Loft District next hot area? (Philadelphia: sale, homes, club)

[RightonWalnut]

Yes there is development going on in this area. I would assume properties will be cheap there, but they are only going to keep appreciating in value. The are is not unsafe, but I can see how one would think it is. It is mostly just an old manufacturing/industrial section, but the area was never ghetto. Anyway, there is development happening in the area and the area will become HOT once the Reading Viaduct is converted into a park, so if you don't mind living in a still developing area, I would buy now while property is still cheap and watch as it appreciates in value over the years.

[phillies2011]

Originally Posted by Summersm343

Yes there is development going on in this area. I would assume properties will be cheap there, but they are only going to keep appreciating in value. The are is not unsafe, but I can see how one would think it is. It is mostly just an old manufacturing/industrial section, but the area was never ghetto. Anyway, there is development happening in the area and the area will become HOT once the Reading Viaduct is converted into a park, so if you don't mind living in a still developing area, I would buy now while property is still cheap and watch as it appreciates in value over the years.

It's not exactly safe either though. The crime stats aren't high but you have to keep in mind that this in large part due to the fact that despite being right in the middle of everything there isn't a lot going on here. not many people live here and not much entertainment so you can't have crime where there are no people. If it's 3AM I'd rather walk down Market St. all the way out in west philly than down a random street in this neighborhood. It's just deserted.

It is ripe for redevelopment though. Much worse neighborhoods, much further away from the core of Philadelphia have gentrified wayyyyyy faster.

I think the problem here is because of the prevalence of large industrial buildings it is a lot harder for small time developers to come in and just rehab or build a house or two. Most of the projects are very cost intensive and require the costly conversion of enormous buildings and all the costs that go along with bringing a century old industrial building to code for a modern residential use, or knocking a building down and all the costs that go along with that require the construction of many homes in its place to make it worth while. Put simply there aren't many projects available for regular joes.

those that actually put the time in though are due to make a windfall but that's ironically also part of the problem. the people who currently own the land know that the longer they hold out, the more valuable the land will be. A warehouse that is currently worth 10 million will be worth 100 million if they hold out long enough that all the adjacent properties get developed and the area actually develops into a thriving community. most of these owners are wealthy enough and the property taxes are low enough that they're perfectly content to lose money for a decade to score that big windfall down the road. it's the same reason why there are still vacant and underutilized properties in old city. sure the owner could sell them for a ton of money tomorrow, but it's not like the property is becoming less valuable, these people just sit around waiting for someone to come along with an offer that blows them away. there's virtually no downside to sitting on property in philly.

[rraC ynnaD]

Originally Posted by jazzy jeff

I lived briefly in Chinatown about 7 years ago (11th and Arch) and it was safe back then. Do not recall any prostitutes, but seem to remember guys on the street trying to lure people into going to a massage parlor, which I was never quite sure where it was. There is a newer apartment building on 8th street in Chinatown that is really nice and has gated parking. My wife (she is Chinese) actually wants to move there.

I think he was asking about the Loft District, which is north of Vine.

[rraC ynnaD]

Originally Posted by Redddog

Hey all.

Wife and I are looking at buying some raw(ish) space in the Loft District.

Wondering if it has continued to develop of if looking in another part of town is a better idea. We love the idea of redoing a loft space and the price is certainly right in that neighborhood. Wife can deal with a little bit of tough but if she feels unsafe, it may be a deal killer.

Any parts of the Loft District that should be avoided these days? Is it impossible to get a cab? Any more or less dicey now?

Thanks all.

I know that area well and although I've never had a real problem (got some hard looks, but luckily I look like the type who may have a firearm), you need to watch your back because there's a lot (A LOT) of homeless drug addicts and people with mental issues roaming the area (the entire area) at all hours. After dark it takes on a different, extremely creepy feel. I've never seen a prostitute. I'm not sure I'd move a female into that area (esp if she's gonna be traveling by foot) who doesn't carry ... have her walk around after dark and see how she feels, everybody's different. You'd probably have to call for a cab. My girlfriend lives in Chinatown and she doesn't go over there ... and she grew up in Logan and lived at K&A for ten years as a young adult. I'd live there as a single male.

[Redddog]

Good advice. Thanks Danny.

So is there another area that I may find raw or outdated loft space that would be a bit further down the gentrification road that won't cost an arm, leg or both?

I'm looking to spend up to $300,000-350,000 on the space and add another hondo in remodling.

New to philly the wife has just always wanted a loft.

Thanks so much.

[rraC ynnaD]

Originally Posted by Redddog

Good advice. Thanks Danny.

So is there another area that I may find raw or outdated loft space that would be a bit further down the gentrification road that won't cost an arm, leg or both?

I'm looking to spend up to $300,000-350,000 on the space and add another hondo in remodling.

New to philly the wife has just always wanted a loft.

Thanks so much.

Why not just buy a nice place in Old City? I'm sure you can find a loft around there for that kind of dough. It's a great neighborhood (save for the cars getting broken into on Wood Street on what seems like a regular basis).

[Redddog]

Really?

I haven't seen anything around that price for what we're looking for. Maybe 1300 Sq Ft, coupla beds and 1.5 baths. Something like that.

I was just figuring that it might be easier to find raw(ish) space and build what we (she) want. I also love that kind of work and really like building value. BUT, having gone down the remodel road with my wife, if I could find the right place and avoid the remodel, I'd jump at it.

She NEEDS to feel safe though, walking the dog and getting to places. So if Loft District doesn't allow for that, I'm looking for ideas.

[rraC ynnaD]

Originally Posted by Redddog

Really?

I haven't seen anything around that price for what we're looking for. Maybe 1300 Sq Ft, coupla beds and 1.5 baths. Something like that.

I was just figuring that it might be easier to find raw(ish) space and build what we (she) want. I also love that kind of work and really like building value. BUT, having gone down the remodel road with my wife, if I could find the right place and avoid the remodel, I'd jump at it.

She NEEDS to feel safe though, walking the dog and getting to places. So if Loft District doesn't allow for that, I'm looking for ideas.

Oh, Ok. I see where that kind of space could get pricey in Old City. Have you looked into the Fishtown/Port Richmond area? I wouldn't recommend Kensington.

[Redddog]

Yeah. The other areas I've been looking at are Graduate, Fishtown, Bella Vista and University City.

Just not sure if I'm looking in areas that would have a dense population of raw-ish open loft type space. Or if I'll find any place like that outside of the Loft District.

But it seems like there might be some structural issues with the Loft District that will keep it from becoming well populated - which seems to be the reason why it's semi-sketchy. Mainly, the lack of retail, bars and restaurants and lots of people.

Is that fair to say?

[RightonWalnut]

I don't usually do this, but I'd recommend a realtor since what you are looking for seems to be super specific. Old City has a lot of lofts, and some fit in your price range:

Lofts@ 209
Center City Philadelphia Condos - Philadelphia Lofts

Hoopskirt Lofts
Philadelphia Luxury Apartments in the Art District

Letitia Lofts
Philadelphia Condos for Sale - Philadelphia Lofts

Here is a good site to browse around:
Philadelphia Real Estate | Condos, Lofts & Homes for Sale in Philly, Phila MLS listings, Rentals

Trulia is good too:
Philadelphia Real Estate & Philadelphia Homes For Sale — Trulia.com

There are some Loft buildings that face the Schuylkill River too, like Locust on the Park... and a few others. Try looking them up as well.