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March 2, 2015

Smoking Policies Effect On Condo Values

Filed under: Center City Real Estate — Center City Philadelphia Real Estate Agent @ 10:10 am
 I have had groups of buyers in my car almost everyday for the past 26 years and after talking with and listening to an overwhelming number of buyers- I do not believe that a restrictive smoking policy will negatively affect values. It may decrease demand nominally, but overall I do not see how a smoking ban would, could, or has negatively affected any values for condos in Center City like Center City One at 1326 Spruce St.   I also think that the world is gravitating towards smoking bans in many areas (not just residential condos) and think the trend will continue. So unless a buyer wanted to move to the moon- there really is no avoiding the non-smoking trend and therefore really will not hamper values in my opinion. The following are condo buildings that have a NO SMOKING policy in effect:
Symphony House at 400-440 S. Broad St.
Society Hill Towers at 200-220 Locust St.
Hopkinson House at 604 S. Washington Sq.
 The Rittenhouse Hotel & Condos at 210 W. Rittenhouse
The Dorchester at 224 W. Rittenhouse
    I think more damning to values of particular buildings in town would be restrictive pet policies. 
   It is difficult to argue that the largest buildings should allow dogs. Yet implementing restrictions based upon size and breed may ultimately increase demand and ultimately resale values. I have seen many buyers in my day pass on particular buildings due to restrictive pet policies.  Buyers will more readily give up on a particular building than to give up their pets…reasonably so.

 

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