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November 12, 2012

The Two Vs. One Bedroom Condo Myth in Town

Filed under: For Buyers — Center City Philadelphia Real Estate Agent @ 4:40 pm

One Vs. Two Bedroom Philly Condos

 A lot of folks I have met over the past 23 years have the notion that buying a two bedroom condo is a better investment than a one bedroom condo, and I don’t think that is necessarily true. Sure, if you are looking to buy a beach house, I can see where that equation would be wholly true- as a beach house is where you will magically attract guests for weekend get-togethers.  However, in Center City, I don’t think the same is true. I think it best to judge the value or investment value of a condo based upon comparable sales, interior condition, market conditions, and the reputation of the building or segment in which you are considering a condominium purchase. Spending more money when you don’t have to is kinda’ counter productive. If a one bedroom fits your needs, then buy a one bedroom condo. I have yet to see in the past 23 years a two bedroom resell better than a one bedroom condo- If all other qualities of the purchase are the same. There is a huge one bedroom condo market for buyers in Center City. And buying into a lesser building and getting a two bedroom may not be to your advantage. Buy what you need, and maybe best not to overspend in order to fulfill the myth that a two bedroom is going to somehow be a better investment- I don’t think it is better. Nor do I think it worse- again, all within the context of the building and the market segment in which you purchase.

Mark Wade www.CenterCityCondos.com

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