Last week, I read an article on Philly.com that was inspiring to me as a Center City Philadelphia REALTOR!! It still appears that despite the housing and mortgage crisis around the country, that Center City Condos are holding on strong! Here is an exerpt from the article:
“”Housing prices have remained strong,” Levy said. “There’s no doubt there’s a cooling in the market, but there’s no evidence of a bubble bursting downtown.”
Levy noted that Philadelphia has the lowest mortgage foreclosure rate – 0.49 percent – among the 10 largest metropolitan areas, far below Atlanta’s 2.53 percent or Detroit’s 4.92 percent.
Levy said the survey showed that last year the average Center City condominium sold for $428,596, while the average sales price for a single-family home was $286,616. Center City condominiums increased in price about 6.4 percent over 2006, while single-family homes increased in price by 9 to 15 percent, depending on neighborhood.
The number of Center City condominium units that sold for more than $1 million went from 49 in 2006 to 115 last year.”
I love both living and working here in Center City Philadelphia and it looks like I am not alone!! Leave a comment or send me an email at Mark@CenterCityCondos.com and let me know what you think of our City.
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106