Philadelphia real estate is recovering beyond pre-recession figures. Great news? Absolutely. While the trope “location location location,” holds true, it’s important to consider timing as well. Consider the graphic above. Q3 in 2015 saw impressive house price increases. This rise in prices appears as if it will continue. In his quarterly report, Senior Research Consultant for Upenn’s Fels Institute of Government Kevin C. Gillen reports,
“Increased sales activity combined with decreased inventories indicate a relative increase in demand and decrease in supply, which point towards further price appreciation for Philadelphia’s housing.”
So with that said, we’d like to highlight a few listings in neighborhoods that are experiencing this ‘meteoric’ rise.
To many, it’s no surprise that these Philadelphia neighborhoods are gaining value. With a whopping 4.4% increase in house prices from Q2-Q3 in 2015 this section of Philadelphia has been on the rise in more ways than one for years. A booming arts culture makes this neighborhood a cool place to make home. Music venues abound as well as cutting edge culinary activity. Take a look at this luxurious, appropriately priced high rise:
An amazing opportunity to live in this highly upgraded southeast-corner luxury condo with majestic views of the Delaware River, Ben Franklin Bridge and bustling water traffic with the sounds of waves lapping the shoreline. Watch seasonal weekend sailboat races and the magnificent sight of holiday fireworks. In the other direction, enjoy views of Center City.
The heartbeat of Philadelphia, Center City, is an extremely desirable place to live. Access to scores of restaurants, beautiful public parks, luxury views and an intriguing art scene are just a few of the perks of living in the center of town. Not to mention the world class employment options. It is the second most populated downtown area in the United States after Manhattan and touts vibrant neighborhoods such as Chinatown and the French Quarter. With a 3.0% increase in house pricing in Q3, it’s clear that Center City will continue to accrue value. Take a look at this impressive property right in the center of it all:
A customized residence at the Ritz Carlton Residences. The owner has maintained the property so that it presents itself in like new condition. Moreover, there are plenty of beautiful custom treatments to the property, notably a number of custom built-ins and motorized window shades throughout this corner location residence. Gracious entrance foyer with powder room and lots of wall space for the art collector, leads to pen living room/dining room. with gas fireplace and hardwood flooring. Cook’s kitchen with extra tall cabinetry, glass tile backsplashes, Viking Stainless Appliances, (including a wine cooler) and island/eating counter.
Northwest Philadelphia can be divided into to distinct sections.
South of the Wissahickon Creek (Fairmount Park) is Manayunk and Roxborough. Once a manufacturing hub, Manayunk has transformed into a popular place to live for young professionals and families alike. With a bustling main-street and active fitness culture, the town has truly transformed. It is also close to many universities. Roxborough, which overlaps a bit into Manayunk, is a decidedly flatter/more spaced out neighborhood. It benefited from the generous contributions of the the mill owners of the 19th and 20th centuries. These neighborhoods are connected to Center City through SEPTA. North of the Wissahickon is Chestnut Hill. Unlike Manayunk, Chestnut Hill has retained a reputation of affluence through its history.
Northwest Philadelphia’s house prices rose only 0.3% in Q3, but nevertheless gained value. I’ve included this neighborhood to illustrate that every neighborhood in Philadelphia has and is predicted to gain value. For example, take a look at a classic Chestnut Hill estate:
This unusual property just a block from Fairmount Park is being offered for the first time ever. It can be a single-family home, multi-unit building or subdivision for new single-family dwellings. Architecturally intriguing comprising two different centuries of design, the home’s front portion is an 1860s Victorian Italianate “summer” house with a mid-1920s four-story wing designed by then-owner and architect H. Louis Duhring in the Arts & Crafts style. Artifacts and architectural details were added throughout.