Society Hill Luxury Market Report

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

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Art Museum Area, Real Estate Market Update

Here’s a snapshot of what’s been going on in the Art Museum Area Real Estate Marketplace over the past 30 days or so. [Read more]

University City, Philadelphia Real Estate Neighborhood Spotlight

(images above: Preferred University City Caffeine Vendor) Can you say Buzzzzzz?

Want to know more about Philadelphia’s University City? The links below should help. In a nutshell, University City is Philadelphia’s greenest, diversest, most funky freshiest neighborhood.

(at least according to the biased space agent writing this post :)

UNIVERSITY CITY LINKS

ALL PROPERTIES CURRENTLY LISTED IN UNIVERSITY CITY.

RECENT UNIVERSITY CITY SALES ACTIVITY AND STATISTICS

University City Wikipedia Entry

Image Cedar Park (from Wikipedia) (a neighborhood within University City)

Other University City Neighborhoods

Belmont,Garden Court,Mantua,Powelton Village,Spruce Hill, Squirrel Hill, Walnut Hill

Information about the PENN ALEXANDER SCHOOL

BOUNDARY MAP FOR PENN-ALEXANDER CATCHMENT

(click pic to enlarge)

GREEN LINE CAFE, 43rd & Baltimore

CLARK PARK INFO

UNIVERSITY CITY DISTRICT

Add more links if you’d like, by commenting here…

Statistics, Real Estate In University City Philadelphia

Here below are some some graphs that detail recent activity in the University City real estate marketplace. To see every property currently listed in Philadelphia, click University City Listings For Sale.

Summary:

Average Asked to Sold Ratio for September, 07: 96.28%

This is the indicator of how willing seller’s have been to negotiate in the neighborhood. Generally, over the past year or so sellers in University City have been willing to negotiate 5-10% down from the asking price at the time they receive an offer. If you’re considering buying a piece of U-City Real Estate, offering more than 10% under asking might be viewed as a bit aggressive. But hey! Never hurts to ask.

Avg. Days On Market, University City 9/07: 101 Days

Generally, it’s been taking a bit longer to sell a University City property in 07 than it did in 06.

Average Sold Price, University City 9/07: $307,524.

The graph below may help you identify trends in the local marketplace, but University City has a pretty diverse real estate marketplace. If you’re curious about average selling prices for a certain property type or price range, feel free to contact your Space Agent, or email statistics@phillycityspace.com with your request.

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Market Update, Old City Philadelphia Real Estate Statistics

Here below are some statistics and graphs which provide a look at what’s been going on in Philadelphia’s Old City Real Estate Marketplace.

Click to enlarge this image which gives a broad look at recent Old City Sales activity. To see a similar report for a property you own or are trying to buy, use the “What’s Mine Worth” link at the top of this page.

(recent Old City Sales Activity, Click To Enlarge)

UNITS SOLD IN OLD CITY, 2007

To date, there have been 110 sales reported to the local Philadelphia area Mls for Old City.

This graph details activity on a monthly basis.

 (click to enlarge graph)

 

AVERAGE DAYS ON MARKET, Old City Real Estate–2007

Most properties that sold in Old City in July and August were on the market for about 5 months. 

 

Average Price, Old City Philadelphia Real Estate 2007

This graph details the average price of properties selling in Old City so far this year. The average piece of real estate in old city sold for $436,658 this past August.

If you’re about to make an offer on a property in the neighborhood and would like statistics more specific to the type of property and location you are focused on, feel free to email a request to statistics@phillycityspace.com.

(click to enlarge graph)

 

 

 

Washington Square West, Philadelphia Real Estate Neighborhood Spotlight

Washington Square Park, (image from Wikipedia)

Washington Square was one of William Penn’s original squares and today is accented with lush greenery that welcomes you at every turn. Situated just steps from the National Historical Park, it’s home to Pine Street’s Antique Row and historic theaters and provides a nice choice of living options. The neighborhood is very convenient to many Jefferson University, many restaurants, Septa Transportation, and is a hop-skip-jump from the Avenue of the Arts.

To see every property currently listed in Washington Square, visit our Washington Square Listings Page.

Some Washington Square Links:

http://www.ushistory.org/tour/tour_washsq.htm

A Washington Square Restaurant

More about dining in Washington Square

Fairmount Park Washington Square Page

Washington Square Real Estate Statistics

Market Update, Washington Square Philadelphia Real Estate Statistics

Here below are some statistics and graphs pertaining to the Washington Square Philadelphia real estate marketplace.

So far in 2007, 35 propeties have been reported by Realtors to the local MLS as sold in Washington Square.

Click What’s Mine Worth at the top of this page to get a very detailed report on recent neighborhood market activity.  Here’s a quick sample: (click to enlarge)

Peaking at 9 properties in July, generally between 2 and  4 properties have been selling in the neighborhood monthly.

Here’s a graph detailing the the number of units sold:

(click to enlarge)

As indicated by this next graph, properties in Washington Square have generally been selling for between 90 and 100% of what the seller is asking.  If you’re about to make an offer on a $600,000 condo in the neighborhood, offering 500k might be a little out of line with what the seller is expecting.  An offer of around 550,000 or wouldn’t be offensive to most; going any lower might be seen as “low-ball.”

Here below is a graph detailing the Average sale price of real estate in Philly’s Washington Square over the past 20 months or so.  If you’re about to make an offer on some Washington Square Real Estate and would like statistics more specific to the type of property you’re targeting, feel free to email your request to statistics@phillycityspace.com.

Northern Liberties Real Estate Statistics

Here below are some statistical graphs that spotlight Philadelphia’s Northern Liberties Neighborhood.  Use this link to see every property currently for sale in Northern Liberties.

12 MONTH NORTHERN LIBERTIES “DAYS ON MARKET” GRAPH

It’s generally taking between 2 and 5 Months to sell a property in Northern Liberties these days.  The average DOM for properties sold in May of 2007 was 57. NLibs properties that sold in July were generally on the market for 163 days.  Big fluctuation, but when taken from a small sample, representing one segment of the larger Philadelphia real estate market in general, this is not unusual.

12 MONTH NORTHERN LIBERTIES AVERAGE PRICE GRAPH

 Average Selling price of a property in Northern Liberties last month (Aug ‘07) was 322k.

NORTHERN LIBERTIES 12 Month “Asked To Sold Ratio” Graph. 

If you’re about to make an offer on a piece of real estate in Northern Liberties, this graph might prove pretty useful when it’s time to negotiate.  Ask your “Space Agent” to give you more specific “A2S” numbers for the number of bedrooms or property type you’re pursuing.  As you’ll see from this graph, offering more than 10% under asking will probably be pushing it just a bit.  But hey, never hurts to ask!  :)

If you’d like to stay in tune to what’s going on in the Philadelphia Real Estate market, subscribing to this site is a good idea.  (Use the “Hub-Scribe” option in the side column of this page)  We’ll be posting statistical updates and other great info on a fairly frequent basis.  Thanks for reading!