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