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A Tale of Two Philadelphias. Or, perhaps your city.

By
Real Estate Broker/Owner with American Foursquare Realty RM423982

It was the best of times, it was the worst of times

It was the best of times, it was the worst of times.

If you think back, you'll remember that as the opening line of Charles Dickens' A Tale of Two Cities.  The overarching theme of the novel is the struggle between those who have power and privilege and those who do not.

While the two cities in the novel were London and Paris, I'd like to talk a bit about Philadelphia.  Perhaps many of you can see this on your own towns and cities.

Philadelphia top real estate price June 2010The gulf between the haves and have-nots seems to be widening.  Let's look at the most expensive home sold in Philadelphia in June 2010 as listed on our MLS.  An exceptional 9,000 square foot mansion in the prestigious Rittenhouse Square neighborhood of center city Philadelphia.  Five bedrooms, five full and two half baths.  Elevator.  Fourteen foot ceilings.  Garage.  Roof Terrace.  And with a sale price of $5,850,000 --  features truly too numerous to mention.

For those of you not familiar with Philadelphia, it is a sprawling city that is almost 23 miles long at its longest point, and has a population of 1.5 million within the city limits, and lies within a metropolitan area that boasts 6.4 million inhabitants.

Lest expensive home sold in Philadelphia - June 2010So, a mere six miles from this stately manse lies the least expensive home sold in Philadelphia in the same month of June 2010.  Located in Philadelphia's Kensington neighborhood, this sad little home sits on a blighted block in a run-down area of the city.  At 952 square feet, this property is almost one tenth the size of the mansion above.  Its selling price? $4,500.  While we all know the phrase, "Under all is land," even the land in this poor pocket of the city seems close to worthless.  For comparison, over at www.BestBuy.com, there are half a dozen televisions that sell for more than this unfortunate property - with the top TV price coming in at $6,999.99. 

And I'm sure it will come as no surprise that the areas containing the least expensive homes in town cover a much larger area than those containing the priciest real estate.  And contain more Philadelphians

Can our society continue to grow and thrive when there is such poverty within?  Or are we destined to return to the Dickensian society depicted in A Tale of Two Cities?

While the contrast between these two properties is amazing, they do have one thing in common.  They were both purchased for cash.

A tale of two Philadelphias

Posted by
 Richard Strahm is an award winning Realtor specializing in the North Penn areas of Montgomery County -- Lansdale, Upper Gwynedd, North Wales, Towamencin, Hatfield -- and beyond!  Visit him at www.a4square.com or call today at 215-853-2624 for a free and private consultation about all of your real estate needs.
 
 
Richard Strahm
Broker / Owner
Realtor, ABR, CRS, PSA, SFR, SRS, SRES
 
American Foursquare Realty - Lansdale, PA

415 North Broad Street
Lansdale, PA 19446

Direct: (215) 853-2624
Office: (215) 647-0700
Fax: (215) 529-8931

Email:  Richard@a4square.com

www.a4square.com

PA Lic # RM423982

Copyright © 2010-2018 Richard Strahm.   All rights reserved worldwide.

Comments (10)

Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Good parallel.  Poverty is at the heart of most city blight.  Poverty due to lack of jobs.  Maybe they should run a credit check and refuse employment . . . afterall, I'm sure a lot of people living in poverty have really bad credit scores.

Jul 06, 2010 10:32 AM
Richard Strahm
American Foursquare Realty - Lansdale, PA
Lansdale and North Penn Real Estate

Carla = Touche!  For those scratching your heads right now, see Carla's excellent post on New Law in Oregon . . . Prohibits Credit Checks On Job Application Screenings

Jul 06, 2010 10:51 AM
Charles Edwards Bentonville
Coldwell Banker Harris McHaney & Faucette 479-253-3796 - Bentonville, AR
AR REALTOR, Bentonville Real Estate Agent and Broker

An especially insightful post today Richard. I believe that despite our best efforts the poor will always be among us. However there is never a reason to forget the need around us.

It is a good thing to recall that just a few generations back something called the Great Depression served as an economic 'equalizer'. My point being that not much really separates the haves from the have nots.

Also, we'd do well to keep in mind that money is a great slave and a wicked master.

Jul 06, 2010 11:49 AM
Richard Strahm
American Foursquare Realty - Lansdale, PA
Lansdale and North Penn Real Estate

Charles - I agree that we will never have a Utopian society with no poverty.  But the older large cities just have such horribly crumbling neighborhoods -- when compared to the elite real estate that is just a short bit away.

Jul 06, 2010 12:52 PM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

And to be honest Richard, it seems like a lovely area, and a great place for neighborhood revitalization projects.  There are many people who are poor, and desire to work.  I know a TON of single moms (myself included at one stage of my life) that pounded the pavement for a long time trying to find a job.  But for the Grace of God go I.

P.S.  CDFI -- might be a good thing for the area to look into??  This is an older post, but if interested for you area, you can find out more about CDFI.

Jul 06, 2010 02:20 PM
Matt Grohe
RE/MAX Concepts - Des Moines, IA
Serving the metro since 2003

Richard: great framing and allusion. Sublimely elevated to the realm of the singular.

Jul 06, 2010 02:56 PM
Doug Rogers
RE/MAX Coastal Properties - Destin, FL
Your Real Estate Resource!

Charles--I visited Philly back in 2008. Each morning I left my hotel (the one connected to Ben Franklin's grave) and went for a run. THE CITY IS AMAZING!!! Running through downtown, the art museum (a la Rocky) and across the Ben Franklin was something I will never forget.

Equally unforgetable was the run I took in the other direction. Even at 530 in the morning that place was pretty scary!

Jul 06, 2010 03:00 PM
Richard Strahm
American Foursquare Realty - Lansdale, PA
Lansdale and North Penn Real Estate

Matt - Thank you for stopping by!

Doug - Philadelphia truly is a great city.  But like other big cities, go a block or two in the wrong direction . . .

Jul 07, 2010 12:34 AM
Richard Strahm
American Foursquare Realty - Lansdale, PA
Lansdale and North Penn Real Estate

Carla - We are very aware of the CDFI here in Philadelphia.  In fact, the Coalition of Community Development Financial Institutions was started here in Philadelphia in 1992 (but moved to DC in 2002).

Jul 07, 2010 12:39 AM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Since I'm in Portland, I wouldn't have known.  Good thing, this seems to be a wonderful progam.  BTW, you're welcome! 

Jul 07, 2010 12:05 PM