Smoking & Pet Bans- Affect Condo Values? /Condo Inventory & Sales Per Neighborhood/  Sales Per Building Past 12 Months


                              
                                                        

Mark Wade's Snarky Yet Honest Insight Into The
Center City Condo Market.
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With 1700 Pages to my website in total-
there is a sh*t load of Center City condo info
 that will make your head
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ON THE FRONT LINES OF THE CONDO MARKET FOR 26 YEARS

Mark Wade

Smoking Policies Affect On Condo Values

   I have had groups of buyers in my car almost everyday for the past 26 years and after talking with and listening to an overwhelming number of buyers- I do not believe that a restrictive smoking policy will negatively affect values. It may decrease demand nominally, but overall I do not see how a smoking ban would, could, or has negatively affected any values for condos in Center City.    I also think that the world is gravitating towards smoking bans in many areas (not just residential condos) and think the trend will continue. So unless a buyer wanted to move to the moon- there really is no avoiding the non-smoking trend and therefore really will not hamper values in my opinion. The following are condo buildings that have a NO SMOKING policy in effect:


Symphony House at 400-440 S. Broad St.
Society Hill Towers at 200-220 Locust St.
Hopkinson House at 604 S. Washington Sq.
 The Rittenhouse Hotel & Condos at 210 W. Rittenhouse
The Dorchester at 224 W. Rittenhouse



    I think more damning to values of particular buildings in town would be restrictive pet policies. 

   It is difficult to argue that the largest buildings should allow dogs. Yet implementing restrictions based upon size and breed may ultimately increase demand and ultimately resale values. I have seen many buyers in my day pass on particular buildings due to restrictive pet policies.  Buyers will more readily give up on a particular building than to give up their pets...reasonably so. 

Condo ONLY Sales And Inventory Data
(When I have nothing better to do, I like to run through all MLS data...)

2401  

19102 - Broad to 16th Streets
Number Of Active Condos For Sale = 41
Number Of "Pending" Condos = 8
Number of Sold Condos in Past 12 Months = 72


19103- Rittenhouse/Fitler/Logan Circle
Number Of Active Condos For Sale = 89
Number Of "Pending" Condos = 31
Number of Sold Condos in Past 12 Months = 244


19106- Old City/Society Hill
Number Of Active Condos For Sale = 103
Number Of "Pending" Condos = 30
Number of Sold Condos in Past 12 Months = 160


19107 Washington Square West
Number Of Active Condos For Sale = 48
Number Of "Pending" Condos = 8
Number of Sold Condos in Past 12 Months = 97


19130 Art Museum Area
Number Of Active Condos For Sale = 82
Number Of "Pending" Condos = 30
Number of Sold Condos in Past 12 Months = 187


19146 Graduate Hospital Area
Number Of Active Condos For Sale = 40
Number Of "Pending" Condos = 10
Number of Sold Condos in Past 12 Months = 88


19147 Queen Village/Bella Vista
Number Of Active Condos For Sale = 67
Number Of "Pending" Condos = 19
Number of Sold Condos in Past 12 Months = 85




So just what the heck does this all mean?

Pretty simple equation- shrinking inventory coupled with growing buyer demand means that condos are selling for much closer to asking price than a year ago, they are selling faster, and there are fewer options.

AND...the spring market will "officially" be here in a week or two- When we hit our first 60 degree day, the buyers will come out in full force.
This scenario is playing out all over town- be it in the condo or the single
family segment.

Prices are going up. 
Period.


How MANY sales per building in past 12 months?

 

 

Philadelphian- 35
Society Hill Towers- 13
Academy House - 17
Dorchester- 9
Hopkinson House- 17
City View- 39
Independence Place- 9
2601 PA. Ave- 30
WaterFront Square - 33
Wanamaker House- 2
The Murano- 25
The Savoy- 9
Center City One- 3

Symphony House- 12

1352 South- 12

The Ellington - 12

Locust Point - 13

 

 

And interestingly enough...

Low Rise Condos On Spruce St.

From River to River = 39

 



Buy a condo from me or get out of my car - LOL

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. Imagine my excitement....