So my dad is looking on getting an apartment in Philadelphia since both me and my brother are going to school there. Right now he's looking at the new Naval Square places off of South Street (near the Schulkyll). The price for a 2 bedroom, 2 bath, kitchen, living room, etc, is around $500,000. He is going to put down like 200,000 at first, and then get a mortgage for the other 300,000.

If you would like to see what the place looks like, go here http://www.navalsquare.com

They are built by Toll Brothers, they also built my dads house, and I suppose they are alright.

Here is a picture of the floorplan of the specific type of apartment we are looking at. These are either on the 2nd, third, or fourth floor.




This is where the apartments are located CIRCLED IN RED. As you can see, theyre not too far from 76, and center city isn't too far off either.








So is this worth it? My brother just started college so itll be used for at least another 4 years, and I hope to go to UPENN, so itll be perfect for me for at least another 6 years. Any thoughts or ideas?

 

Its probably fair market value, but the market is way off.

You're going to see prices drop more steeply now than ever before.

I've already seen the average house drop to pre january levels.

 

Even for brand spanking new, cant even move into em yet, luxury apartments in Philly?


Damn yous!!

 

Sounds like a lot of $ for something kinda "meh". Real estate prices will drop a bit and stabilize soon. Unless you're holding on to the property for the long haul, you may be better off renting during your years in school.

Then again, putting $200K down doesn't seem to be a problem for your family so if you want luxury and can pay for it and not worry about value, go for it.

 

Its a market correction, we all knew it was coming. It probably won't be quick sudden drops but several years long, my guess anyway, wtf do I know.

 

$500k for a place in Philly? That sounds kinda steep even for new construction.

 

eh your bro is going to miss the dorm experience. Did you miss it as well? Thats half the fun and the best way to meet people. Don't think I would have traded my first year in the dorms for a year in a 500k apt The people I met there, including my random roommate, are some of my best friends to this day.

 

I wouldn't drop 500K for a place in that area.

 

yeah i definately suggest staying in dorms...i didnt stay in the dorms when i went through school and i missed out on meeting a lot of people...

 

I would never buy a condo in Philly right now. The market is saturated already, and there are literally thousands of more condo units either currently under contstruction or about to be started. Not a good investment at all IMHO.

I would stay far away from Philly condos and stick to houses. $500,000 will buy you an incredible townhouse in most parts of Philly.

Why is City Hall circled on the map? If that's where your brother works, The Naval Yard is probably not the best place for him to live anyway.

You'll probably get better reponses if you get the mods to move this to the Delaware Valley forum.

Andrew