Domb on Real Estate: March 2009

Spring Condominium Open House Tour: Sunday, April 5

You will have the opportunity to view many of Center City's most magnificent condominiums. The tours will start promptly at the designated times. No homes will open for viewing after the starting time in order for us to stay on schedule. We look forward to seeing you!

10:30 AM
Society Hill Towers 220 Locust Street
One bedroom, $297,500

11:00 AM
Hopkinson House 604-36 S. Washington Square
One bedrooms from $289,900 to $349,900

11:15 AM
The Lippincott 227 S. 6th Street
Two bedrooms + den, 1936 sf, $995,000
Two bedrooms + den, penthouse, 2702 sf, $2,500,000

11:45 AM
Independence Place 233-241 S. 6th Street
One bedrooms from $299,900 to $459,000
Two bedrooms from $699,000 to $799,000

1:00 PM
Academy House 1420 Locust Street
Junior one bedroom $210,000
The Barclay 237 S. 18th Street
Three bedrooms + den, 2850 sf, $1,975,000
Three bedrooms + den, 3293 sf, $3,250,000

2:00 PM
1830 Rittenhouse Square
One bedroom, $599,900
1900 Rittenhouse Square
One bedroom, $575,000
Two bedrooms, $1,800,000 to $1,850,000
220 West Rittenhouse Square
One bedroom, $449,000
Two bedrooms, $799,000
The Rittenhouse 210 W. Rittenhouse Square
One bedroom, $649,900

2:45 PM
The Dorchester 226 W. Rittenhouse Square
One bedrooms from $329,900 to $399,900
Two bedroom, $775,000
Three bedroom, $899,000

Center City WINKs

The New York Times real estate section had an interesting article last Friday about WINKs (women with income, no kids). According to the article, almost half of all condominium buyers in New Jersey in 2008 were women in this category. Check out the article.

I'm not at all surprised by this. In Center City we have had WINKs for a long time due to their ability to live in a highrise with security. As a single female, they prefer the 24 hour doorman and parking in the building. Basically, WINKs do not want to be winked at while fumbling for their keys in a walkup ;)

Existing-Home Sales Data: February 2009

Today, the National Association of Realtors (NAR) reported existing home-sale statistics for the month of February:
•National: median home price was $165,400, down 15.5 percent from February 2008
•Northeast: median home price was $251,200, down 4.8 percent from February 2008
•The Greater Philadelphia Region fared better than the national market with prices falling 8.4

So what does it mean? The national drop in homes prices is due to the increase in short sales and foreclosures. In fact, in February 48% of all sales nationally were short sales and foreclosures. The drop in the greater Philadelphia region is due to homes not in core areas losing value. In the city, core neighborhoods like Washington Square, Rittenhouse Square, and Society Hill are faring much better than those a few blocks away from them.

Personally, I've seen a little more activity over the past couple months than I did in late 2008. I believe we are forming a bottom of the market right now, with speculators and first time homebuyers taking advantage of lower prices and interest rates, and a glut in the market.

A Friday Puzzle

What do these four items have in common?

UGGS

THE NORTH FACE

LOCKSMITHS

BANKRUPTCY ATTORNEYS

THEY ARE THE ONLY FOUR BUSINESSES DOING WELL IN THIS ECONOMY.

The Explanation:

Uggs - No matter how ugly or expensive they are, everyone is still wearing them

The North Face - Each year, this company's line of outdoor gear gets more and more popular...everyone from babies to senior citizens are wearing it

Locksmiths - People don't want to put their money in the stock market or banks, so they are installing safes in their homes and keeping cash locked up there

Bankruptcy Attorneys - No explanation needed, let's just say they are probably the only attorneys who are very busy today

Barclay Goes Pub

According to Philly food blog Foobooz.com, Barclay Prime is launching a brand new pub menu to be served in the bar and lounge area. Check out the post with all the information:

Open Houses 3/17-3/22

Tuesday, March 17
The Lippincott, Unit 1SE
227 S. 6th Street
6:30 pm to 7:15 pm
2 bedroom + den, 2 bath residences with custom high level finishes, features and appointments... $995,000

Sunday, March 22
The Dorchester, Unit 905
226 W. Rittenhouse Square
12 pm to 12:30 pm
3 bedrooms, 2 baths, balcony overlooking Rittenhouse Square...$899,000

The Dorchester, Unit 3009
226 W. Rittenhouse Square
12:30 pm to 1 pm
1 bedroom, high floor, upgraded kitchen and bath, balcony ...$329,000

1900 Rittenhouse Square, Unit 4B
1:15 pm to 1:45 pm
1 bedroom, upgraded kitchen, bright and sunny residence, Juliet balcony ...$575,000

Listing of the Week: The Rittenhouse

210 West Rittenhouse Square
$689,900
1037 sf
condo fees: $952/mo.
taxes: $445/mo.
1 bedroom, 1.5 baths, large foyer, sunset view, eat-in-kitchen, walk-in-closet in master bedroom

The Sweet Spot

Rarely in real estate do the two most important economic factors come together in a 'V' to create a sweet spot: the spot where prices and interest rates are both low enough to meet at the bottom. The best real estate deals are bought at the sweet spot, thereby, creating enormous opportunity for buyers. If you have the means, now IS the time to buy.

ADRE on FACEBOOK!!!

Allan Domb Real Estate is now on Facebook! When you are logged on Facebook, search for Allan Domb Real Estate and become a fan. We will have information about open houses, important news about the market, and we will use our fan base for invitations to educational webinars and other events. Hope to see you on Facebook soon!

Listing of the Week: 1900 Rittenhouse

***OPEN HOUSE TONIGHT 6:30 TO 7PM***

$1,850,000

▪ 2 bedroom, plus den
▪ 2.5 bath
▪ High ceilings
▪ Original plaster moldings
▪ Marble foyer
▪ Spacious living room with coffered ceilings and marble floors
▪ Separate dining room with marble floors
▪ Large kitchen with Sub-Zero side by side, breakfast nook
▪ Lots of light
▪ Excellent closet space throughout
▪ Panoramic views of Rittenhouse House Square