Call it whatever you like–a fixer-upper, a diamond in the rough, a house needing TLC–this one could be a rather good deal. The intersection of 49th and Osage is prime property in University City, right between pretty Pine Street and lovely Larchwood and within walking distance of Clark Park, Baltimore Avenue, Cedar Park and trolley access to Center City. It’s an area well known to Eds & Meds students and professionals, whose presence brings increasing new businesses.
A smaller home–also an investor’s special–at 49th and Larchwood sold a couple months ago for $340,000, and that wasn’t the only fixer-upper in the area that had a higher asking price than this one. This is an especially low price, even for a complete mess.
One of University Realty's existing properties at 3337 Spring Garden Street. Photo courtesy University Realty.
A few years ago, Todd Potter says he realized there was a big void in the Philadelphia real estate market. Students looking to live off-campus had two options, he said. There was university-sponsored housing or local landlords renting out the same old properties. Four years later, his University Realty is expanding further into Powelton Village at about a 100% occupancy rate.
Actually, we can’t really tell what the boxer shorts are covering. The first thought was a lamp, but then, there’s a lamp right next to them. So what else would a young male want to hide quickly when a landlord pops in to take some photos? The other possibility is that the young man believes this is appropriate boxer storage, and looking around at his room, that doesn’t seem far-fetched.
For prospective homebuyers, the latest data from the Fels Institute of Government at the University of Pennsylvania may not seem like good news: The number of homes listed for sale in our area has hit a new post-bubble low. But that dip in inventory has an important upside. In his most recent quarterly report, Fels Senior Research Consultant Kevin Gillen writes, “A return of inventories to their historic average levels is a critical condition for the housing market’s recovery, as high inventories represent excess supply, thus placing downward pressure on house prices.”