Philadelphia condo values are like the old story of the Tortoise and the Hare.
Slow but steady has been a good way to verbalize how our market has reacted to the ups and downs of the past decade. Our values didn't explode over night back in 2007...and didn't take a huge huge hit in 2010. Stability has been the name of the game. However, prices have of course fallen since say 2007.
THAT IS NOW FINALLY CHANGING IN CENTER CITY.
I think it would be unwise to suggest that prices are going to double in the next few years however, a lack of inventory in a majority of segments in town is creating such a demand that multiple offers and full price offers are becoming more and more prevalent today than say a year ago.
And the Sh*t is really going to hit the fan in the spring of 2013.....
Demand in specific segments is so strong and inventory levels so low- that there is no other logical conclusion to draw than to suggest that prices are going to start to go up- and at a fairly quick, albeit steady pace. Here are Five buildings and or segments that I would watch:
1) The National in Old City- Two beds, parking and tax abated..under $500k. Not plentiful
2) Low Rise Condos Along the Spruce/Pine Corridor: Just so few choices here- And these units always seem to sell- regardless of market conditions.
3) Rittenhouse Square- Under $1,000,000 - The waiting game has already started. Buyers are waiting.....
4) Any Two Bedroom In: Kahn Park Place, 1352 South,The Murano, Phoenix, Locust Point, The Rittenhouse, or The Hopkinson House. Will help if the condo shows well and especially if it has parking. That is the powerhouse one-two punch that is really lacking (parking and a strong visual interior to the unit).
5) A Nice looking condo under $300,000 that has parking. Watch buyers scramble to buy in 2013....
I think the key to really seeing THE BEST rebound in your property value, should you be a seller, would be to get your condo in tip-top shape.
I am not talking about a new kitchen and new bath. I am talking about:
Touch Up Painting
Carpet Cleaning/Resanding flooring
Cleaning - Including grout, tile, caulk, and windows
And putting your closet door back on its track :-)
The Basics. You follow me?
Call me. I have the folks who can help get your condo ready for sale.