First things first- What is “Spring Arts”? One of many burgeoning Philadelphia neighborhoods, Spring Arts is roughly bounded by Broad Street to the West, 6th street to the East, Spring Garden to the South and Mount Vernon to the North, Spring Arts has seen a healthy influx of both commercial and residential development within the past few years. The Spring Arts real estate market benefits from the expanding boundaries of Fairmount and Northern Liberties (located to the West and East, respectively) and many homeowners looking for deals on new construction and rehabbed properties adjacent to already gentrified neighborhoods.
A little while back we discussed some of the recent changes happening in the Spring Arts real estate market, including new condos at 12th and Green, mixed use properties coming to 10th and 11th and Green, and finally Spring Arts Point which will be a 55 townhome development at 10th and Mt. Vernon.
And all this residential development in the Spring Arts real estate market has brought several commercial developers as well. Union Transfer, a music venue was opened at 10th and Spring Garden last September. Occupying the old spaghetti Warehouse Space, UT has been getting strong reviews, and provides Philly with a much needed medium sized venue for showcasing indie and emerging artists. Just across the street is Llama Tooth, serving up American fare, and even has a liquor license (somewhat rare in this town of BYO’s). just two stores down (still on the same block) is Tearful Bliss Cafe, a quaint coffee shop in a neighborhood that could certainly use it. Plus there’s the established beer bars, Institute and Prohibtion Tap Room close by.
Needless to say, there’s plenty of development happening in the Spring Arts real estate market:
Despite a dip in August, The Spring Arts real estate market peaked in October, with a median home sold price of $340,000. Despite that number heading south once more in November, I think it’s safe to assume that Spring Arts is a neighborhood on the rise. residential development has brought commercial development, plus the neighborhoods close proximity to NoLibs and Broad street will make it a viable area, and property values will most likely increase for quite a few years. All signs point to Spring Arts real estate being a solid investment.
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