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July 20, 2008

Icing on the cake for smart new condo buyers in Philadelphia

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‚Äôs 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 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 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.

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