During the past two years, Philadelphia’s luxury real market has seen a steady increase in price. According to the Freddie Mac House Price Index, home prices in the Philadelphia metro area rose by 10.2 percent in the year to April 2021. This growth was more than twice the national average. Luxury Real Estate
Several new high-rise condominium projects have recently been completed in Philadelphia. Among them is the new Laurel Rittenhouse on Rittenhouse Square which is now the tallest residential building in the city and Arthaus condominiums along the Avenue of the Arts. Both have brought a new element of luxury living to Center City Philadelphia and continue to attract buyers both local and out-of-town, particularly from nearby metropolitan areas including New York and Washington D.C.
While the Philadelphia real estate market is still hot, prices may have begun to cool. There are several factors that are causing this. One of them is the recent increase in property assessments and the changing needs of buyers working hybrid or fully remote which has changed the demand for home-buying features. Luxury Real Estate
The Residences at Two-Liberty Place
Located in the heart of Philadelphia’s bustling center City, Two Liberty Place, once home to the Cigna office building was converted into luxury condominiums in the mid-2000s. Two Liberty Place is now the third tallest building in the United States. The condominiums are situated on the top 20 floors of the iconic skyscraper and offer breathtaking views of the city and the Delaware River. It is located on the corner of Chestnut and 16th Street.