Hope for Northeast Philadelphia? (Washington, Jenkintown: section 8, 2013, house prices)

[RightonWalnut]

Number of houses sold increased in 2012 in Northeast Philadelphia. Is there hope that the Northeast will recover?

2012 Housing Market Statistics Report [Real NEastate] « NEast Philly

[jtom605]

Originally Posted by Summersm343

Number of houses sold increased in 2012 in Northeast Philadelphia. Is there hope that the Northeast will recover?

2012 Housing Market Statistics Report [Real NEastate] « NEast Philly

That may be a symptom of the economy slowly recovering from the recession.

I'm more concerned about the fact that the average sold price went down from $148,525 in 2011 to $144,793 in 2012. I love how the article frames this as an increase in affordability. In reaility, it's a bad sign for the area.

[ElijahAstin]

Somerton, Bustleton, and to a lesser extent, Fox Chase, will probably remain alright for the foreseeable future. It's still a good option for middle class families with one or more city employee earners who want a run-of-the-mill suburban feel while still fulfilling work residency requirements. Otherwise, I don't see what would stop people from settling in nearby Lower Moreland/Abington/Rockledge/Cheltenham/Jenkintown instead. From what I know, Greenberg is still a decent enough elementary school, although George Washington High has been dicey for years now.

[bryson662001]

Originally Posted by HeavenWood

Somerton, Bustleton, and to a lesser extent, Fox Chase, will probably remain alright for the foreseeable future. It's still a good option for middle class families with one or more city employee earners who want a run-of-the-mill suburban feel while still fulfilling work residency requirements. Otherwise, I don't see what would stop people from settling in nearby Lower Moreland/Abington/Rockledge/Cheltenham/Jenkintown instead. From what I know, Greenberg is still a decent enough elementary school, although George Washington High has been dicey for years now.

Not only have house prices been more affordable on the city side but up until now RE tax's were much lower. That may be a big factor going forward. And add Torsdale, Morrel Park and everything east of the airport to your list of still good neighborhoods.

[mancat100]

Originally Posted by HeavenWood

Somerton, Bustleton, and to a lesser extent, Fox Chase, will probably remain alright for the foreseeable future. It's still a good option for middle class families with one or more city employee earners who want a run-of-the-mill suburban feel while still fulfilling work residency requirements. Otherwise, I don't see what would stop people from settling in nearby Lower Moreland/Abington/Rockledge/Cheltenham/Jenkintown instead. From what I know, Greenberg is still a decent enough elementary school, although George Washington High has been dicey for years now.

Why is Fox Chase "to a lesser extent"?

[tintin19119]

Originally Posted by jtom605

That may be a symptom of the economy slowly recovering from the recession.

I'm more concerned about the fact that the average sold price went down from $148,525 in 2011 to $144,793 in 2012. I love how the article frames this as an increase in affordability. In reaility, it's a bad sign for the area.

You are right. People are selling for less just to get out of the areas that they feel are going down in the NE. The ones that can`t afford to sell,are putting their homes up for section 8.

[mancat100]

The thing is, if they'd all stop selling en masse and just hold tight, the area would stop declining. I can understand their concerns and think many of them are valid, but I wish they'd just take a breath and stop panicking. It's a self-fulfilling prophecy.

[Aimewitue]

Originally Posted by tintin19119

You are right. People are selling for less just to get out of the areas that they feel are going down in the NE. The ones that can`t afford to sell,are putting their homes up for section 8.

which areas are going down??? which do you think will not go down??

[frankgn87]

Originally Posted by jtom605

That may be a symptom of the economy slowly recovering from the recession.

I'm more concerned about the fact that the average sold price went down from $148,525 in 2011 to $144,793 in 2012. I love how the article frames this as an increase in affordability. In reaility, it's a bad sign for the area.

True. Same prop taxes and a decrease in home values does not make good

[frankgn87]

Originally Posted by tintin19119

You are right. People are selling for less just to get out of the areas that they feel are going down in the NE. The ones that can`t afford to sell,are putting their homes up for section 8.

Very true,. I can't tell you how many people we know who sold and moved from the NE over the last few years.