Vivianne, your question may contain some of the answers. This list has members who have a better grasp on the big picture than I do. I was very happy to see Dr. Gillen's report and chose to share it with others, hoping to buoy other spirits. My personal take is that many factors play into the results. We have seen strong growth in Center City and adjacent neighborhoods (like UC) that shores up weaker areas (North Philly). We have a more conservative Banking community. While Philly lost most of its industry, we benefited from the growth of Tourism, Education and Medical Diagnostics and Treatments. We have a large variety of housing types, a sort of "lid for every pot" scenario. Rentals, (and 'boarders'), can help pay mortgage expenses, so Sellers are not panicked into low prices that might direct the Market into a downward spiral.
It might be nice to hear other reasons why Philly has been more stable than other cities. Best! Liz ---------- Original Message ---------- From: "Vivianne T. Nachmias" <[email protected]> Cc: [email protected], [email protected] Date: Tue, 14 Apr 2009 19:13 -0400 thank you, Liz, and one would like to know WHY. is it our particular city, with its mix of hospitals, academia, private schools, small businesses and/or the lack of aggressive and predatory bad mortagage salesmen and women, and/or houses turning over less, and/or not much room for those impossibly big mansions with hard to heat huge rooms, and.... or.... are we all brighter about being sold a bill of goods, or are we just older, etc. etc.???I'd like to be more educated, IF there is data... thanks for this as well,Vivianne On Apr 14, 2009, at 6:52 PM, [email protected] wrote: Dear Neighbors,<?xml:namespace prefix = o /> Please note: forwarded report attached I scored an advance copy of a paper written by Kevin Gillen, Ph. D. It reports on the <?xml:namespace prefix = st1 />Philadelphia housing market. I understand it will be one of Mayor Nutter's exhibits at a city-wide housing fair. I have permission to share it. It is attached. There are charts showing: Philadelphia's declines are modest compared to 17 other cities. Our current Values are solid and among the best in the Mid Atlantic Regions. Our current Prices may be below the 2006 peak, but still at historic highs. Less than 1% of our homes are in foreclosure (vs. 9% on Stockton & Las Vegas) Philadelphia's affordability index is 2.25 (# x typical Household Income) The ratio of "Available" to "Sold" is starting to equalize. (Buyers can still find bargains and Sellers can achieve success.) Not shown are the facts that: Mortgage Rates are at historic lows, increasing affordability. Stimulus programs have made grants available to :First Time" Buyers. Real Estate ownership is a path to wealth for many Not just via depreciation, but also rent & tax savings, control, etc. Dr. Gillen's conclusions indicate a general feeling of optimism about the Philadelphia real estate market. I considered the paper to contain a lot of good news. Since I work on commission, that feels very reassuring. It was a pleasure to read a report that was clear, well written and with charts I could understand. I hope it is good news and a good read for many of you, my neighbors. All the best! Liz Elizabeth Campion PRUDENTIAL, FOX & ROACH REALTORS, LLC 210 W. Rittenhouse Square, Suite 406 Phila, PA 19103 215-790-5653 Desk & Voicemail 215-880-2930 Cell & Emergency 215-546-9781 Shared office Fax campio...@juno,com or [email protected] for Rental questions Link to Photos of available Listings and public, 'social' photos: www.PicasaWeb.google.com/CampionEF To check out all PFR and Multiple Listed Properties and to review CONSUMER NOTICE, link to www.PruFoxRoach.com ____________________________________________________________ Stuck in a dead end job?? Click to start living your dreams by earning an online degree. http://thirdpartyoffers.juno.com/TGL2141/fc/BLSrjpTKL6gXsCEUTtjg6Q5g8N6HFoFcXBcE12Qsn9PDsH0Dc9CQ1OBgh5e/
