Areas near Jefferson Hospital are great. I know a few medical students who own condos across from it.
You can also look to invest in the suburbs. There are great buys everywhere.
Bargain with potential- Area around Temple and the hospital on Broad St.
Fairly high priced with potential still both ST and LT- Fishtown, NoLibs, Port Richmond. (Casinos?)
Will correct, but generally safe. Definite short term losses- Center City, University City, Manayunk, Roxborough, parts of South Philly
Sizable, but not disgusting losses- parts of South Philly near Sports Complex (i.e. overpriced new townhomes), Far Northeast (Somerton, Pine Valley). Comment: Tax abatements will only last so long
DANGER: Collapse imminent. Not a matter of if, but when- Lower Northeast (Mayfair, Rhawnhurst, Fox Chase, Castor Gardens, etc.) How do you explain doubling, tripling, or in isolated cases a fourfold increase in home values with the neighborhood not improving or getting worse? I have 2- once easy credit (watch this over the next few months) and NYC speculators (can't pay the gas anymore)..
I own several investment properties throughout Philadelphia. My company works directly with investors to put together an investment strategy for individuals like yourself that are just in the beginnings of real estate investment. We spend thousands each month on marketing and generate between 10-12 properties each month at less than 40% of market value for our clients. Depending on exactly what kind of exit strategy you would be comfortable with, we could show you how to build a portfolio of over $1M in your first year with as little as $10,000 cash to invest.
There are no fees for our trainings or any of our referral services. We bring the properties and if you like them, we'll put a package together for you including financing, construction (where neccessary), property maintenance and tenant placement. We make our money on the sale of the property.
If you are serious, feel free to give us a call. On of our Investment Consultants woould be glad to sit down with you for a meeting.
To answer your previous question, I find the best return and appreciation on my investments (taking into consideration purchase price, financial strength of tenants, crime rate, etc.) in Germantonw, West Oak Lane and Mt Airy. You can still pick up a nice deal in these markets for a few thousand dollars and get fantastic cash flow from good tenants.
Director of Purchaing
To answer your question properly one must know what are your investment options and financing otions to see what kind of investments you can make. Are you looking to flip? are you looking to hold and rent, and for how long? there are some great areas but that all depends on the above. if you are looking to invest and live yourself then i'd say northern liberties and fishtown, if you are looking to invest and rent out and hold for 5 years or more then those areas i mentioned before plus west northern liberties, parts of point breeze, fransciville and parts of fairmount. I work as a local mortgage banker and if you are interested in discussing this some more then feel free to contact me any time.
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