Philadelphia 2035 (apartment, rent, condos)

[Redddog]

Originally Posted by cpomp

$$$

Fair.

[PHL10]

Originally Posted by Redddog

Penn's Landing is where you go if you want packs of teens to screw with you constantly. No cops, whatsoever.

The new park is going to be a newer, green space with punks running around without any consequences at all. And they missed the one opportunity they'll EVER have to cap Chestnut to Walnut, which is completely insane to me.

That's certainly a very cynical take. We have plenty of nice public spaces despite the existence of packs of teens. Generally, we don't have issues wherever there is security/police presence. Besides, who knows what the crime climate might be 5 years from now.

[mphilly]

https://www.inquirer.com/food/restau...-20230908.html

Walnut St beer garden is cleared to reopen Friday. Glad they were able to work things out.

[AshbyQuin]

Four-story, 57-unit apartment nearing completion in Point Breeze

https://phillyyimby.com/2023/09/cons...ladelphia.html

[cpomp]

Originally Posted by AshbyQuin

Four-story, 57-unit apartment nearing completion in Point Breeze

https://phillyyimby.com/2023/09/cons...ladelphia.html

This is nice, but Point Breeze needs commercial friendly zoning!
If so, Point Breeze could be like Passyunk Ave (the needed catalyst for Point Breeze to take off). Kenyetta Johnson hates improvements though, because then his days in office are numbered.

[cpomp]

Sandy, I always think of you when I read this nonsense headline, because you provide an eloquent correction.

Besides the headline, there is some good news for Philadelphia in terms of decreasing poverty and increasing incomes.

Philadelphia’s poverty rate is improving, but it remains the poorest big city in America
https://www.inquirer.com/news/philad...-20230914.html

Philadelphia’s poverty rate is the lowest it has been in nearly two decades — but vast disparities exist between racial groups, with communities of color bearing the brunt of the city’s economic struggle.

And Philadelphia remains the poorest big city in the nation. But its 21.7% poverty rate is close to that of Houston, meaning that the city could shed its longtime and unwanted title in the coming years if trends continue.

Philadelphia’s poverty rate has been in decline since 2011, when it was 28.4%, and continued to drop at a steady pace, even through the pandemic. According to the estimates, the 21.7% rate in 2022 is down a percentage point from 2021.

The median household income in Philadelphia has also climbed steadily since the Great Recession. The estimate for 2022 was $56,500, a 7% increase from 2021 and 15% higher than the inflation-adjusted median income in 2005.

Philadelphia also continues to hold the stigma associated with being the poorest big city in the country, but Houston, the city with the next-highest level of poverty, has a rate only a percentage point lower, at 20.7%.

The gap between Philadelphia and Houston is well within each city’s margin of error (+/- 1.6 percentage points for Philadelphia, and +/- 0.9 percentage points for Houston), meaning that the poverty rates in Philadelphia and Houston could be considered statistically tied.

[Redddog]

Originally Posted by PHL10

That's certainly a very cynical take. We have plenty of nice public spaces despite the existence of packs of teens. Generally, we don't have issues wherever there is security/police presence. Besides, who knows what the crime climate might be 5 years from now.

Cynical, indeed.

Sadly it's from direct experience at Penn's Landing. I've lived next door to that site for 8 years and it's only gotten worse. My comments were basically addressing the likely reality that if there isn't some type of effort to abate the type of activity that occurs down there, there isn't any reason to believe that the quality of the surroundings will have any effect on the lawlessness/total hassle that happens there all the time.

I'm, of course, rooting for this park to be a homerun. As I said, we live next door to this space and, to a degree, what happens there spills into Old City. Much needed infill and retail development would hopefully happen in this area which has been decimated. It's a reasonable bet investors should very well make, though we haven't seen that outside of a couple sweet new neon smoke shop/gambling machine/hookah bar storefronts recently.

If I had any money, I'd take the plunge as I feel like we're at the bottom of the cycle.

Like I said, the message of my previous post was that if they don't do anything to make people who go there to feel safe enough to enjoy themselves, that park is likely to be less than what we're all hoping for it to be.

[MarketStEl]

cpomp: Also nice to see the citywide MHI crossing $50k headed north. (This means that my own income is finally below the median. )

It still has a ways to go before catching up with the statewide median of $67,587, but it's still headed in the right direction.

[Duderino]

Originally Posted by MarketStEl

cpomp: Also nice to see the citywide MHI crossing $50k headed north. (This means that my own income is finally below the median. )

It still has a ways to go before catching up with the statewide median of $67,587, but it's still headed in the right direction.

Following up on this in the national context: median income went up, and poverty went down in Philly, whereas nationally the inverse of those trends is true.

I've also noted it at least once already, but it the Bureau of Labor Statistics has shown the Philly area (including the city) both having job growth above the national average for at least the past year, and it's now the fastest in the Northeast Corridor. All of this data really positively reinforces itself.

[Pennsport]

Go ahead Del Ave! Huge projects in the works that will result in 1200 residences and tons of street level retail. Of course, across Del Ave. on the eastern side, where Spring Garden Street ends, is a similarly huge development underway. I bet every single unit is sold or rented in short order once these are complete.

https://www.ocfrealty.com/naked-phil...laware-avenue/