Fishtown vs Dickinson Narrows (Penn: 2015, to rent, condo)

[dubLeE]

Hello,

My wife and I wanted to get some opinions/thoughts from everyone. I've used the forums before when moving to Alabama and it was extremely helpful!

We are currently renting in Fairmount but have been house hunting for seven months now in the city. We found a place in Fishtown (a block from Cedar Point Bar & Kitchen) that we love. We also found a place that we love in Dickinson Narrows (old Mt. Sinai Hospital location, 4th and Reed). The Dickinson Narrows community is projected to have about 95 houses as long as they keep selling houses whereas the Fishtown community is 7-8 houses. The Dickinson Narrows homes are projected to increase each phase of development and currently, we are being quoted a"pre-constuction" price.

Which area is more up and coming? Which area/house will have a better resale value 7-10 years down the road? I know both areas are supposed to be booming. Any tips or information on helping us decide?

Thanks in advance!

[KansastoSouthphilly]

I think of Mt. Sinai as more in pennsport than in Dickinson Narrows. Pennsport is almost certainly where you would be going out when you want to walk to nearby amenities. I think Pennsport/Dickinson narrows has more room to increase in value than Fishtown. I don't see how Fishtown can get much more expensive than it already is. I think developers in Fishtown will just grow the gentrified area more and more into the rest of Kensington.


I would be weary of new construction in either location. The builders seem to be charging a lot for cheaply built houses.

[sj08054]

My understanding is that some of the new homes on the on Sinai site will be VERY expensive. That area is going to be really transformed. Prices in that neighbor got rediculous in 2015 and I can forsee it getting worse. The few rebuilt 3 stories in the narrow lots were close to $400K and can only imagine it even higher with the Sinai site.


I stopped following the development of the Sinai proposal when I decided to sell my place in 2015. I know the original plan of parking and condo got axed but what are they doing about parking with the 95 homes?


In either case, I would opt for the Sinai location between the two.

[dubLeE]

Thanks!

Originally Posted by sj08054

My understanding is that some of the new homes on the on Sinai site will be VERY expensive. That area is going to be really transformed. Prices in that neighbor got rediculous in 2015 and I can forsee it getting worse. The few rebuilt 3 stories in the narrow lots were close to $400K and can only imagine it even higher with the Sinai site.

I stopped following the development of the Sinai proposal when I decided to sell my place in 2015. I know the original plan of parking and condo got axed but what are they doing about parking with the 95 homes?

In either case, I would opt for the Sinai location between the two.

They're priced $500-$600k range. The largest unit is sub-$600k (which is the on we were interested in) without any upgrades and unfinished basement. 2-car garage and 3,000 sq. ft.

I would assume that the resale price would only go up as the areas expand and more comes in.

[dubLeE]

What about rent value? Would it be easier to rent in Fishtown because of Temple University?

[sj08054]

Originally Posted by dubLeE

Thanks!


They're priced $500-$600k range. The largest unit is sub-$600k (which is the on we were interested in) without any upgrades and unfinished basement. 2-car garage and 3,000 sq. ft.

I would assume that the resale price would only go up as the areas expand and more comes in.

Are there any property tax incentives with the new built? Just be very careful. One of my property, closer ot 7th street has property tax around $4K and it is no where near $500K.


Resale price for that area had been rising for the past few years but not sure if the next 5-10 years perform the same. I am betting on that it would but I didn't get in when it is high like 2015.

[dubLeE]

Originally Posted by sj08054

Are there any property tax incentives with the new built? Just be very careful. One of my property, closer ot 7th street has property tax around $4K and it is no where near $500K

10-year tax abatement on both properties. Fishtown house is 2700 sq ft with finished basement and 1 car garage and one non-garage deeded parking spot. Priced at $540k without upgrades.

My preference of location would definitely be Pennsport but the Fishtown house has bit more character to it and is priced slightly lower. My wife and I just keep going back and forth as we're both sort of hoping one would just sell already. HAHA!

[dubLeE]

Anyone able to comment on rentability (don't think that is a real word) in both areas?

[FKD19124]

May I ask what type of people they are attracting or trying to attract to buy these outrageously priced homes? What type of jobs do these people have?? Are they purposely trying to prevent average middle class/working class people?

Originally Posted by dubLeE

Thanks!


They're priced $500-$600k range. The largest unit is sub-$600k (which is the on we were interested in) without any upgrades and unfinished basement. 2-car garage and 3,000 sq. ft.

I would assume that the resale price would only go up as the areas expand and more comes in.

[TimmyTightWad]

Originally Posted by FKD19124

May I ask what type of people they are attracting or trying to attract to buy these outrageously priced homes? What type of jobs do these people have?? Are they purposely trying to prevent average middle class/working class people?

I hope buyers aren't overextending themselves. The point breeze explosion was one thing, but prices are going up across the board. Like you I'm curious about who these buyers are buying $600k+ homes in packer pack, $500k+ homes in cedar park etc.