Home Buying in 19103>Question Details

Julia, Home Buyer in 19103

I'm thinking about purchasing a 1 bedroom condo at 23 "A Condominium" and was wondering if it would be a good investment?

Asked by Julia, 19103 Tue Apr 27, 2010

We will be occupying the unit for a few years but plan to rent it out when we move out. What's the occupancy rate?

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5
Bruce Lang’s answer
One bedroom rentals - 2200 arch, 1111 locust, city view all pencil out pretty well. If you are looking for an investment check out the free cash flow after condo fees, parking fees, taxes, insurance, vacAncy etc. Too often investors buy what they like/want to live in......I have a client that is regularly cash flow negative because that person always needs to picture themselves living there. You want to have a solid handle on the historic rents and vacancy
0 votes Thank Flag Link Thu Jan 27, 2011
Great long term strategy. i know from experience rentals do well at 23. Sharp looking building with outstanding finishes and smart developer. However, some one bedrooms are smallish and have obstructed views. So you really need an experienced Realtor to guide you through. Costs you nothing. Hard to determine occupancy rate as many units remain developer owned.

If you're looking for a good deal and great rental interest - think about Naval Square. I get 10-12 inquiries every week about rentals there. I've had clients rent there sight unseen! Free parking, pool, new gym and free shuttle to UP and CC. The Phoenix at 1600 Arch is another idea - the auction results give excellent guidance for more units to be offered soon.

Hit me up at 215 266 7227 if you want to know more or discuss other options.
1 vote Thank Flag Link Tue May 11, 2010
Julia,

Sean is correct. This building is currently offering (for qualified buyers) down payments as low as 10%, and interest rates of 3.99% for mortgages under 417,000 and 4.99% for loans over 417,000.
0 votes Thank Flag Link Tue Apr 27, 2010
1 bedrooms are good investments but it depends on the price and the condo fees. There are many of medical students in the city looking for a 1 bedroom rentals, as well as young couples.
0 votes Thank Flag Link Tue Apr 27, 2010
Julia,

If I am not mistaken, 23 condo is offering some good financing packages right now. They have sold a few units recently and Turchi Properties does offer some nice properties (they have a few buildings for rent in center city).

Sales manager's name is Bob and should be able to help you and give you info on occupancy rates as well as what financing packages they offer.


Sean Dawes
Long and Foster Real Estate Inc.
0 votes Thank Flag Link Tue Apr 27, 2010
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