Thanks @Sam Flannery . Also of note I just learned.. in terms of rentals in West Passyunk. for my rentals, I've had a lot of Flight attendants inquire for renting a clean SFH. I figured it was closed proximity to PHL. And that is true, but more specifically I learned.. Passyunk Ave has a SEPTA bus that goes straight down passyunk ave to PHL and stops there, thus making it easy for SEPTA riders or employees to get to PHL airport in about 15 mins (employee parking lot is at end of west passyunk ave).
In west passyunk, they're also doing major infrastructure upgrades currently (gas lines, water/sewer etc) and when they're done with that.. paving the roads and re-doing the sidewalks (this was confirmed by workers last week when they were in front of my property). The maps of where the work is being done can be found online via PGW and others websites.
There is something similar over in West Philly, Penn Home Ownership helps UPenn hospital and University employees buy homes in designated parts of West Phill. They work with banks and energy companies to create programs to save you money like the Enhanced Forgivable Loan which can save you $7,500 over 5 years used for things like closing costs, down payments, or home improvements. About 1,000 employees have taken advantages of this program, here's more info on it: https://penntoday.upenn.edu/2011-05-05/latest-news...