Yinfo logo

Check out the Y Info channel on DTV 12.3, Comcast 258, FiOS 473
This 24/7 news and information channel features a thought-provoking lineup of regional, national and global programs, including BBC World News, Charlie Rose, Washington Week, Keystone Chronicles and Foreign Exchange. More information »


Center City housing predicted to improve

Wednesday, October 14th, 2009

A review of the Philadelphia Center City real estate market shows that there is a correction underway.

Caption: Paul Levy, head of the Center City District


Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

The Center City District’s Residential Report shows there is a 24% condominium vacancy rate. Paul Levy is head of the District. He says the condo glut comes from high end properties and the supply should run out before new properties become available.

Levy: Most conservatively we think there is a two and a half year supply within the core of the downtown. So the silver lining for those developers is that nothing else got started beyond those and if somebody were to decide today to start building it would be two to three years.

Levy adds the real estate downturn has caused a 20% to 30% price correction. A Center City realtor says he’s seen an uptick in business over the past six months. The report is a collection of responses from over 3000 downtown homeowners.

spacer image