16th Street between Wallace & North Streets is definitely up and coming. It would be a great opportunity to purchase in that area, specifically that block. If you are willing to hold on to the property for several years it would certainly be a great investment. If you ever get the chance take a walk or drive to the west between Wallace & North Streets toward 20th street. I would expect 16th St to look very similar within the next 5 years. If you have any questions or concerns feel free to give me a call at 203-215-8400.
16th Street is a great street. While you may be a little too north for some peoples' comfort, in my opinion the area is perfectly safe (of course exercising the due care that should always be exercised in a city or a gentrifying area). Are you buying or selling? If you are buying, I hope that you are in it for the long term. As the whole market is depressed right now, it will take the "up and coming" neighborhoods more time to recover than the tried and true areas.
All the best.
Philly's billion dollar Convention Center is expanding just south along Broad Street. Temple University keeps expanding toward Center City. The nearby abandoned Divine Hotel is becoming Condos with new towers planned. Premier developer Bart Blatstein purchased the PA State office building nearby at Broad and Spring Garden. He already has approval to start Condos, stores and townhouses this fall.
The 16th Street corridor is a ground zero for urban development. Many investors are actually buying further north because they see the future path. I am soon listing several homes for rehab in the area; needs vary from just cosmetics to complete shells.
If you want a heads up, contact me at MoveSmarter@CBPref.com. I'm also doing a nearby Open House at 858 N. 20th on Sunday 11:30 til 1pm if you are in the area.
Good luck with your quest and your goals.
For more helpful hints, visit our website at:
http://www.thesomersteam.com and feel free to go to the Art Museum page
i'm a urban dweller also and have lived in center city for a good number of years. i work in lending for a local bank and would be happy to advise you on real estate in center city philadelphia. It all depends on what your overal goal for the property in the next 5 to 10 years will be. you can reach me by email at email@example.com or on my cell at 267-474-8050.