Akin to a foreclosure, corporate owned, or “Relocation” homes and condos in Center City Philadelphia are often marked down in order to get them to sell fairly quickly.
I currently am aware of two such condos in town. In one instance, the condo sold in 2006 for $569,000 and is now asking $449,000. And that is an ASKING price. The other condo will sell (my guess) for about $100,000 LESS than someone paid for it just a few years ago.
Both condos are fairly new- one is a two year old condo in Old City, and is nothing short of stunning. The other is in a large, full service doorman high rise condo that is just begging to be snatched by the right buyer.
Here is my view on how a “relo” comes to be: Sue buys a condo. Sue gets transferred out of state. Sue’s company (Say, IBM) hires a 3rd party to buy and or sell the condo on Sue’s behalf. Here is the kicker: IBM (or whoever) is NOT in the business of owning condos in Old City, or anywhere else for that matter. They have a tendency to list them for prices that are well below market value.
TWO CENTER CITY CONDO BUYERS ARE GOING TO STUMBLE UPON THESE CONDOS, AND PROBABLY STRIKE A REALLY GREAT DEAL.
If you are interested in learning more, give me a call at 215.521.1523. Let’s chat. And let’s go take a look at a few “relo” condos in Philly!
Prudential Fox and Roach Realtors
530 Walnut St., Suite 260 Philadelphia, PA 19106