Francisville is slower to gentrify compared to areas of the city closer to Center City. You will see that the growth/gentrification trend in neighborhood development all across Philadelphia is going to moderate a bit in this economic season. But it is my opinion that the Francisville area will continue to develop.
If you want to buy there right now and hold on to your property for 5 years or so, I believe you will be happy with your investment. But, the days of 30% appreciation in a blink of an eye may be gone for a long time due to the hard lessons learned during the last few years of the real estate market bubble.
My personal thought for you is this... if you feel as though the neighborhood in it's current condition will satisfy your life style and personal needs for the next couple of years, then you should be fine as far as return on your investment. If folks like you (pioneers if you will) buy in these neighborhoods, you will be creating comparable sales for other folks who are considering buying in that very same area. The more people who buy in the neighborhood the greater demand for the creature comfort businesses such as cafe's, restaurants, local community venues and so on.
Truth be told, most of my clients do not want to be "pioneers" but they are completely priced out of the Central Art Museum Neighborhood. It is a hard decision. If you have 5 years, in my opinion, you will be happy with your decision.
I feel equally bullish about the Old Kensington Neighborhood close to Girard Avenue and all the way North to Oxford. That area is East of Broad Street. The catalyst neighborhood in that section is Northern Liberties. These fringe neighborhoods are accommodating to those who want to take advantage of the culture and social hubs found in higher priced subdivisions.
I hope you find my view an interesting perspective.
If you are still having questions/doubts about Francisville, know that with the continued development of the area and businesses, you would have a solid investment.
Brewerytown is also seeing a flurry of investors and developers as people wait to see what another hot area has in store. More and more businesses are investing in Girard Ave and Fairmount Ave East of 20th Street.
Telas Market just opened on 19th and Fairmount and is a great place to eat after you venture around Francisville.
As a FCDC Board Member, I can say that the future development is headed in the right direction.
If you want to know more about what's coming- feel free to reach out to me!
The Dale Archdekin Team
Coldwell Banker Preferred