Quote:
Originally Posted by iheartphilly
Ditto, I feel the same. In addition the 2001 Beach project seems like a fantasy project with all those units. I was surprise they counted it.
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If what I've read is true (from multiple sources), there are over 100K job openings in Philadelphia. Obviously, employers are having trouble finding talent, but even if only a fraction of those jobs were filled and half of those people lived in the city, that's enough people to re-populate 2 or 3 re-gentrifying neighborhoods.
The thing I think is interesting about the Beach Street project that makes it feasible for me is that there is no new construction project in or near Center City that offers new construction townhomes in a sizeable chunk for what might be less then luxury (i.e. attainable) for a two income professional household.
My guess is that if the units are priced in the $400k-$600K range, they'll sell like hot cakes. If there are condos starting below $300K, you won't be able to touch them.
The last project I can think of that had a sizeable number of units in a good location for not extreme prices was 400 Reed Street in Pennsport. That had over 100 units and it sold out in essentially a year. It probably could have gone faster if they were able to build it faster.
This also explains why the units on Lehigh Avenue are selling so fast. There is appetite for new housing in a "development". Some people like the idea of moving in when everyone else does, as it creates a sort of appetite for community and getting to know your new neighbors as everyone is new.
When you're the one new guy on the block, people barely notice you exist.
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