Quote:
Originally Posted by cafeguy
I think we are years away from seeing more tear-downs. Bart's parcels (which includes ortliebs) can support SOOOOOO much apartment and townhomes to handle the demand. Plus, we have SOKO lofts and Liberty square coming on board that will add an additional 500 units. Building pressure will grow in Olde Kensington over the next 5-10 years. I would consider that callowhill, olde kensington, east poplar, lower kensington, norris square, and the rest of fishtown and northern liberties would need to be filled to capacity before its financially smart to do more tear downs and buildings. People don't mind living in those neighborhoods so when met with decent affordability in the next neighborhood north, those ones fit the bill for cool, convenient, urban living.
oh...and you forgot the lumber yard at 3rd and girard.
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i dunno. i think south of girard and north of girard will become different markets.
and the difference between say, northern liberties/bella vista/graduate hospital and say, rittenhouse/fitler/society hill is that the quality of the native structures in the later is much higher quality and or historic. you can't just easily tear down any house in one of those neighborhoods without much protestation. nor should you be able to.
on the other hand, with the exception of a few pockets, alot of the existing structures in the former are quite mediocre...with low ceilings, small windows, poor materials (vinyl siding, etc)...yet, it's still and becoming and even more central location.
finally, when i think of the person who would rather go through the process of tearing down a home to build a new one...i'm not thinking of the person who would move into a bart blatstein development. i'm thinking of a relatively affluent person, perhaps moving from the burbs (empty nester) who doesn't want somebody else's cookie cutter product, but would rather build their own.
those are the people who would buy a mediocre $230K vinyl sided house in NoLibs or Hawthorne or Bella Vista and replace it with something much more modern, but unique.
mark my words...you're gonna see it happen more. two of them went up in that pocket of nolibs by girard above barts parcel. it's not even prime northern liberties and it happened almost without me noticing.
but those houses are particularly cheap for nolibs because it's not prime nolibs AND they're particularly poor looking in their current condition (thinking hope/allen/oneil streets). that general area.