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February 17, 2014

Philly Condo Buyers- Who Are They?

Filed under: Center City Real Estate,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 11:43 am
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Of course I get tons and tons of folks emailing me looking to move into a Center City condo…no surprise there. But you might be surprised by who is actually buying in town. Here are some common groups of buyers who I see buying condos in Center City.  Certainly others exist, but this is a generalization of what I see:
1) The Returnees – Grew up in Philly, moved elsewhere, and now returning. Being close to friends and family is often the draw.
2) The Empty Nesters- Shedding themselves of 75,000 pounds of unused house. They can often be very happy happy buyers who are starting a new chapter in their lives. I enjoy working with and watching them get excited for a move into town.
3) The Weekend Warriors- They have done the shore, now they spend their weekends in town. Much more common than you think.
4) The Kids Who Have Parents Who Have $$ – Very common. Very.
5) The Transferee- Maybe came to town via a promotion- and wants to be close to work. Moving to town wasn’t on the radar. Doesn’t matter- he or she is here now.
6) The Growing Families- It used to be that young adults would get married , and 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.
7) The Investors- Who know that the city is the place to be, and that their investment will provide a handsome return year after year after year. Unless say Univ. of Penn moves to say the moon…a condo may easily be a magnet for a tenant.

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

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