Development of Philadelphia neighborhood shows promise
6/28/2013 | Real Estate Blog
People who live in Philadelphia are likely to be familiar with the Kensington neighborhood. For quite some time, it’s been known as a “tough” area. However, a fresh round of real estate development is beginning to turn that reputation around. This slow — but visible — change has many people living in the neighborhood excited about the future.
One clear example of change is what happened to an abandoned lot. Not so long ago, the lot was full of garbage — one of the common problems with empty property in the area. Now, however, the lot is known as Kensington Gardens. Residents have reclaimed the land and are using to grow their own produce.
Unfortunately, some of the long-standing problems are still present in the neighborhood. The neighborhood is known to be a source of prostitution. Even though this is still something police say still occurs in the area, residents are hopeful that will turn around. And this idea of change and real estate development among existing residents is truly catching on.
A number of real estate law issues are at play in the Kensington neighborhood. As crime rates fall and improvements are made, more people may be interested in purchasing property. Both factors could cause home prices to rise. This will certainly be a factor in any real estate sales and purchases that take place in the coming years.
At the same time, purchasing property in an up-and-coming neighborhood may have important implications for the closing process. For example, individuals may want to negotiate that certain inspections or repairs are made to property before the purchase is completed. As such, it’s important that individuals understand their rights and responsibilities at the time of closing, which can prevent complications from arising in the future.
Source: CBS Philadelphia, “Philadelphia’s Tough Kensington Neighborhood On The Rise,” Pat Ciarrocchi, June 27, 2013