Hey,
My son is looking at investing in Philadelpia being that he lives there. He is looking at rehab condos in an area called Northern Liberties, specifically Libirties West. Anyone have any info on this area and supposed appreciation. Thanks.
Peace,
Richard
Hey, I just recently moved back to Philly after college and I’m looking into investment in the area. I’ve found a couple of websites that offer some neighborhood help and info on properties. Try http://www.phila.gov/ohcd/QuickGuide.htm and hallwatch.org. There seem to be some city incentives, (grants to cover closing costs, repairs, tax forgiveness etc) for investing in low income areas such as SW, Sout and NE, but I’m not sure what your son is trying to accomplish. Those sights also have some useful links for general Philadelphia Real Estate Info. Feel free to contact me to exchange ideas locally.
northern liberties is a great place for growth. over the past couple years they have been making a big push to clean up this area by bringing restaurants, and other attractions. it was considered north philadelphia for the longest.
Hey,
Thanks for the info.
Peace,
Richard
Hello rhm76384,
I hope all is well. The Northern Liberities Section of Philadelphia extends from Vine Street North and from the Delaware River front west to Broad Street. On the Northern boarder you will hit areas known as Fishtown and Kensington, on the Western edge you hit traditional North Philadelphia areas. It once was not so great but has become one of the most interesting revitalization areas in Philadelphia. It is not all peaches and cream though and you would still need to know the area very well to be sure of what you are getting into. Not all opportunities are upside opportunities. Inside Northern Liberties you have many other sub sections. Many folks in the local market will refer to West Northern Liberties and North Northern Liberties. These are the North end and the West end of the area. The most primes sections of Northern Liberties starts at Vines Street and Delaware Avenue and extends out to the West and North. The farther West and North you move the more speculative the scenario. But, there are still some very nice opportunities in these sections.
On the western edge it is bound by Broad Street and the Temple University influence and recent redevelopment around the University has created opportunity on the western edges of Northern Liberties. We have looked at a lot of property in that area and we hesitate to get too close to the Western side and prefer to look in the northern direction. That being said, if the property gets to the western side and butts up against Temple, or sits inside Temple’s security zone, it has a great potential for student housing.
Northern Liberties is also an area that has been worked hard by real estate investors and developers over the last 4 to 5 years. Keep this in mind as most deals that have an upside potential are hawked by investors that sit on that market and watch it every day. In addition, the River front was earmarked for significant high rise condo development. This development would have had influence on the adjoining neighborhood. Some of this planning centered on the potential of casino gambling presence along the river front north of Vine Street. This casino influence now seems earmarked for the South Philadelphia waterfront. We have seen developers dumping their condo projects in this area. Pre-sale condo activity was not significant enough to sustain the development and as a consequence the Phila condo market is seen as flat. But, we still see Philadelphia as being an undervalued urban market that still holds a great potential to move significant numbers of people from tenants to homeowners. I think the high and middle high markets are much riskier than the lower middle and lower markets. The Northern Liberties section still has lots of opportunity and potential but the buy in is not as cheap as it once was and the turn around is not what it once was.
There are other areas of Philadelphia that have opportunity. Remember that you need to know these markets pretty well as it can be a matter of ending up on the wrong block in any of these neighborhoods. South Phila areas from the river up to Broad Street, especially around the Broad and Washington Avenue areas seem attractive. You want to be careful as the more west you move from Broad St. and South from Washington the more you need to be on top of your game. The West Phila market around University City (Univ of Penn) is strong but that too has been and still is agressively hawked by local investors. The buy ins are not as cheap as they once were. The Fishtown, Kensington, and Brewerytown sections can also be good bets but you still need to know those markets.
How long has your son lived in Philadelphia? I am not sure if your reference is to buying pre-sale condo units that a developer is rehabbing and then selling or if he intends to buy a property and convert to condos through a rehab. I am not sure the strength of the market in pre-sale condo investing. I do think there is potential in converting a property to condos through rehab as long as you bring them to market in the lower or middle market.
Just some insight, I hope it helps. Needless to say we live and grew up in the Philadelphia market and have seen Northern Liberties, and all of Philadelphia, move through its revitalization. I would be glad to pass on the name of a close friend that knows the North Phila and the Northern Liberties Section very well. Just send me a private posting.
Hi there. I think it is worth investing in Northern Liberties if you plan on holding onto the property, not flipping. It seems that most of the props there now are rehabs or flips and they’re not selling as well as investors had hoped. Liberties West is a decent place to live and I think it is a decent investment if he plans on renting it out or living there for a few years, then seeing how the market it.
Also, Fishtown is a great area, though a little farther from center city. I suppose it depends on what your son plans to do with the investment property.
Hey,
Thanks once again for the replies. My son works with the American Red Cross there in Philly. He works in research and development but was funded for what appears now to be a limited time. He orginally had planned to stay with them for a while but this is in flux. I will pass the info along to him. Thanks again.
Peace, Richard
Hello Richard,
Just let us know if we can help. Is he at the Red Cross facilities on Spring Garden Street?
If so he would know about Northern Liberties, those facilities sit right in an area that has seen significant increase in value over the last few years.