Karen, Home Buyer in Union City, NJ

It seems like the Museum Area is on average $100K less than other nice neighborhoods in Philly. Is this area on the rise to become a more desirable?

Asked by Karen, Union City, NJ Thu Jul 1, 2010

neigborhood in the next 5-15 years? I'm considering buying a condo somewhere in Philly, hoping to stay there at least 5-10 years. In the long run, which area would be a wiser investment, in terms of how much it will appreciate? Where would Art Museum fall into on the list? Does it still have room to grow compared with some of the areas that are already polular, like Rittenhouse, Washington Sq, Fitler Sq, Society Hill?

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Bruce Lang’s answer
Dear Karen

the art museum when I was an undergrad at PENN was not what it is today. As of now, you have homes which sell from 800-1million near faimount. st. It s quite a turnaround. PArticularly closer to broad, the number of rentals has decreased and number of owners increased. Many abandoned buildings have been rehabilitated...lower green street took an old church which had been closed and made lovely homes.

The price difference does have a lot to do with parking. Parking in the Art museum is a challenge. You should really look around to see the condition of the places you re contemplating. Your looking will help you to see why someone pays x and why someone pays y.
0 votes Thank Flag Link Sun Jan 30, 2011
5 - 10 years? Karen, we're Realtors not pyschics! However, i too wish I could predict future values.

What we do know is: during the 10 years the 19130 zip code appreciated more than others in the 7 Center City zip codes.

If you really want serious advice and not chatter; hit me up at MoveSmarter@CBP.com - or 215 266 7227
0 votes Thank Flag Link Fri Jul 16, 2010
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