What are you looking to accomplish and why?
So, the $64 million dollar question that I’m asked by buyers is when shit hits the fan economically, what LOCATION is recession-proof?
The short answer is EVERY area and location is affected by our merchants of chaos, aka:
- The Media
- Fed Reserve
- Crime Rates
- Stock Market
- Local city government (that is its own discussion later)
BUT at the end of the day, what area and or areas have a fighting chance, a running shot, of weathering a storm?
First and foremost: Rittenhouse Square 19103!!!
Why? Look at RITTENHOUSE Square. It’s beautiful. Centrally located & if you don’t feel like walking or it’s raining – usually a $6 UBERx ride to most other locations in the 19103 zip code.
Rittenhouse boasts the most amount of cafes and restaurants and services within 5 minutes or less. Shows a sense of community. And has decent public schools, k-8th grade.
Rittenhouse Square is 10 minutes or less from the city’s central business district and largest employers, The University of Pennsylvania, Drexel University, & Comcast. And historically over the last 40 years of tracked data has “come back first” after any economic down-turn.
So what does this mean?
Your Money is ALWAYS In the BUY!
Look at the comparable sales for the last 12 months. At the same time your location needs to feel good to you and when you walk into your perfect home (condo or townhouse), do you have that Hallmark moment? If you do, go for it. If you don’t, then, of course, keep shopping.
Your purchase is an investment. Ask yourself: DOES THIS ACCOMPLISH for me WHAT I’M LOOKING TO ACCOMPLISH?