There may be greater appreciation by a small margin in the Bella Vista area simply do to the supply being low and the demand for homes under $300,000 in the Philly fringe being relatively high. There is a lot of inventory in the Art Museum at that price point. Over half are condos.
The Art Museum offers stability, steady appreciation, and resilience to market trends since it is a more established subdivision. It is more established for many of the reasons mentioned below by Scott (who is obviously from Philly) but there is not a lot of room to grow without pushing to Fairmount, and toward Broad Street. Bella Vista is still in a growing phase and the growth potential is certainly there.
I think you have to look at it more like what kind of product you are considering buying and how that will hold up years down the road. Are you buying from a seller who purchased 4 years ago or someone who purchased 10? Does the asking price reflect this? How long do you plan to stay?
Carl M Caldas
I'm more bullish on the Art Museum than Bella Vista. I like the area more for long term upside potential. I feel that it's more open and less crowded than Bella Vista. Bella Vista revolves around the Italian Market and the Art Museum revolves around the Parkway, Kelly Drive, more open, green spaces and lots of museums. I like what's happening to the Girard Ave. corridor and think this is the area that's better for appreciation.
Can 'ya tell I'm from Philly?
Scott Miller, Realty Associates, Boca Raton, FL
You are right, nobody has a crystal ball. Both areas are desirable. What is more important is that you purchase a home that will make you happy and you shouldn't purchase a home because you think it will appreciate more in one area over another. It is everyone's hope that our home will appreciate but that shouldn't factor in when making a purchase. You should talk with your Realtor to make sure the homes in whatever area you are buying in, haven't depreciated.
If you take care of your home by keeping it up to date with main focus on baths and kitchen while doing routine maintenance, you should be able to sell the home for market value when the time comes. Keep in touch with your Realtor to keep up on the values of homes in your area, that is what they are there for after you purchase.
RE/MAX Action Realty
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