Center City’s rental market is more competitive than ever. With more new units, many in new luxury buildings, the skyline seems to change at every turn. With nearly 6,000 rental units being added since 2013, the new rental surge seems to be propelled by millennials and baby boomers who are looking to rent. With as many rental tenants as homeowners these days, what makes apartment tenants look for new digs? Continue reading
In Philadelphia, a city of fresh, new, popular neighborhoods, Rittenhouse Square is the established grande dame of refinement. Smack in the heart of Center City, it is the pinnacle of city living and central to everything that makes this city great. Its location is key. Whether you are looking for city vibe or outdoor green space, Rittenhouse Square has something for everyone. Continue reading
What makes for a good apartment dog? Although size usually matters when it comes to apartment space, there are many small dog breeds that just have far too much energy to be suited for apartment living, such as many terrier breeds. The breed’s temperament and energy level are more important than size when it comes to dog breeds that function well in apartments and high rise situations. Low energy, quiet, and calm breeds are great companions and are better adaptable to apartment living. Continue reading
Upscale Rittenhouse Square, is a foodie’s paradise. There is no shortage of choices, for amazing dining, in and around “The Square”. Here are some of my favs! Continue reading
We’ve become so accustomed to everything being a click away. Even mortgages. As the people at Rocket Mortgage say, “Get Approved In Minutes!” The new online mortgage lender looks to offer a more efficient and less intimidating experience. But is it really this easy? Continue reading
If you talk to a native, chances are you will get a lament about all the changes and a full afternoon long diatribe on “the good old days”. But, for many Philadelphians, that old and new appeal is just one of the things they love about this city. Continue reading
If you are a newcomer to the City of Brotherly Love, or even if you are a resident, here are some fun facts you may not know about our fair city. Continue reading
The craziness is true. Offers over asking price. Bidding wars. Less than 24 hour turnaround on home sales. This past Spring, Philadelphia’s real estate market was at its hottest in over five years. According to the City Controller’s Department, over 4,300 homes were sold just in the months of March, April, and May alone. That represents an increase of 11% over 2016 and 28% over 2015 for the same time period.
Philadelphia is luring potential homeowners as a destination city, offering opportunity coupled with affordability. Like other large cities across the country, we have had an inventory problem and homes were going for asking price or above. But that may change as the area is ranked eighth in the nation for new home building. Late Summer is promising to be a prime time to buy in the area.
What makes for a city that trends for high real estate demands and is considered “hot”? Looking across the country right now, there are some major factors the make areas more attractive than others for the new home buyer. Philadelphia fulfills all these trend criteria.
Real estate requires people who have money to spend on homes. And those people need to make that money where they live. Healthy local businesses attract and maintain long term homeowners and provide steady employment and economic stability. A hub for healthcare and education, as well as large and small businesses and startups, Philadelphia is no longer just a historical stopover. Today, Philadelphia is a city that is self-sustained and thriving with business opportunities, large and small.
Great neighborhoods filled with trendy shops and markets are a sure sign of a thriving community. But if these neighborhoods are not accessible, trendy shops will die. The strongest housing markets offer urban areas that are walkable. Not only is it easier and less expensive to get around, but it provides a small town feel in the middle of an urban area and places for neighbors to connect and mingle. Philadelphia has been named the 5th most walkable large city in the United States. You can spend the day visiting historic sites, strolling through Fairmount Park, hitting the latest art opening, and ending the day with an exquisite meal without ever getting in a car.
A Thriving Arts Scene
An affordable area can suggest undesirability, or it can attract the arts. When these neighborhoods flourish, so do home values. When artists come in and revamp a neighborhood, it is a strong indicator for investors and homeownership to follow. Philadelphia, a city of smaller neighborhoods, is one that has embraced the arts wholeheartedly and offers a full spectrum from indie to opera.
Philadelphia’s hot real estate market is showing genuine, sustained momentum. Here, your home is not just an investment, but a piece of an entire lifestyle. Philadelphia’s hot real estate market shows that the new homebuyer requires certain things of a market. Philadelphia dishes those up in fine form. Whether your goal is buying into a piece of our lifestyle, renting, or selling, at Maxwell Realty Company, Inc. our clients rely on us to have our finger on the pulse of Philadelphia living. Let us help you navigate your transaction with comfort and professionalism.
The housing market in Philadelphia is hot. But is it sustainable? Last year, it looked like the market would continue to rise in record breaking growth, but then it cooled a bit in the fourth quarter of 2016. Like a roller coaster, however, 2017 home sales have continued even higher leaving that small cooling off period in the dust. As the saying goes, what goes up must come down. What are signs that this may be true for a record breaking housing market in Philadelphia? Continue reading
You’re moving to Philadelphia? Great choice! But before you move, let us get you up to speed about living in the City of Brotherly Love. Continue reading