Philadelphia (Super-Seller’s Market)

[Courtney Benson]

So I’m watching money literally be DUMPED into Philly. A triplex I went to see last month has star-bolts through the face of it to prevent more structural issues, and the back of the property is MISSING... just sold for $100k. Seller’s agents have been saying New Yorkers are overpaying for everything because of Philly prices compared to NYC. Being a NYC-native and Union Ironworker, I can see that. Philly’s market is WAY over saturated, in my little opinion!

[David Vitarelli]

In my opinion, Philadelphia is positioned between NYC and Washington in a way that Philadelphia is the logical choice for those seeking shelter from an unsustainable increase in cost of living. Philadelphia is in the midst of a renaissance …There is considerable investment being made by Colleges and Hospitals as well as public funds that are being directed to vacant site revitalization, in addition to, under-utilized current development (like the proposed Penn's Landing project and Waterfront development).This investment in combination with the fact that Philadelphia has the highest poverty rate per capita versus any other major metro area, creates conditions that are ripe for development. There is a desperately low supply of affordable housing for the impoverished and an abundance of dilapidated houses and raw land that need to be developed. I personally see a continuation of current demand for a considerable amount of time, or at least, until current housing demands are met (which is likely to be many years even at a high development rate). To the point made in the thread above about the market being saturated, this is simply not true. The current supply of housing in Philadelphia is around 2.5 months....a balanced typically has between 5-6 months. There may be a shortage of Duplexes and Triplexes, but there is definitely opportunity for those that know where to look. Personally, I love this city and will continue to invest!