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Rittenhouse Square – Is It Worth It?

Rittenhouse Square brownstone

Also known as the supermarket question. AND, The elephant in the room is out!

Or for that matter, Fitler Square, Washington Square, or Society Hill.

What draws you to live in an “upscale” location and why, is one of the questions I spend a great deal of time discussing with buyers sellers and property investors. Of course it’s the “3 Ls:”

  • Location
  • Location
  • Location

At the same time, what’s the lifestyle being looked for; how much space; new construction vs a rehab.

Do you want something more laid back? The answer is always Fitler Sq or Washington Sq. Or do you want an almost 24/7 vibe? Then, Rittenhouse Square.

Wherever you buy, sell or invest in these areas, you are doing it for your reasons. You say I have x to spend or I need to have x on my return on investments.

So what is the elephant in the room? Your real estate taxes. What and why are you paying $ for, and why are certain city employees such experts suddenly? Why does their opinion count and matter? What have they done to be the beacons of our financial gates?

Can we out-create and thrive in “ that type” of mentality? Why do you need to pay the value of several hundred thousand dollars of a
monthly mortgage or take from your ROI to support a city’s spending addiction? The ELEPHANT is on the loose!!

So city of Philadelphia: Why do you go to the supermarket with $100 and spend $150? Is it because you can? Apparently so. The city employees that think all is OK and all should be equal, and those that have a greater wealth should pay more mentality.

I say to you: Donate your salary. Put your money where your mouth is. Pay more in Real Estate taxes if you want to make up the gap in school spending.

So in spite of irresponsible spending by our city, we still have thriving areas!!

It is a miracle and a testament to really how fantastic Rittenhouse, Fitler, Washington Square, and Society Hill really are…and the spillover effects they create into other neighborhoods.

So back to our real estate taxes: Is there a solution? I say yes. And will the taxes affect the price and value of your asset? I say, stay tuned, and yes there is a plan!