"When trading up isn't an option" (Inquirer)
Inga Saffron, real estate critic, from The Philadelphia Inquirer, wrote a great story on third story additions in the city. 3rd Story Philly's Phil Katz was interviewed for the piece!
No one in the city has a good handle on how many overbuilds are going up. But Phil Katz, a developer-contractor who named his company 3rd Story Philly, says he is getting three or four requests a week from homeowners. He has overseen about eight additions, including his own in Bella Vista, since his website debuted two years ago.
Increasingly, the calls are coming from Port Richmond or Brewerytown. Home prices in those neighborhoods are generally too low to justify the investment in a third story, Katz says. But who knows? As more people get priced out of Philadelphia’s core, they are swarming into lower-priced neighborhoods..."