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Old 03-11-2013, 09:39 AM
 
Location: Philadelphia, PA
3,341 posts, read 3,141,984 times
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Everytime I look for 1 bedrooms in center city to no libs along the MFL I notice they are all around 200k. The reason this bugged me is because this wasn't too far from the "entry point" price for getting into brooklyn or queens which didn't seem right. I looked at some of the maintenance fees for some of those 200k 1 bedrooms and they were around 800 which also struck me as high. When I double checked how cheap you can rent a 1 bedroom in philly I saw ads as low as 900 / mo for a 500 sqft 1 bedroom. That's when I realized that all the 200k 1 bedrooms had awkward sqft amounts like 900 sqft.

It appears that philly is actually sold out of decently proportioned 1 bedroom apartments... Maybe it's time for a few more towers?
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Old 03-11-2013, 09:44 AM
 
Location: The City
22,402 posts, read 35,051,056 times
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Quote:
Originally Posted by MikeNigh View Post
Everytime I look for 1 bedrooms in center city to no libs along the MFL I notice they are all around 200k. The reason this bugged me is because this wasn't too far from the "entry point" price for getting into brooklyn or queens which didn't seem right. I looked at some of the maintenance fees for some of those 200k 1 bedrooms and they were around 800 which also struck me as high. When I double checked how cheap you can rent a 1 bedroom in philly I saw ads as low as 900 / mo for a 500 sqft 1 bedroom. That's when I realized that all the 200k 1 bedrooms had awkward sqft amounts like 900 sqft.

It appears that philly is actually sold out of decently proportioned 1 bedroom apartments... Maybe it's time for a few more towers?

There are something like 4-5K units in Center City either under construction or about to be, this may be due to your assertion
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Old 03-11-2013, 12:15 PM
 
Location: back in Philadelphia!
3,260 posts, read 5,146,907 times
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Quote:
Originally Posted by MikeNigh View Post
this wasn't too far from the "entry point" price for getting into brooklyn or queens which didn't seem right.
Seems about right to me.
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Old 03-11-2013, 03:50 PM
 
Location: a swanky suburb in my fancy pants
3,391 posts, read 8,104,672 times
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Quote:
Originally Posted by kidphilly View Post
There are something like 4-5K units in Center City either under construction or about to be, this may be due to your assertion
Most or all of what is under construction now is in rental buildings. Any new construction of condos or co-ops will be way more expensive than 200K because new construction just costs more.
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Old 03-22-2013, 12:23 AM
 
Location: Philadelphia
81 posts, read 159,785 times
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Would you be willing to look just outside of the city like Mt. Airy or Roxborough. With Septa, you can get into center city easily, but still get a decent price.
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Old 03-22-2013, 01:25 AM
 
Location: back in Philadelphia!
3,260 posts, read 5,146,907 times
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Quote:
Originally Posted by tx2010 View Post
Would you be willing to look just outside of the city like Mt. Airy or Roxborough. With Septa, you can get into center city easily, but still get a decent price.
Mt. Airy and Roxborough are inside the city.
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Old 03-22-2013, 07:14 AM
 
2,600 posts, read 3,350,183 times
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Some of you might have missed the sub-prime crisis and GFC of just a few years ago but it's a big reason why everyone who could afford to stay in the game (including Dranoff) switched to building rentals. When the market comes back these places might get condo-ized but there's a lot less for sale out there than there was 6 or 7 years ago.

RE: $200k condos. If you're paying $400 per s/f in Brooklyn and $220 per s/f in Philly it's not really "the same thing." A proliferation of small one-bedroom and studio apartments is great while Center City is popular with 20 somethings but a healthy urban neighborhood needs a broad range of housing types from studios to 3 bedrooms.

Quote:
Originally Posted by rotodome View Post
Mt. Airy and Roxborough are inside the city.
People who live in those areas, particularly Manayunk & Roxborough often shorten "Center City" to "the City".
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Old 03-22-2013, 12:15 PM
 
Location: back in Philadelphia!
3,260 posts, read 5,146,907 times
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Quote:
Originally Posted by drive carephilly View Post
People who live in those areas, particularly Manayunk & Roxborough often shorten "Center City" to "the City".
I never heard that, and I never did, but ok.
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Old 03-22-2013, 05:35 PM
 
Location: a swanky suburb in my fancy pants
3,391 posts, read 8,104,672 times
Reputation: 1591
Quote:
Originally Posted by MikeNigh View Post
Everytime I look for 1 bedrooms in center city to no libs along the MFL I notice they are all around 200k. ........

It appears that philly is actually sold out of decently proportioned 1 bedroom apartments... Maybe it's time for a few more towers?

It just ocured to me that the OP is probably completely unaware of all the apartments brokered by a certain "condo king" whose name we aren't allowed to mention on City-Data.
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Old 03-22-2013, 05:53 PM
 
Location: Philadelphia, PA
3,341 posts, read 3,141,984 times
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Quote:
Originally Posted by bryson662001 View Post
It just ocured to me that the OP is probably completely unaware of all the apartments brokered by a certain "condo king" whose name we aren't allowed to mention on City-Data.
Condo's for sale that wouldn't be on trulia etc?
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