Philadelphia's residential real-estate market was very strong from 2003 until 2008. It recently started picking up again in what looks to be a clear rebound, and although real estate and mortgage experts are split on Philadelphia's overall housing market, it is clear that Center City's hot real-estate market has been rivaled by other strong neighborhoods. As market values change, new developments are introduced and new uses for old buildings are discovered, whole sections of the city reappear as valuable and fresh.
Several areas specifically present opportunities for growth and investment. South Philadelphia West of Broad, the North Delaware Riverfront, North Central Philadelphia, Allegheny West/East Falls, the Far Northeast and West Philadelphia North of Market are all places of great potential value for residential and commercial developers. They have inherent strengths, are proximate to areas of strong investment and have undeveloped parcels of land zoned for effective reuse.
A number of other neighborhoods with clear recent market changes deserve recognition, and especially positive changes are notable in areas adjacent to markets that were recognized for their strength in the years prior. The neighborhoods of East Falls, Powelton Village, Fairmount, Northern Liberties, Grays Ferry, Pennsport, Queen Village, Mount Airy and large sections of the Northeast made significant improvements.
Development analysis gives some idea of the strengths and assets of each area and information on housing activities. In addition, funding and tax-incentive programs support housing development in Philadelphia on a regular basis. Whether you are looking to invest in real estate or choosing a location for your next principal residence, Philadelphia has a lot to offer.
Priority Mortgage Group has connections to brokers throughout the entire Philadelphia region, including all of Eastern Pennsylvania. We will help you research the lowest rates and choose from 40 different wholesale lenders. If you are a future Philadelphia homeowners be sure that your mortgage is custom-tailored based on your financial situation. If you are looking to learn about a home mortgage loan in the Philadelphia area, you have come to the right place.
