As with everything prices increase over time. What basically happened is that the real estate market was under valued back then (8 to 10 years ago). Then the real estate "boom" hit pushing the homes way up, now they are leveling out at a happy medium. Mayfair is actually one of the last affordable neighborhoods in Northeast Philadelphia. Unfortunately we live in a world were TV's are $2000 and a basic SUV can cost upwards of 40k. I would suggest you buy and not rent. Very rarely do renters ever come out ahead. And in this recent financial climate, with homes and mortgages being somewhat tougher to get, you will probably pay more to rent. Make a list of your wants and needs, the price you can afford and stick to it. You will find your dream house. To search the homes in the area try visiting my website for an up to the minute home search!
Robert A. Martini
Keller Williams Real Estate
The houses are still overpriced because the government is propping up the housing market will all their stupid housing credits and FHA loans.
Just wait for the ALT-A and Option ARM recasts that are coming in 2010-2012. There is not going to be enough buyers to soak up the inventory (due to the tidal wave of foreclosures that will hit the market).
Looking at your other posts, I would say you are generally ill informed.
Frankford is a very large area, to say the entire area is bad is foolish at best.
Now the trend in Mayfair is moving to a large increase in Section 8 rentals, we both know that is going to lead to a decrease in home values.
Frankford on the other hand has large areas of nice homes with little crime, and great values.
Maybe I am prejudiced as I own quite a few properties in the area, have never had a problem with crime.
My business and office is in this area, and all the neighbors are friendly.
Property values 8 years ago have no bearing on todays values, how much was a car 8 years ago?
You can't judge a neighborhood from one sale 8 years ago. That was probably a low number at that time - maybe because of condition, location, etc. It is important for you to understand values and what is going on today if you are thinking of moving. Why don't you go to http://www.carolworks4you.com and get a free "market snapshot" of the area. It will tell you all about sale prices, homes on the market, etc. and then you will become a very informed consumer!
Good luck and let me know if you need any other information.
Carol Murray Cei