If You’re Buying Luxury Real Estate, You Need to Know These 5 Things

If You’re Buying Luxury Real Estate, You Need to Know These 5 Things

  • Douglas Pearson
  • 10/10/22

Luxury real estate is a hot commodity in Philadelphia, and there are many things that any discerning buyer should be aware of. Some of the most pressing factors to take into consideration may seem obvious – the location, the type of property, and the price. You'll also want to be aware of the different neighborhoods that offer luxury real estate, as each has its own unique benefits.

What is luxury real estate, anyway?

What is appealing and the utmost definition of luxury for one person or family may not be the same for another. One thing is for sure, however: Rittenhouse Square and Society Hill close to Center City, along with New Hope in Bucks County, are some of the most affluent and well-known addresses in the Philadelphia area.

In general, luxury real estate is a term used to define a residence or property that is in a prized location and constructed of valuable, well-sourced materials. The home will be designed expertly with intentional style elements that create an allure not seen in most other properties. It will be spacious and feature easy access to amenities. The home may even boast some historical or architectural significance. Typically, luxury real estate sits in the top 10% of the local market. No matter the price point, luxury real estate must meet certain standards of quality and amenities.

Whatever their features, they should speak to the buyer's unique tastes and desires and offer a life of unparalleled opulence and comfort. So, what does luxury mean to you? Before starting your search for luxury condos for sale in Philadelphia, PA, or homes for sale in Society Hill, it’s a good idea to jot down on paper exactly what luxury means to you.

Philadelphia neighborhoods with luxury real estate

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When it comes to location, luxury real estate buyers should focus on areas that are close to Center City Philadelphia, such as Society Hill and Rittenhouse Square. Outside of Philadelphia in nearby Bucks County, New Hope is a perfect option. These locations offer the best access to gorgeous residences as well as restaurants, shopping, nightlife, parks and recreation, and overall high quality of living.

In Center City, you might fall in love with a large hotel penthouse with tree top views overlooking Rittenhouse Square or with a renovated Victorian row house featuring original stained glass windows in Society Hill. In New Hope, perhaps it's the expansive estates boasting sprawling gardens and private pools that catch your eye.

The different types of luxury real estate

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There is no one-size-fits-all. Row houses in Society Hill have a unique blend of historic architecture and modern amenities, while condominiums overlooking Rittenhouse Square might boast stunning views of the Delaware River. No matter what your preferences are, there is sure to be a luxurious property that meets your needs and grabs your interest.

Row houses in Society Hill are some of the most sought-after in the city, and it is not hard to see why. Many of these narrow two and three-story brick homes date back to the 18th century and feature beautiful details like fireplaces, hardwood floors, exposed brick walls, and regal staircases. At the same time, these homes have been updated with modern amenities like gourmet kitchens and spa-like bathrooms. If you are looking for a luxurious property with plenty of history, a row house in Society Hill is sure to meet your needs.

Condominiums in Center City offer some of the most stunning views one can wish for. These properties are often located on high floors of old historic hotels and offer sweeping views of the Delaware River and the Philadelphia skyline. In addition to incredible views, these residences may also come with a variety of high-end amenities, including concierge services, a fitness center, and a swimming pool. Luxury high-end properties in and around the highly regarded Rittenhouse Square neighborhood might feature high-end finishes like hardwood floors and marble countertops, crown molding, elegant fireplaces, period restoration, and modern upgrades. If you are looking for a luxurious property with plenty of amenities, Rittenhouse Square condos for sale might be worth considering.

The benefits of buying luxury real estate

The discerning homebuyer seeking a new luxury home anywhere in Philadelphia or Bucks County is making a wise investment. Not only will you enjoy all the comfort and convenience that comes with owning a luxury property, but you will also be able to take advantage of the many amenities and services that these neighborhoods have to offer. From world-class restaurants and shopping to five-star hotels and private clubs, there is truly something for everyone in these communities. The splendor and elegance of these neighborhoods are second to none, and homeowners can take pride in knowing that they live in one of the most prestigious areas in the country.

Moreover, luxury historic homes are a wise investment because people love living in historic neighborhoods, and there is a never-ending demand for the charm and architectural uniqueness of historic construction. Simply put, they are in limited supply and simply cannot be built, which translates to high market demand and a high return on investment. Lastly, owning a historic home is a great way to preserve the rich history of Philadelphia and our nation.

How to buy luxury real estate in Philadelphia

Whether you are ready to purchase a Rittenhouse Square condo for sale or a Society Hill apartment, understand your personal definition of luxury and be prepared to go after it with a competitive offer. But don't go it alone! You want to work with a real estate agent who is intelligent, knowledgeable, understands your needs, and is a savvy negotiator, such as Douglas Pearson of Sotheby's. Allow Douglas to discern the properties that are right for you and help you to negotiate the best possible price. With so much at stake, it is important to work with an experienced real estate agent who can provide the level of service that you expect and deserve. Get started today!
*Header photo courtesy of Shutterstock

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.