NASCAR took over Center City Philadelphia to remind you to move fast on your Condo Search
Spring is in the air and, as we’ve been saying in a post or two, people emerge from winter hibernation ready to buy a new cave. NASCAR doing burnouts in Center City might just have woken up a few more folks. So, make sure you take care of your pre-search details, look at the high end prices, then expand your search to get a complete perspective, and then the best part is getting to the viewings!
The spring buying trend impacts luxury condominium sales in Philadelphia too, though condos have been going fast and prices going up for awhile. This is great for the seller, but not so good for the buyer, however with careful exploration and you can still find good deals.
Remember. Serious luxury condominium buying in Philadelphia requires careful exploration then fast action, which may mean agreeing to short closing windows and foregoing repairs. Especially if you’re just starting a search now, having financing in place is essential to a good condo search even more than buying a house. Here is a look at the price trends and reasons to expand your search.
The Million Dollar Philadelphia Condos
Prices are going up, and there is growing demand for luxury condominium buying in Philadelphia. A February 2018 article in the Inquirer by staff writer Caitlin McCabe detailed the recent phenomenon of the “million dollar condo” in Philly. According to public record, there were 144 condo deals over $1 million in Philly in 2017.
While there are condos in all price ranges, serious luxury condominium buyers in Philadelphia should be prepared to pay more this year than last. For luxury condominium buying in Philadelphia, now is the time, since next year prices are likely to be even higher.
Experts remind buyers that there is typically a monthly maintenance fee associated with condo ownership. Prices will vary based on the amenities provided, but fees typically covers trash, property insurance, water, basic cable and exterior maintenance. There are a number of details in building contracts so make sure you review the details carefully with your buyer agent.
Look outside of Center City for the better Philadelphia Condo deals
If sky-high prices are making you dizzy, make a couple adjustments in your search:
- Look at buildings like 2200 Arch, The National, and Bella Vista Lofts.
- Rent, but be just as careful in your search, keep an eye out for new construction especially.
While Philadelphia’s Center City has events like the NASCAR street takeover, 2 new parks with the updated Love and Dilworth Parks, and all the museums one could need, remember that Northern Liberties, the Delaware Waterfront, and other neighborhoods with Condos are a very short trip away. By expanding your search just a little, you can save a lot.
If you are going to rent, there’s a lot of new construction going up to keep your eyes on. With the additional inventory, even for rentals, hopefully there will be more options but even these new rentals are going quick.
Buying a condo is a serious endeavor, which can make the speedy decision timelines and domino-like closing process particularly unnerving, especially for first time condo buyers. Make sure to have your condo price range in mind, the neighborhoods you like, a few buildings narrowed down, and, of course, financing in place; if you have these pieces taken care of you are less likely to have emotional or competitive reactions, even if you’re starting a search later in the year.
Below are a few Philadelphia Condo listings from our past newsletters that deserve a second look.