Philly Brokers Talk Urban Condos

August 26, 2013 | by michelle mass | Pursuits

unit 4310 at two residences

Unit 4310 at The Residences at Two Liberty Place is listed at $1.9 million; INSET; Laurie Phillips and Mary Genovese Colvin. 

In the city’s current real estate market, realtors have observed a trend: clients with a particular interest in buying high-rise condominiums. We sat down with Mary Genovese Colvin and Laurie Phillips, both of Prudential Fox & Roach, Realtors (1818 Rittenhouse Sq., 215-806-1500; 210 W. Rittenhouse Sq., #406, 215-432-4247) to discuss the appeal of these properties and why Philly is the perfect place to purchase one.

Which areas are most popular for high-rise condos?
LAURIE PHILLIPS: Rittenhouse Square and Washington Square are amongst the most sought-after locations for buyers.
MARY GENOVESE COLVIN: Living on a park has always been a coveted luxury.

What’s the biggest appeal of these properties and what are the most common amenities?
In terms of appeal, high- and low-rise condos come down to one-floor living, security, and on-site parking. Many of the condos offer large windows with great views and on-site features including a gym and security.
LP: The services that the building provides, as well as the amenities, are usually big selling points for high-rise condos. A concierge and pool are usually common, although a gym package and chauffeur are often negotiated as well.

What is the current inventory like?
Current inventory is low, and a well-priced property in good condition is sold with multiple offers. My most recent high-rise sale was a $2.75 million property at The Barclay with great views of the city, a health club, and chauffeur and concierge services.

Are any of your properties the ideal Philadelphia condo?
The Residences at Two Liberty Place is an exclusive condominium community with high-end services and four-star-hotel-like amenities. Every residence has a spectacular view. The former Saunders Building, at 220 West Washington Square, has fantastic views of Washington Square Park. The condos were individually designed, which makes every unit in the building special.


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