Everything You Need to Know About Investing in a Luxury Condo in Philadelphia

Everything You Need to Know About Investing in a Luxury Condo in Philadelphia

  • Douglas Pearson
  • 03/14/22

One of the best aspects of investing in luxury real estate is that the value of your investment tends to increase over time. In a recent existing-home sales report, the National Association of Realtors (NAR) reported an 11.9% nationwide increase in the median sales price of luxury condominiums. Luxury condos in Philadelphia are no exception. MLS data shows that the median price for homes in the city have increased 9% since October 2020.

If you’re considering an investment in Philadelphia real estate, read on to learn what to expect and what it’s like to live in the City of Brotherly Love.

Life in Philadelphia

Photo courtesy of William Penn / Elevated Angles for Visit Philadelphia
Nestled conveniently between New York City and Washington, DC, Philadelphia is a happy medium between the hustle and bustle of the Big Apple and the political environment of the nation’s capital. As the largest city in Pennsylvania, Philadelphia also has a thriving local economy. According to the U.S. Bureau of Economic Analysis, the city has a current gross domestic product (GDP) of approximately $439 billion. It is also a thriving academic destination with the Ivy League University of Pennsylvania among its institutions. Philadelphia is also home to the offices of several Fortune 500 companies, which makes it a secure city for future investments.

Philadelphia is also capable of transporting you into the past, full of rich history about the birth of the United States. It has one of the most significant historical landmarks in the country, Independence Hall, where the Declaration of Independence and the United States Constitution were signed. Just across the street from Independence Hall, you’ll find the Liberty Bell, the symbol of American Independence.

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Photo courtesy of the National Park Service
Another popular attraction is Reading Terminal Market, one of the largest and oldest public markets in the U.S. that operates daily. Established in 1893, the market has a variety of restaurants and offers an incredible selection of local and exotic produce, meats, seafood, cheeses, and baked goods.

Philadelphia is also very fond of sports. It’s one of only 13 U.S. cities hosting teams in all the “Big Four” major sports leagues, including:

Photo courtesy of Paul Brady
For culturists, Philadelphia is full of entertainment and a haven for the arts. You’ll find stunning museums, including the Rodin Museum and the Philadelphia Museum of Art, one of the largest art museums in the world, as well as multiple venues for performing arts between the Philadelphia Orchestra, the Academy of Music, the Opera Philadelphia, and the Philadelphia Ballet. Philadelphia is an arts advocate, evident through its efforts to support the arts and incorporate public art in the city.

Of course, no city is complete without a great shopping district, stellar dining scene, and vibrant nightlife. Rittenhouse Square is the ultimate destination for your luxury lifestyle with lavish boutiques, popular retail stores, spa salons, fitness studios, coffee shops, bakeries, juice bars, and bookstores.
Photo courtesy of R. Kennedy for Visit Philadelphia
The unforgettable Rittenhouse Square Park is perfect for reading, sunbathing, afternoon strolls, outdoor activities, and picnics. This tree-filled spot hosts festivals, fairs, farmer’s markets, and various events.

Philadelphia is a perfect mix of modern and historical architecture, from modern skyscrapers to charming colonial cobblestone streets. If you decide to invest in luxury condos in Philadelphia, rest assured your chosen property will be in a lively city that has anything you might want and much more.
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What is a condominium?

A condominium, widely referred to as a condo, is a privately-owned residence unit within a large property complex that comprises several other units. Each unit is owned separately by different individuals, but all owners share common areas, community property, and amenities. Condos tend to be larger and of higher quality than apartments.

Luxury condos: the pros

An apartment, but better

Condos often provide a higher-quality experience than an apartment. Many condos, particularly in luxury buildings, offer on-site amenities, such as gyms and common areas. Some go even further with pools, spas, elegant lounges and business centers, green spaces, parking, security systems, and incredible views. Additionally, many residences are built by prestigious architects, with spaces designed and furnished by talented interior designers and decorators. 

The best locations

Luxury condos are in premier locations—many times at the heart of the city, where you can enjoy everything it has to offer in proximity. With most luxury condos, you’ll have access to many of your favorite spots within walking distance. Browse luxury condos for sale in Philadelphia.

Low maintenance, high security

Another benefit of condo ownership is the maintenance-free lifestyle. The long list of responsibilities that come with building and/or owning and taking care of a home is immediately shortened, as the building’s management does nearly everything for you as part of the monthly homeowners' association (HOA) fee.

This low-maintenance way of living ensures no need for massive preparations if you’re planning to travel. Luxury condos have advanced security measures, ranging from 24-hour camera surveillance to stationed security personnel for utmost safety.

A boost to your social life

Another benefit of condominium living is its effect on your social life. It’s an excellent opportunity to meet and connect with new people and be social. The shared space in the building will provide you with a feeling of belonging and a sense of community, a nice complement to the privacy in your unit. People who live by themselves will also feel a sense of safety and accompaniment.

Luxury condos: the cons

No absolute solitude

One of the drawbacks of condominium living is the lack of absolute privacy. Private people might not want to live in a building that houses multiple residents and might not enjoy sharing amenities. You’ll likely be bumping into neighbors frequently, even if you live in a penthouse. Additionally, you’ll have close neighbors and may even share a floor. If you’re looking to invest in a property that offers complete solitude, condominium living is not the best option for you. Consider a home like this one in nearby New Hope instead.

Some rules and restrictions

Living in this type of housing also comes with rules and restrictions you’ll have to follow as a resident. For example, there are usually rules regarding loud, disruptive noise, how to take out the trash, and the number of pets you’re allowed to have. There may also be restrictions on how much you can customize your unit. For instance, heavy remodeling, such as knocking down a wall or adding a new room, may not be possible while living in a condo.

Searching for Philadelphia luxury condos for sale?

Looking to invest in a luxury condo in Philadelphia? We can help! As one of the most successful teams in the greater Philadelphia luxury market, we can guide you through every step of the process when you’re ready to make this great city your home. Get in touch to start the conversation.

Work With Douglas

With decades of sales and marketing successes behind him, Doug Pearson is a leading Realtor in the greater Philadelphia area and a top salesperson in Kurfiss Sotheby’s International Realty. He has extensive experience selling new construction and land along with estate homes, city condominiums, and investment properties.