It's been done successfully a block north of there at 640 N. Broad, where the surroundings are actually slightly sketchier.

Where did you hear or read that Blatstein was converting to 500k+ units in that building? I have heard that he is converting to residences but has not decided whether they will be condos or rentals. Expect rentals.

Out of curiosity, do you own or rent in the building in which you live? Based on your comments about empty nesters and people not needing mortgages, it doesn't sound like you are in tune with the present buyer demographics. And please don't take that as a personal attack - it's not. But even buyers with cash don't purchase with all cash since it's still relatively cheap and those people with money can get a better return invested elsewhere. So, yes, smart people still take out mortgages even if they have the cash. In fact, mortgages are recorded and are an element of public records - you could do your own search.

640 N. Broad is actually a rental building...website is lofts640.com or something like that.

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I'm Mr Brightside.

I do own and I don't have a mortgage. When I bought 15 years ago my apartment was that cheap. and once again I am not the demographic we are talking about here!

While interest rates for mortgages are jumping all over the place the most recent # is around 6%. If your money is conservativly invested (which means you are not in the red this year) the best you can do is about 4 to 5%. I wouldn't finance a car right now unless it was 0 interest. Better to spend the cash before it loses any more value. I also don't think any of these new, high ended condos is a good investment right now. (new construction = high end, they don't make them any other way)
When Blatstein purchased the building he suggested condos and then back tracked and said they were undecided. I am assuming the selling prices based on the cost of converting that building which will need to be gutted and reskinned. Since the location won't support those prices I too think it will be some kind of rental situation unless they can get a comercial tennant. I personnaly think it is a white elephant.

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Can’t we all just get a lawn?

I've been riding the Broad Street Line off and on for more than 40 years, most recently the day before yesterday. I don't usually ride when school's letting out, but still, I've never had a problem.
And I saw lots of people on the platforms and on the cars, so you must have been there on an off day if you saw no one.

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LBphilly
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User CP > Miscellaneous > Buddy/Ignore Lists

To tell the truth, I have been noticing a broader cross section of people riding the subway on North Broad. Granted, it's generally only as far as Spring Garden or Temple...not to mention medical employees and students to Allegheny. But the BSL is no longer strictly relegated to the "urban" element as you infer.

hey niel, among the more surprising entries to the area are the ones east of broad
http://foobooz.com/2008/04/two-new-b...r-center-city/
can't find the other, but the former palette restaurant near 12th and spring garden is going to be asome sort of "fresh and local" spot. Jose's makes good burritos but isn't going to make you forget about south philly. Also of interest, nearby is going to be king of tandoor (18th and callowhill), sabrina's, kite and key, rose tattoo, and the tiedhouse. Bart has mentioned rentals, backtracking like many others. big deal. he also mentioned that the plaza would be replaced with commercial space, which I think will do pretty well. smart types find parking here before games and catching the subway to be ideal. free or cheap parking, less traffic. the area should, indeed, sell at a discount to more established areas but given the relative sparseness of quality rentals I think there's room for more. It's not about to turn into rittenhouse but the area has been getting steadily more livable year after year. the Ballet is supposed to be building a new HQ up there and I suspect that spring garden will continue to "gentrify" although at lower prices than last year. If I were Bart though, I woudl have bought the empty lot across the street.

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"You down wit OPM?"
Fumo: "Yeah, you know me!"

Wow, enough with the personal attacks. Please. NOT cool.

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"Ah, good taste! What a dreadful thing! Taste is the enemy of creativeness."

Pablo Picasso (1881–1973)

I've lived in the area since 1995. It's only gotten better over time. I expect
it to only get better in the future.

I ride the subway all the time. No problems yet.

511 N. Broad St, across from the current State Bldg(the "modernistic highrise"), has been converted to residential use.

There seem to be many more kids streaming from the Franklin Learning Ctr, at 15th
and Wallace/Mt Vernon, than are coming out of B. Franklin HS at that time.

Besides since school will be over with for the year in about month there will be no kids
around there at 2:30-3:30pm till Sept.