Slersch, Real Estate Pro in Havertown, PA

what are the real estate comps at Pier 3 in Phila PA?

Asked by Slersch, Havertown, PA Sun Aug 8, 2010

this is a 1 bed 1 bath unit facing the water and the ben franklin bridge. 650 sf

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Answers

4
There has been quite a few short sales and REO sales as well throughout that entire condo complex. That's why values are all over the place. Depending on the unit's location, I've heard there may be a major assessment coming as they need some major repair work completed on the exterior steel structure.

Please feel free to call me if you would like to see the available units and/or further discuss your real estate goals to see how I can help you achieve your objectives.

All the best,
Larry Lichtman
REALTOR, Property Manager
Your Real Estate Resource For Life
CELL (267) 254-7994
LarrySellsRealEstate@gmail.com
1 vote Thank Flag Link Mon Aug 9, 2010
As you can see from the previous responses there's a big range of values in that building - this is largely because there's a big range of quality and features among the different units. Some have been fully updated and modernized recently while others maintain a lot of their original (outdated) style. I actually saw a nice one bedroom unit sell at auction last year, after being repossessed by the IRS, for only $170,000, and it wasn't in bad shape at all. Little pockets of distress like that could hurt values throughout the building if they become more common, but for now it looks like that was an isolated incident (and a great deal for the buyer), and that values should continue to hold up fairly well.

For someone who wants to live on the water in Philadelphia Pier 3 really can't be beat!

James



James Yoakum - Realtor, SFR
Brown McKinney Real Estate
1631 W. Cabot St.
Philadelphia, PA 19121
office: 215-825-2250 x.1002
cell: 267-496-7739
fax: 610-910-3046
jyoakum@brownmckinney.com
0 votes Thank Flag Link Mon Aug 9, 2010
We sold a 2 bedroom 2 bath unit last year for about $270,000 cash at Pier. It needed complete rehab. The comps are tough to produce in that condo building because (as mentioned below) there have been too few sales. Appraisers like to use sales within 6 months of the appraisal request.

The price per square foot of Pier 3 is lower compared to the other water front properties such as 901 N Penn Street - Waterfront Square in Northern Liberties and Dock Side. But these prices get fuzzy with all of the short sales and foreclosures. We have sold a few condominiums over the last 6 months or so in all of the river front condo buildings. One was a short sale and the other was a foreclosure and the others were regular sales.

The biggest reasons for the low sales from our perspective is: 1) High condo fees 2) location (believe it or not) 3) Fear of continued depreciation of RE values in these areas.

I can go on an on so will stop here. Hope this info is helpful.
0 votes Thank Flag Link Mon Aug 9, 2010
Hi There!

In the past year, four units have sold...the 1 bedroom, 1.5 bath unit sold for $235,000 back in Aug of 2009, three 2 bedroom 2 bath units sold, one for $270,000 in Oct of 2009, one for $275,000 this past March, and one for $342,000 in June.

If I can be of further assistance, don't hesitate to email me at: lpaster@weichert.com and I would be pleased to assist you.

Best regards,
Lorri Paster
0 votes Thank Flag Link Sun Aug 8, 2010
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