http://www.philadelphiaweekly.com/ae/braincandy/
the worst part about fishtown is the sheer speculation that ensued. revitalization can be good, but speculation drives prices up far faster than the actual change in the neighborhood. still, here's hoping things improve in west philly.

Um, I would say that prices are already overly inflated.

I think they're talking more about the West Philly west of 43rd - that's where Clark Park and many of the ethnic restaurants are, and where the artists and musicians are heading.

They might be over inflated with low interest rates and the increase in 30-somethings looking for housing, but there's at least a basis behind it. The housing stock is incredible (did you really think 3000 square feet Victorians with original details would continue to sell for $100k?) and it was a matter of time once crime was kept it check. The new school also gives it increased value that can't be underestimated in Philadelphia (it's real in that you can save tens of thousands in private tuition).

That said, I think most of the new crowd is heading outside the catchment between 46th/47th and 50th where rent is much cheaper. If you're off of one of the trolley routes, it can still be very convenient.

No, I didn't expect it to stay at $100K but at the same time, $300+K for a place that probably needs $50-100K in work (and don't get me started if the area is Historically Designated). That to me is over-inflated. I looked at one the other day. The owner wanted $439K for it, he bought it less than a year ago for ~$200 and did ~$2000 in work on it. To me that's over-inflated. (That was in Powelton Village but it's the same mentality).

Does anyone read the Philly Weekly? For anything more than movie times and horoscopes?

More seriously, yeah, it's probably inevitable. I'm betting the distance from CC and the general notion that there's a lot of crime still here will keep revitalization down to a slow steady pace, though. (For all my occasional grumblings about what this area needs, I much prefer this sort of deliberate change.)

Fishtown's a good example of how NOT to handle things, IMHO.

tmcgee

As someone who's doesn't know, can I get the readers digest version of what happened in Fishtown?

I read the Weekly, or at least peruse it. I'm more of a City Paper person in general, though. I like their angle better, for some reason (though I was so disgusted by their endorsement of John Street last November - and the reasoning behind it - that I couldn't pick up a copy for several months).

OK Fishtowners, how did all hell break loose? I leave it to the residents to tell the tale.

I don't know that you can control it. Growth sort of happens organically.

First freaks and artists move in . . . the neighborhood is still spotty but interesting.

Next, early adopters (computer people, graphics artists, educators, etc - generally liberals, but not always) move in - and houses start getting fixed up, etc. Usually some difficulty between these second stage gentrifiers and existing community people because this is when prices start going up in a noticable fashion. This is also when speculators get involved.

Next, more established money comes in and the neighborhood gets duller - richer, probably safer, etc. but still duller. Artists and freaks are forced out by high prices and higher rents.

It's kind of like "Where Have All the Flowers Gone."

I would guess that Clark Park area is sort of on the cusp between state one and two.

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

$50-100k is excessive for a $300k house. That sounds more like a shell. A shell on 44th near Baltimore Ave. sold for $180k 2 years ago and that had people buzzing. Now people wouldn't think twice that close to Clark Park and the trolley. I usually see shells for more like $150k, even in the catchment.



I think Clark Park is much closer to stage 2 than 1 at this point. One of the good things about the subneighborhoods of West Philly is that we will hopefully not lose the interesting things. I doubt all of UC will become gentrified/boring. You have Garden Court which has always remained middle to middle-upper class, but you also have areas like Cedar Park and Squirrel Hill that will probably never get to stage 3.

You know, I'm not sure I'd consider the Garden Court to be middle class. I would definately call it middle-upper. While I understand they have to extra assessing going on now, they're still charging an arm and a leg for what one gets.

Stolen from www.urbanbye.com
"4621 PINE STREET UNIT F-505 $194,500

3 bedroom 2.5 bath condo with oak floors, large rooms, tile baths, recent kitchen, and lot of light. In excellent condition. 2020 square feet. Condo fee of $750.00 per month"

Figure ~$1000 a month in morgage, $750 for condo fees (of which, I'm betting they didn't reduce them when they reduced the services they offered).

http://www.urbanbye.com/images/gdncrta3.jpg
vs.
http://www.urbanbye.com/images/gdncrta4a.jpg

Again, this is all just my opinion and I may just not be seeing the big picture (and/or the unversity so under pays me that I can't afford even middle class!)