Zillow listing of 35 West Philly homes stirs debate
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A viral TikTok highlighting a Zillow listing of 35 properties up for sale in a pocket of West Philly is stirring concerns about rapid changes and displacement in the area.
Why it matters: While Cobbs Creek has preserved its identity as a moderate-income, primarily Black residential neighborhood among fast-gentrifying areas of West Philly, this one-time, large-scale property sale could derail that.
Driving the news: The $7-million listing boasts a "portfolio" of fully occupied single-family homes in "red hot" Cobbs Creek.
- It's pitched in real estate agency Compass's memo as an investment opportunity with some "under-valued rents" close to amenities and public transit. The Zillow listing has been up for more than 80 days.
- TPD Real Estate LLC owns the properties. Axios' efforts to contact TPD were unsuccessful.
The big picture: Investors have been snatching up homes in the Philly metro in recent years, particularly in Cobbs Creek and parts of North Philly.
The intrigue: The listing has drawn widespread attention after it was featured in a video by TikTok creator sierrakatherinee last week. The TikTok has been viewed more than 61,000 times.
- Yes, but: Martin Goldfarb, a Compass real estate agent on the listing, tells Axios the TikTok included "inaccurate information."
Zoom in: The homes for sale are spread out over more than 30 blocks, Jeff Block, another Compass agent on the listing, tells Axios.
- They include 27 three-bedroom homes, seven four-bedroom homes and a single five-bedroom house, per the listing.
- The majority are located in Cobbs Creek, while others are in Angora, Carroll Park, Hestonville and Kingsessing.
- Block said the owner, whom he declined to name, was looking to sell because they no longer have "specific ties to Philadelphia."
By the numbers: The current net operating income for the properties is more than $455,000, per Compass documents.
- Meanwhile, the total monthly rent for the properties is approximately $46,300, with rents ranging from about $1,100 to $1,800.
What they're saying: Larissa Mogano, president of the Cobbs Creek Neighborhoods Association, tells Axios she's worried the sale could bring rising rents or displace residents amid an affordable housing crisis.
- "The hairs on our necks stand up when we see something like that," she said about the listing. "This is big change all at once."
The other side: Goldfarb said there was interest in the property package.
- "There's always interest when there's an investment with this return," he said.
Councilwoman Jamie Gauthier, who represents the area, tells Axios in a statement she's reaching out to the owner to ensure the sale is not disruptive to tenants.
- "We have a responsibility to push back against the corporate takeover of the housing market and ensure Philadelphia remains a city of neighborhoods," she said.