New Standards of Luxury

The word ‘luxury’ gets thrown about a great deal in real estate—so much so that the word has almost become devoid of meaning. But it’s a word one shouldn’t forget or count out.

For many, Center City is ground zero for luxury. Philadelphia has always had its fans, but its charms were a well-kept secret. But after two years of relative stagnation, an unprecedented resurgence of interest in luxury living is sweeping over Philadelphia’s lovely streets. And this time it’s different.

Most of the ‘luxury’ properties popularized in the past few years were merely mass-market projects warmed over and speckled with upgraded appliances and designer paint to drive up sales prices. These properties were conceived of in a decent market and gussied up for rabid one. I liken some of the projects from this era to the Cadillac Cimarron of the 1980’s. Developed in response to car buyer’s increased interest in compact luxury imports such as the BMW 3-series, GM decided to slap several hundred pounds of chrome and power-operated antennae onto a Chevrolet Cavalier to capitalize on the new market. Needless to say, the effort produced one of the most-mocked cars of the last thirty years. Similarly, some of the most publicized and least thoughtful ‘luxury’ real estate developments of the past few years have drawn the ire of Philadelphia’s real estate community. And the lukewarm reception of these projects had led some pessimists to declare the Philadelphia revival over.

Those pessimists couldn’t be more wrong.

In many ways, one should look as much to projects which failed to deliver on their promise as to national economic conditions to explain the stagnation of the past two years. As too many mediocre projects fought in an increasingly saturated sales environment, buyers became fatigued. On the ground, there never seemed to be a shortage of these buyers. Those buyers, though, simply couldn’t find anything compelling.

Today, it’s clear that the stagnation is over. New restaurants, new retail, and new developments spot the landscape. And the best of these were conceived from the ground up as landmark luxury projects that will be as fresh in ten years as they are to day.

The Boutique Collection is about identifying properties that qualify as the best. We choose only to represent the absolute best in the market and challenge buyers and the broader industry to take note.

Of our current listings, I think that 2129 Bainbridge Street most embodies the Boutique Collection philosophy. The house is nothing short of a work of art. Built from the ground up behind a lovingly restored French façade, the offers a massive 3,000 sq ft of absolute modern decadence discretely concealed on beautiful treed block.

Four years in the making, the house features a level of detail never seen in Philadelphia. Every last square inch is handcrafted and of the highest quality. The kitchen features stunning Poggenpohl cabinetry and the world’s best appliances from Gaggenau. The chandeliers and drop pendants are all hand-blown and selected straight from Milan. The budget for the master shower easily exceeds the total construction budget of most master suites in the city. And the result is nothing short of breath taking.

Located three blocks south of Fitler Square and five blocks south of Rittenhouse square, this 4-story new construction home is breaking new ground and gaining a great deal of media attention. And it’s a great starting point to understand the Boutique Collection. Significant, refined, and timeless, the boutique collection is about exclusive values. For those looking for the best, this is it. For further information on this property or the evolution of the luxury market in general, email snebel@phillycityspace.com or call 215.964.3435.

Also visit the boutique collection webzine at www.boutique-philadelphia.com for regular commentary on the luxury market.

Tags: 2129 Bainbridge, boutique collection, boutique philadelphia, Luxury, modern luxury, penthouse