Posted Apr 23, 2024, 1:35 PM
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Chris
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Join Date: Aug 2020
Location: Earth
Posts: 2,162
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Interesting updates about the luxury real estate market in the city.
This Philly penthouse can be yours for $26 million, or $25,000 a month
https://www.inquirer.com/real-estate...-20240423.html
Agents whose job it is to sell the city’s multimillion-dollar penthouses said that after a lackluster 2023, Philadelphia’s high-end luxury market in the first few months of 2024 has been strong.
“The activity level this year is considerably greater,” said Andrea Desy Edrei, operating partner at the local brokerage for New York-based SERHANT. “It gives us some optimism.”
The luxury market “has been gradually coming back up,” said Douglas Pearson, a real estate agent and principal at Kurfiss Sotheby’s International Realty who specializes in high-end homes.
He thinks “there’s a new feeling of positivity” toward the city because of the new mayoral administration. That’s in addition to the enduring draws of the city’s restaurants, arts and entertainment, history, and diversity of neighborhoods. Philadelphia’s universities and health-care institutions attract lots of luxury buyers.
A penthouse of raw space spanning the 46th floor of the Residences at the Ritz-Carlton that was originally listed for $15 million was divided into three homes, so they could be offered at lower prices. Two of them “immediately” sold late last year for more than $4 million each, Bolaris said.
“You’d be surprised how many people are looking at them,” Pearson said last Tuesday. “We have seen a significant increase in demand over the last 60 days.”
They come from a variety of places, including in and around the city and the usual places such as New York. But Desy Edrei said she’s also seeing inquiries from places that traditionally weren’t feeder markets for Philadelphia, such as Texas and the Midwest.
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