A Philadelphia Workplace, With Millennials in Mind
The New York Times just published an article on the up-and-coming redevelopment project known as, SoNo. There is nothing we love to hear more than the influx of praise the city has been receiving because of how Philadelphia continues to maximize on it’s positive growth, proving itself once again with it’s latest project for millennial-focused redevelopment of an old industrial area.
We’ve been saying it for a while now… PHILLY IS BOOMING!!
We have seen a dramatic increase in the housing market over the past year. Philadelphia is still a lower priced market compared to other major cities, so there is great value to be found here. We have experienced our first major increase in population and have become a huge college town where a very high percentage of students choose to stick around and start their lives in the great city. We were named one of the top 5 cities to live in largely because of the expansions we have seen in our stellar Universities, renowned hospitals, and booming businesses like Comcast. It is no surprise to us that these develops are wanting to harness this growth and ride the millennial wave as the city expands.
The Mike McCann Team’s very own, Rich Fravel, was interview for the story, lending his expertise in the scolding hot Northern Liberties neighborhood:
Richard Fravel, a real estate agent with Berkshire Hathaway HomeServices who sells in the area around SoNo, said home prices had more than doubled in the neighborhood since the end of the recession, thanks to surging demand from employees of major local employers, including Comcast and the University of Pennsylvania, that are “rushing to hire talent,” he said.
Demand is further fueled by transplanted New Yorkers who discover that even in Northern Liberties they can buy twice as much house for half the price they would pay in New York.
A boom in new houses, which are often sold before they are completed, has used up all available land and pushed buyers into surrounding areas, Mr. Fravel said.
“It’s driving not only Northern Liberties but also the fringe neighborhoods,” he said. “Anywhere within a bike ride — everyone bikes nowadays.”