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Old 03-27-2016, 09:16 AM
 
34 posts, read 58,658 times
Reputation: 12

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I won't be in the market to buy for a few years, but I occasionally glance at areas I like in Philly to see what I should expect. it feels like when I did this last year, there were plenty of top end neighborhoods with 3-4 bedroom houses for 300-400k. You were never living on the Main Line for that, but houses in places like Roxborough, W Mt. Airy, Jenkintown, Ambler, Conshohocken, East Falls, Wayne, and even a rare Chestnut Hill find were always there. Those are basically gone now. I was checking out Zillow lately, and it seems like if you want a standalone house in a safe neighborhood (like the ones listed above) within 30 mins of Philly that is 2000 square feet or more you're basically going to have to go over 400k. I don't necessarily want to go over the bridge into Jersey, but Cherry Hill/Haddonfield/Mount Laurel/Collingwold still have houses in that price range so that may force my hand.

Am I nuts or are prices just climbing and its becoming a sellers market again? Seems like there are in general a lot less houses on the market right now than even a year ago?
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Old 03-27-2016, 09:55 AM
 
Location: Philadelphia
33 posts, read 21,931 times
Reputation: 25
I've noticed the same. Yes, NJ has reasonable prices but their property taxes are scary.
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Old 03-27-2016, 10:39 AM
 
Location: Boston Metrowest (via the Philly area)
4,745 posts, read 7,845,060 times
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You're not imagining it--inventory is down significantly and sales are up significantly year-over-year based on a recent Inquirer article: Spring market worry: A dearth of homes for sale

Obviously, given the basics of supply and demand, this dynamic is bound to raise selling prices.

I'd also add that the Philly market has historically had an incredible amount of value for its amenities compared to many other major coastal metro areas. It was only a matter of time before more significant price inflation reached the area. I think the days of a standard home being purchased by a standard middle-class family in basically all of the areas you've mentioned are basically over.

But on the plus side, this will also push more people into other not-quite-as-popular towns and arguably boost their fortunes. All of it is part of the cycle of real estate.
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Old 03-28-2016, 04:41 PM
 
Location: New York City
6,227 posts, read 5,562,899 times
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Any town near a train station and/or one with a downtown is super expensive too.

Media, Swarthmore, Wayne, West Chester, Doylestown, etc.
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Old 03-29-2016, 08:36 AM
 
123 posts, read 144,398 times
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I hear there is low inventory right now. Of course we picked this past month to get approved for a mortgage and start seriously house hunting, and we haven't found much of anything. It sucks. And we aren't looking for much. Just a small twin in a good neighborhood. Might have to rent.
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Old 04-02-2016, 01:07 PM
 
Location: University City, Philadelphia
22,632 posts, read 12,789,064 times
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In my neighborhood - University City - prices are rising dramatically.

A Victorian "Twin" on Baltimore Ave. across from Clark Park sold last month $525,000 ... it was initially put on the market for $565K but apparently the sellers were in a big hurry so they sold it in a could of days. A house like that would have fetched maybe $200K ten years ago.

A better example was another very pretty "Second Empire" Victorian Twin on 42nd St. near Spruce St. - with a private driveway! - that had several bidders interested in it. It was on the market for just a few days and the asking price was $1.1 Million ... in fact with the competitive bidding the sellers got $1,350,000 for that semi-detached "Twin" house.

I am so glad that I bought my own house in the early 2000's before the prices took off.
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Old 04-05-2016, 03:07 PM
 
Location: Around
22 posts, read 16,169 times
Reputation: 23
Default High Prices /Housing Philadelphia

My grandmother still stays in the West Philadelphia section. I have literally watched this community turn into a war zone with abandon houses falling apart. The city has finally got some buyers to fix up a few of these homes and the prices they want for them are completely "INSANE". I ask my grandmother who the H are going to buy these places. The area is ran down, crime taking place like straight Babylon. I mean the gunfire was crazy when I went back home over the summer to visit. Since this place is central location of down town and the EL plenty of near public transportation they sky rocked the cost on these beautiful duplex homes. Nice houses but there is no way in H that anyone will purchase them. My Grandmother said you were right no one has purchased, so they are now taking the cost down. No one wants to live around there anymore.
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Old 04-05-2016, 07:26 PM
 
10,273 posts, read 5,934,396 times
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Quote:
Originally Posted by KMG1947 View Post
My grandmother still stays in the West Philadelphia section. I have literally watched this community turn into a war zone with abandon houses falling apart. The city has finally got some buyers to fix up a few of these homes and the prices they want for them are completely "INSANE". I ask my grandmother who the H are going to buy these places. The area is ran down, crime taking place like straight Babylon. I mean the gunfire was crazy when I went back home over the summer to visit. Since this place is central location of down town and the EL plenty of near public transportation they sky rocked the cost on these beautiful duplex homes. Nice houses but there is no way in H that anyone will purchase them. My Grandmother said you were right no one has purchased, so they are now taking the cost down. No one wants to live around there anymore.
West Philly has several neighborhoods. Where is this? My sister lives near 62nd and Market(Haddington/Cobbs Creek). There has been some gun violence around there but I go there a lot and I have yet to hear any day or night.
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Old 04-06-2016, 07:51 AM
 
Location: Around
22 posts, read 16,169 times
Reputation: 23
Quote:
Originally Posted by kyb01 View Post
West Philly has several neighborhoods. Where is this? My sister lives near 62nd and Market(Haddington/Cobbs Creek). There has been some gun violence around there but I go there a lot and I have yet to hear any day or night.


This is around 52nd and Girard avenue /Area. I use to call that spot the strip. This was over the summer time, so the activity can be a little heavy during the summer months. I am born and raised Philadelphia and my heart sinks when I go home. It sure isn't the city of brotherly love anymore.


KMG1947
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Old 04-06-2016, 08:45 AM
 
10,273 posts, read 5,934,396 times
Reputation: 3628
Quote:
Originally Posted by Clark Park View Post
In my neighborhood - University City - prices are rising dramatically.

A Victorian "Twin" on Baltimore Ave. across from Clark Park sold last month $525,000 ... it was initially put on the market for $565K but apparently the sellers were in a big hurry so they sold it in a could of days. A house like that would have fetched maybe $200K ten years ago.

A better example was another very pretty "Second Empire" Victorian Twin on 42nd St. near Spruce St. - with a private driveway! - that had several bidders interested in it. It was on the market for just a few days and the asking price was $1.1 Million ... in fact with the competitive bidding the sellers got $1,350,000 for that semi-detached "Twin" house.

I am so glad that I bought my own house in the early 2000's before the prices took off.
You're talking about the houses on the east side of 42nd St, between Spruce and Locust, right? The one right at 42nd and Locust Sts, SE corner, is nothing short of amazing inside. I've been on a couple of walking tours that featured those houses. I often wonder who lived in them originally.
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