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Old 11-12-2020, 01:55 PM
 
590 posts, read 523,356 times
Reputation: 646

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Quote:
Originally Posted by Pennsport View Post
You very well might be right, and if our new working dynamic moving forward (vaccine or no) trends more remote than not, then there is a real possibility those areas take off. It's certainly beautiful architecture and land in the NW neighborhoods. I would have no qualms buying there for a personal residence if the location and taxes/prices, etc... made sense for me. When thinking investment however, I personally stay away from what I would consider limited upside situations. There are no real employment HQs to speak of, the amenities are scarce and everything is pretty much car-centric in the NW neighborhoods. There is really only one reason to move to the NW areas, and that is personal preference for having space, yards for kids/dogs, historic and beautiful homes.

I have a few good friends who moved to Chestnut Hill and Mount Airy when they started families. They certainly like it well enough, but they might as well live in any neighboring suburb. For rare examples like Sandy, it's no big deal to walk to the train station and take a 40 minute ride into the city. For most though, an hour each way is a serious commitment just to go to a favorite restaurant or show in town. Most of my friends that live out there now rarely come into town anymore. To me at least, taking frequent advantage of Philly's amazing food scene, attractions, festivals and the such, is the main reason to live in Philadelphia.
There are a lot of job centers near NW philly i.e. Conshy, Plymouth Meeting, Horsham, Willow Grove, Ambler, Blue Bell, Jenkintown etc. I am part of a mixed commuter household as are a lot of my neighbors. We have two train lines in the neighborhood and and most people can walk to their trains. I can walk to my train station in under 90 seconds. I believe most residents can also walk to germantown ave. This not the case is most suburbs. Not sure what ammenities you think we lack other than a shorter trip to cc. While the area is significantly more people oriented than almost any suburb in the philly metro I agree that is much easier to live car free in the core neighborhoods. I do miss living car free in south philly but since my SO commutes to montco that is not an option for us now anyway.

I found that I experience more of the City since moving out here. When I was in south philly i almost exclusively went out in center city and south philly. Now (pre-pandemic) I enjoy trying the ethnic food on N 5th Street and the lower NE. Checking out Manayunk, Port Richmond, and I go to fishtown frequently. I do miss walking the wonderful immigrant businesses in south philly though. The NW is seriously lacking in that regard. At least we finally have a pho spot in chestnut hill.
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Old 11-13-2020, 09:30 PM
Status: "Bricks" (set 7 days ago)
 
Location: Philadelphia
1,939 posts, read 1,121,656 times
Reputation: 1984
It really all comes down to supply. Supply is so limited in the city and with interest rates at historic low rates, it is driving buyer demand.

Millennials are the largest generation in the country and the majority of millennials are now in the 28 - 38 year old age bracket, which is the age when many people start to look to buy their first home. The low interest rates are allowing them to enter the market and afford more expensive homes.

ADD this to the fact that many empty nester's or 'boomers' are downsizing and finding it desirable to move into the city, because they want that walkable, amenity rich environment.

There just simply is not enough housing supply. And COVID has only added fuel to this fire, because many are deciding to ride this out until it is over, before buying a second more expensive home and figure it is worth sitting on the equity for now.

I have a family friend who moved into the city from NJ, where he was paying 30k a year in property taxes. He bought a new construction home in Center City, with an abatement, saving him 300K over ten years alone. Philadelphia is becoming heavily desirable. Once COVID ends, I believe the market will become a bit more stable. But we shall see.

Good luck!

Last edited by rowhomecity; 11-13-2020 at 09:39 PM..
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Old 11-15-2020, 01:20 PM
 
Location: Philadelphia
554 posts, read 182,809 times
Reputation: 409
Quote:
Originally Posted by rowhomecity View Post
It really all comes down to supply. Supply is so limited in the city and with interest rates at historic low rates, it is driving buyer demand.

There just simply is not enough housing supply. And COVID has only added fuel to this fire, because many are deciding to ride this out until it is over, before buying a second more expensive home and figure it is worth sitting on the equity for now.
Supply and demand are two different sides of the economic equation and are independent of each other. It's macroeconomics 101. Supply can't be that bad, look at how sales have shot up this year.

Spikes in demand due to demographics and low interest rates are driving this beast of a market. I hope you are right that things will stabilize in 2021. It's an awful time to be a buyer.
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Old 11-16-2020, 07:03 AM
Status: "Bricks" (set 7 days ago)
 
Location: Philadelphia
1,939 posts, read 1,121,656 times
Reputation: 1984
Quote:
Originally Posted by TownDweller View Post
Supply and demand are two different sides of the economic equation and are independent of each other. It's macroeconomics 101. Supply can't be that bad, look at how sales have shot up this year.

Spikes in demand due to demographics and low interest rates are driving this beast of a market. I hope you are right that things will stabilize in 2021. It's an awful time to be a buyer.
I work in real estate and follow the trends. Below is the link to the Q3 market analysis for the Philadelphia metro. Inventory is at its lowest level since 2001. The record low inventory and rising demand, is what are driving prices up.

Inventory is less than half of what typically is on market.

https://drexel.edu/lindyinstitute/in...using-reports/
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