Some Fact's About Vacant Housing:
- The most recent data (2011) from the Philadelphia Water Department (which supplements is turnoffs with visual verification of vacancy) indicates almost 40,000 vacant lots.[1]
-The same Water Department data indicates that the overwhelming percentage of empty buildings were residential (91.5%).[2]
-The 5th Councilmanic District of Philadelphia (North Philadelphia, Temple University) had the worst abandoned property percentage in 2006 at 8.95% of all houses being abandoned. The number of abandoned homes rose from 7.77% in 2002 and is about 4 percent higher than the city-wide average. [3]
-Temple University’s Center for Public Policy estimated the negative impact of vacant property on the value of nearby property to be more than $7,500 per property. Based on this study, the aggregate decrease in total property values could reach several hundred thousand dollars per foreclosure in densely developed areas.[4]
[1] http://www.neighborhoodindicators.org/library/catalog/vacant-and-abandoned-property-philadelphia
[2] http://www.neighborhoodindicators.org/library/catalog/vacant-and-abandoned-property-philadelphia
[3] http://cml.upenn.edu/nbase/nbStatsAction.asp
[4] http://www.phila.gov/ohcd/nsp/Philadelphia%20NSP2%20application%20final.pdf
Yikes, that can't be good for Philadelphia real estate! Hopefully those buildings will get fixed or demolished in hopes of cleaning up neighborhoods.
ReplyDelete-Jackie