Year by Year Condo Sales - A Quick Glance |
Recipe For Depreciation |
Naval Square Insight & Drone Footage! | 
Your Center City Condo Newsletter ~   June 2019
Drone Footage at Naval Square
Naval Square Condominiums - Drone Footage

So, what do I think of Naval Square now that it's 
been  around    for over a decade?

Naval Square is a gated neighborhood of Southwest Center City that served as the first United States Naval Academy from 1834 to 1845
before the Academy formed in Annapolis.

Purchased by Toll Brother's over twenty five years ago, the parcel sat vacant until early 2000 when construction began. The sales began in 2004 and Toll continued to build and sell the complex until early 2014.

The entire community is now sold out, yet resale properties do exist.
With a total of 601 units built- the complex offers the widest possible variety of town homes and condominiums within its gates. Almost all units include parking and some units have storage areas. The center building in the complex has a concierge who can collect daytime deliveries and dry cleaning. Naval Square offers a seasonal pool, and a year round gym which is probably one of the better sized gyms in town. Naval Square sits on 20 acres of manicured grounds with some lovely classic architecture.
All units in the complex are designated as condominiums- even the 4 story townhouse styled homes. There are a number of stacked townhouse styled units (one unit lower, one unit upper) and the center main building known as Biddle Hall houses studio, one and two bedroom condos. In addition, there are several newer buildings (four in total) that each house approximately 40 units. 

One Recipe For
 Depreciation In Your Condo

    A dozen years ago, Center City saw a BOOM in new construction. The number of available condos in town SKYROCKETED and after a decade or so, many of those condos came back on the resale market.

One of TWO things likely happened:

1) The owners took very good care of the property and upgraded with some groovy paint, maybe replaced a few of the contractor grade lighting fixtures, added some new mirrors in the bathroom, wall paper on accent walls, etc. When they sold they saw a 10% increase in their value.

2) The owners used the condo then rented it out to Billy the careless tenant who beat the hell out of the place. And now a Foosball table sits in the middle of the dining room and a smelly futon graces the living room. The condo hasn't been updated or painted and now it smells like Billy. It would likely be that when these owners sold, they did so for 10% LESS than they originally paid.

Not uncommon. Why? Because buyers don't buy bricks and mortar, they buy feelings and emotions and a 20% price spread between a gorgeous condo and an ugly one is right on the money, generally speaking. 

Which would you rather?!

Really Groovy Condo  Sales Stats!

Center City (River to River/Girard to Washington Ave):

Number Of CONDO Sales 6/2018 through 6/2019 = 1144
Number Of CONDO Sales 6/2017 through 6/2018 = 1307
Number Of CONDO Sales 6/2016 through 6/2017 = 1190
Number Of CONDO Sales 6/2015 through 6/2016 = 1162
Number Of CONDO Sales 6/2014 through 6/2015 = 1023
Number Of CONDO Sales 6/2013 through 6/2014 = 952
Mark Wade 
Saturday AM is my favorite time of the entire work week.

No office work and a full day of looking at some
really cool condos around town.
It just never gets tiring....Even after 30 years.

BHHS Fox & Roach Realtors
Society Hill Office

215.521.1523 direct

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