Thursday, December 31, 2015

Which part of Greater Philadelphia could see as much as $1B in real estate appreciation?

KOP Rail Project | ConnectKOP.com

Yup, I said "B" as in Billion.

If you read the local news like I do, you may have guessed it already; or maybe you didn't, because you had one too many spiked egg nogs last weekend. No worries, it happens.

If you said King of Prussia, you nailed it!

So to paint a visual for all of you readers out there, the Top 3 areas I am referring to include King of Prussia, Gulph Mills, and Bridgeport. Please bear in mind that these 3 areas are based on my own professional opinion, and not that of the Philadelphia Business Journal. PBJ classified the prime area as "Upper Merion."

Now, I also believe that areas like Wayne, West Conshohocken, and Norristown will benefit from the rail line as well, but let's call them my Bottom 3 areas. Out of those 3, Norristown has the most to gain as it is currently in comeback mode.

The reason I specified those areas in particular, is because their combined location is solid (right in between KOP & Philadelphia). Add a rail line, and you've got a real estate investor/developer's dream.

If you take a few minutes to look at one of my past blog posts that discussed this same topic, and then compare a present-day Google Map with the proposed train route options, you will see the pattern I am seeing. Any area close enough to the new rail line will eventually see an increase in value (both residential and commercial), as this is the first time in history that King of Prussia will be connected directly to Center City Philadelphia by regional rail (Greater Philadelphia's 2 largest areas for employment and entertainment).

Remember, the #1 rule in real estate is "Location, Location, Location."

Even without a current rail line in place, there is a ton of development going in and around the King of Prussia area as we speak: 1) KOP mall expansion, 2) KOP Town Center, and 3) CHOP's outpatient facility. There are other small projects being built, as well as additional ones being discussed. If interested, you can read through a more in-depth report here.

The KOP rail project would not only provide a better quality of life for those who commute by car in between Philadelphia & King of Prussia everyday (I-76 East/West is basically a parking lot at rush hour), but it would also promote additional investment/development along its planned route.

Connecting KOP to PHL by rail, could create an additional $1B in real estate value when fully realized. Let's all watch to see if it gets approved sooner than later.

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