Why More and More Main Line Residents are Moving into Philadelphia
As a well establish suburb of Philadelphia, the Main Line has been the home for many affluent and blue blood Americans. Known for its large and lavish homes, many of the residents here have called this region home for generations. It has also attracted newly successful business men and women along with athletes and celebrities. In short it has been a hub for the well-to-do. However, nearby Philadelphia which has lacked the luxury market to attract Main Liners has seen a boom in transplants looking for the newly emerged luxury city lifestyle. So what exactly has been attracting Main Line residents? Check out our list below to discover what has been making Philadelphia so appealing.
The Luxury Market is Gaining Steam
If there’s one thing Main Line is known for it’s for its taste for luxury. Multi-million dollar homes, exotic cars, and luxury brand boutiques come with the territory when living on the Main Line. So when a resident decides to uproot and relocate, the bar is set pretty high. The demand for homes with high-end finishes, modern amenities, as well as fine dining and nightlife has steadily increased as the number of high priced buyers in Philadelphia continues to climb as well. A recent article in Philly.com stated, “Prior to 2000, Philadelphia was lucky to have two or three sales of million-dollar homes per year. Last year, with the sale of 111 homes (not condos), Philadelphia “reached an all-time historic record.”
Empty Nesters Are Flocking to City Life
“Along with the much-publicized millennials is a sizable contingent of baby boomers who are exchanging their suburban palaces for proximity to the city’s art galleries, restaurants and concert halls,” states RevitalizationNews.com in an article highlighting the influx of millennial and empty nesters. In recent years Philadelphia has seen a tremendous growth in its social scene including an explosion in the food scene, an emergence in the art world, as well as more options in regards to concert venues. These elements have been attracting empty nesters looking to downsize and take advantage of everything city life has to offer. In addition with the convenience of services such as Uber and Lyft, they no longer need cars to be mobile, making city life that much more appealing. Be sure to check out our Guide of the Best Places for Empty Nesters to Buy a Home in Philly.
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Tax Abatement Makes it Affordable
Photo credit: Wisconsin Department of Natural Resources / Source / CC BY-ND
In a recent article in Curbed Philadelphia regarding the new construction boom, several eye-popping statistics were stated including the fact that,there are currently 25 high-rises under construction in Philadelphia, and at least 14 of them are expected to deliver this year and an estimated 1.4 million sq. ft of new construction will have hit the market by 2020. When it comes to new construction, the Philadelphia tax abatement is making it more tempting for Main Line transplants. The allure of new construction with a tax abatement makes the decision both cost effective and attractive in the sense of upgrading to modern city dwellings. At this point it seems as if the builders are having a tough time keeping up with the demand.
The City is Booming
As previously stated the social scene in Philadelphia has never been better. We’re talking an abundance of beer gardens, off-Broadway shows, festivals, as well as international events taking place in Philadelphia. Within the last year Philadelphia has hosted the Pope visit, the Democratic National Convention, as well as the upcoming NFL Draft. More and more national and international event planners are seeing the appeal of Philadelphia and so are Main Line residents. The Philadelphia buzz is real.
As many Main Line residents find out after relocating, they are finding out that Philadelphia has a lot to offer. Being one of the most walkable and bikable cities in the country, many of the city’s offerings are always in close proximity including gyms, social clubs, shopping as well as services such as dry cleaning, beauty shops, and spas. No longer will you have to drive to enjoy these types of amenities. Living in Philadelphia saves you time, energy and gas. More and more ex-Main Liners are discovering convenience of city life. What are you waiting for?
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