Does anyone have any thoughts on gentrification in Brewerytown?

Asked by Mike, Morrell Park, Baltimore, MD Sun Jul 13, 2008

It appears that with the proximity to Kelly Drive, Art Museum, etc. this is a relatively untapped area of the city, especially since the eastern side of the city has seen their development (No Libs, Fishtown, Kenso). I'd like to buy an investment shell here in the next 24 months before the mortgage mess clears up and prices resume an upwards climb. I'm curious if any other Philadelphians see things the same way.

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Chris & Stephanie Somers’ answer
Chris & Step…, Agent, Philadelphia, PA
Sun Jul 13, 2008
Mike, I like the way you think. I have thought about Brewerytown myself and have talked about it with a lot of the investors I work with. For now, I think Brewerytown has a long way to go. The statistics were skewed that Brewerytown had significant appreciation as it all came from Brewerytown Square. For now, there are just so many board ups. I think the timefram to invest in this area would need to be minimum 5 years. It would be good to pick up a property or two and keep as a rental until the area turns around.

Instead, what I have been recommending to clients has been Old Kensington (19122) - see our website page on this neighborhood at:

http://www.thesomersteam.com/lawrence/index.php

In addition, am much more bullish on everything closer to the river - Fishtown, Port Richmond, Bridesburg...etc. You are right that No Libs has seen that development - but the development is really just beginning in the other areas.

To me, Brewerytown is much riskier. Although the wildcard would be with that risk, there could be greater reward too.

For more info about us, visit our website below:

Good luck in your search and let us know if we can be of any help. Also keep an eye out for our lanch of an investment site for Philadelphians - will be hot and one of its kind !
Web Reference:  http://www.thesomersteam.com
3 votes
Alex, Both Buyer And Seller, Philadelphia County, PA
Tue Sep 2, 2008
I recently purchased in the area. Myrtlewood and Master...Takes a lot of guts. The property is surrounded by vacant lots and boarded up homes. The area has a ways to go. Not a flip area. You must buy, rent, and hold for a few years. That Brewerytown Development is only in its first phase. There are several more to go and it is going to take a few years. If you can sit it out, you will find a great return down the line.
2 votes
Rachel Crowl, , Philadelphia, PA
Sun Jul 13, 2008
Mike, It really depends on what part of Brewerytown you are considering. I have clients that have successfully bought, rehabbed and either sold or rented what they have bought. I live in the 19130 zip code, which is on the border of Brewerytown, so, I have my finger on the pulse of what is going on. If you would like to contact me, please do so through my website!
Web Reference:  http://www.rachelcrowl.com
0 votes
Dallas Texas, Agent, Dallas, TN
Sun Jul 13, 2008
Have you tried to contact others in the Philadelphians in the area, Real estate professionals per the code of ethics can’t make those comments http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference:  http://www.lynn911.com
0 votes
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