The Pew Charitable Trust's annual report states that Philadelphia real estate as a whole, took a 10% decrease in property value from 2008 to 2010. So if your home was worth $200K in 2008 its now worth $180K. That is better than most areas of our size and worse than a few others. Unless you own in a select few area; three of which are Point Breeze/South Grad Hosp/Newbold area, Washington Square West and University City. These areas have increased in value, 50%, 27% and 26% respectively. This is where the action is happening. The Point Breeze area is where all the new development is taking place, rehabs, renovations, empty lots becoming single family homes. Wash West, as it is known, is where the medical community is centralized, Thomas Jefferson University being the hub of residents, medical sudents, professors and all the support personnel required of running a teaching hospital, plus the businesses that they support: coffee, lunch, pizza, gift/flower shops. University City has the vibrancy of the inner city yet being just across the river affords a sort of Ivy League feel, literally more trees and green space, fields and parks. Students, teachers, artists, every race of restaurant you can imagine. So there it is. Make no mistake, things are bad, but in some areas there is a ray of hope and that hope is evident in the real estate values.
Thursday, October 27, 2011
Pew Charitable Trust 2011 State of The City
The Pew Charitable Trust's annual report states that Philadelphia real estate as a whole, took a 10% decrease in property value from 2008 to 2010. So if your home was worth $200K in 2008 its now worth $180K. That is better than most areas of our size and worse than a few others. Unless you own in a select few area; three of which are Point Breeze/South Grad Hosp/Newbold area, Washington Square West and University City. These areas have increased in value, 50%, 27% and 26% respectively. This is where the action is happening. The Point Breeze area is where all the new development is taking place, rehabs, renovations, empty lots becoming single family homes. Wash West, as it is known, is where the medical community is centralized, Thomas Jefferson University being the hub of residents, medical sudents, professors and all the support personnel required of running a teaching hospital, plus the businesses that they support: coffee, lunch, pizza, gift/flower shops. University City has the vibrancy of the inner city yet being just across the river affords a sort of Ivy League feel, literally more trees and green space, fields and parks. Students, teachers, artists, every race of restaurant you can imagine. So there it is. Make no mistake, things are bad, but in some areas there is a ray of hope and that hope is evident in the real estate values.
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