Category northern liberties

Welcome to Philadelphia! The “City of … Makers?”

NextFab Studio | Graduate Hospital, Philadelphia

 
I bet you thought I was going to say City of Brotherly Love, right? Or maybe, City of Awesomeness … I kid, I kid.

Nope, “City of Makers.”

I found this article to be super-interesting for a few reasons. First, I always enjoy reading about older cities that are reinventing themselves and finding new life through creative jobs/economies. Second, it’s a solid article about Philadelphia and it highlights our small business manufacturing culture. And third, it talks about cool neighborhoods with unique things to do.

All very helpful and insightful, which is why I’m sharing it with all of you readers out there.

Here is one part that really caught my attention:

“In the early 1700s, immigrants sought their fortunes in the one colony that didn’t require a tithe to the Church — Pennsylvania. By 1740, Philadelphia was the largest city in the colonies — an engine of industry. One German observer wrote in 1754: “Pennsylvania is heaven for farmers, paradise for artisans and hell for officials and preachers.” This “paradise for artisans” has gone through a rebirth in recent years, revitalizing Philadelphia’s flagging neighborhoods and bringing a distinctive creative energy to each.”

Some of the neighborhoods discussed include Graduate Hospital, Fishtown, and Old City. Not only are these 3 areas attractive and popular places to live, but they each have a unique, forward-thinking, localized culture. For those looking to live in cities these days, who wouldn’t want the option to have their own business, walk to work (and also to restaurants, grocery stores, etc), enjoy a car-free lifestyle, and have the potential to get involved and be a voice within your own neighborhood.

These are all reasons why urban populations are rising once again.

It’s articles like this one that define why I enjoy blogging so much. That, and the fact that I like bringing positive press to local readers in Philadelphia and its surrounding towns.

More apartments planned for Kensington

 
After a friend gave me a tip to a good article, I decided to tweet it back on February 11th (here’s the link to the article, if you don’t feel like searching through my past tweets).

Now that Philadelphia is really starting to gain more national recognition as an affordable, livable, big city located in the heart of the Northeast US (located right in between NYC & DC, if you have never been), it not only opens up opportunities for home buyers but also for investors. After all, investors are usually the first ones to open up a ripe market. They sniff out the deals, improve the housing stock, and create new demand; sometimes it’s inflated demand, but most times they are actually fulfilling a need.

In Philadelphia’s case, I truly believe it is fulfilling a need.

Philadelphia’s Kensington neighborhood has been getting a lot of press lately, from myself included. To put it simply, Kensington is what I would refer to as a “fringe” neighborhood (or “spillover” neighborhood); please don’t take either of those terms the wrong way, as I’m simply referring to supply and demand as it relates to real estate.

Why am I putting it so bluntly (and potentially insulting local residents)? Because I am looking at it from a Realtor’s perspective, which takes into account the demand of all buyers, sellers, investors, and renters today. I’m also trying to educate my loyal readers, and mean no disrespect from my terminology.

So, what is creating demand for Kensington in 2013?

Well in a general sense, it’s a lot of pent-up demand from both Northern Liberties and Fishtown (2 fairly well-defined neighborhoods) with a similar location (e.g. close to Center City, Delaware River, highways, public transportation, etc). In other words, when prices get too high in Northern Liberties and Fishtown (supply is low, demand is high) investors and buyers start looking for alternative options; enter Kensington.

Now don’t get me wrong, all 3 of these neighborhoods have long-time residents who stuck it out through the bad times (i.e. Philadelphia’s industrial decline) and are still living in these neighborhoods and taking care of them (while reaping the benefits of price appreciation). But the real demand in 2013 is new Philadelphia residents looking to buy real estate in popular neighborhoods throughout the city, on the back of a real estate market that’s just starting to heat up. Not only to settle down in a cool, hip neighborhood, but to be close to their job, Center City, highways, nightlife, restaurants, coffee shops, and a new found community spirit that is taking place in lots of Philadelphia’s older neighborhoods.

The good news is that I am starting to see a lot of potential in Kensington. Not only because of the things I already mentioned above, but because there are some key anchor projects taking shape; like the one in this article that inspired this post (and this one too, if you want more information). That’s how Northern Liberties was rebuilt (think Piazza, Liberties Walk, etc.), and I’m starting to see that same positivity in Kensington.

It could be 20 years before Kensington really starts to see its full potential, but there are positive signs in the news right now. It may come sooner than we all think.

Has the Kensington renewal already begun?

New lofts are coming to Kensington

 
I know, I know … that’s a bold statement; but I thought it would grab your attention.

The interesting part is, the title to this post is probably long overdue. Kensington has already started to change, and this article is providing insight into how much changing it plans to do. When boundaries are challenged, bigger plans are in place.

In fact you may have already heard of new sections of Kensington being referred to as “Old Kensington” and/or “East Kensington,” to differentiate itself as a part of Kensington that’s embracing neighborhood change. Now whether it’s good change or bad change depends on who you ask. In my opinion, anytime you bring in new residents, new businesses, and increase property values, it usually creates positive change, but some may refer to that as gentrification (which can sometimes be looked at as a negative trend).

Either way, change is coming to this section of Kensington, whether people like it or not. Plus, it only makes sense to start in this area because it’s the closest part to both Fishtown and Northern Liberties; natch.

If you haven’t been to this part of Philadelphia for a while, take any major highway/road to East Girard Ave and then start heading north on Frankford Ave. This is the heart of Fishtown’s thriving art and commercial district and it will give you a general glimpse into the future of Old/East Kensington.