Despite national downward trends, Center City Philadelphia real estate shows signs of renewed strength in Q2 according the analysis we just completed of real estate sales in the first two quarters of 2007.
For the last few months, we have been noticing that the market has been heating up, but even we were surprised when we took a look at June sales. The sales of Center City homes rose 12.6% last month. Additionally, the median price for homes is now $304,000, 10% more than a year ago. The median is the point where half the homes sold for more and half for less.
Nationally, the story is not as good. According to the National Association of Realtors, sales dropped of 3.8% while the median price increased only 0.3%. These national trends are driving much of the negative press about real estate.
Philadelphia inventory levels did match the rest of the nation. Both markets currently have 8.8 months of inventory for sale which is at record highs.
Why Philadelphia Is Different
Real estate is all about location, and quite frankly, our location in Center City Philadelphia, is good and getting even better.
The city is on an upward swing and the increasing quality of life ensures a growing demand for housing. Just last month, Forbes Magazine ranked Philadelphia the 9th Best City for Young Professionals, beating out Denver, Charlotte, Chicago, and San Diego. This fundamental strength is being recognized nationally and will continue to drive the real estate market.
The second factor helping Philadelphia is our low sub-prime mortgage default rate. Philadelphia’s default rate is within historical ranges, unlike some other parts of the country. As a result, there is less downward pressure on Center City Philadelphia market prices.
Buyers: Good Properties Are Selling Fast!
The number of properties for sale is at record highs but the good properties are selling fast! You should be watching the new listings carefully and be prepared to move quickly if you see something that is priced right.
Additionally, you may be able to find a bargain property that has been on the market for a long time. It is critical that you work with your agent to come up with a buying strategy that works for you.
Philly Living agents can help you find the perfect house. We are experts in the marketplace and can help you put together a buying strategy to find the home of your dreams for no cost. Contact us for a no obligation consultation.
Sellers: Pricing And Marketing Is Key!
Now more than ever, it is critical you set your home price correctly and work with an agent that will proactively sell your house. When the market was overheated, houses would sell themselves. In this market, your agent will need a selling strategy to ensure your house does not get lost in the 8.8 months of inventory. Your agent will need to work with you to price your home correctly AND develop a well thought out marketing campaign to find buyers. Done right, the numbers speak for themselves with housing sale up 12.6%.
At Philly Living we use a proven methodology to get your home seen by more buyers. Contact us to learn how.
Listing says: This exquisite estate is situated on a nearly 5 acres of magnificent grounds.The breathtaking European-style gardens feature an expansive lawn,topiary sculptures,stained glass domed pavillions,romantic resting areas,secluded pond w/bridge&a serene waterfall,enchanting walkways through bamboo&covered arbors,koi pond,meditation point,fountains,statuaries,water gardens,practice court& an elaborate Grecian-style pool w/cascading spa.
Listing says: The main house encompasses more than 22,000 square feet with approximately 17,000 square feet of interior living space featuring 2 wings:a family wing with outdoor kitchen areas, an office/game wing, each with views of the beautiful lake, garden, ocean, canyon and city lights.
$59,000,000 in New York, NY
Listing says: This handsome forty-eight foot wide mansion was built in 1920 by Jeremiah Milbank in order to create the 20,000sq ft necessary to accommodate a grand ballroom, indoor swimming pool, gymnasium and terraced gardens. This six story mansion still contains those original features as well the original Carrara marble staircase. There is a Georgian Library of knotty pine paneling circa 1770 which was imported from England. On the third floor is a 4000 sqft Master Suite which has a fireplace, private garden reminiscent of an Italian Piazza, ladies dressing area and bathroom with gold mosaic bathing tub, a gentlemen’s dressing area on the opposite side of the room, sitting room, and separate studio overlooking the garden. There are seven additional bedrooms and staff quarters in this magnificent twenty-six room home
Listing says: Waterfront compound includes: 47.2 acres, 22,000 square foot main house, six bedroom, six bath guest house, 11 bedroom, seven bath staff house, pool/cabanas, three greenhouses, eight-car garages, protected cove with dock, two helipads, tennis, extensive gardens. Quick commute to New York City.
Listing says: Sprawling oceanfront estate boasting 8.9 acres and 450-ft. of beachfront. The master suite consists of bedroom with fireplace, sitting room with fireplace, and marble bath. Also includes music room with fireplace, detached office with fireplace and marble bath, staff apartment with kitchen, and security room. Har-Tru tennis court, 20′ x 50′ heated gunite pool, professional putting green, barbecue area and world class rose garden complete this very special offering.
Listing says: The penthouse located at The Pierre Hotel encompasses the top three floors. Spectacular 360-degree views of Manhattan are found in this incomparable property. This French château is located within one of the world’s greatest five star hotels. The Pierre Hotel offers every conceivable service twenty-four hours a day. It encompasses 16 grand rooms - including five master bedrooms, 7 full baths and three half-baths, five working fireplaces, oak flooring with mahogany borders throughout, separate guest suites plus staff accommodations. The living room is considered the most magnificent privately owned room in the world. This incredible space was the original ballroom at The Pierre Hotel, with 23 foot high curved ceiling and 20 foot French doors overlooking the park and the city. Four adjoining terraces add to its phenomenal dimensions. This is without question the most important and spectacular penthouse in the world. Maintenance/CC: $38,720 a month
Listing says: Situated on over 60 acres of rolling farmland, this remarkable waterfront compound has been designed and built with a commitment to excellence. A magnificent collaboration between three brilliant architects, each a master of his field. The architect of record, Allan Greenberg, L.L.D., is regarded as one of the prime interpreters of classicism who has worked on The White House, Princeton University, and Rockefeller Center. The Golf Course (U.S.G.A. rated 18 hole) was designed by renowned golf-course architect Rees Jones, designer of many of the highly-rated courses including Atlantic Golf Club and The Bridge. Landscape architect Edmund D. Hollander, P.C., is among the foremost designers in his field.
Listing says: Gracing three oceanfront lots in Cameo Shores, this soft contemporary masterwork is both defined by its stunning seaside site—and redefines the luxury lifestyle ideal. Most every room provides a breathtaking panorama of the majestic Pacific Ocean, serene beach coves and the spectacular coastline from Dana Point to Palos Verdes.
Listing says: Donald Trump’s ultra exclusive 6.5 acre palatial oceanfront residence featuring approx. 574′ of direct ocean frontage.
