Philadelphia Property Market and Real Estate Guide

(Philadelphia, Pennsylvania - PA, USA)

Photo of Philadelphia city centerPhiladelphia has undergone drastic changes in the past few years, and this historic city has regained much of its former splendor through neighborhood rejuvenation campaigns. Property values in Philadelphia are on the rise, making this a great time to invest.

Currently, the most sought-after neighborhood for luxury homebuyers is Chestnut Hill, where homes regularly go for two to three times more than in Manayunk, Kensington and West Mount Airy. Every time a neighborhood becomes the center of a rejuvenation campaign, its property values soar. The most recent example is East Parkside, where current asking prices are now much higher than they were previously.

While the economic recession affected home prices here, the budding nature of Philadelphia real estate means that the toll was only a minor setback. Cautious investors with an eye for neighborhood trends stand to receive excellent returns here.

Renting Serviced Apartments

Serviced apartments in Philadelphia offer an ideal housing solution to busy visitors who prefer a fully functional living space over the offerings of a hotel. These units are usually studios or one- or two-bedroom apartments, and they come fully furnished with cable or satellite television and in-room Internet access. Some offer community facilities such as a fitness center.

A serviced apartment costs more than a comparably sized unfurnished apartment, but escaping the expense and time associated with purchasing (and potentially reselling) furniture and appliances is worth it for medium-term tenants. Those who stay for a few weeks or longer receive discounts over comparably sized hotels.

Buying Apartments and Houses

Philadelphia is an exciting place to buy property right now, and many historic homes near Rittenhouse Square, Penn's Landing and the old city have been refurbished and let out as apartments and condominiums. There are no major restrictions on overseas investors purchasing property here.

In Pennsylvania, the buyer will pay all closing costs. These include the cost of titling the house and having it inspected and certified for certain risks or necessary upgrades. The total closing cost is usually somewhere around seven percent of the sale price. It is always best to go through a knowledgeable agent who can review the necessary steps with you item-by-item.

Real Estate Agents

Finding a real estate agent who understands the dynamic nature of properties in modern Philadelphia is important. A knowledgeable professional will have an eye for which neighborhoods have reached their maximum potential and which are still worth a major investment. It is also worthwhile to seek an agent with plenty of international experience.

Check out the following Philadelphia realtors and real estate agents:

Keller Williams Philadelphia
Address: 200 West Washington Square, Philadelphia, Pennsylvania PA, 19106, USA
Tel: +1 215 627 3500
Keller Williams' Philadelphia branch offers a broad range of commercial, industrial and residential real estate services over the metropolitan area.

Philly Real Estate Guide
Address: 200 West Washington Square, Philadelphia, Pennsylvania PA, 19106, USA
Tel: +1 215 219 0660
Philly Real Estate Guide operates a small team of realtors with listings across the city's major neighborhoods.

The Atacan Group
Address: 200 West Washington Square, Philadelphia, Pennsylvania PA, 19106, USA
Tel: +1 215 592 9522
Also part of Keller Williams network, the Atacan Group specialises in exclusive properties in the city's most stylish neighborhoods.