4552 Baker St., Philadelphia, PA 19127:

4552 Baker StNew listing at 4552 Baker St.! This is a great opportunity  in Manayunk for an owner occupant to stop paying rent and start building equity, or for an investor looking for their next income producing rental property.  What a desirable and convenient location being just steps away from Manayunk’s biggest draw, Main Street! As you walk through the front door you’re greeted by a spacious living room with sleek hardwood floors and an exposed brick wall. The floors and wall flow seamlessly into the dining room. The dining room leads into a very large kitchen with lots of cabinet and counter space. Behind the kitchen is the laundry area with a half bath. The laundry room leads to your private back patio perfect for lounging and grilling. Upstairs you will find 3 nice sized bedrooms (a rarity in Manayunk) with fresh wall-to-wall carpeting and a full bath. The master bedroom also features the exposed brick giving it that colonial, Philadelphia charm. Don’t let this one pass you by!  See a virtual tour here.

 

4552 Baker St4552 Baker St

 

 

 

 

 

 

 

 

 

 

copper hill real estatePlease officially welcome Copper Hill Real Estate to the Philadelphia marketplace!  As a Co-Founder and the Chief Creative Officer of Copper Hill, I couldn’t be more excited about taking this step forward in my career.  I also couldn’t have selected two better business partners to launch this venture with than Timothy Garrity and Andrew Janos.  They are creative, forward thinking, savvy, and possess a deep understanding of Philadelphia and its residential real estate market.

 

Copper Hill Real Estate was created with a purpose, which is as follows:

 

“Copper Hill Real Estate provides a transparent and efficient real estate service through our informed professionals, as well as, a forward-thinking business model for today’s mobile environment. We believe that brand elegance, market knowledge, and customer service are essential to delivering a customized and seamless real estate experience. Our independence, digital platform, and modern approach are what separate us from the industry.”

 

Both the modern day work environment, as well as, the modern day lifestyle operate at a quicker pace and revolve around mobility.  Copper Hill has tailored its operations to conform with these realities as we are a paperless, cloud based brokerage.  We have also taken a contemporary approach in selecting our office space by partnering up with Pipeline Philly, which is a 20,000+ square foot co-working facility located on the 15th and 16th floors of The Graham Building at 30 S. 15th St. (right across from city hall).

 

Pipeline originated in Miami, FL and elected Philadelphia as its second location due to the burgeoning entrepreneurial and startup scene.  Pipeline describes itself as:

 

“Pipeline is a high-design shared workspace used by a diverse community of entrepreneurs, startups, independent professionals and small business teams. Different from executive office suites and other co-working spaces, Pipeline is a purpose-built environment that provides members a variety of areas to focus, collaborate, learn or socialize at any given time. By reimagining the traditional workspace, Pipeline gives our members the greatest opportunities for productivity and success.”

 

We love the work environment at Pipeline as we’ve made awesome connections and it affords us amazing networking opportunities from within our office space.

 

We are dedicated to building the Copper Hill Real Estate brand and team.  We offer an incentive based commission structure that appeals to committed real estate professionals, and we offer superior service to our clients.  Thanks so much to all of those who have supported us along the way and continue to support us as we move forward; we’re extremely grateful!

The Tivoli Condos, located at 1900 Hamilton St. in Philadelphia’s Fairmount neighborhood, is a unique residence in that it combines high-rise living with low-rise living.  The high-rise portion is fairly prototypical (beautiful, but similar to other luxury high-rises in Center City), but the low-rise section is very exceptional.  The low-rise condos surround a common courtyard/lawn and each have individual access to the outdoors.

This post will display all sales at The Tivoli (per the MLS) since the start of 2010.  All unit numbers that are preceded by a letter (C or D) fall within the low-rise portion of The Tivoli.  All units that are strictly numbers (201, 301, 401, etc.) are within the high-rise building.  The low-rise condos are 2 and 3 bedroom units only.  The high-rise condos are either 1, 2, or 3 bedroom units.

 

2010

Unit #                   # of Beds             # of Baths            Sold Price            Square Footage

D11                        2                              2                              $405,000              1,194

D15                        2                              2                              $415,000              1,194

704                         2                              2                              $495,000              1,414

 

2011

Unit #                   # of Beds             # of Baths            Sold Price            Square Footage

D10                        2                              2                              $412,000              1,204

803                         2                              2                              $532,500              1,427

506                         3                              3                              $575,000              2,000

 

2012

Unit #                   # of Beds             # of Baths            Sold Price            Square Footage

C3                           2                              2                              $438,500              1,232

901                         2                              1                              $300,000              1,194

201                         2                              1                              $375,000              1,194

801                         2                              1                              $380,000              1,194

203                         2                              2                              $505,000              1,427

 

2013

Unit #                   # of Beds             # of Baths            Sold Price            Square Footage

D16                        2                              2                              $435,000              1,170

HC                          2                              2                              $450,000              1,215

D12                        2                              2                              $458,000              1,194

D5                           3                              3                              $710,000              2,500

204                         1                              1                              $345,000              1,024

509                         2                              2                              $485,000              1,281

304                         2                              2                              $505,000              1,414

607                         3                              3                              $645,000              1,786

 

2014

Unit #                   # of Beds             # of Baths            Sold Price            Square Footage

C17                         2                              2                              $440,000              1,170

D11                        2                              2                              $454,500              1,194

C11                         2                              2                              $455,000              1,194

 

Unit D11 is the only condo on the list that was sold and re-sold.  It was originally bought in 2010 for $405,000 and then sold in 2014 for $454,500.  When it was bought in 2010 there was actually a seller assist for $8,250, so if you deduct that from the purchase price it’s the equivalent of having sold for $396,750.  The seller’s gross profit over an approximate 4 year period was $57,500 or a return of about 14.5% on their original investment.

As you can see sales spiked, from a volume perspective, in 2013.  That’s true for most buildings in the city as 2013 was when we started to see our way out of the recession while inventory remained high and interest rates low.  Things have simmered (again from the perspective of volume) in 2014 as we’re shifting towards a seller’s market with inventory levels dwindling.  We’re on pace for about 4 units to sell at The Tivoli in 2014.

As the charts above display, the turnover rate at The Tivoli is pretty low, which generally means there aren’t a lot of investors in the building and that unit owners are both content with their purchase and living there…all good signs.

If you’d like to learn more about The Tivoli and see what’s currently available, then check out The Tivoli page on my website at www.centercitycondofinder.com/philadelphia-condos/fairmount-condos/the-tivoli-condos/.

The Murano, located at 2101 Market St., right on the fringe of Rittenhouse and Logan Square, is an ultra-modern, luxury condo building whose glass, oval structure has become a staple in the Philadelphia skyline.  The intention of this post is to provide some insight as to what’s been taking place from a sales perspective since the start of 2012 (virtually the last 3 years).

As most of us know the recession hit Philadelphia as it did the rest of the country, but in comparison to other markets (Las Vegas, Phoenix, most of Florida, etc.), the impact wasn’t as severe…specifically in the Center City market.  There are multiple factors that need to be examined when determining the value of a condo, which include: the number of bedrooms and bathrooms, square footage, floor level, quality of view(s), and unit condition.  Other factors such as outdoor space (balconies/terraces/decks), layout functionality, and parking also play a role.

The below statistics are simply an overview…a snapshot, if you will…of The Murano’s recent activity.

2012

Unit #                   # of beds             # of baths            Sold Price            Square Footage

305                         1                              1                              $344,000              794

2905                       1                              1                              $399,000              822

2605                       1                              1                              $400,000              822

3708                       1                              1                              $410,000              822

3608                       1                              1                              $410,000              761

3908                       1                              1                              $425,000              758

3107                       1                              1                              $425,000              876

3605                       1                              1                              $425,000              822

3307                       1                              1                              $450,000              876

3407                       1                              1                              $455,000              876

3805                       1                              1                              $465,000              822

3207                       1                              1                              $469,000              876

3604                       1                              1                              $512,000              943

3701                       1                              1.5                          $574,000              1,126

1106                       2                              2                              $575,000              1,257

3901                       1                              1.5                          $590,000              1,126

3002                       2                              2                              $735,000              1,408

3602                       2                              2                              $770,000              1,408

PH4                        2                              2                              $1,475,000           1,659

PH1                        3                              3.5                          $2,320,000           2,626

 

 

2013

Unit #                   # of Beds             # of Baths            Sold Price            Square Footage

708                         1                              1                              $351,000              743

2608                       1                              1                              $400,000              743

1705                       1                              1                              $400,000              822

3008                       1                              1                              $415,000              743

3808                       1                              1                              $415,000              761

3607                       1                              1                              $450,000              876

2305                       1                              1                              $450,000              822

3905                       1                              1                              $450,000              810

3507                       1                              1                              $455,000              876

3707                       1                              1                              $462,000              876

1101                       1                              1.5                          $525,000              1,091

1801                       1                              1.5                          $540,000              1,091

2101                       1                              1.5                          $555,000              1,091

3501                       1                              1.5                          $564,000              1,126

2901                       1                              1.5                          $584,000              1,091

1706                       2                              2                              $610,000              1,257

3807                       2                              2                              $620,000              1,254

3907                       2                              2                              $660,000              1,257

3502                       2                              2                              $748,750              1,408

1506                       2                              3                              $750,000              1,634

3202                       2                              2                              $750,000              1,408

2702                       2                              2                              $750,000              1,408

2703                       2                              2                              $755,000              1,408

3703                       2                              2                              $765,000              1,408

3206                       2                              3                              $789,000              1,634

3006                       2                              3                              $802,000              1,634

3306                       2                              3                              $815,000              1,634

3406                       2                              3                              $822,000              1,634

3506                       2                              3                              $827,000              1,634

3606                       2                              3                              $839,000              1,634

602                         2                              2                              $845,000              1,800

2503-4                   3                              3                              $1,111,800           2,351

2603-4                   3                              3                              $1,123,778           2,351

3003-4                   3                              3                              $1,210,000           2,351

3203-4                   3                              3                              $1,268,500           2,351

3303-4                   3                              3                              $1,351,000           2,351

1803-5                   3                              2.5                          $1,360,000           3,169

3803-4                   3                              3                              $1,495,000           2,351

3903-4                   3                              3                              $1,585,000           2,339

 

 

2014

Unit #                   # of Beds             # of Baths            Sold Price            Square Footage

1708                       1                              1                              $395,000              743

2705                       1                              1                              $457,500              822

1204                       1                              1                              $500,000              943

2904                       1                              1                              $530,000              943

807                         2                              2                              $575,000              1,254

3401                       1                              1.5                          $580,000              1,126

1503                       2                              2                              $685,000              1,408

4006                       2                              2                              $760,000              1,254

4104                       2                              2.5                          $1,000,000           1,498

4204                       2                              2.5                          $1,055,000           1,498

3403-4                   3                              3                              $1,382,000           2,339

3503-4                   3                              3                              $1,450,000           2,351

 

There are a few takeaways from these charts.  The most notable being that, 20 properties sold in 2012, 39 sold in 2013, and 12 have sold so far in 2014 (on pace for about 18).  In 2012 we were closer to the heart of the recession and there was a lot of inventory on the market, some of which obviously sold.  A lot of that inventory carried over to 2013, economic conditions were on the rise (while interest rates remained low), and a lot of units sold at The Murano (more than 3 per month on average).  In 2014, the economy is continuing to improve/stabilize and not as many owners are in need of selling.  As a result, inventory is lower.  When inventory is low a/k/a supply is low, demand a/k/a prices tend to go up.  We’re slowly but surely reverting back to a seller’s market.

To break down the chart a little further, you can compare similar style units that have sold in all 3 years.  For example, unit 2605 sold for $400,000 in 2012, unit 2305 sold for $450,000 in 2013, and unit 2705 sold for $457,500 in 2014.  All 3 units have 1 bed and 1 bath, are 822 square feet, and are within 4 floors of eachother.  All 3 have the same layout as they are all “05” units and they all came with parking.  You’re looking at a 12.5% equity increase from 2012 to 2014.

You can twist and turn the numbers in a variety of ways, and truth be told, you can’t completely comp units without viewing all of the details/features, but the numbers above paint a portion of the picture and can certainly be used as a reference.