As Renovation Costs Soar, Real Estate Flips in Philly Flop 

What a shame that the greedy developers can no longer lure suckers to move into the hell hole known as Point Breeze.

I'm trying to work up a tear for these poor flippers. Wait, here it comes, oh oh oh, nope. oh well.

This is just my observation as i try to prepare myself to buy a home in Philly. 1) home prices in Philly have more than doubled, income has not. 2) it feels like a lot of us New Yorkers moved here during the pandemic exodus. Fraction of rent, with multiples of space...or buy a whole row home for about 100k 3) now you have an influx of high earners with access to an abundance of low cost housing options 4) enter the investors, buying, renovating, and listing a 120k home for 210 to try and snag that big city money. 5) now the abandoned homes next to these are now 2x as much, i saw one abandoned row home go from 89k to 195k just because 2 or 3 were fully renovated/ updated... they didnt even change the boards on the windows😅 So not only is it going to cost more to renovate my future home, it's going to cost upwards of 2x what it should cost to buy the shell. That "American Dream" is really becoming just a dream instead of a reality.

Is it possible the home values for that area just hit a ceiling? Im just curious cause with +$80,000 compared to last year, i too would look for the best deal possible. Reason i say this - is because they found a renter no problem but not a buyer…… so people are looking to move - but the sticker price is the problem.

Because nobody is going to pay that much money to live in a place where the crime is that high put on your thinking caps for this one house flippers

Wonder if nick properly remediated that abspetos floor in that point breeze basement, my guess is a hard no

Philly is a great place to buy a home if you want to become a crime victim statistic for the following crimes: burglary, robbery, murder, rape, corrupt contractors, car theft, bicycle theft, gym locker theft, looting and of course official corruption. The only arguable reason to live in Philly is to cut your commute time for work and a willingness to sacrifice your quality of life.

The greedy developers did it to make themselves. U reap what u sow. A renovated city house in my neighborhood is selling for $250,000 more than last year. It’s still sitting there....

Row homes that cost too much are a waste of money. Boone really wants a townhome.

Simple..........the prices are too high

think the pandemic has taught people the importance of multiple streams of income unfortunately having a job doesn’t mean security

Live in Philly! What? Could Go Wrong!

Lawyers for chiefs and sergeants and captain’s 💯💯💯 bad policing Lol that’s what they get 👌🏼😂😂😂 buying up that black people land for the low keep it up cops 👌🏼👌🏼👌🏼

Interesting........

Don't forget the quality Philly school system along with their freedom from business lockdowns and mask and vaccine mandates. - not

The one good thing is the people being laid off should have no problem finding a job. Might not be a great job but better then nothing.

lol

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