Quote:
Originally Posted by MikeNigh
When are buildings going to start creating condos? Seems that rittenhouse and market east are starting to get a disproportional amount of rentals vs condos. Are some of the new apartment buildings waiting until the abatement is up before they convert to condos / coop?
|
If 1911 Walnut, SLS, and Hyde come to fruition as planned, that's 3 luxury condo buildings. There are a few other smaller boutique condo projects in the works. Then there is Scannapieco's third super lux tower that we have not heard anything about recently. But I agree the demand for condos is there. I'm hoping that the number coming to market meshes well with the demand. I don't think Market East is ready for condos yet. We'll need to see how the rental market is doing and Fashion District shakes out. Condo conversions are certainly possible down the line, especially to the extent rental supply is proving to outstrip demand. I was still a kid and teenager and not paying attention to such things personally at the time, but I feel like there was a heavy spurt of rental to condo conversion in Philly in the 1990s.