Home Buying in 19103>Question Details

Lbnj, Home Buyer in Center City West, Ph...

Seems that there are more units for sale at 2301 Cherry than usual. What's happening with that building?

Asked by Lbnj, Center City West, Philadelphia, PA Sun Oct 10, 2010

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Chris & Stephanie Somers’ answer
We were over there a few months ago. The building is older and established. I think the appearance that there is suddenly a lot of inventory is just that the building is taking it's natural course. Out with the old and in with the new, if you will. A majority of the units have not been updated in many years and with the housing market and economy the way it is, many of the owners may see it is a great time for them to buy so they are moving on. The people that have updated their condos have done a great job. They have a unique retro feel that you really can not find anywhere in new construction condos. Location is fantastic, located right by the river.

I understand that the management company changed not too long ago and they are making good improvements to the building.

Change is what's happening over there. I would be curious to know if there was a large assessment recently done for the common area improvements. Sometimes that is all it takes for a long term owner to say, "I think it is time for me to sell".
0 votes Thank Flag Link Mon Oct 11, 2010
I used to live there. It was great for getting in and out of town quickly and for having a great garage. As a dog lover it wasn't the building for me....it's a no dog building.
That building has always had a lot of turnover as it's an attractive buy and works well for graduate students and professors
If there is something bigger, and you are buying, ask for one year of board minutes and obviously the financials of the condo association.
0 votes Thank Flag Link Thu Jan 27, 2011
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