Oops, I should have clarified that I meant the GC neighborhood and not just the eponymous condos. The condo you mentioned is pretty much a penthouse. My friend bought her 1br for $60k 2 years ago and I think most still sell for under $100k. The condo fees include special assessments for new elevators and swimming pool that will decrease in the future. I also believe it includes heat and hot water. I think they saw an opportunity to restore some of the original grandeur once people of higher means moved in and grabbed it. I really like the city planning that was done in GC. You have the Garden Court Plaza (apartments) all the way up to single family minimansions.

Although I for one am happy prices are on the up, this seems a bit excessive

http://www.prufoxroach.com/search/se...8&propNo=6

In 2001 this house sold for $280. Now they are asking $629. I personally can't see how it could sell for that much, but I guess its worth a shot.

-G

That's exactly the one I was talking about although, I forgot the exact link/price though. I call that excessive. What I think is worse is that the owner is a licensed realtor. It sort of just makes it worse although, I'm unsure why I feel that way.

I see the assessed improvement is listed at $26,386 (all taxable). Does anyone know where this number comes from - is it from the building permit applications - which are always lowballs to keep fees down or is it from an estimate of added value from listed improvements.

__________________
“Cities have the capability of providing something for everybody, only because, and only when, they are created by everybody.” - Jane Jacobs

You can interpret it whatever way you want, but my realtor recently paid $900k for a huge house at 41st/Pine that needs $50-100k of work. He along with his sister will have to sell their houses to pay for this new one. They grew up in the area and it was their childhood dream to live there. So it's not just speculators buying up these expensive houses.

I was looking at homes today in the UC area. I even looked at a pseudo frat house on Springfield. Hands down, the most ghetto home I have looked at so far. People live in it...but I consider it close to a shell. Some living conditions amaze me.

It was pretty cheap....but not the right price for me. A few others looked better, fortunately. Still, the prices of multi unit places may make for a decent long term investment. A number of these places are beat down and the owners are looking for a quick cash-out.

If I had the money -- a common murmur with me nowadays, but whatever -- I'd look to buy properties on Locust or Walnut between 40 and 50. The change in the neighborhoods is startling -- try, as an experiment, walking north from Baltimore and 45th to, say, Saad's on Walnut and 45th. A lot of the current development is missing these areas. But the properties are as nice as anything else in the neighborhood (particularily Locust St.) and I have a sense that the prices are reasonable.

In particular, I would look at Multi-Unit properties -- I think an influx of people will be coming and a decent multi-unit property in a good location would be a smart investment, as Malloy said. Assuming you're fine with the inevitable hassles of being a landlord.

As for the lunatic who spent almost a million on the house at 41st and Pine, I'm gonna check it out today when I'm out and about, but I seriously doubt that a fair value was paid here. Especially if they have to put another hundred grand into it. Prices *are* generally inflated in this area, especially from 30th to 40th, and when the real estate bubble inevitably pops these folks are going to have a hard time.

It doesn't surprise me that it was a realtor who bought it, only they'd be gullible enough.

tmcgee

Interesting that you say this. I have been seeing young white non gangsta looking folk on Walnut around 48th st. Im talking at least 3 different homes, 2 of which had moving vans out front unloading. The 3rd home looked like a little rehab project.

I wouldnt do it, but when it comes to my money Im somewhat conservative. NE Philly is next on my list

A lot in that neighborhood will depend on what happens to West Philadelphia High once the school district leaves that building. It's a huge Collegiate Gothic building that's a money pit to upkeep from what I hear, but gorgeous wood detailing everywhere. It's a strange lot so I'm not sure what they could do? Condos? It's pretty stark around the school now.

IMO, the asking prices are only excessive if no one is willing to pay them.

I love the IRS definition of FMV which is the price that a willing buyer will pay someone who is willing to sell. Looks like there are plenty of willing buyers who will pay these prices!