National Realty Investment Advisors LLC - Property Market In Philadelphia
According to National Realty Investor Advisors, the history of Philadelphia’s property market sounds a lot like that of many cities in the U.S. Urban flight, economic problems, and the mortgage crisis have prompted a dire need for urban revitalization efforts. But across urban centers, property investors are answering that call. National Realty Investment Advisors, LLC is team of highly qualified real estate investment specialists that simplifies investment in real estate. The U.S. based firm caters to high net worth professionals and has completed more than 615 projects in Philadelphia. http://nationalrealtyinvestmentadvisors.weebly.com/
Published on: Mar 3, 2016
Transcripts - National Realty Investment Advisors LLC - Property Market In Philadelphia
National Realty Investment Advisors LLC - Property Market In
According to National Realty Investor Advisors, the history of
Philadelphia’s property market sounds a lot like that of many cities in
the U.S. Urban flight, economic problems, and the mortgage crisis
have prompted a dire need for urban revitalization efforts. But across
urban centers, property investors are answering that call.
The vibrant urban core that flourished in Philadelphia earlier in the
20th century began to die out in the latter half as residents fled for the
suburbs. By the 1990’s, hundreds of people were fleeing the city
every month, driven by lack of jobs, economic woes, and poor
financial prospects. The trend was consistent across the U.S. When
the housing crisis of the 2000’s slammed U.S. cities like Philadelphia,
many homes were foreclosed and some neighborhoods disintegrated.
But Philadelphia’s unique tax breaks led to a residential boom. By
abating all taxes for offices and hotels converted into condos, the city
fostered residential expansion. When the abatement extended to new
commercial and home construction, opportunities exploded.As of
2010, the city had nearly 4,000 separate housing units under
abatement, including $15 million penthouse condos, $500,000 luxury
condos, and all styles of condos and single-family homes, according
to Metro Jacksonville.
Since the housing crisis, many investors have been hesitant to take the
plunge into property investment. While every investment affords its
own risks, investment professionals at National Realty Investment
Advisors suggest that now is a promising time to reenter the market
and Philadelphia is uniquely advantageous for such prospects.
Indeed, the rental market is huge right now. According to Census
Bureau records, the rate of home ownership rates in the U.S. fell to
65.4 percent in 2012, which is the lowest it’s been since 1996. But
rental rates are up and interest rates are down, so there’s lots of
potential for landlords.
The Motovo Real Estate blog reports that low mortgage rates and
steady prices make it a promising buyer’s market in Philadelphia,
based on its 2013 analysis. It found that the median price of property,
which was $111 per square foot, is up six percent from last month and
has remained roughly steady since one year ago. Overall, housing
prices are recovering the most in affluent neighborhoods, so experts
suggest that investors focus their dollars there.
Booming tech centers like Philadelphia are some of the hottest
markets in real estate. Thanks to swelling job growth and resurging
city centers, demand for real estate is strong. Philadelphia has
numerous universities and boasts a large population of young and
creative talent, so many start-ups and tech corporations have set up
shop and flourished there.
Investing in areas of strong job growth is a wise and valuable path to
take. In Philadelphia, unemployment is relatively low and was listed
at about 6.6 percent in January 2014.
Furthermore, mortgage rates are exceptionally low at this moment, at
about 4.4 percent, so properties are selling quickly and it’s important
to jump into the market before the most lucrative investments are
The market is also particularly favorable to rental properties.
Apartment vacancies are at their lowest in over ten years, at just 4.1
percent, and rental rates are only expected to rise. Meanwhile, the job
market has improved steadily since 2009, and that trend is expected to
continue. All in all, things are looking favorable for rental property
The real estate market hasn’t always been lucrative, but investors can
find promising opportunities if they look in the right places. Thanks
to burgeoning job growth and favorable development conditions,
National Realty Investment Advisors contend that Philadelphia is ripe
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Website : http://nria.net/