The Lion's Den
News & Views About Real Estate in the Greater Philadelphia Area
2015 Wrap-Up: Top Sales, Trends Hitting our Markets
As we close 2015, we offer sincere thanks to the clients who have trusted us to represent them in the purchase and sale of real estate in the greater Philadelphia area and select New Jersey markets. We look forward to a healthy and prosperous New Year, eager to meet the changes coming to the real-estate market.
Top Sales in 2015
Closing just under the wire on December 27, our top sale in 2015 was The Logan Inn in New Hope, Pa. Listed by Michael Richardson in our New Hope office, it sold for $5,600,000. The second highest sale for the year was a three-bedroom, 3.1-bath residence at 10 Rittenhouse in Philadelphia. Stephanie Biello, associate broker in our Philadelphia and Main Line offices, had the listing and sold it for $4,510,000, $10,000 over its asking price. The company’s top 10 sales for 2015 are shown below.
In 2015, Kurfiss Sotheby’s International Realty added a new member to its marketing team. Michael Hirsch is a content marketing coordinator, architectural photographer, videographer, editor and contributor to our social media outlets. His efforts are paying off as we build our audience on Facebook, Twitter, Instagram (kurfiss_sir) and Pinterest. We add new followers every week, and we thank our audience for its support. Check out our growing video library, too. We are committed to marketing our properties using professional photography and videography, constantly looking at what is important to consumers when they are actively looking at homes.
We are optimistic that 2016 will be a stronger year for the real-estate market in the greater Philadelphia area and for our company. We anticipate the market for city properties in Philadelphia will remain strong, in part because new construction is still underway so inventory remains low. Demographic shifts continue to favor the city as well, with empty nesters and young professionals choosing urban living over the suburbs. Not to be overlooked, the city itself has more to offer each year, with new restaurants, world-class cultural offerings, an improving retail scene and some major commercial construction projects nearing completion.
With interest rates still very low, and predictions of a flat stock market for the year ahead, we hope to see buyers put money into real estate — some very fine suburban properties are now selling for 50% of replacement cost. Whether looking at Bucks, Chester, Delaware or Montgomery counties, there are true bargains out there with quality construction and updated mechanicals, the perfect landing spots for the city dwellers who decide they need room to roam and some peace and quiet, for weekends or full-time residency.
To all of our clients in the city, the suburbs and the quiet countryside, here’s to a healthy and prosperous New Year!