Both Two Liberty and The Ritz-Carlton Residences struggled during the chaos in Center City last year. Mid-town Philly luxury is now recovering following trends in the luxury Rittenhouse Square neighborhood. Nationwide, Condos are Seeing a Spike in interest as reflected in Center City recent sales trends.
Mid-Town Philly Condos are now at just under 6 months of inventory and Rittenhouse Square has made a dramatic shift to a sellers market with 5 months of inventory as of end of July 2021. Both reflect a shift towards a sellers market.
Today we’re focusing on emerging trends and opportunities in Mid-Town Philly where luxury condos offer views, amenities and a lifestyle that is our local version of Billionaires Row in Manhattan, specifically at The Ritz-Carlton Residences and Two Liberty Place.
Check out this Penthouse listing at The Ritz-Carlton Residences with 10,000 sf for $12M.
For fun, join me a raw space Ritz-Carlton Penthouse tour from 2018:
My favorite luxury value at Two Liberty in Mid-Town Philly is now under contract! Unit 4504, 2 bd / 2 ba with 1,125 sf was listed for $780K and now is pending, scheduled to close Nov 4th.
Best current value:
There remains an opportunity for high-rise luxury living at a great value! Recently reduced to $650K, Unit 4003 offers 2 bd / 2 ba with 1,200 sq ft and 40th floor views.
Recently under contract;
- Unit 5401 – 3 bedroom / 4.5 baths, 2,662 sq ft, listed for $2.2M, on the market 97 days, under contract July 27th, last contingency clears August 30th.
- Unit 5101 – 3 bedroom / 3.5 baths, 1,785 sq ft for $1.3M, on the market 54 days, last contingency ends Sept 10th.
More modestly priced but also increasing in buyer demand, The Packard Grande is literally around the corner from The Ritz-Carlton Residences and across the street from the newly opened the W Philadelphia and element hotels on Chestnut Street. Pet friendly, historic art deco building is well managed and offers an amazing roof-top deck and generous community space. While conventional loans won’t apply due to the commercial space as part of the development, there are lending options.
Unit 2002 recently listed for $409K is my personal fave! A corner unit with gorgeous views and abundant sunlight. The 2 bedroom floor plan flows well. In fact check out my recent open house visit for a walk through:
Feel free to book a time to chat, and let’s go over more market details and review how they may impact your plans.