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Why is One Delancey Mansion Worth $1M More Than Another?

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This Delancey mansion, located in Old City, offers tons of space, a somewhat truncated but still delightful garden, and a well appointed kitchen. Why, then, is its asking price about $1M less than the price of a similar Delancey Street mansion across town?

The house over in Fitler Square does boast a very prestigious location, but that's not why it costs so much more. There's also a small deck, and two more full bathrooms, but those aren't the justifications for the price either. The Fitler Square home is newer construction, which might be a selling point for some buyers, but surely historic charm still counts for something. The Fitler Square home is also tax abated until 2017, but it's unlikely that the thousands of dollars in tax savings result in a million dollars of asking price. No, the answer is that the Fitler Square home includes a two car garage, while the Old City mansion lacks even a deeded parking spot.

Still, the Old City house is charming, and does seem to have been decorated by a professional. One weird quirk that sticks out is the profusion of knee height figurines sprinkled throughout the house. These living room gnomes are a little strange, though perhaps not as strange as the mural portraying the view that the mural obscures on the top floor of the Fitler Square townhome, pictured below:

Poll results

· 520 Delancey Street [Trulia]
· Fitler Square Townhome Invites Outside In, Asks $2.375M [Curbed Philly]