Like many of the fringe neighborhoods — those bordering Center City — Fishtown real estate has not taken a huge hit during the economic downturn of the last three years.
And its ongoing appeal is simple: First-time buyers love its proximity to all metropolitan Philadelphia has to offer for reasonable prices of anywhere from $150,000 to $300,000.
“For young couples making, say, a combined $75,000, you get a very nice home,” said realtor and Fishtowner Rich Fravel, who’s lived in the neighborhood for six years and commutes to his Prudential Fox & Roach office in Center City in 14 minutes. “We peaked maybe three years ago and remained fairly stable through the downturn, except for some higher-end properties.”
Turnover remains high in Fishtown, which stretches north from Girard Avenue and is bordered by Northern Liberties to the south and North Philadelphia neighborhoods to the north. More than 200 properties have sold there during the current calendar year, and about the same amount are on the market currently, according to online real estate sites.
“It’s week-to-week. One week I’ll sell three, and the next I won’t sell any,” Fravel said.
“But there are plenty of homes from $199,000 to $245,000, and they move quickly.”