Murano and The Phoenix...Post Auction

 

How are the two buildings doing in terms of

                                       sales, resales, and value retention? 
 
After initial sluggish sales, both High Rise 19103 buildings (developers) opted for an auction to move unsold units with their building. I believe the long-term results were nothing short of a huge win for the condominium associations as a whole, and the Murano and Phoenix are now two of the hottest selling condo buildings in town. By reducing unsold inventories, the buildings are today both close to being sold out, the associations have taken shape, and the building is not subject to future price reductions by the developers- there would be no need with demand strong in these two buildings.
If we look at the resale market at the Murano in the past year, I think it indicates some stability- the units don't sit on the market for long, and have sold well. Ditto for the Phoenix.
The Murano is weighted with a fair number of large upper floor units, and as to be expected, those are the last units to either hit the market, or to sell. The bulk of the unit at the Phoenix that remain unsold (in my opinion) are those that are tenant occupied. That number is shrinking weekly, and the owner occupancy ratios within both buidlings remains high.
I wouldn't expect many short-sales or foreclosures in either building, which will help to further stabilize prices in the long run.  All in all, I believe the auctions were  necessary  to make these two building TWO of the fastest selling building in the past few years.

  

 
CenterCityCondos.com

BY THE NUMBERS.....

 

 

HERE ARE THE NUMBER OF CONDOS SOLD/SETTLED IN 2011

BY PRICE RANGE (ACCORDING TO TREND MLS) IN

  CENTER CITY 

 

$      0 -  $100K = 32

$ 100K - $200K = 93

 $ 200K - $300K = 191

 $ 300K - $400K = 132

$ 400K - $500K = 54

$ 500K - $600K = 33

$ 600K - $700K = 22

$ 700K - $800K = 15

$ 800K - $900K = 11

$ 900K - $ 1 M  = 12

OVER    $ 1 M =  22

 

 

 

 

 

Crappiest  MLS Photos EVER...click here
Fall 2011  Issue: 2
Philadelphia Condos
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Mark Wade 

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Mark Wade

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UNDERVALUED AND UNDERAPPRECIATED?
I am often asked which are my favorite buildings in Center City? That answer changes with time. As some building invest in capital expenditures to upgrade, update, and improved, my feelings towards those buidlings change. Though I do tend to favor buildings that are in my opinion undervalued in today's market.
 
Top 5 Favorite, undervalued condo buildings in town:
 
1) 2301 Cherry St.- Rivers Edge - In 19103, with parking and nice layouts
2) 1326 Spruce St. - Center City One - New hallways would skyrocked values
3) 2401 Pennsylvania Ave.- The Philadelphian- Stunning Values
4) 1001 Chestnut St.- The Victory Building- Should be annexed by Jefferson Medical :-)
5) 901 N. Penn St- WaterFront Square- I live here. Enough said....