Philadelphia Real Estate Hotter Than New York City?

Philadelphia real estate could be the underperforming and most undervalued advantage on the East coast. The place in the City is better than every other metropolitan area in America, including Los Angeles and Nyc. It was just 240 years past when Philadelphia was the most significant centered meeting area in the colonies. That might seem to be an eternity but relative to the complete timeline of human existence, it actually is not. People have been populating North America for tens of thousands of years and although the societal and political influences change continuously, the advantages and disadvantages of a City’s geographical place stay steady.

If one was to disregard present political and societal states of cities and only focus solely on geography, it will be tough to claim that Philadelphia not rank on top. There isn’t any other city in the nation with more people in a 250 mile radius than Philadelphia. This radius contains 4 of the top 10 most populated cities in the United States – Washington D.C., Baltimore, New York, and Boston… half of the nation’s total residents within a half day’s drive.

Moreover, population growth is trending southward into Virginia, the Carolinas, Georgia and Florida. These regions are congested and have two significant characteristics that Boston and New York will never have – reduced taxes and warmer climates. Philadelphia will be the closest distribution heart for all these regions as people continues to decrease in the northeast and go southward.

Sadly for Philadelphia, geography isn’t the sole variable that affects a city’s success. Political power will have more weight in the short term when it was prohibited to assemble higher than William Penn’s hat to the very top of City Hall and a lot of Philadelphians recall. Even though it appears comical now, this law severely impacted the City’s increase during the 19th and 20th centuries. Without the capacity to construct perpendicular, the City was made to spread out, shoving on people into the suburbs. New York, in the other hand, assembled a number of the biggest skyscrapers in the world’s which allowed for higher density within the City, more companies, and hence more sales.

The great news is the fact that, in the future, markets should eventually correct themselves. Philadelphia will profit significantly by the present pricing differences when they do. One must simply trust that local politicians don’t stand in the way.

Joe Jesuele is the creator and president of Northern Liberties Real Estate in Philadelphia, PA. He’s in charge of managing all facets of company development, leasing, and project management for commercial and residential properties. He’s now working in the building of one family home in the Northern Liberties section of Philadelphia. For news on other Northern Liberties Real Estate jobs and this particular job, please follow the News and Blog of the company’s.

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