For those who follow Philadelphia real estate, it seems as if each week brings a new luxury condo offering in the city. As the economy continues to improve, buyers are gaining confidence in their jobs and seeking to upgrade their primary residences. Financial stability, combined with a trend of renewed interest in urban living, has led to this surge in the market for luxury condos. Younger professionals gravitate towards walkable neighborhoods, access to public transportation, and the arts and culture available downtown. Philadelphia has always been a great restaurant town, but the increase in every type of cuisine and style, from pubs to vegetarian only to fine dining establishments, has helped to revitalize the city’s reputation as a fun and vibrant place to live.
Change in the City
According to the most recent State of the City report, issued by the Pew Charitable Trusts, Philadelphia’s population increased 60,000 from 2006 to 2012, after a 50-year decline. The report also notes that underlying demographics in the city have shifted, as individuals from age 20 to 34 have increased from 20 to 26 percent of the population. Philadelphia is becoming a younger city. The availability of public transportation compared to other cities has attracted residents who rely on mass transit and as a result, Septa’s ridership has also increased. These shifts in the urban climate, along with recent economic stability, have resulted in increased demand for higher-priced city residences with hotel style amenities.
Where Can You Find Condos for Sale?
New luxury condos are currently under construction in all areas of the city, including the popular Rittenhouse Square area, Society Hill, and the Philadelphia waterfront at Penn’s Landing. If you are in the market for a luxury condo, contact a real estate agent familiar with the existing market for assistance with finding locations and price points that work for you. Real estate agents can also direct you towards new construction even before grand openings take place, and they can help you to compare the relative benefits of highly individualized neighborhoods in the city.
Philadelphia Condos Provide Luxury Living at Its Best
If you are looking for the best of city living complete with swimming pools, fitness centers, gorgeous city views, and an on-site staff available for 24-hour assistance, luxury condos in Philadelphia offer all these amenities and more. In both newly constructed condos and older buildings converted to multiunit housing, the interior designs range from classic to contemporary. New condo offerings advertise upgraded kitchens with stainless steel appliances and granite countertops, hardwood flooring, and breathtaking views of the city. For environmentally conscious buyers, many new condo buildings in the city offer green features as well, such as energy-efficient appliances, an abundance of windows to maximize natural light, and sustainable materials incorporated into construction.
As the Philadelphia population changes and grows, the luxury condo market is expanding to meet new demand. This is an exciting time to live in the City of Brotherly Love.