Fishtown Real Estate and Spirit Remains Strong

by Nora Daly

Unlike many other neighborhoods surrounding the city of Philadelphia, Fishtown boasts an incredibly unique history, one that is both rich in unity, and modest beginnings. No longer a hub for the fishing industry, Fishtown now stands as one of the most sought after neighborhoods in the area. Due to an influx of artists and professionals, this community’s star is growing brighter with every passing year and so are its property values.

According to a study conducted by the University of Pennsylvania, the Median Residential Sale Price in 2007 topped $95,000 citywide, nearly doubling the average set in 1999 of $48,000. Fishtown however, surpassed that with an estimated median price of $215,000. As of September 2008, projections have shown this gentrified community’s median sale price now rests at around $241,000, and is ranked 6^th on Trulia Real Estate’s list of priciest Philadelphia real estate with an average listing price of $451,000. Similarly to Fishtown, what is being called the newest suburb to South Street, Northern Liberties too holds great standings in recent market trends. As of 2007, the average selling price in this portion of the city was listed at $322,000, a startling difference in comparison to its sister neighborhood, Fishtown.

Much like Fishtown, Northern Liberties has become a center for musicians and local artists looking to display their craft, and has also been targeted for revitalization projects because of its close proximity to Center City. Because of these large-scale improvements, in both historic warehouses and the standard city housing stock of rowhomes, Northern Liberties has seen a large increase in property values. Interestingly, these revival endeavors are still piling up despite the tightened purse strings of the city. According to the Fishtown Star, members of the Northern Liberties Neighbors Association are still pushing for developments along a seven-mile strip of the Delaware River, in order to improve the waterfront aesthetically and economically.

These proposals however have been met with resistance from various members of city council holding strong in efforts to tighten the city’s budget, and the creation of master plan has yet to happen. Opening a new can of worms, this neighborhood continues to feel the pressure of the highly debated move of the SugarHouse casino, currently slated for development on a 22-acre plot of land along Delaware Avenue in Fishtown and Northern Liberties, with many residents pushing for studies to be done in order to project the actual economic impact of this potential enterprise on the real- estate market.

Despite the contrast to Northern Liberties, its partially homogenous other half however, Fishtown has undergone an impressive gentrification that has been nothing short of a true Renaissance. Once a waterfront district crawling with fisherman and heroin addicts, this traditional Irish- Catholic neighborhood has transformed itself into a stylish and desirable portion of Philadelphia. Now, upscale restaurants have replaced abandoned smokehouses, and modern art galleries have fused with historic warehouses, creating a visual symbol of this incredible transformation.

Impressively, this transition in residential real estate, and overall aesthetics from the blue-collar to the high-end, has withstood the recent downturn in the economy as well. A resident for 62 years, Ed Herron was born and raised in Fishtown, and now lives two blocks away from the home that was once owned by his parents, who naturally, were lifelong Fishtowners. “I think because Fishtown has such a large percentage of original owners, they are better adjusted for the changes in the economy,” Herron explains, “because their homes are paid off, and they have one less thing to worry about or make sacrifices for.” Just to make your stomach turn, Heroon bought his, 4-bedroom Gaul Street home 38 years ago, for under $10,000, and says that the highest price around that time was “$25,000, if that.” Now, homes three doors down are being sold for $349,000 he says, and even greater, properties two blocks away are selling for over 3 million dollars. “Its all the lawyers that are coming in,” Herron notes, “they spend 4, 5, $600,000 on renovated homes in just these few blocks, its incredible!”

A bit of a neighborhood celebrity, Herron is commonly referred to as the “Mayor of Fishtown,” by his fellow residents, and like many other neighborhood fixtures, Herron won’t be going anywhere. “I would never leave this community, I don’t fear the change we see at all, I think its great that a younger generation is coming in to raise their own families.” Though he refuses to own a computer, and openly threatens to get rid of his cell phone, Herron knows anything and everything about real estate transactions taking place in the neighborhood, “Its all word of mouth here, you very rarely see sale signs on properties,” Herron says, “you buy a home because your mother-in-law’s friend lives next door, or you hear about it in church.” Although he claims to not pay attention to news reports about the current economic environment, Herron is not off by far in his estimations of where about Fishtown stands in the market. “I would say right now the average price for a home is $300,000,” Herron states quickly, “and that has increased from $250,000 five years ago.”

Notably, a younger, more professional and artsy crowd primarily drives the prosperous activity in Fishtown’s real estate market. With a median age of 28 years old, there has been an understandable rise of 32% in the level of income entering the area since 2000, leaving this neighborhood on a slight upturn in the average income of residents under 30.

This welcomed phenomenon of prosperity in real estate turnover during one of the hardest economic times in recent years is nothing short of gentrification at work, and possibly a note of good luck. For, this neighborhood seems to only be changing for the better, and although blue-collar bloodlines and values still remain strong in Fishtown, the arrival of a younger, hipper, more prosperous crowd holds great popularity among residents, and even greater status on the real estate market.