Millennial Homebuyers Attracted to Strong Philadelphia Area Market
Millenials looking for new homes near Philadelphia
The classroom topic was real estate, and the conversation turned to homes for sale in Philadelphia. The instructor, Ron Carriola, managing director of the commercial real estate giant Jones Lang LaSalle Americas, Inc., asked a roomful of twenty-somethings how many of them eventually wanted to end up owning a home in the suburbs. Carriola recalled, as quoted in a recent Philly mage article, “100% of them raised their hands”.
So what are the drivers behind this pursuit of suburban ownership in the Philadelphia region by the millennials, now a major segment of the workforce? Sam Chandan, president and chief economist at Chandan Economics, speaking at the recent Urban Land Institute seminar on “Emerging Real Estate Trends in 2014”, put it bluntly, “These people don’t want to hear about cheesesteaks, Rocky, and Santa Claus. They want to hear about growth, opportunities, and development”. He went on, “For the first time in 20 years, there’s a significant growth story to tell in Philadelphia.”
David Ricci, partner at the Flynn Company, attributes the rise to the strength of the Philadelphia region’s industrial real estate market. He says that the hottest markets for distribution facilities, the prime drivers of the industrial real estate market, are on the exurban fringes and in the satellite markets of the Philadelphia area. Where there are jobs and strong economic drivers, there’s a strong residential real estate market.
Delaware offers superior real estate options to Philly suburbs
It’s no wonder why communities like Darley Green, a master-planned community of exquisite and affordable luxury condos and townhouses located only twenty minutes from Philadelphia, are on every smart buyer’s short list of new construction homes for sale near Philadelphia. As Julie Smith, president of Bozzuto Management, a real estate management firm, says of the new residential market, “People are valuing access”.
Real estate experts are also noting that buyers looking at homes for sale in Philadelphia and in particular for new construction homes for sale near Philadelphia, want to live, work, and play in the same area.
Darley Green is the ideal opportunity for young homeowners to raise their families in a well-planned master community of highly affordable and luxurious townhomes and condos, have a short easy commute to work freeing up more family time, and be surrounded by wide-open green space, parks, and all the beauty and culture Delaware has to offer.
Millenials can save more at Darley Green
These millennials are also wise beyond their years when it comes to their hard-earned dollars. Homeowners at Darley Green, near Wilmington, Delaware, while only a short commute to work in Philadelphia, enjoy the amazing benefits of living in one of the most tax-friendly states in the US. Darley Green homeowners pay no sales tax, no estate tax, and extremely low property taxes. It’s not surprising that Darley Green homeowners are coming from states like Pennsylvania and New Jersey to keep more of their income for their own savings and enjoyment.
Why not step out from the pricey Philadelphia suburbs with higher property taxes when you can enjoy up to 2,500 square feet of space and custom layouts for below-market-value pricing in nearby Delaware?
Call Amy Maluski at 302-655-2600 to learn more about Delaware’s finest condos and homes that offer convenient accessibility to Philly’s best beauty and shopping experiences.