Quote:
Originally Posted by summersm343
Who thought this would be a good idea to go condo here instead of rentals?? And 275 condo units???
Oof, they’re not going to have an easy time selling this one at all.
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Not if they price them in the 400s to 600s. There just aren't a ton of condos that fit this bill in Center City aside from The Ellington and The Packard - and it's a huge sub-luxury market that's underserved. A lot of suburbanites, especially, are looking for a pied-a-terre in a condo building but are priced out if most of the inventory (which is often 1million and up) as they don't want to sell their current home, yet. I probably personally know 10 people at this stage.
I also know folks who own in the Ellington, most of the units are purchased by investors and then rented out (seemingly only to Penn Medical students) for a premium. The rent these units command versus what they actually cost to buy are at a crazy differential.