Quote:
Originally Posted by gekko
Yes! Philadelphia is "special" and "different". Everyone wants to live here! Philadelphia is immune to all economic and real estate cycles. Prices will only go up up up, so you better buy buy buy now before it's too late!
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Blah. When I moved here the boom hit everywhere else but didn't even peak here yet... we were still in a rental conversion boom then it stopped dead [and then rental conversion to condo took hold].
I see a future in Center City at of more rental coming online. Good for me as I'd rather buy a 30yr fixed at 7, hell even 8 percent if rates climb that high if I can knock most of the house price out up front with cold hard cash.
Banks are not going to tie everything up and put themselves out of business voluntarily, they'll start loaning out to less risky prospects. Rental buildings in UC/Center City are not risky... not when you can command rents for 1 bedrooms over $1,400 a month now.