What is the real estate market in Old City like compared to two years ago, before the recession hit?

Asked by Sarah Goldfine-ward, 19104 Thu Jun 17, 2010

Also, what happened to all the big development projects-- turning warehouses into condos and high-end apartments, etc.?

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Bruce Lang, Agent, Philadelphia, PA
Sun Jan 30, 2011
Old city - older and smaller
Northern liberties - larger and newer.

Lots of choices. The places with parking have hld up better than those without parking.
0 votes
Carol Cei, Agent, Maple Glen, PA
Fri Jun 18, 2010
Hello, Sarah,

Your question is a difficult one because it depends on a lot of factors. Anything that has the tax abatement still existing on it is a much easier sell than things that do not. As you drive through, or walk around Old City you will find that there are still a substantial number of unfinished projects and the area still has a certain "industrial" look to it. There are still lots of opportunities for buyers to purchase at a good price. The actual downturn in real estate values began earlier than 2008...more like 2006-07. If you are a wise shopper you should be able to get yourself a pretty good deal. It's all about analyzing the data of what has sold in the last 6 months....that's the important consideration now.

Good luck with your home search. If you have any other questions...just ask!

Carol Cei
ReMax Action Realty
1126 Horsham Road
Maple Glen, PA 19002
215--358-1100 x1223
215-643-9661 Cell
carolcei@remax.net
Web Reference:  http://www.carolcei.com
0 votes
James Yoakum,…, , Philadelphia, PA
Thu Jun 17, 2010
Center City in general has held up fairly well in terms of values. What has changed is that there are fewer active buyers out there now, so if you're looking to buy you'll have plenty to choose from and not much competition. In Old City the projects that were finished several years ago are, for the most part, doing very well. They sold most of their units before the downturn and have been able to keep selling at a decent pace by emphasizing today's great interest rates and the recently-expired tax credits. A few projects suffered from bad timing, coming online just as the market turned down - those are still mostly empty and struggling, and should be avoided by all but the bravest buyers who don't mind dealing with a struggling condo building in order to snag a bargain.

Aside from condos, the market for single family rowhomes has remained strong, and there's less oversupply in that category.

I'm happy to talk more in depth about your particular situation if you'd like.

James

James Yoakum - Realtor, SFR
Brown McKinney Real Estate
1631 W. Cabot St.
Philadelphia, PA 19121
office: 215-825-2250 x.1002
cell: 267-496-7739
fax: 610-910-3046
jyoakum@brownmckinney.com
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