Real Estate Agent · Pittsburgh, PA · Member since 2020 · 111 posts · 51 votes
Hello All,
I'm curious as to which neighborhoods in philadelphia do you think need the most influx of redevelopment in order to be the next Rittenhouse Square? I'd love to see Tioga and Nicetown become the next neighborhoods to be up and coming markets. With the new developments going in around Tioga Park I believe that the north/northwest neighborhoods are the ones that need the most love in order to connect with city center. It almost feels disconnected as it is. I'd love to hear what areas you think need it most.
Philadelphia, PA · Member since 2014 · 178 posts · 64 votes
6y
I think Nicetown is interesting because it has revitalization energy coming from the south from Temple and N Broad St, as well as from the northwest with all the exciting development happening in Mt Airy, Germantown, and Wayne Junction areas. The new brewery in Wayne Junction is right on the Nicetown border, as is the Wayne Junction transportation center which offers a fast commute into downtown. Will be interesting to see what happens there for sure.
Philadelphia, PA · Member since 2014 · 178 posts · 64 votes
6y
I think Nicetown is interesting because it has revitalization energy coming from the south from Temple and N Broad St, as well as from the northwest with all the exciting development happening in Mt Airy, Germantown, and Wayne Junction areas. The new brewery in Wayne Junction is right on the Nicetown border, as is the Wayne Junction transportation center which offers a fast commute into downtown. Will be interesting to see what happens there for sure.
Investor · Montgomery County, PA · Member since 2020 · 255 posts · 238 votes
6y
I agree with you both. Nicetown has long had a reputation for not being very nice. With spillover appreciation from surrounding areas, I could see the area slowly gaining favor in the eyes of investors wary to put money into that neighborhood. As Strawberry Mansion has slowly become a new favorite area for investors, Nicetown may experience more of that spillover. In the end only time will tell. We now invest in neighborhoods that many wouldn't enter ten years ago.
I think becoming the next Rittenhouse Square is hard to say but I can definitely see Northern Liberties are on its way to be the next center right after Rittenhouse Square. In terms of development, Brewerytown and some part of South Philly are appreciating rapidly. They'll be solid in several years from now.
Plymouth Meeting, PA · Member since 2019 · 34 posts · 12 votes
6y
@Victoria Pham I was curious what parts of South Philly you like? I have a property in the heart of Pennsport (19148). I like the area and believe there's a lot of room to appreciate. It seems like just north (19147) has already turned the corner and prices are much higher. I'm not as familiar with southwest Philly, but understand that has a ways to go..
@David Lorenz, I think South Philly areas are all growing. 19148 and 19147 are more established neighborhoods so the growth is slower but still growing. 19145 and 19146 are growing faster!
Real Estate Agent · Pittsburgh, PA · Member since 2020 · 111 posts · 51 votes
6y
@Victoria Pham I can’t wait to see the turn that’s rightfully deserved! The north from 19125 and 19140 could really be key turning points. If you could connect the north, to the universities and center, I think the plane for development and equity opens up many opportunities for growth.
Philadelphia, PA · Member since 2018 · 17 posts · 3 votes
6y
I know this is a discussion about Philly neighborhoods but what are peoples thoughts about surrounding suburbs? What do you think the impact of Covid will be in Philly? Do you think more people will gravitate out towards Drexel Hill, Ardmore, and other towns with easy transportation into Philly?
Investor · Montgomery County, PA · Member since 2020 · 255 posts · 238 votes
6y
@Matthew Carfaro the surrounding areas have definitely experienced growth and will continue to grow due to Covid. In terms of investor driven growth though, I think the more southerly areas of Delco (Aldan, Collingdale, Lansdowne and Glenolden in particular) will experience more of the growth as they have more room to grow than the more established Main Line burbs. That being said, I still see Philly as a great city to invest in with many newly appreciating areas.
Philadelphia, PA · Member since 2018 · 17 posts · 3 votes
6y
@Alex Uman I would agree with that. I am looking for my first investment and I am looking into those southern Delco areas because of the higher Price/Rent ratios than the traditional Main Line towns. I too think Philly as a whole has a lot of room for growth and investing in any of the " up and coming" areas is a good choice
Contractor · Chadds Ford, PA · Member since 2015 · 567 posts · 460 votes
6y
@Alex Uman I agree, but my concern is the potential for the path of progress to move from center city into W and SW Philly, pushing some of the blight from those areas into southern Delco. I am already seeing some of that in Upper Darby (my analysis of the situation, not necessarily fact). I am also concerned that the blue collar workforce of those areas could be in trouble with job losses (especially with airline workers), which could ultimately lead to foreclosures and value depreciation.
It could go the other way though and people moving from the city could see value in those areas with lower purchase prices (especially per sqft), less density, no local income tax (in most boroughs), and an ability to easily get into the city if they needed to by public transport or car.
For what it's worth (not much), Zillow estimates in a lot of those zipcodes predict value increases 3-5% in the next year.
I think one or the other is going to play out in the next 5-10 years. Curious what others think.