Buyers looking to buy in today's condo market here in downtown Philadelphia, face a wide variety of purchasing options.
Both new and existing construction have their pluses and minuses, their up sides and down sides. Be it a wider variety of (existing) funky space, or the appeal of a condominium that is new in and out, buyer's today may go in either direction!
As far as new construction is concerned, the advantage many buyers hope for is a sense of complete newness. No one has occupied the unit prior to their purchase, and that can be appealing. Up to date mechanicals, the latest in appliances, flooring, bath fixtures, wiring, computer linking, etc. are all reasons a buyer may want new construction. Also the fact that (in most cases) a ten year tax abatement might apply is certainly appealing. If a buyer purchases a unit early enough in the construction, they may have options as far as cosmetic finishes are concerned, which can really make a unit purchase desirable. Also, going into a building very early on in the development stage gives a potential buyer the option of choosing which unit in the building appeals to their liking.
The potential downside to buying new construction, especially in the very early stages, is that you really do NOT know what the finishes and quality are really going to be. So buyers who buy very early can be in for a bit of a let down when they see a lack of quality areas such as exterior fit and finish, common area quality in hallways, elevators, lighting, carpeting, etc. There are a fair number of unforeseen variables that a buyer may not know buying new construction, especially in the early phases of selling new projects.
Existing construction has it's up sides as well. Generally speaking, with a wide variety of existing units on the market at any given time, the selection may be a bit wider for a potential buyer. Selection as far as the physical characteristics of buildings. A variety of layouts, window sizes, room configurations, etc. Older existing construction includes a lot of space where an individual may have designed the space you are looking at, and therefore, can more easily by "One of a Kind" than say new construction. And you certainly see what you are getting as far as finishes, quality, maintenance, and condo fees are concerned. And with the ability to have the condo inspected, you get a fair sense of the condition of the property. Not always the case in new construction.
The potential downside to any existing inventory, especially here in the Philadelphia condo market, is that there are very little if any options for a new buyer to select. "It is what it is" and generally, a seller is not going to change appliances, wall color, granite counter top color, etc for a buyer. Additionally, there may not be a tax abatement for the property. And the fact that many existing units coming on the market need some kind of work, either cosmetically, or mechanically, can be less inviting than that of brand new construction condominiums. Lastly, and a very critical element to existing condos is the fact that they may often times lack the emotional element that really can sell a condominium. You know, like a "New car smell" that is appealing. The fact that the existing units are not as clean, fresh, or crisp as a new unit also can be a draw back for many buyers.
So, new construction, or existing inventory- both exist in the Center City condominium market. Both have up and down sides. And many times, the decision to buy new or existing is already made up in a buyers mind, prior to them even seeing any inventory. Center City Philadelphia, like many major urban areas, offer a condo buyer many options. We suggest buyers come into the condo buying process with an open mind, and a little time to shop around, to insure that their condo purchase suits their needs best!
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