With a winter as challenging as the one that has currently has buried the Philadelphia area beneath inches of snow and ice, most of us have developed a severe case of spring fever. We’re ready to get outside and expose ourselves our skin to sunshine, to have our eyes once again feast on colors other than white and gray. And, with the return of fairer weather, many of us will also look to migrate elsewhere—changing street addresses, if not ZIP codes, in our never-ending pursuit of happiness.
There is good reason for confidence to be high in the Philadelphia area. In the city and suburbs alike, developers have heaped considerable dollars into the commercial and residential real estate sectors. Although home prices have not recovered to where they were prior to the economic meltdown of 2008, values have stabilized and risen slowly.
By 2018, the median price of single-family homes will be close to the peak reached in 2006, according to the study from the Demand Institute, a nonprofit operated by The Conference Board and Nielsen. Markets that experienced the biggest climb in prices before the collapse—and, as a result, the steepest drops—have a much longer road ahead to regain their former highs, the study suggests. Furthermore, the study predicts the national median price for an existing single-family home will rise at a much slower rate in the coming years than in 2013, when prices rose 11.5 percent. As supply and demand even out, according to the study’s authors, prices will grow at an annual rate of 2.1 percent between 2015 and 2018.
The question remains: Where should an inquiring homeowner buy? Center City and its surrounding neighborhoods remain popular destinations for homeowners of all ages, from millennials just getting established to wealthy baby boomers looking to capitalize on the city’s vast cultural, culinary and entertainment offerings. Outside city limits, the region’s most affluent residents living have flocked to suburbs such as Dresher and Media, as well as across the river in Mt. Laurel and Sewell, N.J., according to Bloomberg Businessweek.
Regardless of where a homeowner decides to put down roots, working with the right real estate agent is essential. For a seller, a qualified agent knows how to maximize a property’s curb appeal, while buyers will benefit from an agent’s ability to determine whether a prospective property will be the home of one’s dreams or an investment to avoid.
Agents of Change
Through our websites, SuburbanLifeMagazine.com and PhiladelphiaLifeMag.com, readers shared their choices for the best real estate agents in the region. Looking to buy? Looking to sell? If so, start here.
Nancy Alperin
Maxwell Realty Co., Philadelphia
215-546-6000
Kit Anstey
The Kit Anstey Team/Fox & Roach Realtors, West Chester
610-430-3001
Ben Arce
Chelsea Blasko
Guarav Gambhir
Benjamin Oller
Michelle Palumbo
The Condo Shop, Philadelphia
215-692-6636
Paul Augustine
The Paul Augustine Team/Keller Williams Real Estate, Horsham
215-657-8100
Dave Batty
Keller Williams Realty, Wayne
610-647-8300
Tom Burlington
Duffy Real Estate Inc., St. Davids
484-868-3072
Elaine Ciofani
Keller Williams Real Estate, Doylestown
215-340-5700
Mary Cissne
Quinn & Wilson, Abington
215-694-5400
Mike Coleman
Mike Coleman Real Estate/Keller Williams Realty Group, Limerick
610-792-5900
Nancy Dubin
Berkshire Hathaway HomeServices/Fox & Roach Realtors, Haverford
610-658-5365
Michael Duffy
Holly Goodman
Duffy Real Estate Inc., Narberth
610-667-6655
Elizabeth Facenda
RE/MAX Preferred Realtors, West Chester
484-356-2967
Drew Ferrara
RE/MAX Total, Yardley
215-369-4663
Kristen Foote
Berkshire Hathaway HomeServices/Fox & Roach Realtors, Philadelphia
kristen.foote@foxroach.com
Selma Glanzberg
Berkshire Hathaway HomeServices/Fox & Roach Realtors, Gladwyne
610-896-7400
Cheryl Gunning
Brettney Gunning-Rausch
Gunning Real Estate Team, Lansdale
215-362-2260
Betsy Hamilton
Berkshire Hathaway HomeServices/Fox & Roach Realtors, Haverford
610-246-8994
Reggie Hunt
Long & Foster Real Estate, Wayne
610-975-3500
Sue Jones
Keller Williams Real Estate, Doylestown
215-262-4422
Anne E. Koons
Berkshire Hathaway HomeServices/Fox & Roach Realtors, Cherry Hill, N.J.
856-795-4709
Jack Lacey
Berkshire Hathaway HomeServices/Fox & Roach Realtors, Newtown
215-579-0212
Susan Langenstein
RE/MAX 440, Doylestown
215-348-7100
Art Mazzei
Addison Wolfe Real Estate, New Hope
215-862-5500
Mike McCann
The McCann Team - Berkshire Hathaway HomeServices/Fox & Roach Realtors, Philadelphia
267-908-7704
Todd McCarty
Coldwell Banker Hearthside, Doylestown
267-261-8448
Damon Michels
Berkshire Hathaway HomeServices/Fox & Roach Realtors, Wayne
610-731-9300
Lynne Nicander
Duffy Real Estate Inc., St. Davids
610-254-9292
Chris Nisbet
J. Carroll Molloy, Doylestown
215-348-3558
Pamela Owsik
Duffy Real Estate Inc., Narberth
610-659-7021
Lisa James Otto
Lisa James Otto Country Properties, New Hope
215-862-2626
Richard Parke
RE/MAX 440, Skippack
610-584-1160
Laurie Phillips
Berkshire Hathaway HomeServices/Fox & Roach Realtors, Philadelphia
215-790-5644
Nigel Richards
Coldwell Banker Preferred, Philadelphia
215-923-7600
Denise Schwanbeck
Weichert Realtors, Jenkintown
215-884-3502
Koleen Carr Seits
Century 21 Alliance, Drexel Hill
610-812-4813
Thomas Skiffington
RE/MAX 440, Perkasie
215-453-7653
Lisa E. Silveri
Berkshire Hathaway HomeServices/Fox & Roach Realtors, Philadelphia
215-546-0550
Flo Smerconish
Flo Smerconish Realtor, Doylestown
215-348-4848
Lavinia Smerconish
Berkshire Hathaway HomeServices/Fox & Roach Realtors, Bryn Mawr
610-520-3708
Hazel Smith
Keller Williams Realty Inc., Langhorne
215-696-2018
Jay Spaziano
Addison Wolfe Real Estate, New Hope
215-860-2800
Mark Malfara
Kaite Mancini
Michael Sivel
Christopher Walls
The Sivel Group - Berkshire Hathaway HomeServices/Fox & Roach Realtors, Philadelphia
215-248-6536
Jayne Thorsen
RE/MAX Action Realty, Maple Glen
215-358-1100
Beth Vopper
L.V. Real Estate Advisors, King of Prussia
610-337-7619
Michael White
RE/MAX Preferred Realtors, Newtown Square
610-325-4100
Dana Zdancewicz
Berkshire Hathaway HomeServices/Fox & Roach Realtors, Devon
610-651-2700
Above and Beyond
Through service, amenities and location, the Residences at the Ritz-Carlton, Philadelphia offers an elevated standard of living
When the city’s much-ballyhooed reimagining of Dilworth Plaza opens later this year, Philadelphians will have unfettered access to smartly designed space that includes tree groves, a programmable fountain and works of public art, as well as room for special events, movies and concerts. The $55 million renovation, due to be completed by summer’s end, will shape the park in the shadow of City Hall into one of the city’s most dynamic hubs.
Inhabitants of one property in particular—the Residences at the Ritz-Carlton, Philadelphia (philadelphiaresidences.com)—will have a bird’s eye view of the goings-on below. As much as 80 percent of the building’s units will overlook Dilworth Plaza, with unobstructed views from the lobby to the 48th floor, according to Craig A. Spencer, president and CEO of The Arden Group, which developed the property.
The view, however, is just one benefit of living in one of the property’s 270 units. At more than 500 feet tall, the 48-story Residences at the Ritz-Carlton, Philadelphia offers amenities such as a 7,000-square-foot fitness center, full-service spa and underground parking, all besides its strategic location with proximity to the countless boutiques, restaurants and cultural attractions. In fact, with equity of more than $100 million, the property is the most expensive residential building constructed in the city’s history, according to Spencer. Having opened in January 2009, the property is maintained at the highest level to ensure the standards of Ritz-Carlton, a two-time winner of the Malcolm Baldrige National Quality Award, which recognizes U.S. organizations for performance excellence.
The building’s amenities are exceptional and the location is among the city’s best, though the greatest value to residents may very well be the extraordinary level of service. In addition to 24-hour concierge services, valet parking and chauffeur services, the Residences at the Ritz-Carlton, Philadelphia offers child care and pet-walking services, among many others.
“The service level is certainly far beyond any other condo property in the city,” says Spencer. “Ask anybody there without any filter what it’s like to live there, and they will say they have never experienced anything like it—better than living in a five-star hotel. The staff is well educated, well experienced and service oriented. From the buyer’s perspective, the service is par excellence.”
Of the 270 units, approximately 125 remain available, which Spencer prefers because “we don’t want to be sold out; we want to have the best available inventory when the market is fully recovered.” The price point for a one-bedroom unit is approximately $600,000, according to Spencer, while the 10,000-square-foot penthouse units on floors 46, 47 and 48, when available, could fetch as much as $13 million.
“We held back nowhere,” Spencer says. “It’s easy living.” —Bill Donahue
