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

We are considering buying a condo for our son (Penn PhD candidate) in the Fitler Square area and hoping to

Asked by Mark, Center City West, Philadelphia, PA Thu Jun 11, 2009

try to sell it in 6 to 7 years. Do you see this as a good investment?
MSM

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Joe White’s answer
Mark,

If your son is going to Penn, I have proprietary information on a Fitler Square Condo development now closing out. There are just a few units left. Call me at 215 266 7227 and I'll fill you in on the details.

Joe White
#1 Sales Agent 2008 @ Coldwell Banker Preferred • Society Hill
Web Reference: http://www.moveSmarter.com
0 votes Thank Flag Link Tue Jun 23, 2009
I have a few clients that have been going through the same process. Those who are familiar with the area feel that it is a great investment. It helps with their taxes (depending on whose name it goes in). They also feel that they can choose to continue to hold onto the property if they feel it is continuing to be a good investment for them by renting it out to other students in the area. On top of Penn there is also Drexel and the Pharmacy school located nearby. Which brings in a great deal of qualified student renters.

I have had some parents choose to purchase a simple studio or 1 bedroom condo for their student, others have chosen to purchase a home with a few bedrooms and then rent the rooms out to their child's fellow students. As far as area goes, there are more condos available on the east side of the river rather than right in University City. So that may come into consideration for you as well. Both areas allow simple access to Penn.
0 votes Thank Flag Link Mon Jun 22, 2009
Mark,
This is a great idea. Anyone who is planning to buy now and stay in a property for 5 years or more will be in a good boat as far as I am concerned. Interest rates are great right now and property values are reasonable!
You could buy it for your son who is in college and then when he is ready to move out, you may not want to sell as you may be able to get great rental cashflow. Depending on how you strategize your numbers this may be a better investment for you. Either way, it will be a great investment if you plan to hold it for the 6-7 years. But always look at the condo fees, assessments and review the condo docs before making a final decision. Do your research. I would happy to help you with this if you have not already employed a Philadelphia REALTOR to help you.

Best regards,
Carmel Archdekin
Did you know there are only 6 months left until the Free $8,000 tax credit expires?
Start looking NOW – the average homebuyer takes 2-3 months to find and settle on a home
The deadline to settle is November 30th 2009—do your friends a favor, tell them to call us today

Carmel Archdekin
REALTOR
Coldwell Banker Preferred
223-225 Market Street
Philadelphia PA 19106
Office: 215.923.7600
Cell: 215.680.5998
EFax: 215.940.8207
http://www.cbpref.com
WINNER OF 2008 COLDWELL BANKER ACHIEVERS SOCIETY AWARD
0 votes Thank Flag Link Wed Jun 17, 2009
HI Mark,
Considering interest rates as well as values are both at an all time low right now, if you are able to financially carry it, yes it is a good investment. Just make sure to buy in a building where there are not many delinquencies as that will have an effect on your financing as well as any assessments the building has. Good Luck!

Melissa Antenucci
Ameritrust Mortgage Associates, LLC
Philly Office 267-479-0260
Boca Office 561-417-9221
0 votes Thank Flag Link Sun Jun 14, 2009
Yes it is. If you would like to receive a FREE list of properties in that area
visit http://www.vipbuyerinpa.com

Peter Lavelle, GRI
Citizens Premier Real Estate
(215) 396-0500 x 3440
Cell (215) 906-6702
Web Reference: http://www.vipbuyerinpa.com
0 votes Thank Flag Link Fri Jun 12, 2009
Absolutely! I have some great suggestions as I sell (and my office is in) this area.

I'd be happy to guide you.

Fred Glick
U S Spaces, Inc
215-852-4469
Web Reference: http://fredglick.com
0 votes Thank Flag Link Thu Jun 11, 2009
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