Center City’s luxury multifamily properties are preparing for a busy sales and leasing season, driven by rising demand during the typically slow winter months, writes Ryan Mulligan for the Philadelphia Business Journal.
The 48-story Laurel in Rittenhouse Square wrapped up 2024 on a hot streak, with its sales team predicting that the current year will be its most profitable yet.
According to Brian Emmons, vice president of Laurel developer Southern Land, “traffic and interest this year has been stronger than it’s been in a very long time.”
He added he believes the developer will sell more of the ultra-luxury condos at Philadelphia’s tallest residential tower in 2025 than in any year since its debut in 2022.
Luxury real estate agents in the city believe the recent uptick in activity is driven by pent-up demand, a relatively strong stock market, optimism about Mayor Cherelle Parker’s administration, and a desire to move away from the uncertainty leading up to November’s presidential election.
Rittenhouse Square saw 12 ultra-luxury sales in the last three months of 2024, including some of Center City’s highest price points.
“Activity has certainly picked up,” said Andrea Desy Edrei of Serhant Pennsylvania.
Read more about the rising demand for luxury properties in Philadelphia in the Philadelphia Business Journal.
_____
