Philadelphia's next hot neighborhood? (Washington, Girard: dorms, neighborhoods, construction)

[zete]

It does not really matter. The good neighborhoods go down faster than the bad ones are fixed up.

[GraysFerryB4]

I would agree that it has gotten that way but once you hit the bottom, the only way is up, right? I think that is the trend in most of these areas. Five years ago nobody would haves used the words gentrification / hipsters or "new construction" in Point Breeze. If I knew that Garduate Hospital would have fetched $400k for rowhomes in 2003, I would have bought 3 in 1998 for $25k a pop.

[solibs]

Originally Posted by GraysFerryB4

If I knew that Garduate Hospital would have fetched $400k for rowhomes in 2003, I would have bought 3 in 1998 for $25k a pop.

The writing was on the wall. I bought one in 2002 for $23k. If I had another $50k laying around at the time I would've bought two more. Best decision I ever made. I sold it in '06 and moved 7 blocks south. Next please.

[solibs]

Originally Posted by Max America

Depending on your budget I would also look at Passyunk Square( Broad Street to the west, 8th Street to the east, Tasker Street to the south and Washington Avenue to the north) and East Passunk Crossing(Tasker Street to Snyder Avenue, Broad Street to 8th Street.) Passyunk just got a great write up in the New York Times (Surfacing - On East Passyunk Avenue in Philadelphia, Style Beyond the Cheese Steak Wars - NYTimes.com
)

In my professional opinion Graduate Hospital is overpriced in general but some good bargains can be had, especially if you buy a half finished rehab from a developer who ran out of money. As the previous poster said, commercial development in G-Ho is very slow right now while Passyunk is booming.

I agree completely on Grad Hospital.

Passyunk Square and EPX are great neighborhoods. In either place, though, you're looking at $300k for a house of a decent size that doesn't need a lot of work and the returns have slowed down a lot. The Passyunks are great choices for someone with a little something in their pocket looking to live in their investment.

I looked in both neighborhoods extensively before deciding on Newbold (15th St.). I actually rented in Pass Square for a few years while I was trying to figure out what to do with my property in graduate hospital. In three years the prices in Passyunk Square went up about 70%. (It's held it's value through the crash but I think the growth has slowed down for good.) As for me, I'm still 3 blocks from Passyunk Ave. and a block from the subway and for $100k less than people on 13th St. While I have to put up with more of the litter issues and other quality of life stuff it's not a scary place by any means. You don't really run into that until you get west of 17th St. or maybe up around Reed/Wharton (and even that is changing).

In South Philly, in terms of growth, it's really about Newbold and LoMo. Lower Moyamensing (between Snyder and Oregon east of Broad) has a lot of great blocks and is still really cheap. Both neighborhoods just really need to get their retail situations in line.

[GraysFerryB4]

SoLibs, Did you rent out the place in Grad Hospital all that time? I'd like to invest in something and I think either Newbold or Point Breeze are the best ways to short term fast money now. I see the new constructions and they eventually will have to sell. Theat usually means it only gte s better. You don't have to answer this but I'm curious to know just how much you made on that Grad Hosp deal!

[solibs]

Originally Posted by GraysFerryB4

SoLibs, Did you rent out the place in Grad Hospital all that time?

The place i bought in G-Ho was a shell. Uninhabitable. Although, for that first winter when i didn't go by there very often, there was a homeless guy living in it. He was getting in and out through a hole in the rear wall. I paid cash for it and the taxes on it were $80/year so there wasn't much pressure for me to rent it out or do anything quickly.

I basically had to demo what was left of it and start from scratch. It was a learning experience to say the least. A lot of obstacles along the way - mostly from the banks and finding the adjacent property owner (issues with an easement) - getting permits from the city was probably the easiest part of it. It took me about 5 hours spread out over two visits to the MSB. It was a pain having to go up and down the elevators getting different stamps from different units but really, compared to all the other BS i had to put up with - that was nothing.

As far as what i made on the deal, i'll just say that I put down a chunk of change on my house, bought a place down the street that I rent out, paid off my student loans and traveled the world for two months.

It's going to be hard to flip a shell like that in Newbold. Small vacant lots can be had for $25k - Shells for $35k. But the blocks with vacant lots and shells are normally a hot mess and it's going to be tough to sell in this market. If you get lucky you can get in and out for $45k ($80k total) and sell for $150k but I would be prepared to spend up to $70k on the work (you just never know what structural stuff you might find one you start working) and be prepared to sell for $135k.

I honestly don't think there's much point to holding on to stuff if there are buyers out there. Not in this market. Make your money and move on to the next one.

[relientj274]

Whats in Newbold? Any good restaurants or bars? Is there any news on new restaurants or bars coming?

[RW 41]

Originally Posted by I'd love to travel

twenty years ago northern liberties looked like north philly , Look at it now and G-Ho five years ago it was a getto . So you just never know what will be next .

Northern Liberties was never as dangerous as North Philly. It may have looked "tired," but it was never all that bad.

[solibs]

Originally Posted by relientj274

Whats in Newbold? Any good restaurants or bars? Is there any news on new restaurants or bars coming?

Newbold itself just has the South Philly Taproom and Ultimo/Brew which is a really nice coffee shop where you can also pick up a six-pack of craft beers.

There's a new pub coming to 17th & McKean at some point this year.

The real strength of the neighborhood is the proximity the to the subway and to East Passyunk Ave. - it's a short walk for most people.

[GraysFerryB4]

I think prices and moving has cooled off a little there. It is still very sketchy at night with drug dealers and even some prostitution. Cars are not safe and there is almost no garage parking. That being said, if you are willing to wear your pioneer hat, you will likely make out well in 5 years.