Growing student population causes home values to increase near Temple University
Real estate in Philadelphia, PA, is increasing in value and activity. With the U.S. Commerce Department recently reporting a 5.8 percent decline in new home construction projects during March 2012, properties are being purchased and renovated at alarming rates near the Temple University campus.
The university has just completed a new residence hall, library and state-of-the-art research facility, according to The Temple News, and these are just a few of the upcoming construction projects in and around school grounds. There is a higher demand for off-campus housing, which is driving property values up on certain streets.
The news source reports that records from the Philadelphia Office of Property Assessment detail Temple Nest Apartments' recent purchase of three properties on North 15th Street's 1500 block in January 2011 and a fourth in June 2011. The real estate firm, which is not affiliated with the university, bought these buildings for a total of $13 - and they are now valued at about $678,000.
The projects may increase market value in the surrounding neighborhoods, while also causing taxes in the area to skyrocket. Homeowners in the area may be able to get a good deal for their land, as Temple continues to expand. Overall, growing student populations may be the spark that the Philadelphia real estate market needs to make a lasting and full recovery.