ThreeRiversREI
01-15-2007, 08:25 AM
Data taken from Investor Riches (http://www.investmentriches.com/cp_view.php?id=47). Poster makes no warranty as to it's accuracy. Due your own due diligence. Batteries not included.
Median Home Price: $186,400
2005 Appreciation: 12.76%
5 year Appreciation: 71.61%
OVERVIEW
The fourth largest metropolitan area in the nation, Greater Philadelphia has a population of more than 6 million residents, with 100 million people within a one-day drive. Philadelphia boasts the fourth largest retail market in the U.S. and the sixth largest gross metropolitan product. Strategically located within a 2-hour drive of New York City and Washington D.C., Greater Philadelphia facilitates access to the financial and political capitals of the nation at a much lower cost, with average household expenses 50% lower than in New York, Boston or San Francisco. Non-stop flights make the West Coast, Europe and South America accessible within 6 hours.
MARKET TRENDS
Recently there has been a shift from buyer’s market to a seller’s market. The demand for investment properties shows no sign of slowing. Philadelphia recently made the top 10 list for best places to live for seniors and CNN Money’s list of best places to retire. 10 Year tax abatements created a market for high-end housing that was not present in the City of Philadelphia prior to the passage of City Council ordinances creating the present form of tax abatements. This tax abatement has caused is a hike in housing costs.
KEY EMPLOYERS
City of Philadelphia (25,000), Philadelphia International Airport (20,000), University of Pennsylvania (22,605), Jefferson Health System (14,317), MBNA (10,500), Merck & Co. (10,000), Du Pont (9,906), Children’s Hospital of Philadelphia (5,000)
PREDICTIONS FOR THE FUTURE
Center City real estate will continue to grow and appreciate in value into the foreseeable future. Philadelphia is still an affordable market driven by the urban activity in Center City and the young professionals that desire to maintain a short commute.
Median Home Price: $186,400
2005 Appreciation: 12.76%
5 year Appreciation: 71.61%
OVERVIEW
The fourth largest metropolitan area in the nation, Greater Philadelphia has a population of more than 6 million residents, with 100 million people within a one-day drive. Philadelphia boasts the fourth largest retail market in the U.S. and the sixth largest gross metropolitan product. Strategically located within a 2-hour drive of New York City and Washington D.C., Greater Philadelphia facilitates access to the financial and political capitals of the nation at a much lower cost, with average household expenses 50% lower than in New York, Boston or San Francisco. Non-stop flights make the West Coast, Europe and South America accessible within 6 hours.
MARKET TRENDS
Recently there has been a shift from buyer’s market to a seller’s market. The demand for investment properties shows no sign of slowing. Philadelphia recently made the top 10 list for best places to live for seniors and CNN Money’s list of best places to retire. 10 Year tax abatements created a market for high-end housing that was not present in the City of Philadelphia prior to the passage of City Council ordinances creating the present form of tax abatements. This tax abatement has caused is a hike in housing costs.
KEY EMPLOYERS
City of Philadelphia (25,000), Philadelphia International Airport (20,000), University of Pennsylvania (22,605), Jefferson Health System (14,317), MBNA (10,500), Merck & Co. (10,000), Du Pont (9,906), Children’s Hospital of Philadelphia (5,000)
PREDICTIONS FOR THE FUTURE
Center City real estate will continue to grow and appreciate in value into the foreseeable future. Philadelphia is still an affordable market driven by the urban activity in Center City and the young professionals that desire to maintain a short commute.