Quote:
Originally Posted by PHLtoNYC
Agents are seeing more people flood the affluent Philadelphia suburbs from out of town — whether from New York, California, Washington, D.C., or Florida. Many are younger families looking to be nearby the Main Line's top school districts, prized private schools and exclusive country clubs. Others are looking for their first house outside of Philadelphia, and there is still a contingent of downsizing empty-nesters on the market.[/I]
|
It's just a lot of people, perhaps with ties to the area, coming home to work now that they aren't tied to an office. Yes, back to the office is a thing, but on the flip side, for many, WFH is permanent. Also, when you get to a certain senior ranking, you travel for work so much that your location is sorta irrelevant.
BTW, this is also the impact of having good public schools in the region. Even if the employers aren't based here, if we produce the talent in this region, they may ultimately come back anyway.
I monitor real estate transactions in the region as well, with the added neurosis of also looking up some of the buyers. A lot of folks from CA and NY in particular. Not just on the Main Line, but in Chestnut Hill, Ambler/Blue Bell, West Chester, Glen Mills, Chadds Ford, etc etc.
I've come across two buyers recently in the area that work at Nvidia. Clearly multi-millionaires at this point, and clearly not going into the office every day. There's just so much of that coming home to roost.
I got my car serviced at my mechanic in Willow Grove this week. Drove up, dropped it off, then took Septa Regional Rail back into town. Ditto in the reverse to go pick it up. 1. The ride was smooth and on time. 2. Now that they have tap in/out (with regular credit cards), it's super easy. 3. The conductors on both trains were super nice a chatty. 4. The stations and trains were immaculate. On top of that, it struck me how utterly nice so many of our suburbs are. On the way back, I drove some of the back roads through Abington, Jenkintown, Cheltenham. These aren't even the most coveted places and they're just gorgeous.
I have to think that when you come here for the first time and start seeing the housing stock, especially if you come from a higher priced region, that the entire thing is probably mind blowing.