About Philadelphia's Rittenhouse Square

Yes, Virginia (and PA and CA and everywhere else in America) there are overpriced homes listed.

Because of over-silly homeowners, desperate-for-a-listing agents and just plain stupidity, many homes that are listed have prices set for a house that is so high above reality, you, a potential buyer are turned off.

So, let's look at the psychology. The Sellers think since they installed special wallpaper made by 6'7" monks in a Portuguese monastery during the late 20th century that has a special lime color makes their home precious and overly desirable. Huh?

How about the real estate agent that bases their business on only showing sellers the top comparable from 2006 that show a sale price slightly higher, maybe by 40%, in order to get the listing.

Now, what do you do? Usually you say to yourself, "I'm not going to look at that place, it's overpriced."

Overpriced? Of course it is. But, it's LISTED at a higher price. It did not sell yet. No one has signed a contract to buy it.

So, if you want that house, get your non-dual agency real estate agent and let them do their thing. NEGOTIATE! That's what they do.

The old adage that you will insult the seller is not real anymore. All you are doing with a low first offer is setting a tone that the sale price they are asking is ridiculous and that they need a good slap in the face.

The listing agent needs to then help their sellers understand reality and get into a serious negotiation.

Hopefully, the sellers have motive and common sense. If not, you'll buy another home that is similar and then help another buyer get that home for less. Hey, a Two For!

http://finance.yahoo.com/video/cnbc-22844419/housing-double-dip-ahead-economist-23639230?sec=topStories&pos=3&asset=&ccode=

The American Planning Association has honored Rittenhouse Square as one of the top 10 Great Public Spaces in the country. Check out the APA website.

Characteristics of Rittenhouse Square noted by the APA are the vibrant neighborhoods of shops, offices, homes, schools, hotels, and cultural institutions. The combination of different uses of the park and the surrounding buildings provide an endless flow of people day and night. It's constantly filled with exercisers, people who work, school children, parents, people walking dogs, elderly people, and tourists. APA Chief Executive Officer Paul Farmer was quoted as saying "For Philadelphians and tourists, Rittenhouse Square is a true landmark. City officials and residents have done a spectacular job in carrying out William Penn's original plan for their city and keeping Rittenhouse Square a remarkable public space."

Rittenhouse Square received high marks for variability due to the combination of commercial and residential buildings that surround it in a highly walkable area with easy access to public transportation.

Philadelphia has now won three straight awards in the APA's annual "Top 10 Great Places in America". In 2008, Society Hill was named one of the "Great Neighborhoods" and The Avenue of the Arts was named one of the "Great Streets".

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According to this article in today's Philadelphia Inquirer, there is some Miami/Vegas style drama going down with yet another Philadelphia condo building. This time the financial distress involves the highly visible, newly constructed 10 Rittenhouse Square building that's still receiving finishing touches to its ground floor retail areas. Control of the building has been seized by a local pension fund that acted as a mezzanine lender on the project and is owed about $57 million by the building's developer. The senior lender on the project, IStar Financial, can also be expected to make a play for control of the building as it has become obvious that allow the developer to continue operating the building in 'business as usual' fashion is unlikely to get either lender paid-in-full.

So, what if you've been considering a luxury condo in Center City - does this move affect your shopping process? I say that it does - regardless of the legal and financial drama behind the scenes, 10 Rittenhouse is one of the best condo buildings in Center City with an unbeatable location, all the amenities of brand-new-construction, and now an owner with a little motivation to generate quick cash by selling units ASAP. If you've got cash or can qualify for a jumbo mortgage you should be able to negotiate a pretty sweet deal for a unit at 10 Rittenhouse where asking prices currently range from $575,000 to $15,000,000. Just make sure you do your homework up front to confirm the condo association's ability to survive a default situation - a lesson learned from the Miami's of the world. Also be prepared to go through a somewhat lengthy sales process given that the final decision-maker on the seller's side could change from day-to-day as the building's ownership situation changes.

You're considering your lunch options in Rittenhouse Square when it hits you. Tacos. A nice, sunny spot in the Square. An hour of pure contentment. You drag your coworker to Mexico on the Square. They grumble that it better be worth it. You know it will be, so you just smile.

The former owners of Savoy Mexican Grill (the odder than odd taqueria/deli/flower shop that used to be at 18th and Spruce Streets) have moved over to 15th and Pine. They're calling it Mexico on the Square, and while it isn't exactly as close as their old location, the tacos are just a worthwhile. The free delivery and takeout only shop make their own tortillas in-store, and if you've ever had fresh tortillas, you know that the difference is major. You can also get your hands on burritos, tortas, sopes, tostadas, and flautas. Is your gang no on the board with Mexican food? They can choose from burgers, hoagies, and cheesesteaks, which are also on the menu. It's tiny, but the bright red bannered shop will not disappoint you.

Midtown Lunch Philadelphia recently took a look at the made-to-order goodness going on at Mexico on the Square. As though you needed further convincing.

Mexico on the Square

1511 Pine Street

215-732-1907

Explore more about Life in Rittenhouse Square. Ready to search for Rittenhouse Square properties?

Related:

Rittenhouse’s Only Speakeasy That Serves Guacamole

What’s Open 14 Hours in Rittenhouse Square and Will Change Your Life?