Good post. Amazing how these Philadelphia realtors are still kinda insisting "we're not one of
those markets" when in fact we're now worse than some of the previous bubble markets on this metric. I hope some of these local realtors pull their heads out of their collective asses and read this (including one of my own friends). Mike Smerconish's realtor wife Lavinia wrote an extensive article in 2008 for Philadelphia Magazine saying this. And still some buyers are bending over backwards for sellers who are asking unreasonable prices. In fact my other friend put in a bid for a place and actually came up to meet the seller and worst of all it was a house with old, original owners and lets just say the house never got "modernized."
Granted, I realize we're not San Francisco or NYC, but I can still see them with a higher multiple based on constrained supply and tougher geography. Not so in Philadelphia- you can expand in every which direction forever.
