Barry

Anne-
I also own a condo at 22nd and Chestnut that is currently on the market. In about 2 weeks it will be rented out to students at $1800/month which is a bit below market because it is a short term lease. This location is walking distance to Drexel and a great center city location near everything. It is 2 bed and 1 bath about 1010 sf. Contact me at bblundin@gmail.com. The MLS# is 5336702. - Tue Aug 19 2008, 19:26

I am aware of new construction that will be going in in West Philly about 2.5 miles from the Drexel campus. It is a gated community of about 80 units and the price points will be in the 225k range. These units will be 3 bed and 2.5 bath and range in size from 1600-2200 sf. I would recommend purchasing a unit rather than paying rent for 4 years. Your sons will be in a gated community and your investment will be solid. You can rent it out once they graduate. Or, if the market has turned (2009 will be tough but beyond that I think you will be solid) sell it and take your equity. I can be reached at 215.913.7029. I am a real estate professional at Coldwell Banker Realty Corp. (bblundin@gmail.com) - Sun Jul 6 2008, 16:54

Lanette-
You should start by calling a mortgage professional to get a preapproval on how much home you can afford. Once you have that in hand, the task becomes rather easy. There are many great areas to send the boys to school, but you have to narrow the field first by knowing where you can afford to look. I am a center city Realtor. I grew up in the burbs and moved here, like you are planning to do. If you get into new construction, you can get a tax abatement and you will be shocked at the tax savings relative to the burbs. Contact me if I can help you. - Sun Jul 27 2008, 18:00

Marcy-
There are many motivated sellers out there right now. People are paying the prices in many cases, mostly in prime locations, because Philly is still doing relatively well compared to other markets. The condo folks are willing to deal though. My area of expertise is center city. Contact me if you need any assistance. - Sun Jul 27 2008, 17:33

I am a realtor from Coldwell Banker Realty Corp. in center city. I know this market well. The area of Fishtown to which you refer is one of the best. It is an established residential area that hit its apex probably around 2004 and has cooled since. Inventory in 2008 compared to 2004 is up considerably and this is the major challenge. It is really about correct pricing. An appropriately priced home in a balanced market shoud sell in about 45-60 days on average. In the last 6 months for homes priced between $100k-$450k in the 19125 zip, which includes Fishtown, the average days on market is 73, with May being the highest in the last 6 months at 84 days on the market. A look at recent sales of non-condo properties in the last 6 months shows that sellers are getting about $126/sf for resales. This is your basic non-new construction, non-condo unit. So you could reasonably expect to pay about $277,000 for a 2,200 sf home. Many of the old homes in Fishtown are very spacious. I hope this helps. Call me at 215.913.7029 if you would like assistance in listing your home or finding a new one. Thanks. - Wed Jun 4 2008, 07:50