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Philadelphia Condominiums (Condos)

What is a condominium? A condominium is a real estate entity in a larger venue such as, for example, a high rise that is individually owned. The owner has access to outside areas, elevators, and heating plants.  This access is governed by legal rights set by an association of owners who jointly the whole property and who set rules and regulations. In reality, a condo is an apartment that is owned by an individual.Maintenance is covered by a monthly fee.

What is a coop? Non-profit corporations own coop buildings. If a unit in a building is purchased, the purchaser becomes a shareholder in the corporation and receives a lease for the unit. He becomes not an apartment owner, but a shareholder. If he desires a larger apartment, he must buy more shares in the corporation. Investment in a coop is just that: an investment, and does carry a degree of risk.  The financial health of the corporation is paramount to the shareholder’s safety. Coops are governed by a board of directors which has more control than a condominium association.  Since condo units are actually owned, taxes are paid by the individual owner. The coop corporation pays taxes on the entire property and passes on the cost to the shareholders in the monthly maintenance fee.

Last year’s unbelievable rise in gasoline prices started many suburbanites thinking about relocating closer to their places of work. Many turned their eyes toward the many beautiful, convenient and often luxurious condominiums and coops available in Philadelphia: designed to fit every pocketbook.  If at first glance condominium prices seem high, remember that you are going to throw away that snow shovel, riding mower and house painting gear that make you feel guilty ever time you avoid using them. Condo living is in! Think of all the free time you’ll have, unburdened by those hated chores.

Whether you choose Rittenhouse Square, Bella Vista, Queen Village or Center City, Philadelphia has the condo or coop for every taste. For example, if you’re looking for a condo in Rittenhouse Square, a neighborhood of luxury apartments, trendy shops and fine restaurants. The housing stock includes condos and townhouses.  The average price is $673,000, and there are properties well over $3,000,000.  This is a prime Philadelphia location.

The Loft District is bounded on the south by the Vine Street Expressway (although Market Street is sometimes designated as the southern boundary). To the north the boundary is Spring Garden Street, the western boundary is Broad Street; the eastern, 6th Street. Condos in this area range in price from $180,000 for a one bedroom, one bath apartment to properties well over $2,000,000.  Average price is probably in the $300,000 to $400,000 range.

Center City Condominiums (Condos) For Sale

Old City Old City’s atmosphere is enlivened by upscale bars, restaurants and trendy shopping venues. It is also home to art galleries and pricey real estate. There is a mix of old factory buildings converted into condos and lofts, as well as older town homes. One bedroom, one bath condos begin in the 150,000 to 180,000 range. Other luxury condos go as high as $3,000,000. For $700,000 you can buy an older four unit apartment building on Race Street. Old City real estate values have trended upward, especially since the sweeping changes in the Independence Hall area.

Southwest Center City Condominiums (Condos) For Sale - Fitler Square, Rittenhouse Square

Southwest Center City (South of South Street) has become a very popular area. Closeness to Filter Square and Rittenhouse Square has made the area increasingly more desirable. Average price of properties is $300,000.  Occasionally one bedroom condos are available in the $200,000 range. There are properties well over $1,000,000.

Philadelphia Art Museum Condominiums (Condos) For Sale - Fairmount Condominiums

The Art Museum/Fairmount Area has prices in the range from $199,000 for a one bedroom condo, to well over $1,500,000 for larger accommodations. This is a neighborhood that is becoming increasingly upscale.

Bella Vista Condominiums (Condos) For Sale

Bella Vista is the area that attracted Italian immigrants in the late 1800’s.  It is a very stable and convenient neighborhood with some of the more reasonable city properties. It is a good place to find a starter home.  It has some properties that were built in the 1950’s that are a good value.  You can find condos beginning in the $160,000 range and new construction is under way.

Northern Liberties Condominiums (Condos) For Sale

Northern Liberties, a bit north of Center City and bordered by the Delaware River is a center for artists and musicians.  Values are on the upswing with the proliferation of trendy galleries and coffee houses. A small condo will cost $80,000. Although the median price is $321,900, there are properties as high as $3,000,000. Proximity to Center City is a plus.

Queen Village Condominiums (Condos) For Sale

Queen Village has changed from a working class neighborhood to an affluent, upscale enclave. Its central location and proximity to historic sites has made it a prime residential location. Between 1999 and 2004, housing prices had risen 65 per cent .One bedroom, one bath condos start in the $180,000 range.  Average price is $400,000.

Society Hill Condominiums (Condos) For Sale

Society Hill is very upscale. It has more 18th and 19th century homes than any other place in the United States. An eleventh floor condo in the Ayer building brought $2,300,000. Average listing price is $600,000. The proximity of so many of Philadelphia’s historic sites, cultural venues and the availability of fine dining all contribute to the desirability of the area.

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