One Forbes List Philadelphia Might Want To Avoid
Philadelphia can take comfort today in NOT being on Forbes' list of the top ten seriously slowing real estate markets. Read it here. Ironically, given the Wall Street Journal story cited below, Boston is one of those markets heading downwards.
posted by Inga Saffron at 10:49 AM
10 Comments:
there is serious room for upward growth in Philly when compared to cities like boston (we should never compare ouselves to New york). We have both room to grow with empty and abandoned lots and underutilized lots. And our prices are still favorable when compared to other downtowns. For this reason, and incorprating my meager real estte knowledge, I predict Philly will continue to thrive, not just grow, thrive.
-bvan
or it won't.
i think philadelphia will thrive. i only wish that businesses would put aside or trash the mentality or stereotype commonly associated with "non-white businesses" and "non-white neighborhoods". that is, when non-white businesses and residents are becoming or are the primary make-up of the neighborhood, it's treated as a slum or high-risk investment. as such, they think it's not worth it to invest in the neighborhood. so it's "white flight" for some people.
on the other hand, when "white-businesses" and "white residents" move in to the neighborhood it's called "gentrification". i think harlem, ny is a good example of this. i've hung out in harlem back in the 80s and 90s, and it was just like any other neighborhood to me. unlike most other communities that are mostly white, harlem was mostly black, and it has a thriving economy. nothing fanciful but nevertheless thriving. unfortunately negative stereotype images ruled. so harlem was looked upon as a slum with high investment risks.
then years later, "white businesses" and "white residents" began to move in, and suddenly harlem is viewed differently -- it's now looked upon as a neighborhood going through "gentrification".
all neighborhoods, regardless of the make-up of the businesses and residents, are worth the investment. if it's mostly non-white, then it doesn't mean it's high-risk. every resident of whatever racial or economic background wants a nice place to shop, to dine, to enjoy a cup of coffee or tea.
so yes indeed i think philadelphia will thrive also, but only if businesses trash all stereotypes associated with non-white neighborhoods. so come on in and invest. we may not look fanciful or wealthy on the outside but we're still consumers with _some_ money to spend.
daniel chow
philadelphia, pa
Darn, and here I thought Boston was bubble proof. Goes to show how stupid those lists are.
yes, these lists are stupid. it's like those lists that tell you which stocks are hot. sucker born every minute.
There is a real estate slow down. Philadelphia is affected. As we haven't boomed nearly as much as some other towns, we can't bust as big either. As long as interest rates stay low, developers will be able to sell their new buildings (esp. in a city where the only other choices are converted buildings from 1900). However, until their is a business boom, there will never be the type of growth Chicago and Boston have seen downtown in recent years. People are not going to move into a city where all of the best jobs are in the suburbs. My fear is that Philadelphia may be too late, now economies outside of city control may be headed in a disturbing direction and Philadelphia may have missed its chance. The shame of a city.
If Boston has boomed so much, my is their skyline among the most unattractive in the country? I don't see any trophy towers being built in Beantown. Philadelphia will prove everyone wrong in the next decade or so. Sure we do not compare to NY, but we don't strive to either. DC and Boston on the other hand are different stories, Philadelphia's greatness easily surpasses both in my opinion. DC is a hole and always will be. Boston is in a downturn, the mayor has to ask someone to build an office tower for them. Their real estate market is crumbling. The Big Dig is a Big Joke, etc., etc. Philly has it's own unique identity that's all I relly care bout.
I'm waiting for the ranking that tells me what cities have the best economies based on the number of downtown skyscrapers.
I believe Rendell asked Comcast to build Philly's trophy tower.
kudos to anonymous 2 prior ! We are better and always will be ! IT's too bad anony-MOUSE 1 prior cant see it. It's a very sad and seriously outdated point of view you cling to ! Negativity begets negativity, you are what you project ! If you don't like it here in the great city of Philadelphia, LEAVE !!!!! I for one , am sick of your perpetually negative attitude. WHAT DO YOU DO TO MAKE YOUR CITY BETTER ? Nothing I'm sure ! Complaining Dos'nt Count !
You seem to know a lot about me, vince dean. I'll have to watch my back :-)
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