Philadelphia real estate will be the most undervalued and underperforming asset on the East coast. The City’s location is arguably better than every other metropolitan area in the United States, including New York City and Los Angeles. It had been only 240 years ago when Philadelphia was the most important centralized meeting invest the colonies. That might appear to be an eternity but relative to the sum total timeline of human existence, it really isn’t. Humans have already been populating United states for 1000s of years and though the political and social influences change constantly, the good qualities and cons of a City’s geographic location remain constant.
If one was to disregard current political and social conditions of cities and just focus exclusively on geography, it will be tough to argue that Philadelphia maybe not rank towards the top. There is no other city in the united states with more populace in a 250 mile radius than Philadelphia. This radius includes 4 of the top 10 most populated cities in america – Washington D. C., Baltimore, Ny, and Boston… half of the country’s total population in just a half day’s drive.
Moreover, population growth is trending southward in to Virginia, the Carolinas, Georgia and Florida. These areas are less congested and also have two crucial features that New York and Boston won’t have – warmer climates and lower taxes. As population continues to decline in the northeast and move southward, Philadelphia could be the closest distribution hub for these areas.
Unfortunately for Philadelphia, geography is not the only real factor that influences a city’s success. Political power tends to do have more weight for the short term and many Philadelphians remember when it was illegal to build more than William Penn’s hat on top of City Hall. Though it seems comical today, this law seriously affected the City’s growth during the 19th and 20th centuries. With no ability to build vertical, the town was forced to disseminate, pushing populace into the suburbs. New York City, however, built a few of the world’s largest skyscrapers which allowed for higher density within the town, more companies, and therefore more revenue.
The good thing is that, in the end, markets should eventually correct themselves. Once they do, Philadelphia will benefit greatly by the current pricing disparities. One must only hope that local politicians do not stand in the way.
Joe Jesuele may be the founder and president of the Northern Protections Real Estate around Philadelphia, PENNSYLVANIA. He is chargeable for overseeing several aspects of commercial enterprise development, securing, and process management needed for residential combined with commercial characteristics. He is second working on the development of a singular family place in the Upper Liberties piece of Philadelphia. Because news within the project and some other Northern Protections Real Estate plus, please go through the company’s Things and Which has.