It was just a year ago when Forbes splashed a definitive headline across its lifestyle section. It spoke of revival and reinvention calling Fishtown Philadelphia “America’s hottest new neighborhood.” And the New York Times heralded the entire Philadelphia region as “the next borough.”
Nestled north of downtown, hugging the Delaware River, Fishtown’s proximity to the I-95 corridor and Amtrak rails leverages convenient access to New Jersey, New York, Baltimore, and Washington D.C.
It’s a cross-pollination between brownstones, green spaces, farm-to-table restaurants, and resilient, independent retailers. Quaint undertones of trolley cars and bus routes run parallel to the blue-collar majesty of the area and the celebration of a tight-knit community. Old establishments like Johnny Brenda’s Tavern, now reincarnated for modern-day tastes, is the epicenter of a vibrant nightlife.
In fact, Fishtown is part of a larger seed contributing to Philadelphia’s steep $1.9 billion-dollar food and beverage industry [1]. Its signature brick facades and close quarters merge, inviting tourists and locals to dine alfresco and huddle around small talk. One street corner boasts a micro-brewery, while another hosts a young family brood. These sharp turns are almost unnoticed, however, drawing in a general splendor for Fishtown’s “got something for everyone” homey vibe.
Fishtown Philadelphia is the definition of fast urban resurgence drawing millennials, young professionals, entrepreneurs, and generational homesteaders. Case in point, how many cities can say they have little to no occupancy left?
High demand, bidding wars, and first-time homebuyers saw an unprecedented level of scarcity in real estate. In December of 2018, Philly had 4,235 single family homes and condos for sale, the equivalent to only 3.4 months of inventory [2]. It’s a boon for house flippers and investors too, sinking their teeth (and dollars) into new construction with no slowdown in sight. For this reason, Fishtown is an opportunity zone ripe for the picking.
Recently, Fishtown’s former convent – an 11,300 square-foot chapel built in 1924 – was adapted into eight stunning apartments [3]. Glass stained windows, high ceilings, and wooden arches bring stately elements of a bygone era. It’s a testament to the town’s quirky charm where existing buildings are now fully repurposed dwellings.
So, it’s no surprise that co-living spaces are on the rise too. Common, a New-York based company, just inked a deal to build a 72-bed residential building in the heart of Fishtown. It will feature shared lounges and kitchens in addition to more traditional studio and one-bedroom apartments. [4] Dorm-like amenities and an affordable pricing structure targets no shortage of young, viable renters.
Just the same, news travels fast as publications like Business Insider have staked a claim on Fishtown’s remarkable growth. The tech and finance outlet has pegged it as the third best place to live in the City of Brotherly Love [5]. As industrial factories are now home to sleek lofts and row houses with upgraded rooftops, decks and panoramic views, they rival the sentiment of a Big Apple metropolis.
Investors are swallowing these latest developments whole, striking gold while the iron is hot. How about you? What long-term investments will provide you with a residual return for years to come?
Circle Squared Alternative Investments is intimately familiar with Philadelphia, New Jersey, and New York market trends and projections. And we will help you decide the risks worth taking when it comes to your portfolio.
As the weather heats up, so does real estate. Reach out to our team today.
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Sources:
[1] (Krader, Bloomberg, 2019)
[2] (McCabe, The Inquirer, 2019)
[3] (Fiske, The Inquirer, 2019)
[4] (Merriman, Curbed Philadelphia, 2019)
[5] (Kopaczewski, Business Insider, 2018)