Do you buy condos, or just houses?
We buy both. Condos are simpler in some ways (no roof or exterior repair concerns) and more complex in others (HOA issues, assessments). We'll walk through it with you.
Neighborhood · 19102 · 19103 · 19106 · 19107
We buy houses in Center City Philadelphia.
Center City is a different market from the rest of Philly — higher ARVs, different housing stock, and sellers who usually have a lot of equity. We still buy here, but our offers need to be paired with the right situation. Read on to see if we're the right call.
Where & What
About Center City
Center City runs river to river between South Street and Vine Street. The housing mix includes brownstones in Rittenhouse and Fitler Square, rehabbed 1800s homes in Society Hill and Old City, and a huge number of condos in high-rise and boutique buildings throughout.
We've done fewer Center City deals than we have in North or West Philly, but the market is real and the situations that bring people to us are different.
Housing Stock
What the houses look like
Center City housing is mostly brownstones and trinity-style rowhomes (1850s-1900s) and condos in buildings from the 1970s through today. Brownstones are typically 2,000-3,500 square feet, 3-4 bedrooms, 2-3 baths, with original detail that's either been preserved or stripped.
Condos range from 600 square feet studios to 2,000+ square feet multi-bedroom units. Repair needs vary wildly: some brownstones need gut renovations that cost $150,000+; some condos need nothing.
Who Calls Us
Common seller situations in Center City
The Center City pattern we see most is divorce. High-equity households splitting up, both parties wanting a clean sale rather than listing through a long agent process.
The second pattern is out-of-state owners of investment condos who are tired of the management and want to cash out.
The third is estates — Center City brownstones held for 30+ years by one family, now going through probate.
Offer Math
What we pay in Center City
Center City ARVs are the highest in our coverage area. Rittenhouse brownstones can hit $1.5M+ after renovation. Old City lofts can run $800k. Condos in Fitler Square buildings hit $500k-$700k.
Because Center City ARVs are so high, our offers are also the highest dollar amounts we write. But as a percentage of ARV, they're usually 40-50%. If your Center City place is in good shape, listing with an agent is almost always the better move.
Related
Common situations in Center City
- →Divorce HouseOne clean cash close. Both parties sign. No open houses.
- →Tired LandlordTenants in place? We'll buy it as-is, with the lease attached.
- →Inherited HouseYou inherited a rowhome. We'll walk you through the real options.
- →Probate HouseWe work with your probate attorney. We close when the court allows.
Nearby
Adjacent neighborhoods
Center City Questions
Questions we get about Center City
My brownstone needs a full renovation — is that something you can do?
Yes, but the offer will reflect the repair cost. A Rittenhouse brownstone needing $200,000 of work will still get a cash offer, it'll just be well below retail.
If I'm going through a divorce, can we both be on the contract?
Yes. Both spouses sign and both get paid at closing, split however your divorce agreement specifies.
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