Home Prices Rise in Philadelphia as Comcast Announces New Tower
Philadelphia condos: overpriced?
Philadelphia has some of the most sought-after urban real estate in America. Businesses and residents alike are paying top dollar, and as prices rise for homes for sale in Philadelphia, house hunters are increasingly looking for places to buy outside the city.
The prospect of spending “more for less” in Philly is part of what makes the Darley Green community so attractive to new buyers. With a 20 minute drive to Philadelphia, it's in easy reach of most commuters. Bigger and more affordable than comparable Philadelphia condos, Darley Green's properties are an attractive proposition for people who work in Philadelphia, but prefer to live in a restful environment reminiscent of small-town America.
But why is residential and commercial property getting so expensive in the city?
Prices rise for homes for sale in Philadelphia
Philadelphia is undergoing a development boom right now. Comcast have just announced plans to build a second office tower in Philadelphia. Priced at $1.2 billion, the “Comcast Innovation and Technology Center” is the company's second high-rise office in the city. At 1,121 feet, it purports to be the tallest building in the country outside New York and Chicago.
Comcast employed the services of renowned British architect Norman Foster to design the building, which, according to a press release, will take a workforce of more than 20,000 people to complete. Foster, who counts the prestigious Pritzker Prize among his awards, describes his work as “industrial… [but] very much about regeneration, youth, employment and innovation.” The building's 59 stories will begin development this summer on Arch Street between 18th and 19th.
With a block-long lobby, outdoor plaza, top-floor restaurant and Four Seasons hotel overlooking the city, the development will dominate the Philadelphia skyline. More importantly, it will herald the arrival of thousands of jobs.
Though the project promises to be a boon for Philadelphia's economy, with it comes soaring real estate prices for potential residents. City Center house prices stand, on average, at around $575,000. Even further out in Southwark and Fairmont, the average buyer is still shelling out well over a quarter of a million dollars.
As prices rise for homes for sale in Philadelphia, even small apartments and condos can grow to reach an unreasonable cost. For homebuyers with a regular need to be in Philadelphia, but a refusal to pay inflated prices for new townhomes and condos, it makes sense to look beyond.
Darley Green’s master-planned community
Located near Wilmington, Delaware, Darley Green's townhomes are well-suited for a daily commute to Philadelphia. Plus, residents can take advantage of Delaware’s famously low property taxes and zero sales tax – something Philly residents travel to the state specifically to take advantage of. As well as providing easy access to Philadelphia, Darley Green's community is a short drive from New York. Onsite amenities include open greenery, jogging trails, restaurants and shops.
For an alternative to overpriced Philadelphia condos, try Darley Green. Our model homes can be viewed by appointment between 11am-6pm, seven days a week. For more information, contact Amy Maluski at 302-655-2600.