Market Conditions in 19103>Question Details

Vanessa Nguy…, Other/Just Looking in 19128

I am debating about buying a one or two bedroom condo in Philadelphia. I am worried that I will have a hard time selling a one bedroom condo.

Asked by Vanessa Nguyen, 19128 Tue Apr 5, 2011

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Vanessa,

First and foremost, I commend you for thinking ahead, something I suggest to each and every buyer. I see you are located in Roxborough; I am a local myself. I grew up right down the street from Bob’s Diner.

The Philadelphia Condo market is interesting. As stated below, location matters just as much as the number of bedrooms. Luckily enough, Philadelphia is full of young professionals and students, undergrad and grad. So that will help when reselling the unit.

If you would like to discuss this topic further, please, do not hesitate to contact me. That way, I can give you a clear picture of what you are looking at.

Sincerely,
Tyler J. Morrison
US Spaces, Inc.
2043 Locust Street 1F
Philadelphia, PA. 19103
(484) 533-7111
(215) 829-8850 x.214
0 votes Thank Flag Link Wed Sep 28, 2011
Hi Vanessa, I copy Dan's disclaimer about Philadelphia but can tell you two things. One bedroom condos are a great start pointing for many tarnsitioning into home ownership. The future salability of the apt will depend on the location and amenities. You should contact a local agent to discuss the trends for one bedrooms in your area.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Sun Apr 24, 2011
The most important issue you want to consider in buying a condo in center city is location. One or two bedroom is less important.
in center city a
0 votes Thank Flag Link Sun Apr 24, 2011
You have a legitimate concern.

Disclaimer: I know nothing about Philadelphia real estate or condos. So my answer is generic. It may turn out that the situation is different in Philadelphia. However . . .

Usually, a two bedroom condo will be much easier to sell than a one bedroom. Especially the last 10 years or so, people have frequently been using a bedroom (whether it's a 2-bedroom condo or a 5-bedroom home) as a home office, as an exercise room, as a hobby room, as a guest room, etc. In a 5-bedroom home, you'll still have 4 real bedrooms--plenty for many families. But when you're cutting the number of actual bedrooms in half--from 2 to 1--that's significant.

Of course you also have to weigh price and affordability. Just making these numbers up, but in the scenario I described above, if a 1-bedroom costs $100,000 and a 2-bedroom costs $125,000, then in most cases it'd make sense to buy the 2-bedroom. On the other hand, if the 2-bedroom costs $175,000, then the decision isn't as clear. And if you can only afford $150,000, then the decision really is made for you already.

A Realtor familiar with the area you're looking in can provide more specific details and guidance.

Hope that helps.
0 votes Thank Flag Link Tue Apr 5, 2011
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Vanessa,

The potenrial for resale is a factor that all buyers should consider when purchasing property. Size of home, location, proximity to schools, etc all contribute to desirability.

If you are considering the purchase of a 1 bedroom condo you should be weighing the pros and cons carefully because in most locations(even vacation areas) one bedroom units are often difficult to resell because of the limitations that are attached.

While the decision is yours, the difficulty of a resale may be yours as well.

Good luck with your decision.

Bill
0 votes Thank Flag Link Tue Apr 5, 2011
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