Philly Living Blog

Anyone who has been in Old City in the last few years knows about the National.  As is typical in new construction, while the sales center is wrapping up the last 20% of sales, people who bought early are starting to sell.  This is often the best time to get a deal.

Unit 3e3 in the 10-story building on Bread Street has just hit the market.  It’s an 1,106 sq.ft. 2-bedroom, 2-bath corner unit with a balcony overlooking Bread and a full-size parking spot in the underground garage.  More importantly, because it was purchased at pre-construction prices, the owner is able to sell it for substantially less than what similarly sized units are being sold for by the developer.  This unit is listed for $519,000 and is fully upgraded while the same size units in the same building without upgrades are being sold by the developer for $560,000+.

What’s the bottom line?  In this market, it’s hard to find homes where you can feel confident that you’ve bought with equity built in.  Not only do you get equity here, but you get a beautiful new home in one of the most secure developments in the city.

The Residences at Fairmount Quarters have my eye as the best new project for quite some time.  With prices starting around $240/ft. and only going up to about $380/ft., on price alone this is a great deal for center city and Northern Liberties.

Situated between 4th and 5th on Fairmount, this small building contains 15 completely unique residences.  Soaring ceilings (15+ feet) make the already large spaces feel even larger.  Where else can you find an 897 sq.ft. studio?  The builder has done an amazing job at keeping the original character of the building by saving old brick floors, amazing metalwork, and even the steer-head gargoyles on the front of the building.  Neither floorplans or written descriptions can really explain what a great and unique space this is.

I expect that these units will sell out within a few weeks.  With immediate equity because the prices are so low, these units are a great buy for either the homeowner or investor.

2026-2030 Chancellor Street - $550,000 (was $575,000)

This is a spectacular carriage house condominium at one of the best addresses in town.  Just a block off the square, you have a completely renovated unit featuring all of the finishes you would expect.  Beyond the usual 10-year tax abatement, the developer convinced the city to add another 3 years, for a total of 13 years.  Best of all, the unit has a 1-car attached garage.

At about $550/sq.ft., this is one of the best deals in town.  The most recent sale on the street (less than one year ago) sold for the same price per square foot and needed to be completely renovated.

As the market is changing, most buyers are starting to negotiate more aggressively.  However, the smart ones are still looking at the market to find those gems that just make sense.  Quite simply, this condo is one of them.

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