Philadelphia, situated between New York and Washington, DC,
is often overlooked by many as the thriving, vivacious city
that it truly has become.
We don't attract the number of investors that some of our
big city rivals such as Miami, Las Vegas, or some hot spots
in California might. You won't find our streets littered
with movie stars, paparazzi or neon lights. Very few folks
here in Center City Philadelphia have swimming pools or
driveways.
Poor, poor Philadelphia....
Oh, and soaring, monthly double digit appreciation in home
values? No, we don't get much of that either. This sorry
backwoods of an urban area suffers from such neglect.
Bummer, eh?
Uh, no. Not in the least. Very few Philadelphia real
estate owners are upset with such dismal happenings here in
town. In fact, many of us are delighted.
Keep your Brittany Spears, your tofu cafes, and your oxygen
bars. We have little use for such effects. You see, we
are your slow, stupid cousins. Those of us who buy a piece
of Center City Philadelphia real estate, such as a
Rittenhouse Square Condominium or Old City loft, see those
investments appreciate at an awfully slow, five to fifteen
percent per year, or so....that latter figure being in a
good year, running down hill, with the wind to our backs.
But you see, the difference is that Philadelphia real
estate has sustained this kind of growth in value for
almost twelve years in a row. And according to various
newspapers and publications, such as The Philadelphia
Inquirer and The Philadelphia Daily News, there doesn't
seem to be an end in sight.
Philadelphia, forever the tortoise, has been able to keep
the pace going and going. We don't seem to have a gross
oversupply of unsold inventory, our owner-occupancy ratios
are very high (not a lot of out-of-town money bulking up
the ownership ranks amongst the Philadelphia condo set),
and the subprime debacle has played little into our
appreciation forecasts.
Although some Philadelphia real estate novices are put off
by the fact that you generally have to wait a few years to
see some value growth on your new construction purchase,
Old City lofts and Rittenhouse Square condominiums, for
example, do eventually appreciate in value.
So, it boils down to the fact that Center City Philadelphia
condominiums and other Center City real estate may not be
as fast out of the starting gate as other cities, and we
may always be the real estate stepchild to the home values
of our peers, but it does appear that slow and steady wins
the race.
And personally, as a REALTOR as well as a home owner here
in town, I would like to thank all the Philadelphia real
estate buyers and sellers who have made this win possible.
----------------------------------------------------
Mark Wade is a Philadelphia REALTOR who is "the" Center
City Philadelphia condominium specialist. Mark's vast
knowledge of what's trendy and which finishes buyers look
for when selecting a home hope both buyers and sellers of
Philadelphia real estate make the most of their investments.
View Center City condos for sale at
http://www.CenterCityCondos.com
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