|Center City, Philadelphia|
Well, there are lots of reasons (as stated in this article
), but as someone who also works for a local, Philadelphia-based business and lives in Philadelphia, I have reasons of my own.
As a real estate agent, people are constantly asking me what their homes are worth, or how real estate is faring. "I live in Ocean City, NJ. How's the market doing
?" To answer that question is very hard, because there is technically no such thing as the market
Real estate is segmented, and broken down into many markets (or
sub-markets); even more so with large metropolitan areas, where
neighborhoods can change quickly due to high-density development.
As an agent, I can always go to the MLS, look at comparable sales in
your area (Active, Pending, and Sold), ask a few basic questions, and
get a general sense of what your home is worth (within a range). But it
really isn't until I actually see your home, understand its condition,
and know what features drive your local sub-market, that I can truly
feel confident about a professional opinion of value. And remember, it's
still an opinion; even licensed appraisers have an allowable margin of
The same can be said for Philadelphia.
There are still people in the US (and even the world) today that think
Philadelphia looks exactly as it did in Rocky 1. Industrial, desolate,
and hanging on for dear life. Philadelphia, just like any other major,
industrial US city, went through deindustrialization. The changes caused
jobs to leave, the population to decrease, and the city to become under
Well, time to wake up.
Philadelphia may still have some warts (just like Boston, NYC, and DC),
but the city is changing for the better, and continues to do so
There are 3 general reasons why I feel
creative companies feel
strongly about setting up shop in the City of Brotherly Love (again,
just a personal opinion from a local real estate agent):
1) Philadelphia has a great location
. Just like in real
estate (where the 3 rules are location, location, and location), one of
the most important things going for cities these days is location.
Modern urbanites want access to options. Whether those options are
beaches, mountains, highways, trains, or just a lively downtown,
location plays a huge role in a city's viability to attract new
residents and businesses. Philadelphia has an awesome location, and
maybe one of the best in the US, if you really stop to think about it.
We have a temperate climate (to showcase all four seasons), we are close
to both beaches and mountains, and we are situated in between 2 of the
most important US cities (NYC and DC). This allows Philadelphians to
utilize countless resources from one spot.
2) Philadelphia is a manageable city
. I have used this
expression numerous times with my clients, because it's very true.
Whether you are from the west coast or have lived in this area your
entire life, Philadelphia truly is a manageable big city. What does that
mean exactly? For a metropolitan area with 6 million people, most
people can get from Point A to Point B fairly easily. Need to travel
? There are many airports in the area to choose from, aside from PHL. How about a train
? 30th Street Station will take you anywhere on Amtrak, and local trains also provide a solid rail system. 95, 76, and 676 are clogged with traffic
Hop on Kelly Drive for a scenic tour, and save time while you're at it;
or use some of Philadelphia's "back road" options, there are plenty of
them. Recreational activities in the city
? Fairmount Park is the
largest, landscaped urban park in the US. Hike, bike, run, walk, or
bring your pets to a spot that most large cities would be jealous of. Weekend getaways
? There are too many to count, as Philadelphia has great access to some of the nicest (and quaintest) spots in the US
My point is, if you're tired of traffic, tired of the city, tired of
being so close to so many people, there are plenty of options by plane,
train, car, or bike.
3) Philadelphia is affordable
. Well, maybe not if you're
from Texas, but as far as major US cities go (especially in the
Northeastern US), we are. Not only is Philadelphia affordable, but you
can find any type of living accommodation imaginable. Single homes, twin
homes, row homes, trinities, condos, lofts, you name it. And with over
100 different neighborhoods within the city alone, the odds are that you
can find one that best fits your needs. Whether you are renting or
buying, doing property management or flipping properties, chances are
you can find something that fits within a reasonable budget.
Philadelphia's affordability also goes a long way if someone is
considering a move to NYC. We're only 90 miles away, and highly
accessible by train and car. That's why Philadelphia was dubbed NYC's "6th Borough
That's a lot of optimism for Philadelphia, but I find that there are plenty of people today who agree with me (this is a great article
For those that don't, no worries. Everyone has his/her own opinion, and as Americans, we're all entitled to one.