Karen, Home Buyer in Union City, NJ

What is the future of Old City?

Asked by Karen, Union City, NJ Sun Jun 20, 2010

I know it's hard to predict, but how do you see Old CIty developing in the future? Seems like it would take a very long time to come around but... Is it a better investment opportunity over other Philly neighborhoods? Are the areas of Society Hill and Rittenhouse Sq/Fitler Sq always going to be a stable market?

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Answers

7
Hi Karen,

I believe all three areas you mention are very stable neighborhoods. Now is a great time to buy in any of those areas in this suppressed market. There are great deals for Buyers right now.

As an investment, I think Fitler Square and South are going to really appreciate greater than the rest. With all the development UPenn is planning on the West side and the expanding development down and through Grays Ave, I feel that Christian Street and South of Washington Ave/Grays Ave area will see some hyper appreciation as compared to the rest of Philadelphia.

Please feel free to call me to discuss your strategy. Sometimes another objective opinion can help you make more informed decisions. I'm always here to help you.

All the best,
Larry Lichtman
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell (267) 254-7994
LarrySellsRealEstate@gmail.com
1 vote Thank Flag Link Wed Jun 23, 2010
Check out Washington square west as well. 8th to broad/market to south. Mostly zip19107 and some 19147
0 votes Thank Flag Link Sat Feb 5, 2011
Old City is fantastic! I used to live in The Castings and loved every moment of living in this neighborhood. Old City is an excellent choice.

I also lived in the heart of Society Hill, too. Both are comparable.

Society Hill and Rittenhouse Square will always be old, stable neighborhoods. Always.

GOOD LUCK!

Scott Miller, Realty Associates, Boca Raton, FL
0 votes Thank Flag Link Tue Jul 27, 2010
The recent economic downturn has lead many to a flight for quality. Society Hill, Rittenhouse and Old City are like designer labels for housing, With strong neighborhood associations, historic preservation designations and cultural anchor institutions, I'd say "the future's so bright, you need sunglasses".

Coldwell Banker Preferred (CBP) just opened our new Avenue of the Arts location which triples our presence. The company is voting with its dollars.

Hit me up if you're serious. Joe
215 266 7227 or MoveSmarter@CBP.com
0 votes Thank Flag Link Fri Jul 16, 2010
Karen,

Are you looking for your own personal residence or to buy and rent out?

It is hard to predict and be 100% right but Old City has had some problems recently with new condo sales (the units on 2nd st) but overall is a popular area to live. I think ultimately it is what kind of lifestyle you are looking for. Old City has a larger density of night life and you will find the streets packed on the weekends whereas other areas of the city are not as densely packed at night.

Depending on where you live, you can get a view of the river which is another added bonus to the area.


Sean Dawes
0 votes Thank Flag Link Mon Jun 21, 2010
Hi, Karen.

The most simple answer to your question would be to have an experienced investment professional "run the numbers" for you. Old City is an awesome neighborhood (as well as many other neighborhoods in Philadelphia), but in order to understand where it makes sense to invest you have to understand how much you can afford and how profitable you want to be in your strategy. Some investors might only want to invest in Old City, but others may not want to because it can be expensive to get in.

For example, you should first establish whether or not you want to buy/hold or buy/sell (i.e. flip). Once you have that established, you will be able to narrow down your choices. Your next step would be to start combing blocks in the neighborhoods you can buy in to see what's available. After you find some properties you're interested in, run the numbers on each one to estimate what you return might be.

If you'd like to look at properties or just understand what options are available in Philadelphia, Brown McKinney specializes in working with investors. Please check out our website (specifically my web page) when you have a moment today and don't hesitate to contact me with questions.

Best of luck!

Timothy M. Garrity | Brown McKinney Real Estate Co.
Real Estate Professional & Consultant

tgarrity@brownmckinney.com Email| http://www.brownmckinney.com/tim Website
215-825-2250 x 1007 Office | 267-879-2716 Mobile | 267-519-5490 Fax
0 votes Thank Flag Link Mon Jun 21, 2010
No-one has a crystal ball but to me Old City has already proven itself as investment worthy. It is a newer neighborhood and may therefore appreciate more than some others.

Ellen Schupack
Coldwell Banker Hearthside
office- 215- 379- 2002
preferred- (cell) 215-913-8219
e.schupack@cbhearthside.com
http://www.cbhearthside.com/ellenschupack
515 Huntingdon Pike
Rockledge PA, 19046
FAX- 215-690-4152
license #- RS 309050
0 votes Thank Flag Link Mon Jun 21, 2010
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