Quote:
Originally Posted by Jayfar
New Philly penthouse listed for a record $25M. But where are the condos for middle-income buyers? | Inquirer.com
Excerpt:
The Laurel’s record-breaking quest comes at a time when Philadelphia is facing challenges on both ends of the condo market. Despite demand for more affordably priced condos, many of the city’s new towers have been designed with high-end Philadelphians in mind.
And while the city’s most recent major projects found huge successes — Tom Scannapieco’s 500 Walnut sold multiple units for more than $8 million and Carl Dranoff’s One Riverside penthouse was claimed for $7 million — ultra-pricey condos elsewhere have lingered on the market. Multiple penthouses at the Residences at The Ritz-Carlton have sat unclaimed since construction finished in 2008, and a penthouse with raw space at 10 Rittenhouse was recently taken off the market to be finished after being listed for $15 million two years ago.
Meanwhile, a 46th-floor condo in Two Liberty Place with a nearly 2,400-square-foot terrace also has struggled to sell. This year, it was relisted for $11.5 million, down 20 percent from 2017.
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I think the article answers its own question at the end. There are plenty of condos for those with more modest incomes. They just aren't new construction in large highrise buildings. For obvious reasons. In addition to the smaller format places ID'd in the article, there are lot of older highrise buildings that have much more affordable condos. As to the top end of the market, I'm not too surprised. It's only a handful people here with the means and desire to buy places that big and that expensive. I think some of this will end up needing to be divided to sell.