How should we look at real estate? Always thinking outside the box, always thinking what will be the next trend in living based on changes in politics, weather, economics. I am a firm believer that there is gold in the ghetto. If you study the history of Philadelphia, Society Hill and South Street were solidly African American communities and now host million dollar homes and no original in habitants, although Mother Bethel Church is still in the care of a mostly African American congregation.
Gentrification creeps along the boarders of West and North Philadelphia. I raised my family in the Kensington section of the city, mere footsteps from Port Richmond, Fishtown and the Frankford Avenue corridor, which is the next hot, trendy bohemian area. Right now, Kensington is solidly a place of last resorts for low income families, and a place of dreams for those seeking middle class status. A place where a home can be purchaced for under $20,000, but you have to be handy.
The interiors of these properties are "ratchet", been waiting to use this word. They are listed for sale and side by side in one of the worst areas of the city, HOWEVER, real estate ownership leads to wealth accumulation. All you need is a dream. Imagine a luxury home for under $60,000, that's purchase and renovation, what about an innovative business location. That would take some work because of zoning regulations, but it is time we make the city work in our favor. Multifamily project, personal care facility or second family home for those relative who always seem to need a place to stay, the possibilities are unlimited.
Contact Monica Wright, DJCRE Real Estate 267-242-6304
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