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Old 05-31-2013, 12:51 PM
 
Location: Boston Metrowest (via the Philly area)
4,453 posts, read 7,520,622 times
Reputation: 4334

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Quote:
Originally Posted by tom77falcons View Post
I think jobs and salaries have to be factored into it as well. There are not a lot of high paying premium jobs in the Philly area.

Based on median incomes, the Philly area is definitely above average in terms of salaries, so that's not accurate. As of 2010, it ranked 18th in median household income among the top 100 metro areas:

Brookings - Quality. Independence. Impact.

What you may be referring to is more extreme income levels, as in Wall Street or Silicon Valley millionaires and billionaires. In that sense, no, Philly cannot compete with that level of wealth, but it's still a fairly affluent region.

Quote:
Originally Posted by tom77falcons View Post
You do not meet people in other cities clamoring to move to Philly the way you do with Boston, DC or NYC. Philly is very blue collar compared to Boston, etc. Just notice on tv how many shows are set in DC, NYC, or Boston. That kind of marketing is priceless. Philly barely gets a nod in this regard. It is off the radar and just viewed as having a lot of crime and not much to see or do.[/b]
That's actually a pretty dated perception. Philadelphia is one of only a handful of metro/micro areas with over 40% of jobs considered to be white-collar based on government statistics -- the percentage is even higher than the metro areas of New York and Chicago.

Los Alamos leads U.S. rankings of white-collar jobs - The Business Journals

It's honestly just lack of updated knolwedge that keeps that stereotype alive. Granted, a lot of the Philly area's white collar employment is concentrated in the suburbs, but slowly but surely, many companies are beginning to set up offices downtown.

I also think media/marketing has gotten much better for the city. For example, out of the ten largest US cities, Philly's main visitor's website was the most trafficked last year: Philadelphia Tops List For Most Visited Destination Site Out Of 10 Largest U.S. Cities CBS Philly That wouldn't have happened if people were disinterested.

I agree that perceptions still need to improve, but there's no debating that the city has come a long way.

Last edited by Duderino; 05-31-2013 at 01:07 PM..
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Old 05-31-2013, 01:10 PM
 
Location: Boston Metrowest (via the Philly area)
4,453 posts, read 7,520,622 times
Reputation: 4334
Another point I am not sure that anyone has brought up is the level of foreign investment in cities like NY, SF and now even DC.

When you have multi-billionaires in Russia or Saudi Arabia purchasing condos in New York for tens of millions of dollars, the real estate in these areas is competing on a world-wide scale, driving up prices even further.

I'm sure you find a little more foreign investment in Chicago than Philly, but even so, the overall lack of foreign investors is what helps to keep real estate lower-priced.
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Old 05-31-2013, 02:00 PM
 
Location: Shaw.
2,226 posts, read 3,142,569 times
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Quote:
Originally Posted by Duderino View Post
Exactly. I don't think this point can be emphasized enough. Insofar as there is a disproportionately large amount of wealthy people in places like New York or the Bay Area, real estate prices will go as high as people are willing to pay.

That's why living in a city with tons of super wealthy people isn't necessarily a good thing -- it makes many of the desirable areas to live less attainable by median/middle-class earners.
There are a lot of wealthy people in Philadelphia, but they tend to be in the suburbs where there is more space. Hence even in the Main Line, housing prices are lower than they are in the Upper East Side.
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Old 06-01-2013, 01:06 AM
 
5,835 posts, read 10,783,127 times
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Quote:
Originally Posted by Chicagoist123 View Post
I think he mean more Manhattan in the types of people that live there ($$$).

Meaning downtown is like manhattan because it is expensive and really only the wealthy live there.
The northside is like Boston because it is fully developed and middle class to the wealthy class there.
The southside like Detroit because middle to the lower class live there.

I don't think the poster was saying that they are similar in how they feel, rather they are similar in regards to socioeconomics and how developed the areas are compared to a city.
I was thinking more in terms of concentration of skyscrapers, finance, retail, etc., more than money. There are lots of different types of housing stock that have a lot of money.
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Old 06-01-2013, 11:27 AM
 
357 posts, read 784,894 times
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Quote:
Originally Posted by Duderino View Post
Another point I am not sure that anyone has brought up is the level of foreign investment in cities like NY, SF and now even DC.

When you have multi-billionaires in Russia or Saudi Arabia purchasing condos in New York for tens of millions of dollars, the real estate in these areas is competing on a world-wide scale, driving up prices even further.

I'm sure you find a little more foreign investment in Chicago than Philly, but even so, the overall lack of foreign investors is what helps to keep real estate lower-priced.
This is an excellent point, and I know a focal point in Chicago in terms of growing more foreign investment. It certainly has the bones as a world-class city and is obviously a known entity. I believe it's a matter of real grass roots organization in terms of attracting more of it from what I've been reading. Rahm has had his ups and downs as mayor with some controversial (and some would say very much needed) moves in terms of getting Chicago's financial house in order, but I think he's spearheading this effort fairly well.
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Old 06-01-2013, 11:34 AM
 
178 posts, read 237,647 times
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Quote:
Originally Posted by Duderino View Post
Another point I am not sure that anyone has brought up is the level of foreign investment in cities like NY, SF and now even DC.

When you have multi-billionaires in Russia or Saudi Arabia purchasing condos in New York for tens of millions of dollars, the real estate in these areas is competing on a world-wide scale, driving up prices even further.
This is absolutely true, but falls under the general points made before. It's supply and demand, and places like NYC and SF get lots of attention from global elites, and Chicago and Philly don't, for the most part.

This is especially true in the case of Miami, where political changes in South America (see the problems in Argentina) directly impact the high-end sales market (see Argentine elites putting their cash in U.S. real estate, especially in South Florida, and also Manhattan to some extent).
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