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. (more…)

Philadelphia’s emergence as a destination for luxury real estate is much discussed these days. And while national headlines focus on the troubles in suburban sprawl markets, Philadelphia’s finest urban markets have been picking up speed. Spotlighting the 19106 zip code encompassing Society Hill and Old City, the past six months have seen astounding activity in the $1million+ segment. Nineteen homes, or approximately three per month, sold in that price segment between 8/28/2007 and 2/28/2008.

Notable transactions include a finely preserved home once home to James Madison at 429 Spruce for $1,925,000. 108 Arch, a premium three-year old modern building say the sale of a stunning river-view penthouse with a 1550 sq ft terrace for $2,400,000 and a large tenth-floor unit for $1,680,000. Boutique condo sales were a strong trend generally. The stunning tenth floor of 101 Walnut, complete with white terrazzo floors throughout, sold for $2,475,000. The less exotic seventh floor sold for $1,905,000.

The Ayer, located in landmark George Howe structure overlooking Washington Square, saw three premium sales at record prices. A city-view 2164 sq ft eleventh-floor unit sold for $2,300,000 or a stunning $1063/sq ft for a non-penthouse unit east of broad. A park-view 1,724 sq ft twelfth-floor unit sold for $1,950,000 $1,131/sq ft and four floors down a similar 1,685 sq ft unit sold for $1,720,000 or $1021/sq ft.

Rounding up condo sales, a more basic 3,000 sq ft penthouse loft at 214 St new street sold for $1,350,000 or $450/ft and a 2,597 sq ft second-floor three bedroom at the Moravian (143 s 2nd st) sold for $1,050,000 or a relatively bargain-priced $404/sq ft for a large newer unit in a premium location.

In town homes, two IM Pei homes at Bingham Court sold for $1,100,000 and 1,200,000. A nearby contemporary at 315 S Philip St sold for $1,140,000. Two less remarkable historic homes on lovely blocks at 224 Delancey and 415 Pine sold for $1,100,000 and $1,250,000. 500 Spruce represented the best bargain purchase, offering 5,000 sq ft and parking for $1,200,000. At $240/sq ft, that price is on par with shell values.

On the high end, the 200-block of 4th St presented the highest-dollar sale. 259 S 4th St, a lovingly restored 4,480 sq ft historic home with modern conveniences, sold for $2,575,000. A large new-construction unit at Liberty Court at 212 Gaskill St sold at $1,880,000.

For regular updates on Philadelphia’s luxury real estate market, check for regular updates at the Boutique Collection web magazine: www.philadelphiarealestatehub.com/boutique

*all data sourced from TrendMLS

2008 is bringing a great deal of change to Philadelphia–A progressive new government, the relocation of several major employers to the city, tax cuts, great new restaurants, and top national retailers to Walnut Street. So if Barney’s CO-OP is what’s next in retail, then what’s next in real estate?

For boutique modern luxury, 101 Walnut is what’s next. Located at the intersection of Society Hill and Old City, 101 Walnut offers Philadelphia’s finest new residences and a new take on ultra-luxury living.

As a city with one of the oldest built fabrics in the country, twenty-first century luxury doesn’t always fit so comfortably into Philadelphia’s nineteenth-century structures. Philadelphia’s most prestigious center-city addresses have traditionally been trophy town homes offering incredible facades and storybook settings. But these homes were designed to house large families and often their live-in staff in a very different time. Much of the square footage is lost to a rabbit warren of maids quarters and kids room. Views are generally limited. The tallest and deepest homes are typically the darkest. And for discrete buyers, privacy can be likewise be in short supply.

101 Walnut stands out as a perfect counter-point to these traditional Philadelphia offerings. The location is landmark yet discreet; surrounded by history, yet soaring into a new era. Entering the building, state-of-the-art Siedle security and entry management systems allow for precision and privacy. A gleaming lobby leads to an electronically keyed elevator ensuring secure access to each full floor residence. Each residence offers a generous elevator lobby with dramatic double doors—a perfect transitional space to ensure absolute privacy.

The initial impression upon entry into the living area is nothing short of jaw dropping. High ceilings and expansive spaces reveal the generous scale of the unit. The floor-to-ceiling windows open onto Philadelphia’s most stunning view. Encompassing 270 degrees of horizon and sky, 101 Walnut’s unique location offers unobstructed views of the Delaware River, Philadelphia’s ever-growing skyline, and three states. Generous, indulgent public spaces flow into stunning bedroom suites. Expansive kitchens feature designer Poggenpohl cabinetry and Miele appliances. The bathrooms are easily the finest in the city, fitted with ultra-luxe Dornbracht fixtures, and offering dramatic western views toward City Hall. Further, each residence features two over-scaled terraces–one servicing the public spaces and one servicing the master.

While 101 Walnut may be what’s next, it may not be available much longer. This new landmark for modern ultra-luxury has only a select few units remaining.

Photos and information :Unit 5  Unit 9:

Also Check out the 101 Project Page and stop by this sunday: