Vacant lots in Philadelphia

[Zachary Matz]

I'm looking at a lot in North Kensington/Fairhill (19134) above where all the gentrification is occurring now. Currently under contract for about $15.50/sqft. Do you think construction will work it's way up there and if so, what's your estimated time table? I'm considering this as a long term hold of a decade with potential development plans for a twin

thanks in advance

[Adam Garner]

It would be speculative to purchase that lot. 

Right now, there is momentum pushing up towards Lehigh Ave. There are also a couple of commercial development projects near Kensington Ave in Harrowgate. I think we have a long way to go for new construction to reach the area that you are looking in.

Depending on the price and zoning, the parcel you are looking at could still be a decent buy. 10 years is a long time. There are some investors that "land bank" vacant land in anticipation of appreciation over time.