Philly condo market recovery – a tale of two markets

What’s going on with the Philadelphia condo market? As I’ve mentioned before, when we talk about the “Philly market” it’s really a variety of markets within Philly. Nothing tells that story more clearly than recent analysis of the condo market recovery as reported by Philly.com.

After all, between the impending delivery of Tom Scannapieco’s 500 Walnut sometime this fall and the opening of Carl Dranoff’s One Riverside this past May, the two luxury towers together are expected to bring 103 new units to the Philadelphia market, totaling $330 million in sales if both sell out as planned.

What’s driving the sales, both developers have said in the past, is demand among the region’s wealthiest residents for an ultra-luxury product that has never existed before. Yet there’s also another primary driver behind their successes: Both condo towers are in Center City. According to a study prepared by Allan Domb Real Estate and Philadelphia economist Kevin Gillen, Center City is the only local market where condo towers are thriving today. Once outside of Center City’s borders, condominiums are generally faltering in Philadelphia, the study found, and have struggled to gain back values lost during the Great Recession.

Luxury Philadelphia condos such as The Residences at Ritz Carlton, 500 Walnut Street and Two Liberty Place are seeing strong sales results.

As with single family homes, Center City is a different market. When I talk to clients from New York, the best way I can explain it is that Center City is our version of Manhattan and outlying areas are in essence, different boroughs – each with it’s own flavor, personality and market.

For a detailed Philly luxury condo market update, click HERE, save favorites and ask questions. You won’t have to register, and can browse at your leisure.

One opportunity you won’t find listed is the 47th Floor raw penthouse space at The Residences at Ritz Carlton, available for $14M. A unique opportunity and the only penthouse of this magnitude and with these views remaining available in Center City. One floor plan option detailed below:

Ritz 47th floor

For more information on Philly’s condo market, contact me and let’s talk.

 

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