New commercial construction projects may be a positive sign of real estate growth
The recession hit the United States hard, both at the economic and housing market core. However, new life has begun to improve real estate in Philadelphia, PA, as construction projects in Center City are positive signs of recovery.
According to Newsworks, real estate development in Philadelphia is starting revive, and while it may be minimal now, new efforts could begin to show themselves down the line.
What's more, South Street has also been home to new construction projects, garnering consumer attention over the past few months. The street is full of restaurants and bars, making it a new hotspot for younger local homeowners. The 1500 block of South Street offers a wide array of dining options such as Sawatdee, a new Thai restaurant; the Baja Room, a Mexican eatery and Jet Wine Bar, which is a high-class nightlife option.
The real estate market in Philadelphia is on the mend, and while home values remain relatively steady, new commercial establishments are taking shape all across Center City. When new businesses enter regions, jobs are created and property values are more likely to increase. In the coming months, Philadelphia may see its market recover to a pre-recession state.