PHILADELPHIA | One Riverside | 260 FT | 22 FLOORS

[Philly Fan]

Originally Posted by Baconboy007

With the price of these and the rents at some of the other new buildings opening up I'm starting to realize there's a lot more wealthy people in Philly than I once thought. Maybe one day I can afford a utility closet in there.

Don't set your sights so low--maybe you'll be able to afford a walk-in closet!

[summersm343]

Originally Posted by Baconboy007

With the price of these and the rents at some of the other new buildings opening up I'm starting to realize there's a lot more wealthy people in Philly than I once thought. Maybe one day I can afford a utility closet in there.

Philadelphia ranks 7th when it comes to cities with most Millionaires in the US, ranked only behind NYC, LA, Chi, DC, Boston and SF.

http://www.businessinsider.com/10-us...s-2012-12?op=1

There is a lot of wealth in the Philly area. And remember, you don't have to be a millionaire to afford a $1 million home.

[skyscraper]

Originally Posted by summersm343

Philadelphia ranks 7th when it comes to cities with most Millionaires in the US, ranked only behind NYC, LA, Chi, DC, Boston and SF.

http://www.businessinsider.com/10-us...s-2012-12?op=1

There is a lot of wealth in the Philly area. And remember, you don't have to be a millionaire to afford a $1 million home.

but we dropped from 6th to 7th.

[Jawnadelphia]

http://blogs.wsj.com/totalreturn/201...se-u-s-cities/

This report goes thru 2013 - a little more up to date.

Says Philly is #7 with 136,000 approx. which is up 67% since 2008.

Houston and San Jose are on our heels though.

[summersm343]

Sales Center for this set up across the street in Locust on the Park

[jsbrook]

I really love this concept. If this is executed right, it will be a phenomenal building. I probably prefer it to 10 Rit. I was just at a friend's party at 10 Rit on the 22nd floor. It's a phenomenal living space with great views (rare for Philly) but I like that this offers more outdoor space for most units. The downside though is small units. There are some very tiny 2 bedrooms at 1029 sq feet. We would not be comfortable in that and would need to upgrade to the 4 bedroom and use 1 bedroom as a den and one as an office. But even the smaller units will fit the bill perfectly for some people.

[jsbrook]

Originally Posted by summersm343

Some info on this. Price tags on units range from $700,000 to $4 million.

$700,000 for the 1 bedrooms? That's steep. Even 10 Rit was selling some of the smallest, least nice 2 bedrooms for around $800,000 (though some of the choicest 2 bedrooms on the higher floors at over $2 mil). If the 746 sq feet 1 bedrooms are actually sold for $700,000, that's close to $1,000 per sq foot. A tough sell for a 1 bedroom. And probably the most expensive 1 bedrooms to hit this city (Most expensive 1 bedrooms at 10 Rit topped out at $695,000, but I think they were bigger).


Construction/ground-breaking still slated to begin in January?

[jn00]

Originally Posted by jsbrook

$700,000 for the 1 bedrooms? That's steep. Even 10 Rit was selling some of the smallest, least nice 2 bedrooms for around $800,000 (though some of the choicest 2 bedrooms on the higher floors at over $2 mil). If the 746 sq feet 1 bedrooms are actually sold for $700,000, that's close to $1,000 per sq foot. A tough sell for a 1 bedroom. And probably the most expensive 1 bedrooms to hit this city (Most expensive 1 bedrooms at 10 Rit topped out at $695,000, but I think they were bigger).


Construction/ground-breaking still slated to begin in January?

I suspect it's all dependent on presales. Once this converted from rental to condo, the whole financing structure changes so the project probably needs to meet significant presales hurdles in order to begin construction.

[jsbrook]

Originally Posted by jn00

I suspect it's all dependent on presales. Once this converted from rental to condo, the whole financing structure changes so the project probably needs to meet significant presales hurdles in order to begin construction.

Thanks. Makes sense. And who knows? Maybe they'll be able to command those prices. But I'm thinking it's not likely. Philly is exploding, but I don't think we're at a point where we can sell small 1 bedrooms at almost $1000 per square foot. No matter the amenities, finishes, location or other selling points.

[wondertwinalpha]

On a walk around CC today, I noticed the car lot where one riverside will be built has been emptied of cars. Is this going to start soon?

[summersm343]

Originally Posted by wondertwinalpha

On a walk around CC today, I noticed the car lot where one riverside will be built has been emptied of cars. Is this going to start soon?

Yep! Originally they were going to close the lot by the end of October. I think they officially closed it January 15th.

[jsbrook]

Originally Posted by summersm343

Yep! Originally they were going to close the lot by the end of October. I think they officially closed it January 15th.

Any further developments on this one? Noticed it on your list of sites under prep.

[summersm343]

Just went by. The lot is indeed closed, but there is no machinery on site yet.

[jsbrook]

Originally Posted by summersm343

Just went by. The lot is indeed closed, but there is no machinery on site yet.

Thanks, Summers. Hopefully we see work begin soon.

[Lincolndrive]

Originally Posted by jsbrook

Thanks. Makes sense. And who knows? Maybe they'll be able to command those prices. But I'm thinking it's not likely. Philly is exploding, but I don't think we're at a point where we can sell small 1 bedrooms at almost $1000 per square foot. No matter the amenities, finishes, location or other selling points.

I agree. I just sold a 1 bedroom at 410 Society Hill for $525k and its just under 1000 sq feet. It has really nice everything (and parking) but we're not at $1000/sq foot for 1 bedrooms. Hopefully one day not too far off.

Really thinking this one is going to get started any day now. No need to keep that lot empty and producing no income for a month now.

[Lincolndrive]

Originally Posted by Lincolndrive

Really thinking this one is going to get started any day now. No need to keep that lot empty and producing no income for a month now.

Just talked to my Realtor friend who is marketing this development. The sales office is opening March 4th. Ground breaking scheduled for mid-march depending on the weather. Good to assume ground will be broke by early April at the latest.

[jsbrook]

Originally Posted by Lincolndrive

Just talked to my Realtor friend who is marketing this development. The sales office is opening March 4th. Ground breaking scheduled for mid-march depending on the weather. Good to assume ground will be broke by early April at the latest.

Great news!

[1487]

Originally Posted by Lincolndrive

Just talked to my Realtor friend who is marketing this development. The sales office is opening March 4th. Ground breaking scheduled for mid-march depending on the weather. Good to assume ground will be broke by early April at the latest.

Good to hear.

[summersm343]

Signage up. Lot is still closed to the public.

[iheartphilly]

Originally Posted by summersm343

Signage up. Lot is still closed to the public.

http://www.oneriversidecondos.com/

Nice [moving] panoramic shot of the skyline on the referenced website. The skyline is only going to get better and better...