Home Buying in 19103>Question Details

Joe, Home Buyer in Philadelphia, PA

I am contemplating purchasing a one bed/bath condo in Locust Point or Parc Rittenhouse as an investment.

Asked by Joe, Philadelphia, PA Fri Dec 21, 2007

They cost the same amount, however in Locust Point the sq ft is 700 and in Parc it is 478. Which unit will provide a higher monthly rent and greater appreciation potential? Do you know how much rent to expect? Both units are conversions and essientailly brand new.

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4
Hey Joe,

Take a step back and look at the bigger picture. First, Locust Point was a rental and is converted to Condos. It does NOT have the 10 year tax abatement. It is owned by J Reinhold. They tried converting The Lofts @ Callowhill but reverted back to rentals.

Parc Rittenhouse has uber real estate pro Allan Domb as a development partner. His projects have an outstanding track record. But he's also savvy and holds the best units and rents them out himself. You're competing with a big dawg here.

I'd suggest you can get a much better return buying a "cosmetically challenged" older Ritt Square Condo, fix it up, take the deductions and rent it out at a premium. I try to think out of the box for my investor clients.

If you want out of the box advice, hit me up - MoveSmarter@CBPref.com
0 votes Thank Flag Link Wed Aug 13, 2008
Before you buy an investment in an overly established area like Rittenhouse Square, I recommend that you explore other areas like Old City, University City or other solid locations.

David Krupp
Kurfiss | Sotheby’s International Realty
226 W Rittenhouse Square, Suite 102
Philadelphia, PA 19103
215.735.2225
Web Reference: http://www.kurfiss.com
0 votes Thank Flag Link Sun Dec 23, 2007
In my opinion the Parc Rittenhouse is more well known and likely be a better rental. But you should speak with a seasoned center city agent. Prudential Fox and Roach has five offices in the city and someone will be able to help you.
0 votes Thank Flag Link Sat Dec 22, 2007
Hi Joe:
I would suggest you contact a real estate agent to assist you with that question. I am a center city Realtor that could assist you with a property market valuation analysis of both those condos that would include gross rental and appreciation potential. Feel free to visit my website http://www.MyPhilaRealtor.com for all your real estate needs and search homes for sale in the entire mls. My contact info can also be found there as well. Tom Napoli, Realtor Keller Williams Real Estate...because your move matters!
0 votes Thank Flag Link Sat Dec 22, 2007
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