Is it time to buy a Pied-a-Terre in Philly?

A resurgence of the once popular Pied-a-Terre at the end of 2020 was highlighted in the December North American Luxury Market Report. Luxury buyers who have relocated to larger homes but are still not quite ready to quit the city for good are adding a Pied-a-Terre to their portfolio.

Condos in Philly’s Center City offer strong possibilities for Pied-a-Terre living. Located centrally between New York City and Washington, DC. Center City condos offer an ideal location for water lovers who enjoy the Jersey Shore and Florida, but want to keep a place in the city.

Best Center City Pied-a-Terre locations

To start, I’ve highlighted three neighborhoods that offer a prime variety of lifestyle options for Pied-a-Terra condos in Center City.

Rittenhouse Square and Mid-Town Philly feature what has historically been the ideal location for a Pied-a-Terre condo due to amenities, shopping and nearby dining.

Condo options along the Delaware River Waterfront offer a third alternative with more open space, garage parking and waterfront views.

Rittenhouse Square

What makes Rittenhouse Square a great Pied-a-Terre location? Dining, shopping and amenity rich condo living all within walking distance to 30th Street Amtrak Station. Enjoy an easy rail commute to Manhattan or Washington DC.

Living on Rittenhouse Square starts under $200K for a studio across from the park at The Dorchester where you can also enjoy an affordable 2 bd on the 20th floor for under $300K.

Although hit hard by fears of COVID-19 and this summer’s social unrest, Rittenhouse Square remains a highly desirable place to live. Amidst the uncertainty this year, Rittenhouse retained its grace and charm for local residents.

Welcome to Rittenhouse Square

While it’s too early to call a recovery, statistics for Rittenhouse Square show an upturn since August when we had 19 months of inventory.

Currently the Rittenhouse condo market remains a buyers market at 8 1/2 months. There’s a slight switch towards a seller’s market for single family homes with 5 1/2 months of inventory.

As with all statistics, it’s not only how you look at it but what you look at. This shift also reflects 66 homes and condos on Rittenhouse that have been taken off the market in the past 90 days.

Mid-Town Philly

Perhaps the most iconic, amenity rich Pied-a-Terre luxury condo lifestyle in Philadelphia is offered by The Residences at Ritz-Carlton.

Conveniently located in mid-town Philly near Dilworth Park, regional rail, dining, shopping and Philly’s theatre district.

Currently the lowest priced offering is Unit 5 G, a 1 bd / 1.5 ba condo listed at $485K.

Owners benefit from top tier amenities and service as well as world-wide travel perks. A great asset for post-COVID luxury living.

Year-end statistics indicate a strong buyers market with 19 months of inventory. Now could be a great time to buy at The Residences at Ritz-Carlton.

Other mid-town favorites suitable for an affordable Pied-a-Terra condo include The Phoenix located a few blocks from The Ritz-Carlton, Packard Grande, The Aria and The Ellington.

Delaware River waterfront

Living along the Delaware River waterfront offers easy access to Center City living, yet a bit more remote with expansive views and parking.

Welcome to Delaware River front living

There are several condo options along the river front.

Waterfront Square is one of only 2 gated communities in Philadelphia. Amenities include 24-hour doorman, valet parking, ocean front lap pool, on site dog park, fully equipped gym and waterfront walking / biking trail at your door.

Built in 2006, different towers offer different views, but all enjoy the remote, secure location with easy access to Center City living. Or a quick commute on 95 or 76.

Photo courtesy of Waterfront Square – click for video preview of upgraded 1 bd unit

As an example of affordability, Waterfront Square Unit RR1106 sold in October for $262,500. This one bedroom on the 11th floor of The Regatta Tower featured stunning city views.

Waterfront Square Regatta Towers
Unit 1105 in The Regatta Towers – sold for $262,500

Other towers overlook the Delaware River. A strong rental history provides an option if your lifestyle changes.

RIVERFRONT Pier 3 and Pier 5 Condos

Also along the Delaware River but walkable to Old City and Society Hill, Pier 3 and Pier 5 offer unique waterfront lifestyles near Penn’s Landing, Spruce Street Harbor Park and Cherry Street Pier. Enjoy nearby shopping and dining with easy access to 76 and 95.

In addition to Delaware River views, enjoy private decks, on-site oceanfront lap pool, secure garage parking and front desk service.

Should I buy a Center City condo now?

As you can see from these trends, micro-markets are shifting quickly as buyers and sellers adjust to a real estate market driven by COVID-19 based demands.

While no one can call a market except with hind sight, this growing national trend could indicate an opportunity to invest in a Center City condo now, before values rise.

To meet your needs, the best information is detailed and specific to your goals. For a confidential consultation, book a chat with Susanna here.

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