clock menu more-arrow no yes

Filed under:

270% Price Jump: Is This Fishtown Row Worth $230K?

New, 10 comments


In the last ten years, Fishtown has experienced a steep rise in home prices, but even by area standards, a 270% price increase in eight years is startling. This home has clearly been renovated, but from the looks of the exposed beams and brick, it always had, as brokerbabble would say, "good bones." The profusion of homes with similar features in the area is part of what's driving Fishtown's precipitous rise in status, so it makes sense that the price of this home would have jumped quite a bit in ten years. Still, is it fair to ask for almost 300% more than what you paid for a house?

The house sold for $17,000 in June of 2000, and $34,000 in April of 2003. In December of 2005 it sold for $84,000, and the price is now up by almost 300% since the last time the house changed hands. Though Fishtown is still accumulating cachet, (and a host of hip bars, restaurants, and shops,) it seems unlikely that the pace of property value increases can continue at the same pace.

Still, it's likely that this home has undergone some serious renovations in recent memory. Lackluster kitchen aside, the decor, color scheme, and layout of this home is subtle and easy to adapt: light colors and hardwood don't compete with the exposed brick and beams for the spotlight. One bathroom for three bedrooms might not be ideal, but it's typical of small rowhomes.
House Vitals:
Size: 3 bedrooms, 1 bath, 1,238 sq ft
Amenities: Exposed bricks and beams, lots of light for a rowhome, central air, basement with washer and dryer.
Asking price: $229,900
· 1811 Memphis Street [Trulia]