The Drake Tower / Condo Only Comps / Guess what I heard?!

 

Your Center City Condo Newsletter -  March 2018

Condo Only Comps
...for the die-hards

19102 - Broad to 16th Streets
Number Of Active Condos For Sale = 59
Number Of "Pending" Condos = 12
Number of Sold Condos in Past 12 Months = 90

19103- Rittenhouse/Fitler/Logan Circle
Number Of Active Condos For Sale = 113
Number Of "Pending" Condos = 36
Number of Sold Condos in Past 12 Months = 313

19106- Old City/Society Hill
Number Of Active Condos For Sale = 66
Number Of "Pending" Condos = 17
Number of Sold Condos in Past 12 Months = 231

19107 Washington Square West
Number Of Active Condos For Sale = 53
Number Of "Pending" Condos = 9
Number of Sold Condos in Past 12 Months = 116

19123 Northern Liberties
Number Of Active Condos For Sale = 57
Number Of "Pending" Condos = 15
Number of Sold Condos in Past 12 Months = 107

19130 Art Museum Area
Number Of Active Condos For Sale = 55
Number Of "Pending" Condos = 19
Number of Sold Condos in Past 12 Months = 222

19146 Graduate Hospital Area
Number Of Active Condos For Sale = 34
Number Of "Pending" Condos = 10
Number of Sold Condos in Past 12 Months = 86

19147 Queen Village/Bella Vista
Number Of Active Condos For Sale = 33
Number Of "Pending" Condos = 15
Number of Sold Condos in Past 12 Months = 118



I Hear.....

The Packard Grande will soon vote on a $3.4M loan to replace the windows, repair the fa├žade, and replace elevator cables. The bulk of the cap-ex (capital expenditure) is for windows - $2.7M. If the association does not approve the loan after its meeting on 2/15, the board will have no choice but to approve essential repairs and pay for them via a large special assessment.

My two cents....
 Flippin' fantastic. Because when I'm showing a unit at 111 S. 15th St. my buyers almost always notice the aged windows.  And that ain't good (in terms of resale). This is a wonderful example of a smart association doing what is best for its owners.


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This is the Drake Tower at  1512 Spruce St .


Built in 1929, the Drake 
stands as a magnificent addition to our skyline. 

Here's what you don't know:

  • It IS a condo building. Back in the 1970's they converted to condos with a less than enthusiastic welcome.
  • Per public records, only five (5) units are privately held - the other 300 units are owned by one entity and are used as RENTALS.
  • The penthouse units start on the 24th floor.
  • Through most of the 1990's- all penthouse units were vacant shells. 
  • Some penthouses housed gardens and the top penthouse had its own pool
  • The building is faced with small details of ships, mermaids and other sea paraphernalia

My first apartment was in the Drake in the late 1980's when Duran Duran was on MTV
 and telephones had cords.

Spring 2018

Three Recent Condo Sales That You 
Should Know About:

1) 314 N. 12th St. # 1005
Very interesting bi-level penthouse with 2000 sq ft settled recently for $690k. Had a spiral staircase and no parking. That is not a bad price for The Old Shoe Factory lofts.

2) Waterfront Sq. # R-2022
Views and space we're phenomenal. I heard unit was in an estate and I think buyers got a good deal at $780k for this 2178 sq ft. unit on the 20th floor- 3b/3.5ba.

3) 2026-30 Chancellor St.
I sold this unit back in 2005. Stunning location- like wow! 740 sq ft one bed with nice finishes. Sold for $310k



                                                                                                                                                    MarkNew  

Mark Wade 
Saturday AM is my favorite time of the entire work week.

All buyers, no office work and a full day of looking at some
really cool condos around town.
It just never gets tiring....Even after 29 years.






BHHS Fox & Roach Realtors
Society Hill Office
215.627.6005

215.521.1523 direct
Mark@CenterCity.com


The best time to get me is in the AM 
when I'm hopped up on four
cups of Maxwell House.