Point Breeze is on the map as 2017’s hottest Philly neighborhood, according to Zillow.com, with a predicted 12% home value growth for the year!
The area spans from 25th to Broad St (many would say it begins closer to 17th Street because of the adjoining area of Newbold) and between Washington Avenue & Mifflin Street.
Subject of much controversy over the past few years, Point Breeze has been a dream come true for investors, with a gross return on investment of up approximately 138% (as reported by phillymag.com in 2016). RealtyTrac.com called Point Breeze a “flipper’s delight and a Millennial magnet”, which has been the general consensus among area natives.
Long-term residents of Point Breeze have mixed feelings about the development. Some are enjoying the beautification of empty lots and old abandoned properties while others are shouting, “Gentrification!” and protesting against the large developers of the area.
Whatever your stance, you cannot deny Point Breeze’s progress and continued activity which shows no signs of slowing down. New home buyers can expect to find 3-story properties built from the ground up equip with state of the art finishes, roof top decks, and 10-year tax abatements. Of course there are plenty of 2-story townhomes that have been renovated and are more budget-friendly.
With the return on investment being so high, some novice homeowners are taking out construction loans and trying their hand at building equity for themselves. With the help of the right local real estate expert, many have succeeded. However, the cost of vacant lots and shell properties are well-over $100k at this point and competition is fierce.
Overall, Point Breeze has become the land of opportunity and certainly home to a diverse demographic.