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Old 03-08-2011, 11:05 AM
 
45 posts, read 109,106 times
Reputation: 14

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Hi all,
We've recently relocated to the area (Cherry Hill) from out of the country.
I was wondering what you think of the real-estate market here as it seems a good opportunity to invest at this time. I don't have the local experience and knowledge and was hoping to get your point of view.

I'm hoping to spur some discussion in the matter.

I'm referring mostly to solid investments in apartments in good areas (Rittenhouse/Art museum/Old city) offering relativley high quality of living.

As I understand real estate prices in the area have taken a beating.

Does anyone have any investment experience in the market? I'd appreciate the opportunity to better understand the cost structures (taxes, etc.) and potential return on investment.

I've also posted a similar thread in South Jersey and would appreciate any opinion on the relative attractiveness of other areas. I really don't know where to begin here.

Many thanks,
Dorian
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Old 03-08-2011, 03:55 PM
 
Location: a swanky suburb in my fancy pants
3,391 posts, read 8,189,113 times
Reputation: 1599
You know it is really a gamble at this point. There are a lot of bargains out there (compared to the height of the market). In previous downturns here things have come back within 5 to 10 years and people have made money. On the other hand in my 62 years I have never seen a situation as bad as we are in now... If you accept that the world will go on and not end soon then there has to be an improvment eventually but it could take 20 years. Do you feel lucky?

Last edited by FindingZen; 03-08-2011 at 07:46 PM.. Reason: let's focus on the local economy
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Old 03-08-2011, 05:23 PM
 
45 posts, read 109,106 times
Reputation: 14
I understand. However, with an acceptable ROI from rent I believe it's not too risky. I mean, chances of a serious double-dip are always there but you have to risk something.
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Old 03-08-2011, 05:47 PM
 
Location: New York City
66 posts, read 169,960 times
Reputation: 42
Mod cut - edited personal attack

I was born and raised in Philadelphia and moved to New York City (where I've now resided for 5 years) all in order to immerse myself in the busiest real estate market (Manhattan). On top of this I got into the business at the worst possible time and somehow weathered the storm. Very soon I will be moving back to Philadelphia, why? Because there is so much potential to make money in Philly with Real Estate. I do not believe we are in the type of market we were in before the downturn and honestly we probably won't be going back to that for the forseeable future. This is not the type of market where you buy houses and flip them quickly, but as you mentioned there is much potential to make income through ROI.

Many parts of the city are developing nicely and there are a lot more people from different parts of the country and even the world who are looking at Philadelphia as an alternative to the much more expensive New York City.

Last edited by toobusytoday; 03-09-2011 at 07:04 AM.. Reason: Please speak to the topics, not other posters
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Old 03-08-2011, 06:22 PM
 
45 posts, read 109,106 times
Reputation: 14
Thanks. Any resources you may be able to recommend? Which neighborhoods/ types of properties? Prices of recently sold assets?
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Old 03-08-2011, 11:23 PM
 
Location: Yardley PA
689 posts, read 2,206,828 times
Reputation: 189
Real estate in Philly is great right now for investment purposes.. So many people can't get approved for mortgages, so there are 10x as many people renting, especially those who want nicer higher quality rentals.

I own a few investments in the city, and as an agent have a few clients who only buy in Philly for the sake of holding/renting for now. The returns are great and the prices are lower than ever. Moderator Cut

Last edited by FindingZen; 03-09-2011 at 06:44 AM.. Reason: borderline solicitation
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Old 03-09-2011, 06:57 AM
 
Location: a swanky suburb in my fancy pants
3,391 posts, read 8,189,113 times
Reputation: 1599
Quote:
Originally Posted by ooodsie View Post
Real estate in Philly is great right now for investment purposes.. So many people can't get approved for mortgages, so there are 10x as many people renting, especially those who want nicer higher quality rentals.

I own a few investments in the city, and as an agent have a few clients who only buy in Philly for the sake of holding/renting for now. The returns are great and the prices are lower than ever. Moderator Cut
I agree with this sentiment. I misunderstood the OP's original idea, thought he was a flipper.
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Old 03-09-2011, 07:36 AM
 
45 posts, read 109,106 times
Reputation: 14
@ooodsie - Any areas you recommend in particular? Perhaps you can send me your contact details?
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Old 03-09-2011, 07:59 AM
 
Location: a swanky suburb in my fancy pants
3,391 posts, read 8,189,113 times
Reputation: 1599
Unquestionably Center City, probably the Rittenhouse Square neighborhood 19103 remains the most in demand for renters and there are bargains (for buyers) because fewer can afford to buy and there is a huge amount of inventory on the market that isn't moving.
Look at www.realtor.com with 19103. Also 19102, 19106 and 19107. The Northern Liberties neighborhood remains trendy and popular but to get a deal you will probably have to be prepared to rehab.
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Old 03-10-2011, 12:18 AM
 
Location: Yardley PA
689 posts, read 2,206,828 times
Reputation: 189
Dorian - I sent you a PM.
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