Here Are 4 Reasons You Should Consider Buying in Port Richmond
In case you haven’t heard, there’s a new Fishtown in town. Port Richmond, which stretches to Frankford Creek in the north and Lehigh Avenue to the south, is a traditional Philly row home community rated as one of the top housing markets in 2017, according to Zillow. Coldwell Banker Preferred affiliated agent Andrew Gismondi says that with its easy access for commuters, diverse arts and entertainment scene and solid infrastructure, it’s a sustainable section of the city that should be on any buyer or renter’s map.
To get the full scoop, we spoke to the agents affiliated with Coldwell Banker Preferred to learn just why the Riverwards region is currently having a moment, and why that moment is projected to only grow in the years to come.
It’s a Bridge to the Northeast
According to Coldwell Banker Preferred affiliated agent Tim Brogan, finding the next booming real estate area is about tracking development long term. Neighborhoods need to meet a series of factors in order to be sustainable, one of the most important being its accessibility to other neighborhoods. In this case, Port Richmond gets big points for being a commuter-friendly locale. Located between Center City and the Great Northeast, the Riverwards region is easily accessible to and from Aramingo and Lehigh Avenues, as well as I-95. While the SEPTA El still ceases to touch down this side of Frankford, the Richmond-Westmoreland makes its way straight down Richmond street and straight to the Frankford Transportation Center, a major thoroughfare to all of the city’s buses, trains and subways.
You Can Literally See Your Future from the Rooftops
If you work with Gismondi, you’ll likely find yourself on a property’s roof deck. One of his favorite ways to help his clients visualize the potential of Port Richmond is to give them an aerial view of the changing landscape. He says you can usually identify which properties are sold, occupied, or currently under construction from this vantage point.
“It’s a powerful visual representation of how the neighborhood will transform in the next few years,” he says. He considers the neighborhood a great option for first-time home buyers looking for a property they can grow into, or investors looking for solid, relatively inexpensive properties to renovate and rent out for years to come.
Small Business is Booming
Port Richmond is bustling with both old and new businesses. In addition to the aforementioned shops and restaurants, there’s Tacconelli’s Pizza, an Italian restaurant with a 5th generation made-from-scratch tomato pie recipe that sees visitors near and far flock to Port Richmond. There’s Bait & Switch, a fairly new seafood eatery that specializes in fish fries and punches, launched by the founders of Fishtown’s most popular taco bar, Loco Pez. “When you have a top business owner opening a new location in an up-and-coming area, it really says a lot,” Brogan says about Joe Beckham and his business partners. Pair these newcomers with some of Port Richmond’s mainstay cafes, bars and joints and you have a very eclectic eatery scene.
And It’s a Great Investment
Coldwell Banker Preferred affiliated agent Desarrie McDuffie believes that in order to maximize your investment, the time to buy in Port Richmond was yesterday. “The longer you wait, the more development happens, and then suddenly you could be priced out of a great neighborhood,” she says. Her suggestion? Pay attention to what’s happening in a neighborhood, and buy early if you have the capital to do so. “Take Point Breeze, for instance,” she says of a newer neighborhood down south. “Just 10 years ago, a lot could sell for less than $5,000. Today, that same lot may sell for $100,000 or more.” Keep your finger on the pulse of what’s to come, and you will be able to get in early and reap the rewards.
While every homeowner’s reasons for relocating are different, it’s safe to say no matter what you’re looking for, be it a larger space, a garage, a neighborhood feel or a place to launch your own small business, Port Richmond covers all of these bases.
Ready to make your move? For more information about buying or selling a home in the communities of the Greater Philadelphia area and the Delaware Valley, visit Coldwell Banker Preferred online at www.coldwellbankerhomes.com/philadelphia.