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Sunday, February 1, 2009

When buying a Philadelphia Condominiums

By J. Kim

Condominiums are highly desired by todays home buyers. They have declined in values from the highs of mid 2007 and offer tremendous value to those who are seeking to buy a home. With the recent recession in the US, even luxurious Philadelphia condominiums have become affordable as well as middle class condos.

With many amenities and customization condos offer a living space for single family home or as place for retirees to live. In Philadelphia, "the city of brotherly love", it offers many attractions and modern living in the heart of a urban city.

Philadelphia is home to rich American History, it is the birthplace of American Democracy and home to many famous Americans like Benjamin Franklin. There is over supply of inventories of unsold homes in Philadelphia, but condos are changing hands between the buyers and sellers not as robust as in the past.

With current drop in prices of Philadelphia condominiums, many developers are offering upgrades and other incentives to move unsold condos. In the short term, market seems to be in roller coaster ride, but in long term, the market looks pretty good for those who have long term horizon. But be sure this buyers market won't last as the economy rebounds in coming years.

One of the areas in Philadelphia condo market where the price is holding its value is Rittenhouse square or tow blocks from it, other areas are seeing prices down anywhere from 10 to 20 percent. There certainly is over abundance of supply, but with recent rate cuts, first time buyers will have favorable conditions to buy.

One class of condos that are having tight market is the luxurious Philadelphia condominiums market, where there is not enough inventories for potential buyers. The market will pick up once the spring returns as people look to move or look for new housing.

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