Melissa Purnell RE/MAX Access
States: Pennsylvania
Counties: Philadelphia, Bucks, and Montgomery
Cities and Towns: Philadelphia, Bala Cynwyd, Narberth, Villanova, and Haverford
Licensed Since: 2008 | PA License # AB068639
About Melissa Purnell
I lived in many states here in the United States, as well as abroad, and ultimately came to Philadelphia in 1991 to study at Drexel University. I soon became interested in real estate, and begin my career as a real estate agent shortly after the local market entered what has been considered the Philadelphia "renaissance" , with local and out of town investors transforming various blighted neighborhoods and creating turn arounds which have caused values and interest in the city to rise steadily and consistently in the past 15 years . Nine years ago when I begin my career, Philadelphia was a place that had a lot of upside potential, as it still does today. When I begin most of the opportunities that I worked on were smaller rehab and turnkey projects such as individual rentals duplexes triplexes. I’ve purchased and sold a number of properties myself, and have personally been focused on Fishtown, however I have been involved with transactions across the City, and into the suburbs. I see Philadelphia not only the growing city it is, and as my home, but as a huge opportunity for growth because of its positioning among other cities of its size within the United States. In late 2017 The periodical "The Economist" contained a 7 page spread touting incentives to encourage businesses to come to Philadelphia, we are already seeing the effects of this which will increase the general value of all real estate. There is still a huge amount of upside in Philadelphia, and I plan to help my clients And myself take advantage of what the future has in store for Philadelphia.
Market Overview
Philadelphia is a city not too large, and not too small… We have a number colleges, universities, and higher educational facilities at a level that few other cities this size can post. This means that we will have a supply of skilled and educated workers for new companies who may be looking for a new home. Recently Philadelphia has been on the shortlist for a number of the largest companies in the United States for relocating or growing their businesses. And for good reason. The abundance of skilled workers, the ease of transportation and access to ports, railway, and public transportation make Philadelphia unique, for a city of its size. We also have some of the best medical facilities teaching colleges for medicine, museums, art collections, and lots of Performing arts and entertainment. In 2006 Forbes Magazine named the Philadelphia zip code 19122 , now affectionately referred to as "SoKe" or "South Kensington" as the best place to invest in real estate. Major neighborhood revitalizations continue to increase values and offer opportunities for new construction, investment income and long term capital appreciation. Philadelphia will certainly out perform all of its comparably sized competitors creating profit for those wise investors who can see this. Come see what Philadelphia has to offer you and your future net worth!
Investment Price Points
The types of investments that are available in Philadelphia range from single-family row homes and townhomes to be rehabbed and resold or rented out for income production in growth areas, all the way up to warehouse conversions and office buildings. When considering price point, it really depends on what you’re looking at. Multi family housing and mixed use investments are what I’m focusing on for a very steady incline in value, both in cash flow and appreciation. Recently there’s been a number of institutional building such schools and former commercial industrial space being converted into residential. For the investor who has even a little bit of experience in this field, Philadelphia is a Goldmine.
Future growth areas offer single family housing in the $60,000-$120,000 range and popular areas have larger scale homes and commercial spaces in the $400,000- 2$,000,000 range. Old faithful historic areas such as Rittenhouse Square and Society Hill, Bella Vista, Olde City and University City have businesses and multi unit properties with cap rates over 6% ripe for the picking.
Free Report: Demographic and Housing Data on the Philadelphia Market
Would you like free demographic and housing data on the philadelphia market? The report includes information on schools, income, employment, crime, average sale prices, fair market rents and more. You can get reports on the whole market or zero in on a specific zip code.
This report has all the info you need to help you decide if the philadelphia market is right for you! Click here to get your free report.
