When people talk about buying a home, one of the first factors that come to mind is location. You hear it all the time, “Location! Location! Location!” This isn’t just fodder for movies and commercials. Your location is the single most important factor in deciding on where you should move. This is especially true in Philadelphia.
Philadelphia is such a culturally diverse and historically rich city with promise and opportunities all over. Some of these opportunities come in the form of new neighborhood redevelopment and enrichment programs. Neighborhoods that had previously been written off as “bad” or “lacking growth” are starting to make a comeback in an effort to take back their neighborhoods and clean up their image. New for businesses and new construction homes in Philadelphia are beginning to pop up in some unexpected areas. Realtors in Philadelphia are starting to take notice of some of these neighborhoods, and you should too.
Kensington
Filled with vacant warehouses, land for new construction, and buildings prime for loft conversions, top developers and real estate agents have their eyes on Kensington. As these types of lots are being bought all over the city, the promise of Kensington is on the horizon. Low inventory for these idealistic lots have caused an appreciation spike in the Kensington/Frankford area. Aside from the residential properties that are underway, businesses are gradually finding their way into their area at a comfortable pace that’s worth mentioning. Truth be told, it was only a matter of time before the success and popularity of its neighbor Fishtown found its way over to Kensington.
Forgotten Bottom/Grays Ferry Developers have had Grays Ferry in their sights for a while, and for good reason. Recently listed as one of the top zip codes in the nation to flip a house, the promise of Grays Ferry can be felt nationwide. The top real estate teams in Philadelphia believe in the redevelopment of Grays Ferry as well. Since the University of Pennyslvania has expanded to the area with its Pennovation initiative, the industrial and residential communities are sure to follow close behind with the development of Philadelphia luxury homes as well.
Point Breeze Market savvy realtors in Philadelphia have had Point Breeze on their radar for quite some time. The area has seen a little under a 30% of an increase in median home values over the last 1-2 years. The Point Breeze area is particularly of interest to Millennials and first time home buyers due to the inexpensive cost of purchasing a home in the area. The expansion of bars and gastropubs has not only helped increase the nightlife for the area, but also the business opportunities as well.
We all know that Northern Liberties and Fishtown are on the rise. If you’re looking to move within the city of Philadelphia, your options may be expanding more than you initially thought. Contact a top real estate team in Philadelphia today to find the home of your dreams.