Q: So they’re finally planning on tearing down Liddonfield Homes. Do you think the home values will really improve in Upper Holmesburg?
Last year, the average sold price on the closest blocks adjacent to Megargee Street and Tolbut Street was $127,000, more than 5 percent lower than the rest of the 19136 zip code. This is a good example to show that all real estate is local. Very local.
The legendary “Demolition of Liddonfield Homes” has been planned and talked about for so long it has given Northeast Philadelphians the perception it was an urban myth. That disbelief is reflected in the recent home values on the closest blocks. The former military barracks-turned-public housing has long outlived its structural usefulness. The homes have been a nuisance for neighbors who have ended up victims of external obsolescence.
Now that the U.S. Department of Housing and Urban Development has finally approved demolition, the closest neighbors bordering the housing project will probably see their property values start to rise and eventually align with the surrounding housing market. That is, as long as the Philadelphia Housing Authority keeps the property clean. With no demolition date set, however, it may take a little time to see a difference.
The ripple effects on home values of any new construction in Upper Holmesburg will probably take a while, as homebuyers in the area may remain hesitant since there are no current redevelopment plans.
Stacey McCarthy is a real estate agent with the McCarthy Group of Keller Williams. Her Real NEastate column appears every Wednesday on NEastPhilly.com. See others here. Read other NEast Philly columns here.