What do you think about buying of Roxborough? (Philadelphia: short sales, real estate market)

[cyrusjul]

Hello. My brother and his wife are looking to buy in Philadelphia. They are almost ready to settle down and start having children. They currently live in Roxborough and they like that neighborhood. Do you think this is a good area to buy right now? Should they wait a couple of more years and then buy in the area. They currently are renting. If they buy they want to be in the area for a long time. Eventually sending their 'future children' in the local public schools. How are the schools in the area? Or should they think of better private schools. Is there another better neighborhood in Philadelphia that they should be looking? Thanks a lot for any information whatsoever.

[maf763]

IMO Roxborough is a very stable neighborhood. I wouldn't foresee a real drop in real estate values, though the market may soften some more. The schools in Philly are, by and large, a hit or miss proposition. They are all subject to turnover in personnel, and personnel is critical to the quality of a school. The schools in Roxborough are probably rated higher than many other areas of the city, but that doesn't guarantee anything.

[ajb842]

I went to nursing school in Roxborough and have lived near the area for years. I'm not sure about the schools, but I do know many people send their kids to private schools. In general, Philadelphia schools aren't the greatest, but it does depend on location. For families, I would recommend Roxborough and nearby East Falls. Many younger professionals(doctors,nurses,etc as the hospital is so close)have moved to East Falls and restaurants and shops are slowly coming. You may get the most bang for your buck while still being 5 min from Roxborough and everything there. However, if a single home is what you're looking for, Roxborough is probably best. Manayunk is ok I suppose, though the parking and the one way streets are terrible, particularly in the winter. There are some newer homes being built in Manayunk with parking, but are rather costly if you're looking for a bargain. People who live in Roxborough have usually lived there since they were kids, so I would think it's a fine place to have kids and settle down, just be open to the idea of private schooling. However, many kids have to use the Philadelphia school system and they seem ok, so it's a personal decision.

[cyrusjul]

Thanks for the great advise. Are there any bad parts of Roxborough? Or the whole neighborhood seems stable and descent. I notice other neighborhoods that are also closer by, like shawmont (to the north) and tupelhocken, Upsal and Carpenter (on the other side of the park). How are these neighborhoods? Maybe these are a cheaper option to buy and are fine to consider looking as well. If not then Roxborough might be the place. Thanks.

[cyrusjul]

Also the house he is looking to buy is close by St Mary Assumption Cemetery. Is this an ok or good area? He is getting a place there for about 300,000 or so I think.

[littlefamily]

If they plan to be there long term (5 - 10 yrs) they would probably be fine. But in that time, they may decide that schools in the city just don't cut it....

I am no real estate expert, but I just lived the real estate nightmare...

We moved to north FL last year and intended to be there long-term. The housing market had dropped about 4 - 5% at that time. We thought - this is a great time to buy! Fast forward to a year later and we are moving back (company went south). From the time we bought, the house lost another 15% in value. Let's just say going to a closing as the sellers and bringing a check is not fun. But we sold!

My VERY unscientific research....

N. FL April 07 - real estate market is slow; prices down about 4-5%
N. FL Fall of 07 - dead real estate market, but holding prices; maybe down another 1-2%
Spring of 08 - drop of a good 15 - 20% in property value - competition from short sales and people who couldn't sell in the fall and winter had to lower asking prices to match short sales....

From what I read Philly seems to lag other markets in terms of real estate.... so the Philly comparison is:

Spring of 08 - real estate prices down about 3-4%; slow down in buyers....
Summer 08 - most of what I hear is that the market is VERY slow....
If it follows the FL trend, the bigger drop in value will come next year when people who are still sitting with houses on the market need to get rid of property after no buyers in the fall and winter. Throw in competition from a few short sales and the down turn gets bigger...

I'm guessing you won't see the extreme drop in value that FL did and Roxborough may be even more isolated, but you might see more of a drop yet.... We are waiting to see the spring market before buying again. My philosophy is that even if they don't drop further, they aren't heading back up quickly, so why not see what happens...

Just my 2 cents....

[cyrusjul]

Thanks for talking about your experiences and your suggestions, littlefamily. I will tell my brother.

[sunflower4567]

Originally Posted by cyrusjul

Hello. My brother and his wife are looking to buy in Philadelphia. They are almost ready to settle down and start having children. They currently live in Roxborough and they like that neighborhood. Do you think this is a good area to buy right now? Should they wait a couple of more years and then buy in the area. They currently are renting. If they buy they want to be in the area for a long time. Eventually sending their 'future children' in the local public schools. How are the schools in the area? Or should they think of better private schools. Is there another better neighborhood in Philadelphia that they should be looking? Thanks a lot for any information whatsoever.

Funny how t his question was asked literally a month before the economy crashed. If they have waited one more month, they could have gotten a house in Roxborough way cheaper than they were going for.