Sales Data Sept. 2015 / What's Up With 2301 Cherry?? / Le Grenier

                                                        

Mark Wade's Snarky Yet Honest Insight Into The
Center City Condo Market.
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ON THE FRONT LINES OF THE CONDO MARKET FOR 26 YEARS

Mark Wade




 

What's wrong with River's Edge Condos at 2301 Cherry?

Once an overlooked condo building in town due to what I believe was a lack of ongoing maintenance and an aversion to capital improvement projects....




Not much is wrong with the building today. If you haven't been paying attention, River's Edge is one of the hottest buildings in town if we look at sales stats within the building on a year to year basis. And if I were going to be placing my money on almost any building in town with the hope of value escalation- I would be parking my money at 2301 Cherry St. Here's why:

Located close to the Schuylkill River jogging trail- every condo at River's Edge has parking and most have balconies. Many face west with really stunning views of the river. Units range in size from 1087 sq ft to 2420 sq ft. plus a 24 hour doorman in the coveted 19103 zip code!

The condo board and the association started (a few years back) to start assessing owners to make a variety of improvements- the kind of improvements that no one likes to pay for...like elevator repairs, behind the walls electrical, window replacements, hallway upgrades, lobby renovations, replacement of the main chiller on the roof, etc, if I am not mistaken.  It is not uncommon for a building that is showing its age and faced with assessments to suffer from a lack of sales during such a period. But oh my how all that is changing at 2301 Cherry and sale prices and demand reflect such a change.

As new blood enters the building in terms of occupancy and as more money is being invested into the parcel, I would expect values to soar at a rate that will outpace other buildings in the area. And HOPEFULLY they will do something about their restrictive pet policy which I see is the ONLY issue that hampers value and demand. Even if the board puts severe restrictions on dogs (say- for owners only, breed and size restrictions, etc) they will benefit from further rise in demand and value.   So if you see a unit come available at River's Edge....take a good look. You may be in for
a strong return and a great unit in a fantastic location!

For more info on the building -   http://centercitycondos.com/high_rises/rivers_edge.html

 






JUST A LITTLE BIT OF REAL ESTATE HUMOR




Picking Apart: 
 Le Grenier
1034 Spruce St.



These Philadelphia condos at 11th and Spruce Streets offer sleek, contemporary, condominium units in a very desirable Washington Square West location - a five minute walk from Center City shopping, dining & nightlife and a short walk to Jefferson Medical University Hospital! 1034 Spruce Street is an elevator building, with a modern lobby and attractive common hallways throughout. Bicycle storage is offered in the basement. Most units offer wood floors and large bright windows. Boutique in nature, Le Grenier houses a limited number of flats on each floor and every condo unit in the building has a buffer between units- be it a staircase or elevator. A wonderful addition to the Philadelphia real estate set, the Washington Square West condos show very well, have great light and the upper level units have fantastic Philadelphia skyline views!




Additional Information:
  • Neighborhood: Washington Square West
  • 19 Total Condominiums
  • Parking available at 11th and Clinton
  • Condos are 973-1101 Sq. Ft.
  • Elevator
  • Pet-Friendly
  • Individual HVAC with Central Air
  • Washer/Dryer in Units
  • Cross Streets: 11th and Spruce
  • Walk Score: 97 out of 100
  • Compare to: The Clinton Condos, 251 S. 24th St. Condos 

 

 

Le Grenier Condos at 1034 Spruce Street- My Two Cents
Le Grenier condominiums (aka 301 S. 11th Street) is located on the southeast corner of 11th and Spruce Streets, this project arose from the ashes of a former kinda' icky apartment building that caught on fire and burned back around 2002 or so. Le Grenier has a maximum of three units per floor...and no two units on any floor share a dividing wall- between units one and two is the elevator shaft and between the other two condos is a stairwell (so perhaps no noise from the neighbors).
We have sold four units in this 19 unit building and I think the lack of alternatives in terms of proximity to Jefferson Medical, as well as a great central location in town is really a strong "one-two" punch. Rental parking is across the street and you can ALWAYS catch a cab outside your front door at this address. I think this modern looking little mid-rise condo building is really kinda' hip and modern and there are not many similar buildings around town like it. 1034 Spruce Street. condos max out at just over 1100 sq ft and are popular with the Jefferson Medical set due to proximity. Floor to ceiling windows provide superior light and views and the condos at LeGrenier are finished in a modern hip way with nice baths and open kitchens. And the higher floors have a killer view of the skyline. 1034 Spruce offers no amenities beyond an elevator and some bicycle storage in the basement. The lack of shared amenities equates to condo fees being reasonable. Each unit has its own HVAC system and hot water tank. The building has handicapped modifications in the lobby and a ramp. I think 1034 Spruce Street has a built-in resale market being so close to the neighboring hospitals. I would look for values to hold steady over the next decade or so and I think the units at Le Grenier are a smart buy and we have named the building one of the Ten Best in Center City 2009 .
Rarely available..buy 'em if you can find 'em!

 

My services are free to buyers- The seller pays my fees in the state of Pennsylvania 

MarkNew
          


Mark Wade 
 
Berkshire Hathaway Home Services 
Fox & Roach

530 Walnut St. Suite 260
Philadelphia, Pa. 19106
215.627.6005
Mark@CenterCity.com 

 

 
I have been with the same Real Estate firm for 26 years now. They give me a piece of Lucite shaped like a pyramid every year to honor my sales achievements. Imagine my excitement.