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I recently went on a long business trip and checked out a few neighborhoods in prime northeast cities: DC, Baltimore, Philadelphia, New Haven, Providence and Boston. They all were nice places with potential in their own right, but I could not gauge which would be better for business and housing investment purposes. Would anyone care to help out with their views?
Well, unless a terrorist really strikes D.C. and people flee the area, the D.C. area will always be hopping. After all, the government shouldn't ever shut down.
I'd eliminate Rhode Island and Connecticut as they are never going to be boom areas in this country.
That leaves Philly, DC, Boston and Baltimore. DC and Baltimore could be one and the same really, and booming areas always. I say somewhere between DC and Baltimore. Just an opinion.
Philly is probably the biggest (relative) bargain among the major cities in the northeast. For the price of a studio in Manhattan or Beacon Hill in Boston or Dupont Circle in DC, you might be able to get a smaller 2-BR in Rittenhouse Square or Society Hill in Philly.
Philly is the cheapest but is also the riskiest. The city's future is less certain then the other two. That being said, the city has been improving and has a lot of potential if it could overcome its troubles.
Boston is expensive and gentrified. The regional economy is solid with lots of knowledge jobs. Over the long term, it should be a safe investment. On the down-side, the city is a little stogy and runs the risk of flat-lining.
DC is expensive, but the best long term bet due to the presence of the Fed government. It is the safest MSA to invest in over the long-term. On the downside, the city's residential prospects are limited somewhat by the city's high crime/poverty.
I would have said DC and Balt. but you can only choose one and DC is far and away on a more obvious upward trend. DC's already expensive though, but you can invest in Baltimore for next to nothing, and it looks like Baltimore will soon follow in DC's footsteps on the path to revitalization. Many neighbourhoods are already being gentrified. The constant yearly decline in population seems to have stopped, and younger professionals are actually moving into Baltimore.
DC is already becoming oversaturated, Baltimore has yet to prove that it has a bright outlook in the near future. Philadelphia is cheap and is gentrifying. had you owned property in NoLib, you'd be a happy camper right now.
I live in Philadelphia, and have lived in DC, and follow closely the NYC market. Philadelphia has spent a lot of time undervalued in terms of being smack center in the Mid-Atlantic corridor, especially in relation to being more of a major a business/commerce center and it's real estate prices. DC/Baltimore is on the bubble and NYC is going to undergo some serious changes as many of those laid off in the financial industry leave the city as time goes on due to lack of adequate job replacements.
A caveat to recommending Philadelphia. There are many areas to avoid. Neighborhoods that are on the rise (and show no end to improvement) include:
Fishtown
Port Richmond
Pennsport
Graduate Hospital (now sometimes referred to as South of South)
I live on the border between Fishtown and Port Richmond, purchased my rowhouse for $62,000 in 2004...have put in $27,000 in improvements...and based on comparables it would sell for $170-$180,000 today. I'm not aware of any other city right now where property values are having a 100% return on investment over the last 5 years.
plenty of areas in boston continue to gentrify as living in Boston proper is so damn expensive. South Boston, North Dorchester, Charlestown, Somerville, Medford, Roxbury are all areas now being sought after since back bay, beacon hill, south end are very expensive per sqft.
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