Symphony House developer Carl Dranoff was looking for a sure fire way to draw million dollar condo buyers to his development and opted for a method that we are seeing more and more of in today’s market. Dranoff decided to incentivize. Only this time, developer Carl Dranoff put a twist on the idea and opted to throw in some unconventional incentives to make the deal sweeter. Even though 85 percent of his 167 units are already sold, Dranoff has offered to include a Smart car (retail value: $16,590) and a $75,000 parking space in the high-rise’s garage to go with the next three units sold.
The Symphony House development soon to be featured on www.newcondosonline.com is not the only luxury condo development in Philadelphia to offer some very enticing incentives. Others include the Residences at Two Liberty also to be featured on www.newcondosonline.com in the near future and is offering its buyers three free years of valet parking,” when buying a condo according to Ruth Hirsh Lincoln, whose firm represents the developer.
These types of marketing incentives are icing on the cake to new condo buyers in the area considering purchasing a new condo as astute buyers are stepping out from the sidelines to buy in the Philadelphia condo market. Despite a credit crunch and a downturn in the housing market in some areas, the luxury condo market in other metropolitan areas are fairing well and Philadelphia is a perfect example. Although overbuilding and speculative investors have created problems in some condo markets such as Miami, Las Vegas, and Boston, Philadelphia remains healthy for the long term due to the absence of either element.
The Arts Condominium isPhiladelphia is fantastic. Philadelphia is a wonderful city for many reasons, but the Arts bring the city to life. Perfectly situated in the hub of the Avenue of the Arts, The Arts Condominium is priced to sell.
See a show at the Theatre and eat some fine food in walking distance of The Arts Condominium. Avenue of The Arts lights up the city during the holiday season. 13th and Locust street is a great place to live and enjoy the best of Philly.
I just recently visited Philadelphia and toured all the new Philadelphia condo projects. Waterfront Square was the first major condo project in Philadelphia that was recently completed last year. The project is planned for 5 high rise condo towers and 2 are already completed. The 3rd tower just started construction last week. There are about 30 brand new condo developments in Philadelphia right now with several more recently announced. Rittenhouse Square and Northern Liberties are the two hottest areas in Philadelphia right now. There are also several projects downtown that only have one unit per floor. We are not currently seeing projects like this in too many other markets besides the Philadelphia condo market. It will be interesting to see if these units get picked up quickly.
Philadelphia is a wonderful place to live. Although the weather is not quite as warm as San Diego all year, the people are warm to each other. Lofts at logan View is a great opportunity to grow a family in Logan Square.
William Penn is to thank for the intelligent design of Philadelphia and Logan Square is one gem we have to be grateful for the vision of planning a city. Lofts at Logan View are located at 17th and Callowhill, surrounded by delicious places to dine. Don’t miss a meal at the Rose Tatoo after you buy at place at Lofts at Logan View, tell the manager The Greek sent you!
Visiting the family over the Thanksgiving holiday is always fun for at least a little while, but trying to enjoy life in the Suburbs is a challenge as I mature in life. Growing up near horse farms was fun with plenty of room to throw around a football in our back yard, but now being far from the city is not my cup of tea.
NewCondosOnline.com is a wonderful resource for Philadelphia Condos and I have been putting on my best sales pitch to move the family to a fantastic condo in Philadelphia. We had the pleasure of visiting friends last night who recently moved from the Suburbs to a gorgeous Condo in Philadelphia. Philadelphia Condos are great for parents and kids. This year we will be celebrating Thanksgiving in the suburbs, but next year we will have our turkey and stuffing in a Philadelphia condo if I have anything to do with it.
Growing up in the City of Brotherly love was a wonderful experience. The Eagles, Sixers and Flyers have had some great years even without a championship lately. When the championship parades do come down Broad Street, it would help to have a prime viewing spot from a fabulous Philadelphia Condos. Even though Philadelphia was our Nation’s first capital, the city seems as fresh as ever with hip new condos and cool restaurants.
Make sure to have a prime spot for one of the many championship parades down Broad Street. Center City has some great spots to live, so don’t hesistate to reserve your living location today. Bring your binoculars and watch Philly come alive. We would even make Rocky Balboa proud and take a jog up the Art Museum steps.
A new development is on the horizon. Byrne Lofts will be available next summer and is sure to take Phoenixville by storm. Starting at an affordable $175K, these units will feature a fully equipped kitchen, washer/dryer. and full bath(s). If you feel that Philadelphia condos are a little too pricy, Phoenixville condos may be more your taste. From 500 SF to 1,916 SF, these lofts are sure to blow your hair back.
Real estate is at home online
Metro Philadelphia, Thursday September 13, 2007:
Two of the Internet’s young real estate guns were in CENTER CITY. Philadelphia yesterday to discuss life after the subprime mortgage and how long high-priced condominiums can stay expensive.
Philadelphia native Brandon Fishman and financial analyst Brent Gleeson, who partnered three years ago to found NewCondosOnline.com, sat down with Metro while on tour of several cities featured on their heavily trafficked site.
What kind of feedback have you gotten from builders? Gleeson: In this market, 80 percent of people start their search online. So if these old school developers used to spend $50,000 a weekend to advertise in papers like the Inquirer, they’re now actually spending in papers like the Metro or online advertising that’s a little more cost effective.
On your site, there is a large list of city condos and the lowest asking price of most is $280,000. Is there any chance of that number going down for the buyers who can’t afford that? Fishman: In downtown Philadelphia, the high $200,000s is probably the low end you’re going to see.
And it’s not going down? Fishman: We don’t believe so because the construction costs are high enough to prevent the builders from dropping them any more. They would have to take a loss if they go any further. Gleeson: If anything, they’ll drop the prices on the high-end units.
What is the argument right now for buying instead of renting? Gleeson: It’s always looked at as black and white. “Why rent when you can own. Get a home.” That’s a sales pitch. You have to look at your own financial situation.
We will be traveling to Philadelphia soon to meet with several publications there about www.newcondosonline.com and the Philadelphia Condos that we represent. Waterfront Square started off all the development when they announced their 5 towers about 5 years ago now. New Towers are coming up all across the city and expanding into the suburbs of Philadelphia as well. At NCO we have an exclusive feed with www.philadelphia.com so that when our clients have a listing with us they also get their listing on a special condo section of Philadelphia.com.
We now represent 25 new condo projects in Philadelphia. They include projects such as The Arts, Locust Point, The Ellington, Nouveau, The Phoenix, and others. Check them all out there http://www.newcondosonline.com/pennsylvania-condos/philadelphia-new-condos
Here is an overall update on the market from “The Evening Bulletin’s website:
Philadelphia – The city of rowhouses is well on its way to becoming the city of downtown condos.
New or recently completed construction marches from river to river and from the outskirts of the Benjamin Franklin Parkway south along Broad Street. Center City has always been a signature address, but the concentration of interest in these cliff-dwelling monoliths seems to have become a distinctive trend in the new millennium.
Some of the condos are being snatched up by baby boomers with an empty nest looking to return to city life. Other baby boomers looking to buy their young professional children a place downtown. Some are seen as investments, others as weekend homes or places to comfortably layover during the creeping commute between New York and Washington.
If there’s a crisis right now in the national housing market (and most realtors think there is), one specific local market seems well positioned to weather the storm.
High-rises condominiums in Center City continue to sell at healthy rates, realtors and developers say, with the market experiencing only a slight – and some argue healthy – slowdown. Buildings still under construction have sold significant portions of their condominium stock already. One project has sold half its condominiums even before the first brick has been laid above ground level.
“The great thing about Philadelphia is that we’re very diversified in the industries that feed into our area, and we always survive very well when the market turns down a little bit,” said Virginia Garden, a regional vice president with Fox and Roach Realtors. “We always seem to keep afloat much better than other cities.”
950Mode is the latest Philadelphia new condo community on NCO. The project is going up in Northern Liberties, which is located on the water and continues to 6th Street between Callowhill & Girard Avenues in Philadelphia. 950Mode will have 28 condo units ranging in size from 748 – 1,802 sq.ft. and priced from $300,000 – $685,000. This historically down-to-earth and artsy community has been infused with a fresh, hip new sensibility and trend-setting style; great architecture, shops, galleries, restaurants & clubs, mixed with a one-of-a-kind local flavor. Forbes.com ranks Northern Liberties #11 in their “Best Neighborhoods to Buy a Home” out of all US zip codes…the greatest property value appreciation.