Quote:
Originally Posted by plantmaniac
Greetings,
I currently own a house in S. Philly and am looking at a nice house on the corner of 50th and Florence next to a building called something like the Folk Lore Project. The house seems to be in great shape, has a big yard and an actual driveway, which for a S. Philly boy is almost worth the price of admission on its own. This corner is also about a block South of the Dock Street Pub.
However,
The houses around the corner on Florence and on another side street are not in good shape. Some actually look like shacks or shanties. I'm somewhat concerned that 250,000 spent in that area might not be recoverable due to the housing stock around there. Frankly, the neighborhood looked a little rough, too.
Can anyone give me their take on the area as well as any trends that are going on?
Thanks.
PlantManiac
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In terms of it being rough, I think you would be fine in this neighborhood considering you live in South Philly.
However, once you cross the RR tracks 2 blocks to the south you enter what is arguably one of the roughest neighborhoods in Philly.
As for the run down houses, I think it's only a matter of time before they're either demolished or rehabbed.
There's new construction going on at 49th and Florence, which I think is indicitive of future trends in the 50th and Baltimore area.
With that said, I think $250K is overpriced, given current market conditions. I'm assuming this is a 3-story rowhouse.
If so, I would offer $200K and see what happens.