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Philadelphia’s Hottest Neighborhoods in 2013, Part Two

Thursday, May 2nd, 2013

best-philly-neighborhoods-to-buy-a-houseIn our last post, we began our look at the top ten hottest neighborhoods in Philadelphia as forecasted by market trends seen in the first quarter of 2013. Today, we continue our journey through Philly’s fastest-growing neighborhoods and look at a few areas where properties barely hit the market before they are sold.

Demand in some of the neighborhoods below has many surprised and bodes well for the continued recovery and growth of the Philadelphia housing market.

The Big Five of Philly’s Top 10 Hottest Neighborhoods

Cedar Park – Cedar Park is home to historic architecture of the Queen Anne style. The westward expansion of University City has put this Philadelphia neighborhood on the map of many knowledgeable house-hunters. This Philly neighborhood sports a great variety of cafes and restaurants whose menus span the globe. The efforts of its neighborhood association are drawing investment in preserving its historic buildings.

Northern Liberties – Take a look at Northern Liberties and gaze at the future of Fishtown about a decade from now. The youthful hipsters of the Bush era took over Northern Liberties, revitalized it, and were slowly driven out by the rising prices. Now, young and established professionals alike are drawn to Northern Liberties, enjoying its thriving restaurant scene and almost small-town charm.

Avenue of the Arts – Property values are skyrocketing in this once fallow neighborhood thanks to the construction of new apartments, condos, and townhouses. Avenue of the Arts is drawing young professionals who enjoy its shopping, restaurants, bars, and nightlife. Proximity to public transit and a fashionable reputation ensure Avenue of the Arts will remain a hot neighborhood for some time.

Washington Square West – The locals call it the “Gayborhood,” and yes, there is a sizable gay and lesbian population in Washington Square West. This influx of single professionals and dual-income-no-kids (DINK) couples has likely been key to this neighborhood’s complete rebirth. With thriving businesses and rising property values, Washington Square West is drawing all manner of young professionals and young families who appreciate its amazing restaurant scene and bohemian feel.

Rittenhouse Square – In the middle of it all, Rittenhouse Square offers shopping, restaurants, parks, and access to all that Philly has to offer. This neighborhood is seeing an influx of investment from the more established, including empty nesters, professionals from the Hospital of the University of Pennsylvania, and those who can afford its higher property values. Price, it seems, will never be enough to keep Rittenhouse Square from being one of the most popular neighborhoods in Philadelphia.

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Posted in Articles, Center City, Northern Liberties, Philadelphia real estate, Rittenhouse Square, University City, Washington Square West | No Comments »

Philadelphia’s 10 Hottest Neighborhoods in 2013

Tuesday, April 30th, 2013
Top 10 Philly Neighborhoods

Top 10 Philly Neighborhoods

Market indicators foretell a buyer’s market continuing into 2013. Sales of homes in Philadelphia are growing slowly while inventory and price per square foot continue to remain steady, neither rising nor falling as the market slowly recovers from the housing market crash of last decade. This means that now is a great time to buy a house in Philadelphia.

This buyer’s market is causing a renaissance in various Philadelphia neighborhoods, and the resurgence of investment is reviving Philly neighborhoods that some would not expect. To take a closer look at what neighborhoods in Philadelphia are experiencing this market rebirth the most, we have compiled a list of the top ten hottest Philly neighborhoods.

Top 10 Hottest Philly Neighborhoods

Some of these up-and-coming Philadelphia neighborhoods may surprise you, but our research shows that each neighborhood on our list is experiencing interesting growth. While every Philly neighborhood has its own character, it shifts with changes in the housing market. Read on to find out the recent developments in Philadelphia’s top 10 hottest neighborhoods:

Lower North Philly – Lower North Philly is in the early stages of rebirth as this young neighborhood draws twentysomethings thanks to Temple University. This economic boost has provided for some commercial investment and a steady staple of restaurants and bars. As graduates stick around and invest in the neighborhood, Lower North Philly is likely to see continued growth.

Manayunk – The recent addition of cheaper residential lofts has given a jolt of life to this historic neighborhood that prides itself on its more than 100 historic buildings. The influx has given support to a thriving restaurant and wine bar scene that often takes advantage of the lovely scenery on the banks of the Schuylkill River. Manayunk is showing how historic Philadelphia can court modern buyers.

Graduate Hospital – Graduate Hospital is known for its low crime rates and excellent proximity to school resources, making it a huge draw for twenty- and thirtysomething single professionals, young married couples, and parent-child families. With walkability to many of Philadelphia’s best features and steady, even rising property values, Graduate Hospital will continue to be a Philadelphia neighborhood that draws long-term investment.

Fishtown – Hipsters have led the way in the Fishtown renaissance, driving the area toward a surprising influx of youthful energy and entrepreneurial spirit. The low prices attracted the younger twentysomething demographic in and a variety of businesses have arrived to meet their eclectic needs, including a Barcade and a dessert boutique. Odds are that Fishtown is primed for massive growth thanks to the low entry prices and influx of local economy-driven business.

Fairmount – The classic Philadelphia brick homes and tree-lined streets of Fairmount are drawing a younger crowd in 2013. The up-and-coming professional class is driving up property values and revitalizing this Philly neighborhood, catalyzing a boom in restaurants thriving in Fairmount.

In our next post, we will have a look at Philly’s top five hottest neighborhoods. Don’t miss out on these growing Philadelphia neighborhoods or the investment potential that they represent.

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Posted in Articles, Fishtown, Graduate Hospital, Philadelphia real estate | No Comments »

Philadelphia Magazine Names Philly’s Hottest Neighborhoods

Monday, April 8th, 2013

The Philadelphia real estate market is finally on the upswing, and many Philly neighborhoods have recently gone through huge transformations, bringing new housing, new restaurants, new shops, and new residents to the city. This month, Philadelphia magazine compiled its “Hot List 2013,” a listing of the 15 hottest neighborhoods in and around Philly. Here are just a few of the up-and-coming Philly neighborhoods that made the top ten.

Graduate Hospital

New construction in Graduate Hospital. Photo: Jauhien Sasnou

 

#1: Graduate Hospital
With its high walkability and proximity to the city’s attractions, Graduate Hospital has quickly become one of Philly’s hottest neighborhoods. It is home to a high number of artists, and has a significantly lower crime rate than the average Philly neighborhood. Property values in Graduate Hospital have increased rapidly over the last year, attracting many investors and first-time homebuyers, including young professionals, young marrieds, and new parents. Between 2011 and 2012, the number of properties sold in Graduate Hospital increased by 23 percent.

Frankford Hall in Fishtown.

Frankford Hall in Fishtown. Photo: M. Kennedy for Greater Philadelphia Tourism Marketing Corporation.

#4: Fishtown/Kensington
Over the last few years, Fishtown has been seeing growth from all different demographics. Residents love that it has a city feel without the high city prices. Property values in Fishtown are rising steadily as it is becoming one of the coolest neighborhoods in Philly. From 1999 to 2011, the median household income in Fishtown increased by 37.1 percent.

Kimmel Center

The Kimmel Center on the Avenue of the Arts. Photo: B. Krist for GPTMC.

#7: Avenue of the Arts
Avenue of the Arts has recently seen a surge of high-end apartments, condos, and townhouses. Property values have risen to Main Line levels as it has become the Philly neighborhood of choice for edgy young professionals with cash to burn. The completion of the Kimmel Center in 2001 transformed the Avenue of the Arts into the city’s cultural center. Between 2011 and 2012, the number of properties sold in the Avenue of the Arts area rose by 21.3 percent.

Fairmount street scene

Street scene in Fairmount. Photo: Jeff Fusco

#8: Fairmount
In the past four years, Fairmount has become Philly’s suburban town in the heart of the city. Its lush trees and wide open spaces give it a small town neighborhood feel, while still being close to busy city life. Home prices in Fairmount have risen significantly over the past decade, as the area has welcomed a younger demographic, including first-time homebuyers seeking a wider variety of housing options. From 2011 to 2012, the number of properties sold in Fairmount has increased by 24.1 percent.

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Posted in Fairmount, Fishtown, Graduate Hospital, Market stats, Neighborhood Pages, Philadelphia real estate | 1 Comment »

For Once, Downtown Philly is Ahead of the Curve

Thursday, April 4th, 2013
Officials in cities across the country have discovered what we in Philadelphia have known for some time now: It's nice to live in the center of it all.

Officials in cities across the country have discovered what we in Philadelphia have known for some time now: It’s nice to live in the center of it all.

“The young and the restless” are making downtown living the hottest ticket in cities across the country, it appears.

According to data cited in a Forbes feature, the downtown areas of major U.S. cities posted growth rates double that of their cities as a whole in the decade from 2000 to 2010, and the drivers of that growth have largely been college-educated adults from 25 to 34 years of age. This cohort, who is now currently making over Fishtown, is drawn to the amenity-rich, walkable environments downtowns offer – and cities across the country are now falling over themselves to reel them into their cores.

Forbes identified 15 “emerging U.S. downtowns” in its feature. Among them: New York – where the office canyons of Lower Manhattan are acquiring residents for the first time in many decades – and Los Angeles, which appears serious about giving its 50 suburbs a central city to complement them. We are pleased to note that Philadelphia is not on this list, although its employment density is cited in the item on Birmingham, Ala., which apparently has a comparable concentration of jobs in its center relative to city size. We believe that’s because for once, this city is not behind the curve but ahead of it. Thanks to the efforts of public officials and private investors that began in earnest way back in the 1960s, Philadelphia has consistently invested in its urban core in ways that have by and large (though not always) reinforced its appeal as a place to live, if not necessarily to work. As a result, the city center’s population began to shoot upward as early as the 1980s, while the city as a whole continued to hemmorhage residents, and the urban revival has since spread to a number of neighborhoods adjacent to the core.

We at Noah Ostroff & Associates have been fans of city living since the start, so we’re naturally thrilled to see that a new generation of Americans has discovered its virtues. As for those 15 other cities: Welcome to the neighborhood.

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Posted in Articles, Center City, Philadelphia real estate | 6 Comments »

Pros Say “It’s Never Been Easier” to Sell Philadelphia Real Estate

Tuesday, March 12th, 2013
Students seeking affordable housing have stimulated a wave of renovations across the city and made selling Philly easy.

Students seeking housing have stimulated a wave of renovations across the city, filling newly rehabbed and converted apartments and supporting higher rents.

This past Thursday marked the 11th annual RealShare Philadelphia, a meeting of over 500 real estate professionals. More than two dozen industry experts spoke at the event, which took place in the Crystal Tea Room at the historic Wanamaker Building.

One topic of discussion at RealShare was why, as Robert Fahey, executive vice president at CBRE, said, “It’s never been easier to sell Philadelphia.” The panel of experts pointed to many different reasons for the city’s current developer appeal. Philadelphia is lower profile than nearby cities like Boston and Washington and less subject to “wild cyclical swings,” according to Chris Terlizzi, senior vice president and regional manager at First Niagara Bank.

Experts also referred to a younger demographic which is currently pouring into Philadelphia’s many renovated apartment buildings. David Dolan, senior managing director with Newmark Grubb Knight Frank, said that nearly 6 million square feet of older office space in Philadelphia has recently been converted to apartments, attracting major owner/developers. The city’s high livability factor is due in part to the so-called “meds and eds” sector, according to Timothy Proctor, senior vice president at TD Bank. However, the experts cautioned that recent 6-8% rent increases may not be able to sustain the 1,500 to 2,000 new units which will come on the market next year.

According to The Wall Street Journal, the thousands of newly renovated apartments in Philadelphia will likely attract college students, regardless of the rent increase. Universities across the country are facing a shortage of student housing, and with aging dormitories in dire need of upgrades, The Journal estimates that colleges in the U.S. are short between 1.5 and 2.15 million beds. Even after the housing crash, parents and student loans continued to pay the increasing rent for student apartments. These are a few of the reasons why major developers are buying more and more student housing in Philadelphia.

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Posted in Philadelphia real estate, Rentals, Schools | 2 Comments »

Will Closing 23 Philadelphia Schools Really Produce Huge Savings?

Monday, March 11th, 2013
School closing protests

The School Reform Commission claims that closing 23 underused school buildings will save more than $22 million annually. Pew Charitable Trusts research suggests the estimate may be overly optimistic.

Thursday night, the School Reform Commission (SRC) voted to decide the fate of 27 Philadelphia schools, more than 10 percent of the schools in the district, in an attempt to improve the district’s dire financial situation. This year the commission was forced to borrow $300 million just to make ends meet, and an almost $1.4 billion deficit is projected for the next five years without a major overhaul. Community members worry that consolidating schools will lead to longer walks for young students, often through dangerous neighborhoods.

Despite community protests, including a massive rally which resulted in over a dozen arrests, the SRC voted to close 23 of the 27 schools, and planned to vote on two more schools at a later date. Officials say that the downsizing will save the district about $24.5 million annually. The closures will take effect after classes end in June, in addition to an unspecified number of layoffs, including principals, building engineers, and maintenance workers, according to district spokesman Fernando Gallard. Gallard does not anticipate any teacher layoffs because the student population should remain the same.

The School District of Philadelphia currently has 12 vacant schools on the market, six of which have been approved for sale by the SRC. A recent study indicated that urban school districts often have trouble unloading closed schools because of poor real estate markets, undesirable locations, and bad building conditions, among other reasons. Researchers at the Pew Charitable Trusts’ Philadelphia Research Initiative say that urban school districts tend to overestimate how much they’ll save from closing schools, and how much they’ll make from selling the empty buildings. Philadelphia Research Initiative Director Larry Eichel, who led the study, says that the longer a vacant school sits on the market, the harder it is to sell. The old Roberto Clemente Middle School building in North Philadelphia was recently sold to a local community group for only $1, after sitting empty for nearly a decade, and falling into disrepair.

SRC Chairman Pedro Ramos said in a statement that the decision to close 23 schools was difficult, “but it focused on our goal to provide safe, high-quality seats while being fiscally responsible.” Ramos said that the commission’s next step is to focus on making the transition a smooth one. “The responsibility now shifts to make sure everything we’ve talked about the past few months gets done.”

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Posted in Articles, Philadelphia real estate, Schools | 3 Comments »

Deadline for First-Level Property Assessment Review is March 31

Tuesday, March 5th, 2013
Philadelphia Real Estate

Think your home’s been overassessed under AVI? Or even overassessed? The Office of Property Assessment offers a dispute process, but you need to act now.

If you believe the new assessed  property value you received from the City of Philadelphia’s Office of Property Assessment (OPA) as part of the Actual Value Initiative (AVI) is inaccurate, you can do something about it.

The easiest route to resolution is to request a first-level review of your assessment from the OPA. This is an expedited process that allows you to submit to the city information that may not have been taken into account in determining your property’s value. The deadline for requesting a first-level review is March 31; as the OPA expects to receive a large number of requests, you should gather your supporting materials and submit your request sooner rather than later in order to recieve a timely review.

If you cannot reach a satisfactory agreement with the OPA, you still have the right to formally appeal your assessment to the BRT. The deadline for filing appeals is Oct. 7. It is not necessary to request a first-level review before filing an appeal.

More information about the review and appeal process is available on the OPA website. If you’re still unsure whether you have a good case for a lower assessment, consult an attorney and have him or her make your case for you. Be sure to include all materials you have that support your case when submitting your request.

 

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Posted in Articles, Philadelphia real estate | No Comments »

How Much Will You Owe Under AVI?

Monday, February 18th, 2013

Owners of new homes like these in gentrified areas will likely receive higher tax bills this fall as a result of the Actual Value Initiative. Residents of more stable neighborhoods will most likely see little or no change in their tax bills – and some will pay less.

Now that the city has finally told property owners how much their land and buildings are really worth, everyone can get around to answering the real question: So how much will I owe?

That the reassessment will produce clear winners and losers has long been understood. As we reported yesterday, an analysis of tax bills in The Philadelphia Inquirer shows that residents of a few neighborhoods, mostly on Center City’s southern fringe, will see large increases in their property taxes now that property values are accurate citywide.

But most city residents won’t see such large increases through the AVI, and many will see their taxes fall, though by only modest amounts. All this is a perhaps painful but necessary corollary to the effort to update property assesssments citywide to reflect actual market values.

But that, we’re sure, doesn’t matter as much to you as what will happen to your own tax bill. The City of Philadelphia has released an AVI Calculator that lets you see what will happen. Enter your address, and the calculator displays the old and new assessed values.  The tools on the right side let you see your tax bill under several different scenarios – with and without homestead exemptions and at varying tax rates. (The actual tax rate will be set by City Council later this spring. The process is supposed to be revenue neutral – that is, the total revenue raised under the 2014 rate will be no different than that raised in 2013.)

If you believe your property has not been accurately assessed, the city has an appeal process that you can pursue. If the only beef you have is with the size of your new tax bill, your options are to voice your concerns to your City Council member – or to Mayor Michael Nutter.

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Posted in Articles, Philadelphia real estate | 1 Comment »

Ring in the Year of the Snake in Chinatown this February

Friday, January 25th, 2013
Chinatown Flower Market

The Chinatown Flower Market traditionally opens the city’s Chinese New Year celebration. It takes place this year on Feb. 9.

Next month marks the annual Chinese New Year Celebration in Chinatown, sponsored by the Philadelphia Chinatown Development Corporation (PCDC), a nonprofit organization dedicated to protecting, preserving, and promoting the Chinatown community.  Join in the festivities to celebrate the Chinese tradition of the Lunar New Year, or the Spring Festival, a time when families come together to welcome the new year and bring good luck to their loved ones with feasts, gifts, and parades.

Since 1966, the PCDC has worked for the Chinatown community, protecting the neighborhood, preserving its heritage, and promoting the businesses and residents of Chinatown.  In its 47 years of service, the PCDC has built over 226 units of residential housing and over 24 units of commercial space.  One of its most visible successes is the restoration of the Chinatown Friendship Arch.  The PCDC holds various workshops and events throughout the year that help build the Chinatown community and preserve the Chinese culture in Philadelphia.

Chinatown Flower Market

This Year’s Chinese New Year celebration begins on Saturday, February 9 with the Chinatown Flower Market from 10 a.m. to 3 p.m.  This second annual event is inspired by traditional Chinese Lunar New Year flower markets, which ring in the new year with fresh flowers, treats, and lucky red keepsakes.  Browse a wide selection of beautiful flowers, handmade lanterns, candies, red envelopes, and much more at 10th Street Plaza, 10th and Vine streets.

Parades

Bundle up for three exciting parades celebrating the Lunar New Year.  Saturday, February 9 at 11 p.m, enjoy the Midnight Lion Dance Performance at 10th and Race streets.  Then be dazzled by the Philadelphia Suns Lion Dance on Sunday, February 10 from 11 a.m.-2 p.m., starting at 10th and Spring streets.  A martial arts performance will also take place on Sunday, February 10 at 10th and Arch Streets.

Chinese New Year Banquet

The PCDC’s annual Chinese New Year Banquet will top off the celebration on Friday, February 15 at Ocean City Restaurant, 234 N. 9th St.  Beginning with cocktails at 5:30 p.m. and followed by dinner at 6:30 p.m., the PCDC will celebrate its 47th anniversary of preserving, protecting, and promoting the Chinatown community.  Tickets are $85 each.  Visit chinatown-pcdc.org to register.

Say farewell to the year of the dragon and welcome the year of the snake in Chinatown this Lunar New Year.  Enjoy these fun events and help the PCDC preserve a culture and community rich in colorful traditions.  The Chinese New Year celebrations all take place in Chinatown, located near Market East station, and accessible by subway and PATCO.

- Jen Heller Meservey

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Posted in Articles, Center City, Chinatown, Philadelphia real estate | No Comments »

Looking for real estate info? You now have a ‘License to Inspect’

Thursday, January 17th, 2013
License to Inspect screenshot

A new map-based tool gives users access to L&I data and historical information all in one place.

Want to know the whole story behind a Philadelphia address? You now have a way to find out everything you want to know in one click.

It’s a new map-based search engine called “License to Inspect.” This new tool, developed by Plan Philly and Azavea, lets you search Licenses & Inspections permit data for every address in the city – zoning, construction, use, the whole shebang. There are links to full documentation and zoning info as well. But wait! There’s more! You can also look up historical photos of the address from the PhillyHistory.org database.

Did we mention PhillyHistory.org? That site, our favorite repository of images of the city’s past, was also developed by Azavea, the company that grew out of the pioneering Cartographic Modeling Lab at the University of Pennsylvania.

Plan Philly is backed in part by the University of Pennsylvania School of Design’s professional practice arm, Penn Praxis. If we haven’t noted this before, we’ll note it here now: the city’s colleges and universities have evolved into agents of change in their own right and contribute mightily to this city’s economic vitality and forward momentum. And that’s good for the Philly real estate market too. We will no doubt spend many pleasurable hours burrowing into this database as we do our work – and just for fun.

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Posted in Philadelphia real estate, Uncategorized | No Comments »

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