How safe is a West Philly Bet?

Question

I'm a licensed agent that works mainly with distressed residential properties. Lately, I feel like I've been moving more and more inventory in West Philly so I consulted the magical google machine. I found this article that details the progression of Philly as a whole with a focus on how West Philly's progression. http://www2.philly.com/philly/business/real_estate...

Philly Investors and professionals:

How valuable of an area do you think West Philly (Cobs Creek, Overbrook, University City, etc)? Is this article worth its salt?

Philly Investors and professionals:

How valuable of an area do you think West Philly (Cobs Creek, Overbrook, University City, etc)? Is this article worth its salt?

Joseph ODonovan · Answer

@Jimmy O'Connor; @Joe Platyan nailed it. Wynnefield and Overbrook are a yes. Cobbs Creek not so much. I must add that Kingsessing is a "no" in my book as Kingsessing is SW Philly.

Nick Brown · Answer

Overbrook and Wynnefield are getting a lot of attention, but I've also seen a lot of investors moving into Cobbs Creek as well.

Jon Graboyes · Answer

Currently have 2 very qualified tenants renting my Cobbs Creek Duplex. Had a ton of demand @ $900 p/mo - 2BR. I could likely squeeze a few hundred more p/mo, but I'm happy to have great tenants at a friendly rate. Would like to pick up another duplex here. However, finding the right block is important.

Jesse M. · Answer

I was born and raised in West Philadelphia but unfortunately spent most of my days on the playground. Y'know, chillin out, relaxin and shootin b-ball outside of the school. Some guys started making trouble in the neighborhood so my mom sent me out west to Bel Air. Sorry I couldn't be of more help.

Joseph Platyan · Answer

@Jimmy O'Connor I think blocks do definitely matter when talking about West Philly. For Overbrook and Wynnefield it's a matter of being closer to City Ave for the most part. Some value as you get further east but I would say risk definitely goes up the further east you go from City Ave. Driving around these neighborhoods will give to the best feel for what makes the most sense.

Jimmy O'Connor · Answer

@Joe Platyan Thanks for the respone my man. How much of a difference do you think the blocks make? I feel like the areas out there (let's stick to Wynnefield and Overbrook) that are rather homogenous and not such a stark difference from street to street than say a Point Breeze.  When you're looking for comps and value, how much of an influence is there between proximity to the house you're looking at, the property specs, and what you can do to it?

Joseph Platyan · Answer

I am interested in Wynnefield and Overbrook. Cobbs Creek I don't feel is ready. My insurance agency is on City Ave on the boarder of West Philly. It use to be in the Parkside area so I have a feel of how the neighborhoods are. I talk with insureds daily in these neighborhoods. My gut tells me the two I mention above are promising the others (besides U City of course) I would be hesitant still.

Chelsea Downs · Answer

I have two properties in west philly. The rental market is strong and steady with new builds everywhere.

How safe is a West Philly Bet?

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