Market Conditions in 19146>Question Details

Anthony, Other/Just Looking in South Broad Street,...

What is the projection on land where land values are heading in the short future in the Graduate Hospital?

Asked by Anthony, South Broad Street, Newark, NJ Thu Jul 31, 2008

area 19146?

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Anthony,

Take a look at the new Penn Rehabilitation Center on the site of the old Graduate Hospital. What's their sign say? "Rittenhouse South".

So the old Graduate Hospital designation is changing. It'll be interesting to see this evolution. But my long term investors are now buying even below Washington Avenue, including Grays Ferry and Point Breeze.

If you'd like to stay ahead of the curve, hit me up - MoveSmarter@CBPref.com
0 votes Thank Flag Link Wed Aug 13, 2008
Fred, assuming that what you are saying is true, the new question is... Will "location" alone sustain the appreciation potential for Graduate Hospital?

My guess is YES, Graduate Hospital will appreciate nicely. I suppose I have more idealistic hopes for neighborhoods on the fringe of Center City. Wouldn't it be fantastic if Graduate Hospital became its own district with something unique and special to offer the city. A lot can happen in the 5-10 year time span. It will be exciting to see what happens there.
0 votes Thank Flag Link Fri Aug 1, 2008
To respond to the Somer's comments and questions, there is nothing planned because, I think, it is so close to Center City and there is no parking that without knocking down a whole block of existing houses, it will never happen. It would be great, but the amount of money to do that is prohibitive!

Spot development seems to be the only answer.
0 votes Thank Flag Link Fri Aug 1, 2008
I agree with Fred below. If more restaurants, shops, and merchants can invest in the area, then land value as well as home value the Graduate Hospital area will continue to appreciate. I do not know the immediate infrastructure or city planning for that area but I am slightly concerned with the home inventory in that subdivision. There are so many homes for sale yet prospectors are buying what is left of the land and shells, and folks are purchasing homes in the area. When I look at the area as an investor myself, I see that Graduate Hospital is in dire need of a commercial and retail boom in order to maintain the quality of life there. Like Fred said, Look at what Blatstein and other smaller project pioneers have done to Northern Liberties at 2nd and Girard. Giving people a reason to be there, making Graduate Hospital a really memorable destination, will almost guarantee value in the short and long term.

I have a question. Where are the commercial projects and who is promoting the plan to merchants? Blatstein is successful because he manages the entire project from the breaking ground to filling the vacant retail and commercial spaces with businesses that will have a chance for success? Is that happening in Graduate Hospital?
0 votes Thank Flag Link Fri Aug 1, 2008
With prices as they are, people are getting more value as they get closer to Center City/Rittenhouse Square. Therefore, eventually the area south of there that is attached to Center City should increase in value after it goes down a bit to stabilize. I can't call the area Graduate Hospital anymore since Penn has now taken over the building and eliminated the name, but I know what you are talking about.

I actually have a house plan to fill in the lots that are there which is a single 3 story cement structure that can be varied between storefront plus two units to a single family.

Once we fill in the area with good property, businesses open and restaurants start serving great food and make themselves as a destination, then the are will be great.

This is just my opinion, but it has worked in other places. Look at Northern Liberties that does not even connect directly to Center City.
Web Reference: http://fredglick.com
0 votes Thank Flag Link Thu Jul 31, 2008
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