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December 14, 2015

Snapshot: Composite Of Condo Buyers In Center City

Filed under: Center City Real Estate,General Real Estate — Center City Philadelphia Real Estate Agent @ 1:29 pm

I have been lugging buyers around in my car here in town for nearly 27 years now and like snowflakes- no two buyers are the same. However, if I had to generalize and put buyers into categories, here would be the most common types of Center City Condo buying groups:

1) The Returnees – Grew up in Philly, moved elsewhere, and are now returning to their roots. Being close to friends and family is often the draw- or perhaps being close to where they grew up or went to college is often the motivation behind their return to town.

2) The Empty Nesters- Aka- those looking to shed lots of unused house…. They can often be very happy buyers who are starting a new chapter in their lives. I enjoy working with and watching these buyers get excited for a move into town. These buyers are looking to simplify their lives and lessen their responsibility in terms of home ownership. Generally “turn key” buyers who want to do zero work. One level living tends to be a priority as do high rise condos with doormen.

3) The Weekend Warriors- They have done the shore and now spend their weekends in town. Much more common than you think. These buyers generally do not buy townhouses nor do they buy the large 3 and 4 bedroom luxury condos. Usually buy just enough space to have friends over for dinner or overnight.

4) The Kids Who Have Parents Who Have $$ – Very common. Very. Usually here to attend school or start their careers. I find proximity to work or friends plays a heavy hand in where they end up buying. These buyers are also generally turn key buyers who are not interested in doing work to their new condo..move in condition  important.

5) The Transferee- Maybe came to town via a promotion or transfer and wants to be close to work. Moving to town wasn’t on the radar. Doesn’t matter- he or she is here now and the suburbs generally are not on their radar.

6) The Growing Families- Aka the move-up buyers. It used to be that young adults would get married , get a dog, two kids, a station wagon, and BOOM- off to suburbia they went. No longer the case. They now often represent our move up buyers in Center City and gravitate towards single family living in areas like Queen Village or say Art Museum area (in my opinion).

7) The Investors- Those who know that the city is the place to be and that their investment will provide a handsome return year after year after year. A condo may is usually preferred by such buyers as the lack of maintenance is often a goal.

8) The First Timers- The good ole reliable first time buyer. The backbone of the Center City condo buyer. Always has been and always will be.

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