Though Philadelphia's considered to be one of the more traditional and historical US cities, new construction is still vibrant within its borders as the city maintains a modern feel. Growth in Philadelphia is rampant with new construction going up throughout the year in various neighborhoods. Some neighborhoods are growing more quickly then others enforcing the perception that Philadelphia is a city of neighborhoods, better yet blocks, with some blocks being more desirable then others. Similarly to fashion it seems one neighborhood undergoes a sustained period of popularity, then overnight the area seems to Plateau as costs catch up to demand and supply becomes constrained. Then, just as quickly another neighborhood becomes hot and new construction, renovation, places of business and other modern additions pop up throughout the area. This keeps Realtors on their toes. The best Realtors set themselves apart because they keep up with the trends in the market and put their clients in the best situation possible market conditions considered.
Currently arguably the hottest neighborhood in Philadelphia is Northern Liberties. A few years ago a shell in Northern Liberties would be priced closer to about $40 000 today, a similar shell can now be found in Northern Liberties at $79 000 which is still a great deal. The point I am trying to emphasize is that, as demand in an area increases so to does price. Correlating with this the supply. Supply usually decreases as demand increases. The idea being that if you invest in an area before or during its growth the opportunities for you to make money are great. This is the strategy many developers in Philadelphia are trying to adopt. 'Buy cheap, build, sell for a profit.' Because of the increased competition in these neighborhoods the consumer benefits as each developers craftsmanship is an attempt to upstage their competitors at a more attractive price. Lets take a look at a couple of developments coming up in the Northern Liberties area.
The Hope Street Development.
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| Hope Street Development |
This development's located on the 1100 block of N. Howard St, it includes the construction of 9 European-styled townhouses in the heart of Northern Liberties. Each home will feature 2000 sq. ft of detail-orientated living space, there will also be parking on location. Optional upgrades include indoor/outdoor fireplaces with a fiberglass full roof deck. The outdoor area has two levels. Each unit's scheduled to have 3 bedrooms and 2.5 bathrooms, the average price for similar units in the area about $401 715. Currently two units, unit 5 and unit 6 are listed at $449 000 and $464 900 respectively.
Four Squared Development.
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| Four Squared Development. |
This development's located on the 800 block of North 4th street. A model unit can be found at 819 North 4th Street. Each unit has 3 bedrooms and 3.5 bathrooms that are measured out to be about 2600 sq. ft. Each unit has a 2 car garage with rear access, within the property you'll also notice roof deck skyline views. The exterior of the property is comprised of commercial - grade jumbo brick, pro-line low aluminum clad windows and heavy gauge siding. Units are listed in the region of $789 000, one of the units is already under contract.
These are a few examples of some new construction projects going up in Northern Liberties, but this is only the tip of the iceberg as the Northern Liberties Development Plan, forecasts many developments.To learn more about the development plan for Northern Liberties click this link: Northern Liberties Development Plan.
There are a few experts on new construction in Philadelphia. Philadelphia continues to grow day after day, preserving its historical aspects while embracing the characteristics of a modern day city. Philadelphia maintains its position as one of the top 10 cities in the country and with the incentives and opportunities the city offers developers the city should maintain this position for sometime to come.
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