Is there a substantial downside to buying a row home in Grays Ferry?

When I checked, nearly spotless blocks (they do exist) were selling at about $75 sq ft. $75,000 for approx. 1000 sq feet.

The area around 28th and Dickinson is a 5 minute drive from UPenn, South St, Route 76.

Any Thoughts?

Thanks.

read this: http://citypaper.net/articles/2005-08-04/cover.shtml

Its a tough area. Crime, poverty, all that stuff. Also, it is *still* a place where racial tensions run high. Many GF natives blame Section for the demise of the area.

You can live anywhere you want. There's good and bad things about Gray's Ferry, like anywhere. You can get a house for really cheap there, but you'll have to put up with a lot of things that you wouldn't have to in a "nicer" neighborhood. I've seen some of the nice blocks in GF, but you're still surrounded by a lot of bad ones. Crime's significantly higher in GF than other parts of SP. Will you get murdered if you move there? Probably not, but you are putting yourself at a higher risk of a violent crime. I would be more concerned with annoying minor crimes like your car getting broken into, or maybe getting mugged. Yes you're very close to South St, U Penn, etc, but you still have to drive there. Or you can spend some more money and live in a safer area that's even closer to these things. There's not really much to do in GF (except Dean's Bar!). 75k might sound like a bargain, but I wouldn't expect housing prices to increase sharply there anytime soon. With interest rates creeping up lately, it's possible it could take a hit. I personally wouldn't buy there.

I'm surprised they're going for so much in that area, but that area's completely different (to wit: a lot better) than the neighborhood of Gray's Ferry. GF doesn't really begin til you cross Washington Ave.

North of Washington is not the "grays ferry" area. Thats Graduate Hospital / Naval Square and relatively safe.

Actually, there is some place priced at 850k, forget the exact address. Two doors down from me, (on Grays Ferry) went for about 350 I believe.

Because the bike path is scheduled to go from its current ending at Locust St to Bartram's Garden, that is one of the sort of hard changes that will increase values there. The bike path, unlike Naval Square which had the same effect on values as the path will, has a clearer schedule of delivery also. We know the finish date of the path.

In comparison, people went bankrupt waiting for Toll Brothers to build. The Schuylkill River Development Corporation has been pretty good about being on time except for when they are required by outside parties to do something expensive, like the handicapped access ramp. Otherwise, they are prompt and efficient and deliver in a timely fashion.

Large scale hard improvements to the environment are what to look for. If you live there, use www.ppdonline.org all the time for all reportable activity and you will see a difference in my experience. Check the city planning website for planned development also. A good business plan of the area can be put together, IMO. Ideally, neighborhood associations will be involved in their ward business plan so that investors and renovators can take this information to the bank. That's good for schools, small business, and families.

I plan to buy exactly in that area myself once I pay for my renovations in SWCC.

Location, location, location. If it's got a sweet location, and hard changes are scheduled to be delivered in the form of millions in state, federal, and local expenditure, then it is a major big buy. Because people are wary is what makes gold for the bold.

Go to the local neighborhood association meetings. Report the addresses of the drug dealers anonymously. Post GRIPP posters on telephone poles. GRIPP stands for gun recovery information payment program or something like that, and pays for info leading to a gun arrest. It works wonders. Thank you disgruntled baby mammas of South Philly.

Top secret insider information: that is where all the SWCC renovators are buying and building next. Oops, shouldn't have told you that.

If I didn't have to write a check to my contractor in two weeks, I would be closing on a property in that area myself.

then go to greyrs ferry then...but i think it sucks and is scary...not as bad as north philly though. they should jsut stay away from there!

I never go back that way. What is a "nice block" back there? I'de like to go see.