Thursday, July 19, 2012

Net-zero comes to No Libs

Foundry Court | Northern Liberties, Philadelphia

I'm not talking about the inexpensive, broadband Internet giant. I'm talking about sustainable, residential development; or "green" development to those who do not follow this already trendy topic.

A lot of buyers, sellers, investors, and renters always ask me where the next up-and-coming area of Philadelphia is. One such place in Northern Liberties, just north of Center City.

Why No Libs?

Because this is a neighborhood that has changed drastically to reflect the current demographic trend of Center City Philadelphia, without being directly located in Center City Philadelphia. Some locals may argue that it has changed for the worse, but others will tell you that it's getting better and cooler everyday. Believe me, the real estate values back up that statement; higher demand, higher prices.

Since this neighborhood is already synonymous with upscale, sleek, new construction projects (residential, commercial, and mixed-use), it makes sense to focus on a hot trend like sustainable/green development and take it one step further into the world of net-zero.

What does net-zero mean?

According to the article on Flying Kite, net-zero means "Using a number of features, including solar power generation, a net-zero home feeds power back to the grid on sunny days and draws minimal energy at night or when its cloudy, resulting in a net energy cost of zero."

Interesting, right?

But if it's so easy, why don't all builders consider this option, Tim? #1 answer is cost. This development will be offering only 5 townhomes at a base price of $799,000. Now you see why not everyone can do this, especially on a larger scale.

I know that No Libs is a pricey area already, but $800K will get you a lot in Philadelphia; including Center City.

3 comments:

  1. However, one should not think that they won't be effective with their company without the help of an broker. It is still possible, though it will be a little difficult, to be effective in property company.difficult

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  2. It will be interesting to see the demand of all 5 homes at that price point. There have been some successful projects such as Callahan Ward's at the other corner that sold in the $700s (4 homes) but other high priced projects have struggled. The brokers marketing and exposure will be key.

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    Replies
    1. I could not agree more, Chris and Stephanie. Thanks for sharing your expertise.

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