Category: Uncategorized

4 Trends in Philadelphia Real Estate

If you’re thinking about moving to Philadelphia or simply buying a new home here, you should know about the following four trends currently affecting the real estate market. Right now is a great time to buy or build.

The Market Is on the Rise

One reason it remains a seller’s (or builder’s) market here is that Philadelphia has a very favorable outlook in terms of housing prices. Looking forward at the next year, prices could go up as much as 0.5%, an amount that any other region in the country would envy.

Two of the area’s economic staples, biological research and healthcare, are expected to see job growth in 2016 as well, which helps explain this trend. Although unemployment is still a bit higher than the national average, that should begin to reverse which will coincide with the housing market’s outlook improving even more.

Philadelphia Is Still an Extremely Affordable Place to Live

Another factor that is bolstering the housing market in the City of Brotherly Love is that the cost of living isn’t moving much. Though it’s a bit weaker than it was back in 2014, that is starting to change. Still, Philly remains more affordable than the majority of comparable cities in this country.

New homebuyers may have to pay more for their houses, but that doesn’t mean their living expenses will need to be equally high.

Downtown Is Getting a Facelift

Another unique feature of the Philadelphia housing market is that many Millennials are actually heading back to the city. As a result, downtown Philadelphia is progressively improving as developers look to make the area as inviting as possible. First-time buyers are also doing their part to revitalize the city by becoming the source of revenue for local businesses.

So great is the housing market downtown at the moment that Philly reported its best second quarter in a decade this year (where values are concerned). The average value of a downtown residential property was up 7.3%.

The flipside of this is that older homeowners now have more suburban spaces to consider.

More New Houses Are Being Built

As we touched on above, this is very much a builder’s market here in Philadelphia. New construction – especially of single-family houses – increased nearly 2% in 2014 and that trend is continuing. This is big news when you consider that, in many cities, housing was still feeling the effects of the recession two years ago.

These new houses are being built primarily in the metro area, while downtown homes are mostly condos and townhouses.

If you’re interested in taking advantage of this unique moment in Philadelphia’s housing market, give us a call at Red Hook Construction. Our number is 123-456-7890 and we’d love to answer any questions you may have.

3 Benefits of Working with a Philadelphia Commercial Property Manager

Owning a commercial property in Philadelphia is a tremendous investment. But in order to make the most from that investment, sometimes it is best to hand the project over to others that can help you manage the property and handle all of the day to day tasks for you.

If you want even more from your real estate venture, it is often best to partner with a commercial property management professional in Philadelphia that can handle managing your property for you.

Why Work with a Commercial Property Manager in Philadelphia?

There are many befits to working with a trained and experienced commercial property management team. Some of these include:

Attracting Higher Paying Tenants

The whole point of owning a Philadelphia commercial property is to see a return on your investment. For best results, you need tenants who can pay above-average prices for a lease.

Just like a real estate agent has the experience necessary to get you the highest possible price on your home, so too does a solid Philadelphia commercial property manager have the ability to attract higher paying tenants and market your commercial property to potential tenants that show reliability and trustworthiness.

Fewer Vacancies

Commercial property managers are also skilled at keeping those tenants happy, responding to their needs quickly, and more. Keeping properties filled with tenants is important, so that the investment does not quickly turn into a liability. Property managers will help achieve this goal two ways:

  • Keeping the Property Attractive – A manager will continuously check in on your property and respond to repairs and maintenance happen right away. This keeps tenants satisfied, and willing to stay on your property in the long term.
  • Determining the Right Rate to Charge – The right asking price is also important. Rentals need to be at the right market rate – one that will provide enough value to the tenant while also receiving the most for your investment.

If you try to manage the property yourself, you may quickly find that you don’t have time to keep tenants happy or care for your property the way it needs to be cared for, leading to less satisfied tenants.

Quickly Handle Problems

It takes considerable knowledge and time to handle tenant concerns – time and experience that you may not have. A commercial property management team in Philadelphia can quickly and easily handle all of the potential issues that may rise, including:

  • Damage to the Property
  • Requests for Alterations/Renovations
  • Issues Involving Utilities

If you hire a commercial property manager in Philadelphia, it’s their responsibility to address the challenges the tenants face, and any other issues that may arise during their lease. They have the expertise to know what to do quickly, and the dedicated time available to handle it so that you can spend your time completing the work you need to complete.

Commercial property managers in Philadelphia make owning a commercial property much easier. To learn more about the benefits of a Philadelphia commercial property manager, give us a call at Red Hook Construction, today.

Quick contact