Philadelphia is getting a facelift
The Philadelphia skyline and overall look have changed over the past year, the result of bringing new businesses into the area and building new apartment complexes all over town. Today, buying one of the homes for sale in Philadelphia, PA, may be worthwhile, as property values are expected to appreciate in the coming years.
Rittenhouse Square, consistently one of the most popular real estate markets in Philly, has evolved to become even more attractive over the past few months. There have been new commercial complexes constructed as well as an increase to its residential real estate inventory. For example, the city is in the process of building a 34-story, $60 million skyscraper on 21st and Chestnut.
In addition to the renovations in Rittenhouse Square, Center City has seen its fair share of growth. Broad Street, just south of City Hall, has built new residential housing and numerous restaurants have moved into the area. Delaware Avenue has been renamed Columbus Boulevard and has been completely manicured, and bike lanes have been incorporated all across the city.
While the Philadelphia housing market has been in recovery mode for the past year, city officials have spent much of their time sprucing up the metro area to make it more attractive to potential homebuyers. Property values have been in decline across the United States throughout the recent past, but when neighborhoods as a whole get a facelift and begin to take on new personalities, people may be more inclined to look for property there.
With the City of Brotherly Love improving its image, businesses may look to move into town and set up shop. The increase in commercial renovations can be an appealing prospect for employers, and when big corporations rent or purchase space in cities, jobs are created, and more people can regain stable lifestyles.
Whether looking to invest in a single-family home and relocate with loved ones or a condo to use as a second home in the big city, having a keen eye on the market can result in impressive returns. Property values and mortgage rates are relatively low still, so getting in ahead of the market recovery may be a lucrative way to save more for the future. Real estate experts project 2012 will be a solid year for the housing market, and homebuyers may benefit the most.