7 Truths About Condos In Town /  Video Comp Sales By Zip /
Looking Inside The Exclusive 1830 Rittenhouse Sq. 
Your Center City Condo Newsletter - Dec. 2015

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Detailed Sales Date By Zip Code In Center City
7 Truths About Our
 Condo Market 
...as I see it

1) It ain't about the "GO"- It's about the "Show"
Nobody buys the steak-they buy the sizzle. And buyers initially will come at me with a long list of demands for their new condo purchase. That list evaporates fairly quickly when they actually see something they love. "Maybe I don't need as much room as I thought" is usually the line I hear....

2) Many Condo Buyers Tend To Avoid  Stairs
Not always but more frequent than not. This desire is usually weighted as heavily as say a view . The issue matters to some and is of no consequence to others.


3) Super Clean (yet dated) may equal Newly Rehabbed and Dirty
B uyers will turn their nose up at a dirty condo- even if it is just a few  years old. They just do. However, older condos that evoke a sense of clean and fresh tend to garner high sale prices and a reduced time on the market.

4) A Number of Buildings Haven't Recovered from the 2008 Downturn
The downturn in the market hit many buildings in the "C" and "D" tier fairly hard and owner occupancy ratios, rents and values have yet to recover. It is a long road to recovery, but time is every buildings best friend.

5) Expect Growth In The "Low Rise" High End Segment In Town
 As the average sale price for condos in town rise, many buyers are stepping outside the box to explore options in the low rise segment. Marked by strong locations and unique interiors as well as low condo fees.

6) Not All 1500 Sq. Ft. Condos Are Created Equal
There is just no way any buyer could look at 1200 sq ft in say The Philadelphian and try to equate that with a 1200 sq ft condo at Locust Point. The layout, ceiling height, window size, view and natural light all tend to play tricks on our eyes and minds.

7) I Think Most "Comp Data" Is Skewed Bullsh*t
This may not be a fact, but I think most comp data should be used as an approximation of value and not as a cold hard fact. Ditto for appraised values around town- It just isn't an exact science in my opinion. Our marketplace is just not that precise.






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Let's Break Open 1830 Rittenhouse Sq. for a closer look....

I just sold another unit at the ultra exclusive 1830 last week. Let's take a closer look and see why this building is probably the most sought after pre-war styled building in Center City.
 

Known simply by Philadelphians as "1830", the condominium building sits on the south of Rittenhouse Square and was the first high rise to appear on the Square back in the mid 1920's. Originally an apartment building- this Beaux Arts styled building is hailed as one of the finest examples of pre-war architecture among the condo set here in Philadelphia. The condos at 1830 Rittenhouse are unique in the fact that very few- if any of the condos in the building are alike...having been broken up and added onto over the years. What few know is that there are two penthouse units here- and both are only accessible by taking the elevator to the 18th floor- then walking up a flight of stairs to reach those two condos....when built- these were the maid's quarters/apartments for the "help" in the building....and 1830 is the last remaining condominium building in town that have elevator attendants. The condos range in size from 1000 sq ft one bedroom units to entire floor condos which are over 5000 sq. ft. in size. I believe there may even be a few bi-level condos in the building....but I am pulling that from a shaded memory from years ago. The condos at 1830 Rittenhouse do not offer parking, but other options around Rittenhouse Sq. do exist. The doormen at 1830 are nothing short of kind and helpful. I have sold a few units in the building over the years- just know that there are not a lot of units in the building (41 total). A really fantastic groovy pre-war condo building with lots of cache and some terrific views of Rittenhouse Square. 

1830 Rittenhouse Square Condos - My Two Cents 
Ok...here is what I would call a "destination" condo building. I have had more than one buyer in my career wait for a condo in the building to become available. 1830 Rittenhouse sits on the south side of Rittenhouse Sq. and is the "grande dame" of the pre-war condo set here in Center City. Built in the early 1920's, "1830" was the first high rise to be built on Rittenhouse Sq. and retains its crown as the condo building with the most "cache" to Philadelphians. Almost anyone I speak with who knows Rittenhouse Square knows of 1830... truly holds a place in many Philadelphians hearts. Of the total of only 41 units in the building...and you are never ever going to find two condos at 1830 that are identical. Many units have been combined and split with neighboring condos. There is even a bi-level condo in the building if I recall correctly. 
Condos that face the square are going to sell at a premium price and generally they are the largest condos in the building. Not uncommon to find a "full floor" condominium unit at 1830 either. What I find interesting are the two penthouse condos- originally built for the "staff" and they are located on the top floor of the building and require owners to take an elevator to the 17th floor and walk up the stair tower to the 19th floor. Also interesting is the fact that no one lives on the 18th floor....it is used for residents storage. 1830 is nothing short of a wonderful building and managed by one of the best (David Fineman) management company in town. Condo fees are not cheap, and neither are the condos. Rarely available for sale...buy one if you can find one! No pool, no gym, and no parking. And that is not a problem for resale at 1830. 
I have sold 4 units of the 41 units in the building in my career. 


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                                                                                                                                                    MarkNew  

Mark Wade 

  
                                                          
 ... I may not know what you should buy, but I sure as hell do know what you shouldn't buy in this town. Let's talk about value retention and livability in terms of your wants and needs.


BHHS Fox & Roach Realtors
Society Hill Office
215.627.6005

215.521.1523 direct
Mark@CenterCity.com

CenterCityCondos.com

Thinking of buying or selling? Call me...let's talk.


I Live At Waterfront Sq. Condos.
901 N. Penn St. - 9th floor
Everyone asks, so there you have it....