Why has Center City seen a rise in $1 million listings and sales over the past year or so? Much like everything else in this world, blame the Baby Boomers. Philly saw 22 $1M+ homes trade hands in the third quarter alone, according to a report in The Inquirer. Why now? Welp, them boomers can finally get out from under their spacious suburban estates and sell them in order to be where all the cool kids are these days, Center City, Philadelphia.
With restaurants, stores and other amenties within a short walk or chauffeured drive, these buyers no longer have squeeze into city spaces as developers cater to their every need with 5,000 sq. ft. new construction homes. "The $1 million price point "has become the new $750,000, like 'orange is the new black' for homes," Atrrium Group architect Shimi Zakin toldThe Inquirer Aside from that who quarter-of-a-million-dollar thing, it totally is!
· A booming $1 million-plus market for homes in Philly [The Inquirer]