Not NYC but only 90 miles away . . .

coming soon to fidi and wburg

You don't have to go that far to get bargains on luxury condos:
http://www.sheldongood.com/detail.php?id=1711

Philly is not comparable to NYC. What a stupid thread. Philly is more comparable to Phoenix or Cleveland than NYC.

thanks alpine - helpful input, much appreciated. I'm not sure I actually said it was comparable, I offered the link as one that might possibly interest some readers here. my apologies for wasting your time with it.

Go Eagles!

I know Philly very well, and the neighborhood of the condo development they mention is icky. It's at the outskirts of the main business drag, which is mostly office buildings with some very low-end retail (Salvation Army, a few porn theatres) a block away. There's not much residential nearby. I wonder if they tried marketing these condos to New Yorkers due to proximity to 30th Street Station? It wouldn't be the first time....

The problem with Philly condos is that you can buy an entire renovated three bedroom townhouse in the best of Center City neighborhoods for under $500k. You can get into the market with a two-bedroom expanded "trinity" house for under $300k. How many people really want to pay an enormous premium to live in a sketchy neighborhood where there's nothing to do in a much smaller space that comes with very large condo fees? ($300-400 condo fee is considered expensive in Philly.) Few Philly buyers are interested in the value proposition these condos present, and even fewer can afford them. Even at 50% off, I still wouldn't touch one of these condos. There are better alternatives on the market..

The marketing strategy for these expensive condos has, for as long as I can remember, been focused on suburban retirees and New Yorkers looking for the "sixth borough." I've forever been skeptical that either group is all that interested, though some buildings (like Symphony House) have had success drawing in older suburbanites to the city. The daily commute from Philly --> NY is awful, even if you spring for the $1,200 (or whatever it costs) Amtrak monthly pass. Unless you live and work right near the stations, you're likely dealing with two hours door-to-door.

If I had to compare Philly to somewhere, I'd pick Queens. It's definitely not Phoenix or Cleveland. It was late to the bubble, and the values are holding pretty well so far, mostly because the own-to-rent ratio is still pretty good.

lad - tku v much.

I find this point particularly interesting:

"Take the 1,405-square-foot, 23d-floor unit originally listed at $995,000. It could go for $485,000, less than what it would cost to build today, said Jon Gollinger, president of Accelerated Marketing Partners, of Boston, which is handling the sale for Murano's developer, Thomas Properties Group Inc."

I thought that was supposed to be a price-chop threshold that wouldn't be crossed...

> Philly is not comparable to NYC. What a stupid thread.

Yes, Philly is not comparable, but somehow suburban New Jersey was?

Seriously, Alpine, do you believe your own bullsh*t?