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.

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http://hillcountrymls.com/?q=user/register 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

 

 

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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.