Category sell

McDonald’s brings “healthy living” to North Philadelphia

 
And how…

If you’re ever in the area of Henry Ave and Roosevelt Blvd, make sure you take a slight detour over to 4200 Wissahickon Ave and check out the brand new, state of the art Salvation Army Kroc Center of Philadelphia. You will actually be amazed.

The neighborhood of Nicetown fell on hard times long ago due to the decline of Philadelphia’s manufacturing empire. Now if you tour this neighborhood, you will see ruins that are deteriorating warehouses; one right after the other.

Enter Joan Kroc, philanthropist and widow to Ray Kroc (the McDonald’s Corporation billionaire). When Joan passed away, she decided to leave $1.5 Billion (that’s right … Billion) to the Salvation Army. This money was to be used for the construction of community centers all across the country. Looks like her wishes are being met.

To learn more about Philadelphia’s 130,000 square foot community center, this article paints a good picture.

Outer suburban areas are losing their appeal

Back in 2005, at the height of the real estate boom, buyers were swarming to buy new McMansions almost 50 miles from the core of Philadelphia.

The real question was, why wouldn’t they? They were getting more house for the money, everything was brand new, and they could escape city life. But is that really why the demand was there? No, it wasn’t. It was because home prices were appreciating at an astonishing rate, getting competitive financing was about as easy as tying your shoes, and bigger just seemed better. All of these factors created an inflated demand for new construction housing never seen before in American history. As we can all see today, it was unsustainable.

The funny thing is that even though this happened only 7 years ago, it seems to be the complete opposite of how buyers think today. Today, buyers will sacrifice a home’s size for close proximity to public transportation, they are buying fixer-uppers to add sweat equity to their bottom line, and they are doing everything they can to live within their means. There was a great story written in the New York Times titled “The Death of the Fringe Suburb.” It’s a very well written article and it really captures why things are the way they currently are.

Please also give Inga Saffron’s latest Changing Skyline article a read. It focuses more on the Philadelphia area and how its demographics are changing.

Single Family or Condo?

It’s a popular question among buyers today, and even more popular in a dense city like Philadelphia.

What it really comes down to is, “What do you want?” What area of Philadelphia do you want to live in? What is your price range? Do you want a yard? Are you looking for amenities (i.e. gym, pool, etc.)? Maintenance or no maintenance? High-rise or low-rise? These questions are only the tip of the iceberg.

Personally, I have lived in a condo for close to a decade now and there is nothing I would change about it. There is no exterior maintenance needed, some of my utilities are included, and there are 2 swimming pools (indoor and outdoor) and a gym on site. These were things I wanted when I was searching for a home back in 2003, and they’re still things that I appreciate today. But not everyone wants the same things I want, so this is why I posed the question.

Some buyers would rather not buy at all than share a wall with another homeowner. It’s completely understandable, and it comes down to personal taste. Your best bet is to look at both options in person, and then decide what might be the right option for you.

Sometimes you are forced to go one way or the other due to prices, fees, etc.; but you’ll never know unless you look.