29 Apr Luxury Real Estate in Philadelphia Remains Strong in 2021
The Philadelphia housing market continues to demonstrate its strength following a slower period just after the start of the Coronavirus pandemic in early 2020. Since June 2020, the Center City district that is home to The Laurel has witnessed impressive resilience that has continued into 2021.
The facts and figures of this remarkable resurgence are explored in a recent report called “Greater Center City Housing: 2021 – Building on Resiliency”. This report shows that, while the pandemic weighed down a number of aspects of the local economy, low interest rates and the desirability of urban living fueled strong overall performance for Center City real estate.
Rising along historic Rittenhouse Square, The Laurel is an ideal example of the robust construction underway in the heart of the city. Throughout 2020, those interested in Philadelphia luxury real estate were able to join virtual open houses to explore The Laurel’s elevated lifestyle and limited collection of Sky Residences from the mid-$2 millions.
The reasons for the increased number of Center City residences include local population growth and movement of people from the suburbs to an in-town setting. Beyond the benefits of living in downtown Philadelphia addresses like The Laurel, including easy access to business centers and unmatched dining, shopping and entertainment, there continues to be a strong in-migration from other major Northeast cities, including New, York, Boston, Washington and Baltimore. The high cost of living in other metropolitan areas makes Philly condos a tremendous value.
While the number of Center City residences is higher than previous years, there is a strong incentive for prospective buyers at The Laurel to act now. Historically low interest rates may increase in the near future. And because this magnificent tower is the final residential opportunity on Rittenhouse Square, the opportunity to own a new residence in this enviable location is limited.
The Laurel is poised to welcome its first residents home in 2022. To arrange your personal introduction to the last new luxury condominium on Philadelphia’s prestigious Rittenhouse Square, contact the Sales Gallery online or call (215) 709-7332.