Tuesday, March 27, 2007

Center City Philadelphia Market Statistic

The just-released 2006 Center City Philadelphia Real Estate Market Report reveals that the average sale price for a Center City home is $372,633 up 3% over last year. Despite this record high, the Center City Philadelphia market has shown some signs of cooling off. Compared to the previous quarter the average price is down 3% and the time to sell a property has increased by 7 days.

The full report is available at http://www.philadelphiacityrealty.com/report and is based on an analysis of over 20,000 sold properties.

“With an average appreciation of 64% over the last 5 years it is reasonable that the market needs a breather,” says David Friedman, a Center City Philadelphia real estate agent who commissioned the report. “The recent softening of the market suggests a slowdown rather than a major change in direction.”

Highlights from the 2006 Center City Philadelphia Real Estate Market Report include:

* The average sale price for Q4 was $354,186 compared to Q3 of $370,097, a 3% drop. The number of sales dropped 24% for the quarter from 700 to 528; sales for the year remained flat at about 2,600.

* Price growth continues to remain strong in Center City East at 9% for the quarter versus Center City West where price is down 13% for the quarter.

* In 2002, the average Center City Philadelphia sale price was just $200,000. In 2005, it passed $300,000.

* New Construction properties average price was up 23% for the quarter and 10% for the year with virtually no discounting from asking price. “While the long term appreciation is lower than average, the demand for this market segment is expected to continue”, says David.

* Northern Liberties and Society Hill/Penn’s Landing neighborhoods experienced over 30% growth in sale price compared to 2005. Old City and Avenue of the Arts neighborhoods were the only neighborhoods with a price drop.


The Center City Philadelphia Market Report provides summary and neighborhood market information on Center City real estate. The report is based on sale information from the Philadelphia metropolitan region’s multi-list system, TReND, for the period from 2001 to 2006. The report is published by Philadelphia City Realty at http://www.philadelphiacityrealty.com/report and will be updated on a quarterly basis.

Philadelphia Real Estate

While you probably can guess Philadelphia is significantly more affordable than New York, you might be surprised to learn Philadelphia was named “The Next Great American City” by National Geographic magazine.

So why is a magazine more commonly known for exploring 3rd world outbacks and bare breasted natives heaping praise on a city that takes less time to get to than some New Yorker’s commutes? It could be because over the last 10 years, its downtown has undergone an urban renaissance with the opening of hundreds of new shops, restaurants, nightclubs, art galleries, and more.

So explore Philadelphia’s real estate and see how far your dollar goes once you leave NYC.
Here’s a guide to help you explore New York’s “Sixth Borough”.

Rittenhouse Square is true city living with similarities to the Upper West Side. As Philly’s most prestigious address, the square itself is surrounded by condos, elegant restaurants, and 5-star hotels. Just off the square lies an abundance of sidewalk cafes, high-end shopping, restaurants, wine bars and more. If the high-rise living of being on the square is not for you, the blocks surrounding the square are filled with brownstone condos and townhomes. Even as Philadelphia’s most expensive neighborhood, you can expect to pay $400,000-$500,000 for a nice 750 sq. ft. 1-bedroom apartment.

The Old City section of town is home to Philly’s warehouse condo conversions and exciting nightlife. Twenty years ago, Old City came back to life as the epicenter for artists and is now the home to many of the galleries in the city. Each month, the galleries host a First Friday Open House, bringing people in from all over the city to see new openings. Surrounded by jazz bars, nightclubs, and some of the city’s most inventive restaurants, Old City condos are known for exposed brick, enormous wood beams, and incredibly high ceilings. Old City is affordable loft living, with prices generally starting in the low $300’s for a completely renovated apartment.

If you are looking for more traditional living, Society Hill is a historically certified district featuring many of the original streets with large Federal style homes. Only a few blocks from Old City, Society Hill offers a quieter life as it is primarily residential. Few condos exist here, though the internationally acclaimed Society Hill Towers by renowned architect I.M. Pei are home to many of the who’s who in Philadelphia. Expect full homes to start around $500,000, though many are closer to $1,000,000.

The new and burgeoning Avenue of the Arts connects the east and west sides of the city. From the new Ritz Carlton condos to the state-of-the-art Symphony House that overlooks the Philadelphia Orchestra’s Kimmel Center, living on the Avenue of the Arts puts you right in the middle of the all of the major theaters in the city. Only a few blocks from Rittenhouse Square and Old City, living on the Avenue of the Arts provides the best access to all that the city has to offer.

Because center city is only about 2.5 miles wide and 1 mile high, all of these neighborhoods are very close to each other. You can very easily live in Society Hill, grab a coffee just off Rittenhouse Square at La Columbe, eat dinner at Zinzibar Blue on the Avenue of the Arts and then finish the day with martinis at The Continental in Old City.