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Charles Balducci's Blog

By Charles Balducci | Agent in 19103
  • Savvy Seniors Lead The Way Yet Again

    Posted Under: General Area in Center City East, Market Conditions in Center City East, Home Buying in Center City East  |  November 26, 2011 10:48 AM  |  626 views  |  2 comments

    Interesting demographic home buying patterns clearly emerge out of the flux of the changing marketplace.

    We observe that the residential inventory is steadily declining (8 month supply) while prices bounce around the bottom ... as buyers and sellers maintain a contentious tug-of-war to protect their equity.

    Place this awareness against a backdrop of sustained low lender rates and we begin to see that the moment is prime for able Buyers.

    Indeed many alert young people wanting to convert rent into equity are taking advantage of this opportunity in great numbers.

    Yet, an unspoken pattern is also emerging from the opposite pole.

    Seniors who have weathered the changing landscape of their lives also recognize a good thing, and are now taking advantage of this moment in history by restructuring their housing needs to fit their new lifestyle requirements.

    Certainly this event is quite noticeable in the urban area of Philadelphia where: suburban seniors as empty nesters are migrating into the urban landscape; and urban seniors are trending to one floor living, and locating within strolling distance to great restaurants and a lively menu of cultural activities and energetic, healthy living.

    For the first time in history seniors are making an indelible mark in the residential real estate market, emerging on the horizon of welcomed economic change.

    Charles Balducci  215.531.2000

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    Coldwell Banker Preferred
    1401 Walnut Street  Eighth Floor
    Philadelphia, PA 19102

    215.546.2700

  • Ritz Carlton Residences Pricing & Updates

    Posted Under: General Area in Philadelphia, Home Buying in Philadelphia, Property Q&A in Philadelphia  |  June 22, 2011 9:26 AM  |  2,418 views  |  No comments
    Ritz Carlton ... new entry level pricing

    Prices starting from $377,000 ... call me for details.

    One Bedroom:    890-1050 SF     $377 - $695,000 
    Two Bedroom:   1300-2092 SF    $524 - $1,602,000
    Three Bedroom: 2050-3050 SF   $1,150 - $2,868,000

    Overall the price structure increases with elevation and premium building locations.

    Deeded parking extra.

    Valet parking.

    Condo Fees $.99/SF  :: Includes Heat & AC & Gas Cooking :: State of Art Fitness Center, lap pool, expansive community room with adjoining terrace, intimate media room, yoga room, landscaped urban garden, and the 'Ritz' level of superlative service.  

    Craig Spencer the owner/developer of the Ritz recently stated that the Ritz now has 100 Units either sold or under agreement of 273 total. He said that he anticipated selling an additional 30 residences by the end of 2011.

    Mr. Spencer explained to me personally that they bought back their mortgage from Lehman Brothers last year, so the Ritz has very little debt, and by implication they offer a stable financial picture of the building to reassure buyers. Furthermore, he said that he welcomes the opportunity to meet and speak directly with any buyer to answer any questions and to provide his personal assurances to any of their concerns.

    To offer Fannie-Mae insured mortgages on a condo purchase, the Ritz Carlton Residences, like many condominiums, must achieve a threshold of  50%+ units under agreement.

    So for the time being, purchases require either a cash transaction, or if a mortgage is required ... a local reputable portfolio lender will write the loan. 

    Their preferred first tier of local portfolio lenders include HSBC, Susquehanna, & Trident.

    BTW - The Ritz Carlton overlooks Philadelphia City Hall. And a new project to transform Dilworth Plaza, located on the West side of City Hall, to a state-of-the-art well managed civic space is funded and scheduled to begin this fall with completion anticipated in 2013.  

    Contact me directly if you have any interests, want to discuss details, or set an appointment to see these lovely residences.

    Charles Balducci 215.531.2000
    cbalducci@cbpref.com

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    Coldwell Banker Preferred (Avenue Arts)
    1401 Walnut St  Eighth Floor
    Philadelphia, PA 19102
     
    215.546.2700
 
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