Luxury Condos in Rittenhouse Square Holding Value

Luxury Rittenhouse Condos Holding Value

The Wall Street Journal reports that upscale condos in areas like Rittenhouse Square Philadelphia exemplify a trend seen nationally – that condos and homes in the lowest and highest price ranges are selling more redily and holding value better than those in the middle tier.  See the chart below.   The example referenced in the article is 1706 Rittenhouse Square which coincidentally is where Cliff Lee recently purchased a full floor condo after signing with the Philadelphia Phillies.

Interestingly, the article also notes that as a result of the sales, the areas surrounding these high end Philadelphia condos are seeing an influx of commercial and retail businesses.  The best recent example of this was the grand opening of Seraphina, a New York transplant that occupies the commercial space on the street level portion of 10 Rittenhouse.  Mayor Nutter, former Governor Rendell and dozens of local Philly celebrities and VIP’s made a guest appearance.

To search Philadelphia Real Estate listings for condos, homes and apartments click here.

Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog

Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
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