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

Originally Posted by lewblum

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.

Originally Posted by seand

So I take it you are looking at the one right next to the folklore project. The Italian guy, the half of the couple that rehabbed that house, I chatted with a few times while he was rehabbing the place and he seemed to be a hell of a carpenter. At least I was impressed. You will probably see an attention to detail in the rehab you wouldn't see in a building of that size so you have that going for you. I'm a little sad to see that couple go because they seem like good folks but didn't know them well.

Anyhoo, I wouldn't worry so much about the shells on the 4900 block of Pentridge which I think is that you are actually asking about. Long abandonned houses, clouded titles - they look worse than they actually are. You should probably try to meet the young women who run the Pentridge Children's Garden across the street
http://www.phillyimc.org/en/node/65087

And also the carpenter guy with the dog who has the warehouse across the street - which you probably will anyway since he's kind of a regular at Dock St.

If you do move in, welcome to the neighborhood.

Originally Posted by plantmaniac

seand,

Thanks for the input. What do you think of the asking price of 260,000?

plantmaniac

Originally Posted by seand

I don't feel comfortable passing judgement but it does sound a little high. It depends on your needs. I know there are still a number of 3 story giant twins around the 5000 block of Hazel in that range but maybe you would rather have a nicely rehabbed smaller house with a driveway than a giant, expensive to heat semi-mansion in need of repairs with only on street parking. I know a couple houses on 51st south of Baltimore sold recently or are on the market, maybe compare them for price (2 story, same area) as opposed to giant twins further east.